JANUARY - JUNE 2021 RESULTS |
1. KPIs |
2. M&A and BTS Tracker |
3. Income Statement |
4. Balance Sheet |
5. Cash Flow |
6. Debt Structure |
7. Corporate Structure |
8. Shareholder Structure |
9. Disclaimer |
Main Figures | H1 2020 | FY 2020 | Q1 2021 | H1 2021 | |
Total_Entity | Number of Sites | 40,505 | 58,104 | 68,350 | 81,755 |
Spain | Number of Sites Spain | 10,313 | 10,327 | 10,329 | 10,339 |
Italy | Number of Sites Italy | 10,356 | 10,610 | 10,634 | 20,020 |
Number of Sites France | 9,411 | 10,312 | 10,550 | 11,266 | |
Number of Sites Rest of Europe | 10,425 | 26,855 | 36,837 | 40,130 | |
Total_Entity | TIS Sites Beginning of Period | 34,821 | 34,821 | 56,422 | 56,422 |
Total_Entity | Build-to-Suit, decommissioning (1) and others (2) | 267 | 1,208 | 311 | 1,429 |
Total_Entity | M&A | 3,746 | 20,393 | 9,933 | 22,211 |
Total_Entity | TIS Sites End of Period | 38,834 | 56,422 | 66,666 | 80,062 |
Spain | TIS Sites Spain | 8,642 | 8,645 | 8,645 | 8,646 |
Italy | TIS Sites Italy | 10,356 | 10,610 | 10,634 | 20,020 |
TIS Sites France | 9,411 | 10,312 | 10,550 | 11,266 | |
TIS Sites Rest of Europe | 10,425 | 26,855 | 36,837 | 40,130 | |
TIS Sites Netherlands | 922 | 924 | 924 | 4,061 | |
TIS Sites UK | 611 | 7,996 | 7,996 | 7,996 | |
TIS Sites Switzerland | 5,272 | 5,315 | 5,315 | 5,338 | |
TIS Sites Ireland | 601 | 1,781 | 1,781 | 1,787 | |
TIS Sites Portugal | 3,019 | 5,052 | 5,081 | 5,117 | |
TIS Sites Austria | - | 4,470 | 4,470 | 4,487 | |
TIS Sites Denmark | - | 1,317 | 1,322 | 1,338 | |
TIS Sites Sweden | - | - | 2,520 | 2,578 | |
TIS Sites Poland | - | - | 7,428 | 7,428 | |
Total_Entity | PoPs Beginning of Period | 50,057 | 50,057 | 79,173 | 79,173 |
Total_Entity | Organic Growth | 878 | 2,720 | 906 | 2,543 |
Total_Entity | M&A | 4,758 | 26,396 | 11,119 | 27,236 |
Total_Entity | PoPs End of Period | 55,693 | 79,173 | 91,198 | 108,952 |
Spain | TIS PoPs Spain | 16,283 | 16,480 | 16,574 | 16,662 |
Italy | TIS PoPs Italy | 15,562 | 16,374 | 16,618 | 29,641 |
TIS PoPs France | 9,776 | 10,800 | 11,128 | 11,923 | |
TIS PoPs Rest of Europe | 14,072 | 35,519 | 46,878 | 50,726 | |
TIS PoPs Netherlands | 2,294 | 2,300 | 2,314 | 5,937 | |
TIS PoPs UK | 930 | 11,608 | 11,651 | 11,681 | |
TIS PoPs Switzerland | 5,964 | 6,024 | 6,054 | 6,085 | |
TIS PoPs Ireland | 1,186 | 2,932 | 2,958 | 2,981 | |
TIS PoPs Portugal | 3,698 | 6,092 | 6,151 | 6,188 | |
TIS PoPs Austria | - | 5,150 | 5,150 | 5,173 | |
TIS PoPs Denmark | - | 1,413 | 1,452 | 1,471 | |
TIS PoPs Sweden | - | - | 3,218 | 3,280 | |
TIS PoPs Poland | - | - | 7,930 | 7,930 | |
Total_Entity | Customer Ratio | 1.43 | 1.40 | 1.37 | 1.36 |
Spain | Customer Ratio Spain | 1.88 | 1.91 | 1.92 | 1.93 |
Italy | Customer Ratio Italy | 1.50 | 1.54 | 1.56 | 1.48 |
Customer Ratio France | 1.04 | 1.05 | 1.05 | 1.06 | |
Customer Ratio Rest of Europe | 1.35 | 1.32 | 1.27 | 1.26 | |
Customer Ratio Netherlands | 2.49 | 2.49 | 2.50 | 1.46 | |
Customer Ratio UK | 1.52 | 1.45 | 1.46 | 1.46 | |
Customer Ratio Switzerland | 1.13 | 1.13 | 1.14 | 1.14 | |
Customer Ratio Ireland | 1.97 | 1.65 | 1.66 | 1.67 | |
Customer Ratio Portugal | 1.22 | 1.21 | 1.21 | 1.21 | |
Customer Ratio Austria | - | 1.15 | 1.15 | 1.15 | |
Customer Ratio Denmark | - | 1.07 | 1.10 | 1.10 | |
Customer Ratio Sweden | - | - | 1.28 | 1.27 | |
Customer Ratio Poland | - | - | 1.07 | 1.07 | |
Total_Entity | DAS Nodes | 2,090 | 3,004 | 3,373 | 3,994 |
(1) Decommissioning of own sites | |||||
(2) Mainly dual use sites | |||||
(1) Decommissioning of own sites | |||||
(2) Mainly dual use sites |
TIS sites as of 30th June 2021 | Outstanding TIS sites (M&A) | Estimated purchase commitments (M&A) - €Mn | Outstanding TIS sites (BTS) | Estimated Capex for outstanding BTS sites (€Mn) | Expected completion date | Total TIS sites | Broadcasting & Others | DAS Nodes | Existing infrastructures (including DAS and broadcasting) as of 30th June 2021 | Run rate infrastructures (including DAS and broadcasting) |
