IBDROOTPROJECTSIBD-LNZAPOTEC2018622491_114. Roadshow PresentationAIRE - Roadshow Presentation
Draft - 20190224 v19.pptx
Other Relevant information in compliance with article 227 of the Consolidated Text of the
Spanish Securities Markets Law, notified to the Spanish National Securities Market Commission
Deutsche Telekom and Cellnex to combine their mobile infrastructure in the Netherlands
And to jointly support the launch of a vehicle to promote telecom infrastructure investments in Europe
21 January 2021
IBDROOTPROJECTSIBD-LNZAPOTEC2018622491_114. Roadshow PresentationAIRE - Roadshow Presentation
TransactionD aft - 20190224 v19.pptx Rationale
Delivering on our equity story in The Netherlands with a key partner
through a blueprint model
Significant step in a core
market
Achieving nationwide scale in The
Netherlands
Validating Cellnex's
industrial proposition
Leading TowerCo to accelerate 5G adoption and drive efficiencies
Contribution in kind of c.3,150 sites from DTAG Group (1) in The Netherlands
In exchange for new shares representing a
38% stake at local subsidiary level
Adjusted EBITDA contribution of c.€63Mn
and RLFCF of c.€30Mn (run rate (2))
Already delivering on a new
pipeline of opportunities
No cash consideration required
Neutrality preserved
Deal structured through a financial partnership with Digital Infrastructure Vehicle (DIV) (3) following the successful precedent between Deutsche Telekom and Cellnex in Switzerland
Fully compliant with M&A
investment criteria
RLFCF per share accretion from day 1
- Deutsche Telekom Group
- Management estimate of the contribution from new assets by year 7
- "Digital Infrastructure Vehicle 1 SCSp", a new fund independently managed by Digital Transformation Capital Partners and supported by Deutsche Telekom and Cellnex to promote new telecom infrastructure projects
2
IBDROOTPROJECTSIBD-LNZAPOTEC2018622491_114. Roadshow PresentationAIRE - Roadshow Presentation
KeyDraft - 20190224Highlightsv19.pptx
3 recent deals in 4 key existing markets and opening 4 new markets
Leading independent TowerCo in Europe with up to c.107k sites (1), of which up to
c.19k to be executed through BTS programs
Significant footprint expansion | ||
c.107k | 5,200 Sites (4) (6) | |
sites (1) | 1,900 Sites (4) | |
2,399 Sites (4) | 11,890 Sites (4) (6) | |
14,720 Sites (4) (6) | 4,314 Sites (1) (2) (6) | |
13,705 Sites (3) (4) | 4,900 Sites (4) | |
6,118 Sites (4) | Countries with more than 1 | |
anchor tenant | ||
5,876 Sites (4) | Countries with 1 anchor | |
tenant | ||
11,050 Sites | 24,549 Sites | (4) (6) |
Cellnex vs. Peers | x15 | 215 | ||||||||
('000 sites) | ||||||||||
107 | ||||||||||
40 | ||||||||||
22 | 32 | |||||||||
7 | ||||||||||
Cellnex | Inwit | SBA | CC | Cellnex | AMT | |||||
2014 |
- As per Hutchison deal market presentation and including this new deal
- New BTS program of up to 180 sites
- In addition, a Fiber-to-the-Tower project with Bouygues Telecom in place
Significant business risk diversification
Revenues - Run Rate (1) (5)
TIS
Other c.10%
c.90% revenues | €3.9Bn | |||
from TIS | ||||
c.90% | ||||
Adjusted EBITDA - Run Rate (1) (5) | ||||
c.20% | c.5% | |||
c.7% | ||||
c.20% | ||||
c.80% from countries | c.10% |
€3.1Bn
with sovereign
rating of at least A
c.18%
c.20%
- As per Hutchison deal market presentation
- Management estimate; run rate upon completion of BTS programs including 3rd party tenants and potential efficiencies
- Including transactions not yet closed (Play Poland, Hutchison, Netherlands)
3
IBDROOTPROJECTSIBD-LNZAPOTEC2018622491_114. Roadshow PresentationAIRE - Roadshow Presentation
KeyDraft - 20190224Highlightsv19.pptx
• Achieving nationwide presence in The Netherlands with a total of c.4,300 sites in the country, | |
Strategic Rationale | therefore increasing prospects for further organic growth in a key market |
• Delivering beyond targeted pipeline identified in the recent capital increase | |
• c.3,150 telecom sites with an initial customer ratio of c.1.2x | |
• BTS program of up to c.180 new sites (to be deployed over the next 7 years) | |
• CPI-linked Master Lease Agreement | |
• Initial term of 15 years + subsequent automatic renewals of 10-year periods (all-or-nothing, | |
undefined maturity basis) | |
Key Project Terms | • Incorporated and to-be-built new assets are expected to contribute an Adjusted EBITDA of |
c.€63Mn (IFRS 16) and RLFCF of c.€30Mn on a run rate basis (1) |
• Incremental backlog of c.€2Bn, total to reach c.€88Bn after all closings
-
DIV to contribute in kind: i) c.3,150 sites from DTAG Group and ii) €250Mn debt into Cellnex
Netherlands - Cellnex Netherlands to issue new shares and DIV to own a 38% of the enlarged share capital (2)
- Closing expected in H1 2021, subject to customary regulatory approvals
- Management estimate of the contribution from new assets by year 7
- Including an exit mechanism based on Cellnex Switzerland transaction (please see Note 17 of the Consolidated Financial Statements for the Year 2019)
4
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Cellnex Telecom SA published this content on 21 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 January 2021 07:09:04 UTC