Q1 2022
January - March 2022 Results
April 27, 2022
Key takeaways
Strong operational and financial performance in the quarter owing to our resilient business model
Consistent and sustainable organic growth
+c.6.5% new PoPs vs. Q1 21 2021-2025 efficiency plan on track: c.850 site actions in the period with c.€5Mn associated annualized lease efficiencies
Commitment from Digi in Portugal for up to 1,500 new PoPs
Strong financial performance
Revenues (1) €828Mn, +64% vs. Q1 2021
Adjusted EBITDA (2) €634Mn, +66% vs. Q1 2021
RLFCF (3) €300Mn, +67% vs. Q1 2021
Resilient response to an unprecedented situation
Controlled impact from rising energy prices due to hedging and pass-through mechanisms (4)
BTS Capex hedged (4)
With interest rates and inflation highly correlated, inflation-linked revenues offer a natural hedge(5)
Ready to execute targeted M&A - fully funded and hedged
c.86% debt fixed and c.14% linked to Euribor (at historical lows)
Liquidity €7.8Bn, firepower fully funded
Flexible capital structure: no covenant, no pledgeor guarantees
Callable contracts renewed at same terms
First batch of sites acquired from Telefonica automatically renewed
Follow-on transactions with existing customers strengthening market presence
Cellnex's win-win approach withdeep industrial roots underpin our strong backlog
2022 outlook reiterated, delivering on all fronts
Organic PoP growth >5%
All metrics in line with financial outlook for 2022 and 2025 (medium term guidance)
ESG Master Plan on track
(1) Revenues correspond to Operating Income excluding Advances to customers (following the same methodology as in note 18a in our Consolidated Financial Statements ended 31 December 2021)
(2) Adjusted EBITDA is an alternative performance measure ("APM") as defined in the guidelines issued by the European Securities and Markets Authority on October 5, 2015 on alternative performance measures (the "ESMA Guidelines"). Please see slide 23 for certain information on the limitations of APMs; (3) Recurring Leveraged Free Cash Flow ("RLFCF") is an APM. Please see slide 23 for certain information on the limitations of APMs
(4) Please see slide 16; (5) Please see slide 16
Results January - March 2022
2
2022 outlook
2022 outlook on track and all key metrics to increase every quarter due to current operations and the contribution from organic growth and change of perimeter
RLFCF (€Mn)
Adjusted EBITDA (€Mn)
+c.40%E FY22E vs. FY21
2,650 - 2,700
Q1 2021
Q2 2021
Q1 2022
Q2 2022E
Q3 2021
Q3 2022E
Q4 2021
Q4 2022E
Change of perimeter
Assuming closing in early Q3 2022, subject to antitrust approval
Status of integration processes
All integration processes on track
Project
CKH DK
CKH SW
Play
Deutsche Telekom
CKH IT
Cyfrowy Polsat
SFR
CKH UK
Early H2 22E
Closing
ON TRACK
Tireless and consistent strategy execution
Leading independent TowerCo in Europe with up to c.137k sites, of which up to c.23k to be deployed through BTS programs
Significant footprint expansion
Inwit
(1) Including transactions not yet closed
(2) Before remedies
Strong targeted growth, highly contracted
Guidance 2025 (€Mn)
Adjusted EBITDA Guidance 2025 (1) (3)
+c.13%
CAGR 21-25
+c.15%
CAGR 21-25
+c.21%
CAGR 21-25
c.80% from countries with sovereign rating of at least A
SBA
CCO
Vanatge
AmT
(3) Management estimate; including progress on BTS programs and 3rd party tenants
c.15%
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Cellnex Telecom SA published this content on 27 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2022 16:04:04 UTC.