Spain | 8,646 | 0 | 0 | 0 | 0 | 8,646 | 1,693 | 748 | 11,087 | 11,087 |
Netherlands | 4,061 | 0 | 0 | 237 | 15 | 4,298 | 12 | 4,073 | 4,310 | |
Shere Netherlands & Protelindo | 924 | 924 | 924 | 924 | ||||||
KPN - BTS | 3 | 57 | 5 | 2028 | 60 | 3 | 60 | |||
T-Mobile - initial perimeter | 3,134 | 2021 | 3,134 | 3,134 | 3,134 | |||||
T-Mobile - BTS | 180 | 10 | 2028 | 180 | 0 | 180 | ||||
UK | 7,996 | 6,000 | 2,300 | 600 | 503 | 14,596 | 397 | 8,393 | 14,993 | |
Shere UK | 611 | 611 | 611 | 611 | ||||||
Arqiva | 7,385 | 166 | 2024 | 7,385 | 7,385 | 7,385 | ||||
Hutchison - initial perimeter | 6,000 | 2,300 | 2022 | 6,000 | 0 | 6,000 | ||||
Hutchison - BTS | 600 | 337 | 2030 | 600 | 0 | 600 | ||||
France | 11,266 | 10,535 | 5,200 | 5,020 | 2,850 | 26,821 | 11,266 | 26,821 | ||
Bouygues - M&A | 3,159 | 2022 | 3,159 | 3,159 | 3,159 | |||||
Bouygues - BTS | 1,131 | 1,070 | 11 | 2022 | 2,201 | 1,131 | 2,201 | |||
Bouygues - Acquisition MSCs (option) | 11 | 51 | 193 | 2022 | 62 | 11 | 62 | |||
Bouygues - Construction MO/COs | 8 | 80 | 154 | 2024 | 88 | 8 | 88 | |||
Iliad - initial perimeter | 5,686 | 5,686 | 5,686 | 5,686 | ||||||
Iliad - BTS | 1,271 | 1,229 | 653 | 2027 | 2,500 | 1,271 | 2,500 | |||
Saint Malo (MO/COs) | 90 | 938 | 2027 | 90 | 0 | 90 | ||||
SFR - initial perimeter | 10,535 | 5,200 | 2021 | 10,535 | 0 | 10,535 | ||||
SFR - BTS | 2,500 | 900 | 2030 | 2,500 | 0 | 2,500 | ||||
Switzerland | 5,338 | 0 | 0 | 780 | 194 | 6,118 | 5 | 5,343 | 6,123 | |
Sunrise - initial perimeter | 2,372 | 2,372 | 2,372 | 2,372 | ||||||
Sunrise - BTS | 145 | 330 | 66 | 2025 | 475 | 145 | 475 | |||
Salt - initial perimeter | 2,771 | 2,771 | 2,771 | 2,771 | ||||||
Salt - BTS | 50 | 450 | 128 | 2027 | 500 | 50 | 500 | |||
Italy | 20,020 | 0 | 0 | 2,688 | 594 | 22,708 | 2,794 | 22,814 | 25,502 | |
Galata and others | 8,335 | 8,335 | 8,335 | 8,335 | ||||||
Galata - BTS | 164 | 1,036 | 44 | 2025 | 1,200 | 164 | 1,200 | |||
Iliad - initial perimeter | 2,173 | 2,173 | 2,173 | 2,173 | ||||||
Iliad - BTS | 208 | 792 | 249 | 2027 | 1,000 | 208 | 1,000 | |||
Hutchison - initial perimeter | 9,140 | 2021 | 9,140 | 9,140 | 9,140 | |||||
Hutchison - BTS | 860 | 301 | 2030 | 860 | 0 | 860 | ||||
Ireland | 1,787 | 0 | 0 | 622 | 74 | 2,409 | 16 | 1,803 | 2,425 | |
Cignal - initial perimeter | 551 | 551 | 551 | 551 | ||||||
Cignal - BTS | 109 | 491 | 35 | 2026 | 600 | 109 | 600 | |||
Hutchinson - initial perimeter | 1,125 | 1,125 | 1,125 | 1,125 | ||||||
Hutchinson - BTS | 2 | 131 | 39 | 2030 | 133 | 2 | 133 | |||
Portugal | 5,117 | 687 | 209 | 743 | 284 | 6,547 | 22 | 5,139 | 6,569 | |
MEO - initial perimeter | 2,994 | 687 | 209 | 3,681 | 2,994 | 3,681 | ||||
MEO - BTS | 157 | 343 | 109 | 2027 | 500 | 157 | 500 | |||
NOS - initial perimeter | 1,966 | 1,966 | 1,966 | 1,966 | ||||||
NOS - BTS | 400 | 175 | 2026 | 400 | 0 | 400 | ||||
Poland | 7,428 | 7,000 | 1,540 | 5,962 | 1,864 | 20,390 | 7,428 | 20,390 | ||
Play - initial perimeter | 7,428 | 7,428 | 7,428 | 7,428 | ||||||
Play - BTS | 4,462 | 1,264 | 2030 | 4,462 | 0 | 4,462 | ||||
Polkomtel - initial perimeter | 7,000 | 1,540 | 2022 | 7,000 | 0 | 7,000 | ||||
Polkomtel - BTS | 1,500 | 600 | 2030 | 1,500 | 0 | 1,500 | ||||
Austria | 4,487 | 0 | 0 | 433 | 185 | 4,920 | 4,487 | 4,920 | ||
Hutchison - initial perimeter | 4,470 | 4,470 | 4,470 | 4,470 | ||||||
Hutchison - BTS | 17 | 433 | 185 | 2030 | 450 | 17 | 450 | |||
Denmark | 1,338 | 0 | 0 | 543 | 54 | 1,881 | 1,338 | 1,881 | ||
Hutchison - initial perimeter | 1,317 | 1,317 | 1,317 | 1,317 | ||||||
Hutchison - BTS | 21 | 543 | 54 | 2030 | 564 | 21 | 564 | |||
Sweden | 2,578 | 0 | 0 | 2,599 | 223 | 5,177 | 2,578 | 5,177 | ||
Hutchison - initial perimeter | 2,500 | 2,500 | 2,500 | 2,500 | ||||||
Hutchison - BTS | 78 | 2,599 | 223 | 2030 | 2,677 | 78 | 2,677 | |||
Total | 80,062 | 24,222 | 9,249 | 20,227 | 6,840 | 124,511 | 1,693 | 3,994 | 85,749 | 130,198 |
Audited figures | ||
€ Mn | H1 2020 | H1 2021 |
