Q2
2021
January - June 2021 Results
July 29, 2021
Key takeaways
Strong organic growth underpinning our operational and financial performance
2021 outlook updated
Consistent and sustainable organic
growth
+7.5% new PoPs vs. H1 20 due to BTS acceleration
and DAS nodes +c.40% (1)
>5% organic PoP CAGR 21-25 guidance unchanged
1,480 site actions in H1 21 with c.€7Mn associated
lease efficiencies in FY 2021
2021-2025 efficiency plan on track
Strong financial performance (2)
Revenues (3) €1,061Mn, +47% vs. H1 2020
Adjusted EBITDA €804Mn, +53% vs. H1 2020
RLFCF €394Mn, +47% vs. H1 2020
Operating leverage and Opex management driving margin expansion (+c.4 p.p. from H1 2020 to 79%)
Cellnex scores among the world's 5 leading telecom companies on ESG
Sustainalytics' risk rating improving by 4 points (c.20%) year-on-year, consolidating low ESG risk (4)
Cellnex has launched the Cellnex Foundation with the aim at narrowing digital and social divides through connectivity projects (5)
Increasing structural flexibility to
fund growth
Accessing the most liquid market by issuing the first USD bond, whilst extending the average maturity - nominal of $600Mn and 20yr term (6)
A wide array of funding options available,
including project financing at local level and equity
partners at OpCo / local level
Corporate debt without covenants, pledges or
guarantees
Closing deals earlier than expected…
Polkomtel deal already closed and to contribute
c.5.5 months in 2021
Closing of remaining deals on track
Deals signed in H1 2021 for a total EV of
c.€9,300Mn with an associated Adjusted EBITDA
run rate of c.€900Mn
- and updating 2021 outlook
Revenues €2,535Mn - €2,555Mn
Adjusted EBITDA €1,910Mn - €1,930Mn
RLFCF €955Mn - €965Mn
All operational and financial metrics alignedwith 2025 financial outlook (medium term guidance)
(1) Excluding Metrocall and CK Hutchison Italy; (2) CK Hutchison Italy (closed as of end of Q2 2021) has not contributed to the financials in the quarter
- Revenues correspond to Operating Income excluding Advances to customers (please see note 18a in our Interim Consolidated Financial Statements ended 30 June 2021)
- New risk rating of 15.5 from 19.6 by Sustainalytics; (5) Please see slide 17 for more information
(6) Notional amount of $600Mn, instrument hedged to € through a cross-currency swap (€508Mn). Please see slide 30 for more information
Results January - June 2021 | 2 |
Updated 2021 outlook
All key metrics on trackto meet the updated outlook 2021
Previous Outlook 2021 | New Outlook 2021 | |||||
RLFCF (€Mn) | RLFCF: €905Mn - €925Mn | RLFCF: €955Mn - €965Mn | ||||
Adjusted EBITDA (€Mn) | Adj. EBITDA: €1,815Mn - €1,855Mn | Adj. EBITDA: €1,910Mn - €1,930Mn | ||||
+c.65%E | ||||||
+c.55% | FY21 vs. FY20 | |||||
+c.45% | vs. Q2 2020 | |||||
vs. Q1 2020 | +c.50% | 422 | +c.60%E | |||
381 | ||||||
+c.40% | FY21 vs. FY20 | |||||
vs. Q2 2020 | ||||||
vs. Q1 2020 |
180 | 214 |
Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | |
Q1 2021 | Q2 2021 | Q3 2021E | Q4 2021E | |
Change of | ✓ | ✓ | ✓ | ✓Already |
perimeter (1) | ||||
✓ | ✓ | closed | ||
(1) Arqiva, Nos, Hutch Austria, Ireland and Denmark already closed in 2020. Hutch UK expected to be closed in 2022 | ||||
Results January - June 2021 | 3 |
Status of integration processes
Integration processes on track
Project | Omtel | Bouygues | Arqiva | NOS | CKH IE | CKH AT | CKH DK | CKH SW | Play | Deutsche | CKH IT | Cyfrowy | SFR | CKH UK |
FTTT | Telekom | Polsat | ||||||||||||
Closing | H2 21E | H1 22E | ||||||||||||
ON TRACK | ON TRACK | |||||||||||||
Pre-closing | Integration Assessment |
Transition (3 months) | Take Control |
Optimization | (7 months) | Industrial Model | Integration Plan |
96% | 95% | 93% | 31% | 25% | 7% |
90% | 91% | 75% | 62% | 32% | 23% | 1% |
Results January - June 2021 | 4 |
Restless and consistent strategy execution
Leading independent TowerCo in Europe with up to c.130k sites, of which up to
c.20k to be deployed through BTS programs
Significant footprint expansion | |||||||||||
Up to | 5,177 Sites | ||||||||||
c.130k | |||||||||||
sites | 1,881 Sites | ||||||||||
14,993 Sites (1) | |||||||||||
2,425 Sites | 20,390 Sites | ||||||||||
4,310 Sites | |||||||||||
26,821 Sites (1) | 4,920 Sites | ||||||||||
6,569 Sites | 6,123 Sites | Countries with more than 1 | |||||||||
anchor tenant | |||||||||||
Countries with 1 anchor | |||||||||||
tenant | |||||||||||
11,087 Sites | |||||||||||
25,502 Sites | |||||||||||
Cellnex vs. Peers | x18 | 215 | |||||||||
('000 sites) | |||||||||||
40 | 130 | ||||||||||
22 | 34 | ||||||||||
7 | |||||||||||
Cellnex | Inwit | SBA | CC | Cellnex | AMT | ||||||
2014 |
- Including transactions not yet closed (Hivory, Hutchison UK)
Results January - June 2021
Strong targeted growth, highly contracted
Guidance 2025 (€Mn)
Revenues | 4,100 - 4,300 | +c.21% | ||
(c.85% contracted) | CAGR 20-25 | |||
Adjusted EBITDA | 3,300 - 3,500 | +c.24% | ||
CAGR 20-25 | ||||
RLFCF | 2,000 - 2,200 | +c.28% | ||
CAGR 20-25 | ||||
Adjusted EBITDA Guidance 2025 (1) (2) | ||||
c.5% | c.10% | |||
c.9% | ||||
c.80% from | c.30% | |||
c.16% | ||||
countries with | €3.3Bn - | |||
sovereign rating | €3.5Bn |
of at least A | c.15% |
c.15% |
(2) Management estimate; including progress on BTS programs and 3rd party tenants
5
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original document
- Permalink
Disclaimer
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 06:06:25 UTC.