Q4
2021
Consistent delivery with fundamentals unchanged
February 25, 2022
Results January - December 2021
Key takeaways
Strong operational and financial performance exceeding all key metrics in 2021
RLFCF growth >60% vs. guidance 50%
Consistent and sustainable organic | Steady progress on ESG | |
growth | ||
+6.2% new PoPs vs. FY 2020 | Strong financial performance | CDP "A list" for the 3rd year running and CDP |
Supplier Engagement Leader | ||
Framework agreement with a new entrant | ||
Revenues €2,536Mn, + 58% vs. FY 2020 | Vigeo Eiris +15 points (c.+30%) vs. previous year | |
Extension of BTS programs +c.5k sites | ||
Adjusted EBITDA €1,921Mn, +63% vs. FY 2020 | ||
Cellnex Top-Rated ESG Performer by Sustainalytics | ||
Neutrality leading to stronger partnerships with | RLFCF €981Mn, +61% vs. FY 2020 | |
clients: BT service agreement now with an "all or | New Sustainability-Linked Financing Framework | |
nothing" option to extend until 2040 | Bloomberg Gender Equality Index inclusion | |
2021-2025 efficiency plan on track | ||
Fully funded and hedged
c.87% debt fixed and c.13% linked to Euribor (at
historical lows)
Liquidity €8.6Bn, firepower fully funded
Flexible capital structure: no covenant, no pledge or
guarantee
Average interest rate in 2022 expected to be lower
than in 2021
M&A gaining momentum
Tailored growth deals (1) with existing clients in France and Portugal (extending BTS program, new acquisitions, FTTT (2)…)
Reducing rooftop mix in France to execute Hivory's
remedies (3)
Potential swap of minority stakes - acquisition of
Iliad's minorities in France and Poland in exchange for plans to open capital of certain business units
Rock-solid cash flows allowing Cellnex to beat 2021 guidance (4)
RLFCF growth >60% (vs. guidance +c.50%) despite
Hivory contributing 2 months only (4)
2022 guidance implying strong growth in key
metrics
2025 guidance reiterated
Making the most of current market conditions: own shares >1% Cellnex's share capital
(1) Please see slide 14 for more information; (2) Fiber-to-the-Tower; (3) Subject to antitrust approval
(4) Hivory transaction (closed end of October) has contributed 2 months in 2021 vs. guidance assumed 3 months
Results January - December 2021 | 2 |
FY 2021 outlook and actual performance
RLFCF growth >60% vs. guidance +c.50% despite Hivory contributing for 2 months only (1)
Guidance 2021
Actual 2021
(Hivory 2 months only)
Revenues (€Mn)
Adjusted EBITDA (€Mn)
Payment of leases Maintenance Capex working capital
Interest Tax
2,535 - 2,555
1,910 - 1,930
<€605Mn
c.3-4% on revenues Trending to neutral c.1.5% cost of debt c.3% on revenues
2,536
€1,921
€594Mn
c.3% on revenues Trending to neutral c.1.5% cost of debt c.2.5% on revenues
✓
✓
✓
c.2,562 | Key metrics significantly above |
guidance had Hivory contributed | |
c.1,945 | 3 months, as per guidance |
RLFCF (€Mn) | 955 - 965 (+c.50%) | 981 | ✓ |
Organic growth | >5% | +6.2% | ✓ |
Expansion Capex (2) | <10% on revenues | c.9% on revenues | ✓ |
- If Hivory had contributed from Oct 1st, as initially expected, Cellnex would have beaten its guidance even further. Figures on a like-for-like basis shown in
- Capex guidance excludes BTS programs
c.995
Results January - December 2021 | 3 |
Outlook 2022 & 2025
What are management's expectations regarding Cellnex's guidance?
Considering ALLimpacts, Cellnex reiteratesits 2025 outlook and confirms
2022 will perform in line with market consensus
1,608 | 2,536 | 3,460 - 3,510 | 4,100 - 4,300 | +c.13% | |||||||||||||
Revenues (€Mn) | |||||||||||||||||
CAGR 21-25 | |||||||||||||||||
1 | 2 | 3 | (1) | 4 | 5 | 6 | (1) | ||||||||||
2020A | 2021A | 2022E | 2023 | 2024 | 2025E | ||||||||||||
2,650 - 2,700 (2) | 3,300 - 3,500 | +c.15% | |||||||||||||||
1,921 | |||||||||||||||||
1,182 | |||||||||||||||||
Adjusted EBITDA (€Mn) | CAGR 21-25 | ||||||||||||||||
1 | 2 | 3 | 4 | 5 | 6 | ||||||||||||
2020A | 2021A | 2022E | (1) | 2023 | 2024 | 2025E | (1) | c.8% yield (3) | |||||||||
1,350 - 1,380 | 2,000 - 2,200 | +c.21% | |||||||||||||||
981 | CAGR 21-25 | ||||||||||||||||
RLFCF (€Mn) | 610 | ||||||||||||||||
1 | 2021A | 3 | (1) | 4 | 5 | 6 | (1) | ||||||||||
2020A | 2022E | 2023 | 2024 | 2025E | |||||||||||||
Run rate | |||||||||||||||||
100% of the up to €18Bn pipeline | |||||||||||||||||
RLFCF per share | fully executed (illustrative scenario) | ||||||||||||||||
1.44 (4) (5) | 5.5 - 6.0 (6) | ||||||||||||||||
(€) | |||||||||||||||||
c.4x | |||||||||||||||||
(1) Contribution from new deals signed and expected impact from disposals: | |||||||||||||||||
Net investment of c.€1.2Bn = investments of c.€2.3Bn (paid over the 2021-2030 period) - expected cash-in from disposals c.€1.1Bn (subject to antitrust bodies approval), being investments: |
c.€2.3Bn = c.€1.5Bn investments in France + c.€0.4Bn other investments + c.€0.1Bn substitutive tax eligibility investment (improves RLFCF) + c.€0.3Bn own shares (improves RLFCF per share) - please see slide 14;
- Delta midpoint 2022 guidance €2,675Mn - Actual 2021 €1,921Mn = c.€630Mn change of perimeter + c.€195Mn organic growth (BTS, escalators/inflation, new colocations and associated revenues) - c.€50Mn expected impact from remedies (subject to antitrust bodies approval, please see slide 14) - group adaptation costs; (3) Assuming midpoint guidance 2025 and c.€26.4Bn market capitalization; (4) Considering number of shares outstanding as of Dec 2021 (679.3m shares)
- As an additional reference, Cellnex's new LTIP 2022-2024 to be approved at upcoming AGM establishes a RLFCF per share target in 2024 (maximum achievement level - 115%) of €3.0 per share; (6) Same criterion as in FY 2020 Results Presentation
Results January - December 2021 | 4 |
Status of integration processes
More than 25 successful integrations completed since 2015, of which 15 in 2021 (1)
All outstanding integration processes on track
Project | Omtel | Bouygues | Arqiva | NOS | CKH IE | CKH AT | CKH DK | CKH SW | Play | T-Mobile | CKH IT | Cyfrowy | SFR | CKH UK |
FTTT | Polsat | |||||||||||||
Closing | H1 22E | |||||||||||||
ON TRACK | ||||||||||||||
Pre-closing | Integration Assessment |
Transition (3 months) | Take Control |
Optimization | (7 months) | Industrial Model | Integration Plan |
30%
76% 59% 58% 38%
(1) Excluding smaller acquisitions managed by local teams. In total, more than 40 acquisitions
Results January - December 2021 | 5 |
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Cellnex Telecom SA published this content on 25 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 February 2022 06:41:03 UTC.