Broadcasting Infrastructure | 117 | 109 |
Telecom Infrastructure Services | 553 | 900 |
Other Network Services | 52 | 52 |
Revenues (1) | 723 | 1,061 |
Staff Costs | -70 | -91 |
Repair and Maintenance | -23 | -32 |
Utilities | -47 | -57 |
General and Other Services | -56 | -77 |
Operating Expenses | -196 | -257 |
Adjusted EBITDA | 527 | 804 |
% margin (2) | 74% | 79% |
Non-Recurring Expenses | -34 | -49 |
Depreciation & Amortization | -423 | -678 |
Operating Profit | 70 | 77 |
Net Financial Profit | -135 | -254 |
Profit of Companies Accounted for Using the Equity Method | 0 | 0 |
Income Tax | 15 | 96 |
Attributable to Non-Controlling Interests | 7 | 14 |
Net Profit Attributable to the Parent Company | -43 | -67 |
(1) Corresponds to Operating Income excluding Advances to customers. Please see note 18 a) in our Interim Consolidated Financial Statements ended 30 June 2021 | ||
(2) Adjusted EBITDA divided by total revenues excluding elements pass-through to customers (mostly electricity) from both expenses and income |
Audited figures | |||||||||||||||||||||||||||
€ Mn | Q1 2020 | Q2 2020 | H1 2020 | Q1 2021 | Q2 2021 | H1 2021 | |||||||||||||||||||||
Spain | Italy | Rest of Europe | Total | Spain | Italy | Rest of Europe | Total | Spain | Italy | Rest of Europe | Total | Spain | Italy | France | Rest of Europe | Total | Spain | Italy | France | Rest of Europe | Total | Spain | Italy | France | Rest of Europe | Total | |
Broadcasting Infrastructure | 59 | 0 | 0 | 59 | 58 | 0 | 0 | 58 | 117 | 0 | 0 | 117 | 55 | 0 | 0 | 0 | 55 | 55 | 0 | 0 | 0 | 55 | 109 | 0 | 0 | 0 | 109 |
Telecom Infrastructure Services | 49 | 81 | 142 | 273 | 50 | 83 | 147 | 280 | 99 | 164 | 290 | 553 | 52 | 89 | 85 | 200 | 426 | 53 | 90 | 87 | 244 | 474 | 105 | 179 | 172 | 444 | 900 |
Other Network Services | 25 | 0 | 0 | 25 | 27 | 0 | 0 | 27 | 52 | 0 | 0 | 52 | 26 | 0 | 0 | 0 | 26 | 26 | 0 | 0 | 0 | 26 | 51 | 0 | 0 | 1 | 52 |
Revenues (1) | 134 | 81 | 142 | 358 | 135 | 83 | 147 | 365 | 269 | 164 | 290 | 723 | 132 | 89 | 85 | 200 | 506 | 133 | 90 | 87 | 244 | 555 | 265 | 179 | 172 | 444 | 1,061 |
Staff Costs | -25 | -3 | -8 | -35 | -25 | -3 | -7 | -35 | -49 | -6 | -15 | -70 | -27 | -3 | -3 | -10 | -44 | -28 | -4 | -4 | -13 | -47 | -54 | -7 | -7 | -23 | -91 |
Repair and Maintenance | -8 | -1 | -2 | -11 | -8 | -1 | -3 | -12 | -15 | -2 | -5 | -23 | -8 | -1 | -2 | -5 | -16 | -8 | -1 | -2 | -5 | -16 | -16 | -2 | -4 | -10 | -32 |
Utilities | -9 | -12 | -1 | -23 | -9 | -14 | -1 | -24 | -19 | -26 | -2 | -47 | -9 | -13 | -0 | -5 | -28 | -10 | -13 | -0 | -5 | -29 | -20 | -27 | -1 | -10 | -57 |
General and Other Services | -18 | -4 | -7 | -29 | -17 | -2 | -7 | -26 | -36 | -6 | -14 | -56 | -15 | -3 | -2 | -17 | -37 | -15 | -3 | -2 | -20 | -40 | -30 | -7 | -3 | -37 | -77 |
Operating Expenses | -60 | -20 | -18 | -98 | -59 | -20 | -18 | -98 | -119 | -40 | -36 | -196 | -59 | -21 | -7 | -37 | -125 | -60 | -21 | -8 | -43 | -132 | -119 | -43 | -15 | -81 | -257 |
Adjusted EBITDA | 75 | 61 | 124 | 260 | 75 | 63 | 129 | 267 | 150 | 124 | 253 | 527 | 74 | 68 | 78 | 162 | 381 | 73 | 68 | 80 | 201 | 422 | 146 | 136 | 158 | 364 | 804 |
(1) Corresponds to Operating Income excluding Advances to customers. Please see note 18 a) in our Interim Consolidated Financial Statements ended 30 June 2021 |
Audited figures | ||
€ Mn | FY 2020 | H1 2021 |
Assets | ||
Goodwill | 2,676 | 4,213 |
Fixed Assets | 13,563 | 19,782 |
Right-of-use Assets | 2,134 | 2,904 |
Financial Investments & Other Fin. Assets 1 | 538 | 651 |
Non-Current Assets | 18,910 | 27,550 |
Inventories | 2 | 5 |
Trade and Other Receivables 2 | 505 | 681 |
Cash and short term deposits | 4,652 | 9,063 |
Current Assets | 5,159 | 9,750 |
Total Assets | 24,070 | 37,300 |
Equity & Liabilities | ||
Share Capital and Others | 8,798 | 16,396 |
Share Capital | 122 | 170 |
Treasury Shares | -8 | -11 |
Share Premium | 7,770 | 14,601 |
Non-Controlling Interests | 915 | 1,636 |
Reserves | 135 | -199 |
