FY23 Results Conference Call
6 March 2024
A bastion of profitable growth, cash generation and sustainable returns
Strategic choices driving operational success and financial resilience
Capital allocation focus on preserving competitive advantage, balance sheet quality and consistent and attractive shareholder remuneration
2
A bastion of profitable growth, cash generation and sustainable returns
A bastion of profitable growth, cash generation and shareholder returns
Revenues
4Q23 FY23
414.3M€ 1,597.5M€
+4.2% +5.0%
EBITDA
4Q23 FY23
163.6€ 716.7M€
+8.4% +10.1%
EBITDA AL
4Q23 FY23
134.5M € 603.2M€
+12.3% +10.1%
CAPEX
4Q23 FY23
94.8M€ 387.6M€
-28.0%-21.8%
Strong revenue performance, up 4.2% in 4Q23 and 5.0% in FY23, the culmination of consistent delivery across all quarterly results
OCF, EBITDA AL - CAPEX, up 163.8M€ to 215.6M€ in FY23, driven by strong EBITDA AL
EBITDA AL -
CAPEX
4Q23 FY23
39.7M€ 215.6M€
+51.7M€ +163.8M€
Net Income1
4Q23 FY23
54.7M€ 181.0M€
+444.7% +30.7%
ROCE
FY23
9.7%
-0.5pp
Ordinary DPS
FY23
0.350€
+25.9%
performance and lower investment requirements
Sustained attractive shareholder remuneration, with an ordinary DPS of 0.350€, representing a dividend yield2 of 10.6%
1) Excludes Cellnex impact; 2)Based on closing price of 3.292€ on March 5, 2024 | 4 |
Telco is the main contributor to consolidated revenue performance
2023 Consolidated Revenue M€ | ||||
1,521.0 | 63.5 | 9.8 | 3.1 | 1,597.5 |
2022 | Telco | Audiovisuals | Others and | 2023 |
& Cinema | Eliminations | |||
Var % | +4.3% | +11.0% | +8.2% | +5.0% |
2023 vs | ||||
2022 | ||||
1) 9M23 ANACOM |
+5.0%
Yoy growth in Consolidated Revenues driven primarily by Telco B2C revenues (+6.2%), and Audiovisuals & Cinemas revenues (+11.0%)
In 4Q23, Consolidated Revenues grew yoy by 4.2%, Telco Revenues by 5.5% whilst A&C Revenues declined 17.9% due to weaker quarter for cinema going and a lower share of movie distribution.
5
Operating profitability is grounded on quality of revenue mix and structural efficiencies and business transformation, driving margin expansion
2023 Consolidated EBITDA AL M€ | Quarterly EBITDA AL yoy growth % |
Consolidated | ||||||||||
yoy % | +10.1% | +10.6% | +3.6% | Telco | ||||||
547.7 | 603.2 | 17.3% | ||||||||
12.3% | 12.3% | |||||||||
566.9 | 9.9% | 10.0% | ||||||||
7.1% | 9.7% | |||||||||
7.1% | 6.3% | |||||||||
36.3 | ||||||||||
2022 | 2023 | Telco | Audiovisuals | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 | ||
& Cinema | ||||||||||
Margin | 36.0% | 37.8% | +37.0% | +36.5% |
+10.1%
2023 Consolidated EBITDA AL yoy growth, +12,3% in 4Q23
+1.8pp
Expansion in margin yoy, led by strong revenue performance and cost management with structural efficiencies
+17.3%
4Q23 Telco EBITDA AL growth due primarily to strong revenue performance (+5.5%) and OPEX control (+1.9%).
6
As guided, peak CAPEX is behind us, with expansionary Capex decreasing more than 50% versus last year
2023 CAPEX M€
Telco - Expansionary | Telco - Customer Related | |
Telco - Baseline | Audiovisuals and Cinema Exhibition | |
-21.8% | |||||
495.9 | |||||
163.9 | -86.2 | 387.6 | |||
-13.7 | -5.4 | -3.1 | |||
77.7 | |||||
161.3 | 147.6 | ||||
147.9 | 142.5 | ||||
22.9 | 19.8 | ||||
2022 | Telco - | Telco - Baseline | Telco - Customer | Audiovisuals and | 2023 |
Expansionary | Related | Cinema Exhibition | |||
Var % | -52.6% | -8.5% | -3.7% | -13.3% | |
2023 vs | |||||
2022 |
-21.8%
CAPEX decreased more than 100 M€ to 387.6M€, decreasing in all lines and in particular expansionary Telco CAPEX
-52.6%
Yoy decline of telco expansionary CAPEX with completion of accelerated 5G rollout
7
Structural growth in EBITDA AL - CAPEX, underpinned by strong EBITDA AL performance and significant decrease in CAPEX
2023 EBITDA AL - CAPEX M€ | |||||||
1 597.5 | |||||||
-880.8 | |||||||
716.7 | 603.2 | ||||||
-113.5 | |||||||
-387.6 | 215.6 | ||||||
Revenues | OPEX | EBITDA | Leasings | EBITDA AL | CAPEX | EBITDA AL | |
-CAPEX | |||||||
Var % | +5.0% | +1.2% | +10.1% | +9.8% | +10.1% | -21.8% | +316.2% |
2023 vs | |||||||
2022 |
4.2x
EBITDA AL - CAPEX increase in 2023 vs last year, with strong operational performance and reduced investment requirements driving OCF generation
8
Strategic choices driving operational success
Strategic decision to lead in 5G is propelling commercial momentum and increased customer experience in mobile
NOS' 5G Coverage % | |
87.0% | 94.0% |
2022 | 2023 |
5G sites #
4Q23 ANACOM
4,235
3,233
1,459
Operator 1 Operator 2 | NOS |
Best mobile network
NOS' mobile network was considered by Ookla®1 to be the fastest in Europe, placing a Portuguese network at the forefront of the European speed ranking for the first time. NOS obtained a Speed Score of 183.4, well ahead of other European networks.
94%
NOS has already reached 94% population coverage with 5G, the highest in Portugal and well ahead of regulatory requirements
1) https://www.speedtest.net/awards/mobile/? | 10 |
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Nos SGPS SA published this content on 06 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 March 2024 12:04:18 UTC.