Reserves | 268 | -132 |
Profit for the Period | -133 | -67 |
Shareholders' Equity | 8,933 | 16,197 |
Borrowings | 9,314 | 12,989 |
Lease Liabilities | 1,479 | 2,050 |
Provisions and Other Liabilities 3 | 3,273 | 4,543 |
Non-Current Liabilities | 14,066 | 19,582 |
Borrowings | 76 | 150 |
Lease Liabilities | 284 | 439 |
Trade and Other Payables 4 | 711 | 932 |
Current Liabilities | 1,071 | 1,521 |
Total Equity and Liabilities | 24,070 | 37,300 |
(1) Includes "Derivative financial instruments", "Trade and other receivables" and "Deferred tax assets". See the Consolidated Financial Statements for the period ended on 30 June 2021 | ||
(2) Includes "Receivables from associates" and "Financial investments". See the Consolidated Financial Statements for the period ended on 30 June 2021 | ||
(3) Includes "Provisions and other liabilities", "Employee benefit obligations", "Deferred tax liabilities", "Derivatives financial instruments" and "Other Financial Liabilities". See the Consolidated Financial Statements for the period ended on 30 June 2021 | ||
(4) Includes "Employee benefit obligations", "Payables to associates", "Trade and other payables", "Derivatives financial instruments" and "Other Financial Liabilities". See the Consolidated Financial Statements for the period ended on 30 June 2021 |
Audited figures | |
€ Mn | H1 2021 |
Adjusted EBITDA 1 | 804 |
Payments of Lease Instalments in the Ordinary Course of Business 2 | -276 |
Maintenance Capex 3 | -16 |
Recurring Operating FCF | 512 |
Changes in Current Assets/Current Liabilities 4 | -10 |
Net Payment of Interest 5 | -98 |
Income Tax Payment 6 | -10 |
Net Dividends to Non-Controlling Interests 7 | 0 |
Recurring Levered FCF | 394 |
Expansion Capex 8 | -91 |
Expansion Capex (Build-to-Suit programs) 9 | -623 |
M&A Capex 10 | -5,475 |
Non-Recurring Items (Cash Only) 11 | -39 |
Net Cash Flow from Financing Activities 12 | 10,249 |
Other Net Cash Out Flows 13 | -4 |
Net Increase of Cash 14 | 4,411 |
(1) Adjusted EBITDA: profit from operations before D&A and after adding back (i) certain non-recurring items (such as costs and taxes related to acquisitions which mainly include taxes incurred during business combinations processes and COVID donations) and (ii) certain non-cash items such as advances to customers | |
Following the same methodology as for the 6-month period ended 30 June 2021 | |
Total adjustments: non-recurring items (costs and taxes related to M&A €37Mn and Covid-19 donations €2Mn) and | |
non-cash items (LTIP remuneration payable in shares and others €8Mn and advances to customers €2Mn, which include the amortization of amounts paid for sites to be dismantled and their corresponding dismantling cost) | |
(2) Corresponds to (i) payments of lease instalments (€191Mn) in the ordinary course of business and (ii) interest payments on lease liabilities (€85Mn) | |
Please see Note 14 of the Consolidated Interim Financial Statements for the 6-month period ended on 30 June 2021 | |
(3) Capex in relation to maintenance investments in existing tangible or intangible assets, such as investment in infrastructure, equipment and information technology systems, which are primarily linked to keeping sites in good working order, | |
but which exclude investment in increasing the capacity of sites. Following the same methodology as for the 6-month period ended 30 June 2021 | |
(4) Changes in working capital as per section "Changes in current assets/current liabilities" in the Consolidated Statement of Cash Flows for the 6-month period ended 30 June 2021 | |
(5) Corresponds to the net of "Interest paid" and "Interest received" in the Consolidated Financial Statements of Cash Flows for the 6-month period ended on 30 June 2021 | |
Excluding "Interest payments on lease liabilities" (€85Mn, please see footnote 2) and non-recurring financing costs related to M&A projects (€18Mn, see caption ""Net payment of Interest"" in the accompanying Consolidated Directors' Report for the 6-months period ended on 30 June 2021) | |
Reconciliation of P&L interest (Tab "3.P&L") to cash interest: | |
€254Mn net financial profit (P&L) - €85Mn accrued interest not paid + €72Mn interest accrued in prior year paid in current year - 85Mn€ interest payments on lease liabilities (see footnote 2) - €40Mn non-cash amortized costs - €18Mn non-recurring financing costs related to M&A projects = €98Mn net payment of interest (Cash) | |
(6) Corporate tax payments as per "Income Tax received/(paid)'' as per the Consolidated Statement of Cash Flows for the 6-month period ended 30 June 2021 | |
It does not include the "Non-recurring Income tax paid" (€78Mn) regarding the substitutive tax paid (see Note 16.b of the Consolidated Interim Financial Statements for the 6-month period ended on 30 June 2021) | |
(7) Corresponds to the net of "Dividends to non-controlling interests" and "Dividends received" as per the Consolidated Statement of Cash Flows for the 6-month period ended on 30 June 2021 | |
(8) Cash advances to landlords (€39Mn), efficiency measures associated with energy and connectivity (€15Mn), and others including early site adaptation to increase the capacity of sites (€37Mn) | |
Thus, it corresponds to investments related to business expansion that generates additional RLFCF. Following the same methodology as for the 6-month period ended 30 June 2021 | |
(9) Corresponds to committed Build-to-Suit programs and further initiatives (consisting of sites, backhaul, backbone, edge computing centers, DAS nodes or any other type of telecommunication infrastructure, as well as any advanced payment in relation to them) | |
It also includes Engineering Services or Works and Studies that have been contractualized with different clients, including ad-hoc Capex eventually required. Following the same methodology as for the 6-month period ended 30 June 2021 | |
(10) Investments in shareholdings of companies as well as significant investments in acquiring portfolios of sites or land (asset purchases), after integrating into the consolidated balance sheet mainly the "Cash and cash equivalents" of the acquired companies | |
Mainly correspond to the acquisition of Hutchison Italy, Hutchison Sweden and Iliad Poland. Following the same methodology as for the 6-month period ended 30 June 2021 | |
The amount resulting from (3)+(8)+(9)+(10), hereinafter "Total Capex" (€6,205Mn), corresponds to "Total Investment" (€6,295Mn, see caption "Capital Expenditures" in the accompanying Consolidated Directors' Report for the 6-months period ended on 30 June 2021) | |
minus the "Cash and cash equivalents" of the acquired companies (€90Mn, see Note 4 of the accompanying consolidated financial statements) | |
Total Capex (€6,205Mn) also corresponds to "Total net cash flow from investing activities" (€6,076Mn, see the relevant section in the accompanying Consolidated Statement of Cash Flows for the 6-months period ended on 30 June 2021) | |
+ Cash advances to landlords (€39Mn, see Note 14 of the accompanying Consolidated Financial Statements) + €90Mn (including the Substituve tax paid - see footnote 6 - financial investments and timing effects related to assets purchases) | |
(11) Corresponds to "non-recurring expenses" that involve cash movements (such as cost and taxes related to acquisitions and Covid-19 donations) | |
(12) Corresponds to "Total net cash flow from financing activities"(€10,037Mn, see the relevant section in the Consolidated Statement of Cash Flows for the 6-months period ended on 30 June 2021), excluding payments of lease instalments (€191Mn, see footnote 2) | |
and Cash advances to landlords (€39Mn, see footnote 8), and including non-recurring financing costs related to M&A projects (€18Mn, see footnote 5). As per the Consolidated Statement of Cash Flows for the 6-month period ended on 30 June 2021 | |
(13) Mainly corresponds to timing effects, foreign exchange differences and factoring, as per the Consolidated Statement of Cash Flows for the 6-month period ended 30 June 2021 | |
(14) Net increase of Cash and Cash equivalents from Continuing Operations ("Operating activities" + "Investing activities" + "Financing activities") as per the Consolidated Statement of Cash Flows and following the same methodology as for the 6-month period ended on 30 June 2021 |
Audited figures | ||
€ Mn | FY 2020 | H1 2021 |
Gross Financial Debt - excluding lease liabilities | 9,389 | 13,139 |
Fixed | 7,566 | 11,193 |
% of total | 81% | 85% |
Variable | 1,823 | 1,947 |
% of total | 19% | 15% |
Average life of debt (years) 1 | 5.8 | 6.0 |
Average cost of debt 2 | 1.5% | 1.4% |
Debt Structure - including lease liabilities | ||
Gross Financial Debt | 11,152 | 15,629 |
Cash | 4,652 | 9,063 |
Net Financial Debt | 6,500 | 6,566 |
Rating | S&P "BB+" Outlook stable | |
Fitch "BBB-" Outlook stable | ||
(1) Corresponds to the average debt duration until maturity (considering both the drawn and undrawn borrowings) and including extensions | ||
(2) Corresponds to the annualized interest cost over the average gross debt for the period (considering drawn borrowings only) | ||
Net Financial Debt Evolution | ||
Excluding lease liabilites | ||
Beginning of Period December 2020 | 6,500 | 4,737 |
RLFCF | -394 | -394 |
Expansion Capex | 91 | 91 |
Expansion Capex (Build-to-Suit Programs) | 623 | 623 |
M&A Capex | 5,475 | 5,475 |
Non-Recurring Items (Cash Only) | 39 | 39 |
Issue of Equity Instruments and others (1) | -6,836 | -6,836 |
Net Repayment of Other Borrowings (2) | -0 | -0 |
Change in Lease Liabilities (3) | 726 | 0 |
Accrued Interests Not Paid and Others (4) | 338 | 338 |
Other Net Cash Out Flows | 4 | 4 |
End of Period June 2021 | 6,566 | 4,076 |
(1) Corresponds to "Issue of equity instruments, Acquisition of Treasury Shares and Dividends paid", as per the Consolidated Statement of Cash Flows for the 6-month period ended on 30 June 2021 | ||
(2) "Net repayment of other borrowings" as per the Consolidated Statement of Cash Flows for the 6-month period ended on 30 June 2021 | ||
(3) "Changes in Lease liabilities", long and short term, as per the Consolidated Balance Sheet as of 30 June 2021 | ||
(4) Includes T-Infra debt at local level (See Note 4 of the accompanying Consolidated Financial Statements) | ||
Pro Forma Leverage | ||
Net Debt as of June 2021 | 6,566 | |
Upfront payment CK Hutchison UK (1) | 2,300 | |
Upfront payment Hivory | 5,200 | |
Upfront payment Polkomtel | 1,540 | |
Lease liabilities CK Hutchison UK (2) | 160 | |
Lease liabilities Hivory (2) | 400 | |
Lease liabilities Polkomtel (2) | 341 | |
Pro Forma Net Debt | 16,507 | |
2021E Adjusted EBITDA (guidance mid-point) | 1,920 | |
Adjusted EBITDA contribution from Play (3) | 29 | |
Adjusted EBITDA contribution from CK Hutchison (4) | 339 | |
Adjusted EBITDA contribution from T-Infra (5) | 21 | |
Adjusted EBITDA contribution from Hivory (6) | 213 | |
Adjusted EBITDA contribution from Polkomtel (7) | 103 | |
Pro Forma Adjusted EBITDA | 2,626 | |
Pro Forma Leverage Ratio | 6.3x | |
(1) Only cash payment, excluding payment Cellnex shares | ||
(2) Theoretical assumption of 5 years lease capitalization | ||
(3) Play to contribute c.9 months in 2021, therefore 3 incremental months to full year Adjusted EBITDA | ||
(4) CK Hutchison Sweden, 1 incremental month to full year Adjusted EBITDA; CK Hutchison Italy 6 incremental months to full year Adjusted EBITDA; CK Hutchison UK, full year Adjusted EBITDA | ||
(5) T-Infra to contribute c.7 months in 2021, therefore 5 incremental months to full year Adjusted EBITDA | ||
(6) Hivory to contribute c.3 months in 2021, therefore 9 incremental months to full year Adjusted EBITDA | ||
(7) Polkomtel to contribute c.5.5 months in 2021, therefore c.6.5 months incremental contribution to full year Adjusted EBITDA |
As of 30 June 2021 |
Cellnex Telecom, S.A.
Cellnex Italia, S.p.A.
100%
TowerCo, S.p.A.
100%
TowerLink Italia S.r.L
100%
Cellnex France, S.A.S.
100%
Cellnex Netherland B.V.
74,89%
Cellnex UK, Limited
100%
Cellnex UK Midco Limited
100%
Watersite Limited
100%
Radiosite Limited
100%
Cellnex Conectivity Solutions Limited
100%
Cellnex UK Consulting Limited
100%
Cellnex France Groupe
100%
Cellnex Switzerland AG
72.22%
Swiss Towers AG
72.22%
Cellnex Telecom España, SLU
100%
Shere Masten BV
74.89%
Retevisión-I, S.A.U.
100%
Torre de Collerola, S.A.
41.75%
Tradia, S.A.U.
100%
COTA, S.A.
29.50%
Adesal Telecom, S.L.
60.08%
On Tower, S.A.U.
100%
Zenon Digital Radio, S.L.
100%
Xarxa Oberta de Catalunya, S.A.
100%
Gestora del Espectro, S.L.
100%
Nearby Sensor, S.L.
13.18%
Towerlink France, SAS
100%
Alticom BV
74.89%
On Tower Netherlands subgroup
74.89%
Swiss Infra Services
72.22%
Cignal Infrastucture Services 100%
Cellcom Ireland Limited
100%
Springbok Mobility
100%
Nearby Computing, S.L.
22,63% (1)
OnTower France
70%
CLNX Portugal, S.A.
100%
OMTEL, Estruturas de Comunicaçoes, S.A.
100%
Nexloop France
51%
Cellnex Ireland
100%
On Tower IE
100%
On Tower UK subgroup
100%
Metrocall, S.A. 60%
On Tower Portugal, S.A. 100%
Cellnex Finance Company, S.A.
100%
Grid Tracer
39.72%
Tower Lease S.r.L
100%
Areaventi S.r.L
100%
Cellnex Denmark
100%
Cellnex Austria
100%
Cellnex Sweden 100%
ITM 1
100%
On Tower DK
100%
Shannonside Communications Limited
100%
On Tower AT
100%
On Tower SE 100%
Towerlink Portugal, ULDA
100%
Cellnex Poland
100%
On Tower PL 60%
Ukkoverkot Oy 100%
Edzcom 100%
Wayworth Limited
100%
Cignal Infrastructure Netherlands BV
74.89%
CK Hutchison Networks Italia S.p.A
100%
Breedlink BV
74.89%
Towerlink Netherlands
74.89%
Shareholdings inside the box are Cellnex Telecom shareholdings. (1) Tradia has 21,97% and Nearby Sensor 5,01% of Nearby Computing.
As of 30 June 2021 | |
Source: CNMV | |
Edizione | 8.5% |
GIC | 7.0% |
BlackRock | 5.1% |
CPPIB | 5.0% |
Criteria Caixa | 4.8% |
Wellington | 4.3% |
Capital Research & Management | 3.9% |
FMR | 3.2% |
TCI | 3.2% |
Norges Bank | 3.0% |
Free Float | 52.0% |
Free Float |
Edizione [VALOR]
GIC [VALOR]
CPPIB 5.0%
TCI 3.2%
Criteria Caixa 4.8%
Wellington 4.3%
Capital Research & Management 3.9%
Blackrock 5.1%
FMR [VALOR]
Norges Bank [VALOR]
Free Float [VALOR]
8.5319999999999993E-2 7.0309999999999997E-2 5.058E-2 5.0049999999999997E-2 4.7739999999999998E-2 4.2750000000000003E-2 3.882E-2 3.2169999999999997E-2 3.2239999999999998E-2 3.0030000000000001E-2 0.51998999999999995Disclaimer |
The information and forward-looking statements contained in this presentation have not been verified by an independent entity and the accuracy, completeness or correctness thereof should not be relied upon. In this regard, the persons to whom this presentation is delivered are invited to refer to the documentation published or registered by Cellnex Telecom, S.A. and its subsidiaries ("Cellnex") with the National Stock Market Commission in Spain (Comisión Nacional del Mercado de Valores). All forecasts and other statements included in this presentation that are not statements of historical fact, including, without limitation, those regarding the financial position, business strategy, management plans, estimated investments and capital expenditures, pipeline, priorities, targets, outlook, guidance, objectives for future operations and run rate metrics of Cellnex (which term includes its subsidiaries and investees), are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors (many of which are beyond Cellnex's control), which may cause actual results, performance or achievements of Cellnex, or industry results, to be materially different from those expressed or implied by these forward-looking statements. These forward-looking statements are based on numerous assumptions regarding Cellnex's present and future business strategies, performance by Cellnex's counterparties under certain of Cellnex's contracts and the environment in which Cellnex expects to operate in the future which may not be fulfilled. No representation or warrant, express or implied is made that any forward-looking statement will come to pass. In particular, this presentation contains information on Cellnex's targets, outlook and guidance, which should not be construed as profit forecasts. There can be no assurance that these targets, outlook and guidance will be met. Accordingly, undue reliance should not be placed on any forward-looking statement contained in this presentation. All forward-looking statements and other statements herein are only as of the date of this presentation. None of Cellnex nor any of its affiliates, advisors or representatives, nor any of their respective directors, officers, employees or agents, shall bear any liability (in negligence or otherwise) for any loss arising from any use of this presentation or its contents (including any forward-looking statement), or otherwise in connection herewith, and they do not undertake any obligation to provide the recipients with access to additional information or to update this presentation or to correct any inaccuracies in the information contained or referred to herein. |
To the extent available, the industry and market data contained in this presentation has come from official or third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. In addition, certain of the industry and market data contained in this presentation come from Cellnex's own internal research and estimates based on the knowledge and experience of Cellnex's management in the market in which Cellnex operates, and is subject to change. Certain information contained herein is based on Cellnex's management information and estimates and has not been audited or reviewed by Cellnex's auditors. Recipients should not place undue reliance on this information. The financial information included herein has not been reviewed by Cellnex's auditors for accuracy or completeness and, as such, should not be relied upon. Certain financial and statistical information contained in the presentation is subject to rounding adjustments. Accordingly, any discrepancies between the totals and the sums of the amounts listed are due to rounding. |
This presentation is addressed to analysts and to institutional or specialized investors only and should only be read together with the supporting excel document published on the Cellnex website. The distribution of this presentation in certain jurisdictions may be restricted by law. Consequently, persons to which this presentation is distributed must inform themselves about and observe such restrictions. By receiving this presentation the recipient agrees to observe any such restrictions. |
Neither this presentation nor the historical performance of Cellnex's management team constitute a guarantee of the future performance of Cellnex and there can be no assurance that Cellnex's management team will be successful in implementing the investment strategy of Cellnex. |
In addition to the financial information prepared under IFRS, this presentation includes certain alternative performance measures ("APMs"), as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority on 5 October 2015 (ESMA/2015/1415es). An Alternative Performance Measure (APM) is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework. APMs are not defined under IFRS-EU, and should not be considered in isolation and may be presented on a different basis than the financial information included in Cellnex's financial statements. In addition, they may differ significantly from similarly titled information reported by other companies, and may not always be comparable. Prospective investors are cautioned not to place undue reliance on these measures, which should be considered as supplemental to, and not a substitute for, the financial information of Cellnex prepared in accordance with IFRS-EU. The APMs included herein have not been audited by Cellnex's auditors or by any independent expert. |
Nothing herein constitutes an offer to sell or the solicitation of an offer to purchase any security and nothing herein may be used as the basis to enter into any contract or agreement. |
Non-IFRS and alternative performance measures |
This report contains, in addition to the financial information prepared in accordance with International Financial Reporting Standards ("IFRS") and derived from our financial statements, alternative performance measures ("APMs") as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015 (ESMA/2015/1415en) and other non-IFRS measures ("Non-IFRS Measures"). These financial measures that qualify as APMs and non-IFRS measures have been calculated with information from Cellnex Group; however those financial measures are not defined or detailed in the applicable financial reporting framework nor have been audited or reviewed by our auditors. |
We use these APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider these APMs and non-IFRS measures to be useful metrics for our management and investors to compare financial measure of historical or future financial performance, financial position, or cash flows. Nonetheless, these APMs and non-IFRS measures should be considered supplemental information to, and are not meant to substitute IFRS measures. Furthermore, companies in our industry and others may calculate or use APMs and non-IFRS measures differently, thus making them less useful for comparison purposes. |
For further details on APMs and Non-IFRS Measures, including its definition or a reconciliation between any applicable management indicators and the financial data presented in the consolidated financial statements prepared under IFRS, please see the section on "Alternative performance measures" (page 58 et seq.) of the Integrated annual report for the fiscal year ended in 31 December 2020 of Cellnex Telecom, S.A., published on 26 February 2021. The document is available on Cellnex website (www.cellnextelecom.com). |
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Cellnex Telecom SA published this content on 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2021 07:46:07 UTC.