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  • 23 Oct 2015
  • ·
  • Finance

The company sends press release regarding its first nine months of 2015 results

Results January-September 2015

Cellnex Telecom Q3 revenues grow by 42% to €453 million
Recurring EBITDA reached 176 million euros (+33%)

Financial & operational highlights
EBITDA forecast for 2015 maintained at € 235 million, following the upward revision announced last August, having exceeded market consensus following the IPO last May.
Net income for the period reached € 19 million. In comparable terms (non-recurring effects of asset acquisitions in Italy, IPO, bond issuance) this figure stood at € 35 million (Q3 2014: €42 million).
• Cellnex Italy, which integrates the activities of TowerCo and Galata, contributed 26.5% of total company revenue at €120 million and helps to strengthen the contribution of the business segment for mobile telephony, which accounts for 47.7% of Cellnex’s consolidated revenue, 38.2% of broadcasting infrastructure and 14% of network services (security, emergency, Smart Cities, etc).
• The company’s three main lines of business – mobile telephony infrastructures, broadcasting, and network services – are expected to meet the organic growth targets for the financial year.
• In Spain, the tender awarding six new licences for three channels in SD and three in HD on 16 October 2015, ensures stability and predictability in the audiovisual market.
Influencing factors versus Q3 2014: most notably, the closure of nine TV channels in May 2014 and the consolidation since 1 April 2015, of the 7,377 towers acquired from WIND and operated by Galata in Italy.
• Business growth, investment control and active capital management have strengthened cashflow generation, which has increased by 32% versus the same period in 2014.
• Following the issue of a bond for € 600 million on 20 July 2015, Cellnex Telecom has significantly improved the quality of its capital structure: it has improved its maturity (from 3.9 to 6.6 years) at a competitive cost of 2.2%; 54% of the debt is referenced to a fixed rate; it has removed “covenants” and diversified its funding sources.
• Commercial activity has led to agreements with other telecoms operators in Italy and Spain, to place equipment at company sites. This is demonstrated by improved sharing ratios for the Cellnex Telecom network.

Barcelona, 23 October, 2015. Cellnex Telecom, (CLNX), a leading European independent operator of wireless communications infrastructure, today announces its financial results for the third quarter of 2015. The 42% increase in revenues to € 453 million and growth in recurring EBITDA to 176 million (up 33%) highlight the company’s solid track record for the period.
Key influencing factors versus Q3 2014 comprise the broadcast termination of 9 TV channels in May 2014 and the consolidation of 7,377 towers acquired from WIND in Italy during the second quarter of 2015.

Francisco Reynés, President of Cellnex Telecom, stated: “Cellnex’s third quarter results demonstrate that we have met the expectations set during the first half of the year successfully. Our approach is focussed on day-to-day operations, efficient implementation and attention to any growth opportunities that may arise, mainly in Europe. These are reinforced by the strong figures presented today and are in line with our expectations for the full year.”

Tobias Martínez, CEO of Cellnex, commented that “the company has made strong progress across the business and lived up to expectations. This is a particularly significant achievement given the range of challenges faced, including the integration of Galata’s activity in Italy, the IPO itself with the changes involved, and the pressure of weighing up costs and managing operations following the reduction of DTT channels in Spain in May 2014, as we wait to recover the 1.75 multiplexes associated to 6 new TV channels being licensed by the Spanish Government. These factors have had an impact on the flexibility available to the Cellnex team. Against this backdrop, these first nine months are clearly positive.”

Organic growth, improved occupancy rate, investments
By business lines, activity in the audiovisual broadcasting networks area has contributed 38% of revenue, amounting to € 173 million. The mobile telephony infrastructures that have incorporated the towers acquired from WIND on 26 March since the second quarter, added 47.7% of revenue, or € 216 million. Meanwhile, the business focused on security and emergency service networks and solutions for smart urban infrastructure management (IoT and Smart cities) contributed 14% of revenue, totalling € 64 million.
Cellnex Telecom had a total of 15,127 sites (7,708 in Italy and 7,432 in Spain) at the end of the first half of 2015. Organic growth of points of presence over the existing stock of towers was 6% at the end of the third quarter with respect to December 2014, while the occupancy rate was 1.51 from 1.50 in June 2015. This reflects business activity both in Italy and Spain, with the signing of new service provision agreements with mobile and telephony operators and audiovisual communications groups.
Total investments for the period were € 756 million: 737 million for expansion (693 in the Galata operation in Italy in March, and 44 for the acquisition of a package of 300 towers from Telefónica last January); € 19 million were applied to maintaining installed capacity and activities linked to new revenue generation, for example rationalising the stock of telephony towers to maximise and improve the use of installed capacity.

Debt structure
Cellnex Telecom issued its six-times oversubscribed inaugural bond on 20 July 2015. The issue consisted of a bond for € 600 million, with a maturity of seven years and a coupon of 3.125%.
With this issue, Cellnex now has a stable long-term debt structure (6.6 years versus 3.9 years prior to issue) with an average cost of 2.2% and a fixed-rate referenced debt of 54%. This refinancing process makes it possible to have longer maturities, eliminate covenants and diversify sources of funding.
The company’s net debt at the end of the nine-month period was € 980 million versus € 342 million at the end of 2014, after financing the acquisition of the portfolio of WIND towers for € 693 million.

About Cellnex Telecom
Since it acquired the portfolio of telecommunications towers from WIND in Italy last March, Cellnex Telecom has a leading European independent operator of wireless communications infrastructure, with a total portfolio of 15,140 towers.
Cellnex classifies its activities into three areas: Mobile telephony infrastructures; audiovisual broadcasting networks; security and emergency service networks and solutions for smart urban infrastructure and services management (smart cities and the “Internet of Things” (IoT)).
In 2014, company turnover was € 436 million and gross operating profit (EBITDA) stood at € 178 million. 57% of total revenue was generated by broadcasting infrastructure (€ 250.35 million); 24% by mobile telephony infrastructures activity (€ 106.5 million); and 18% by network services (€ 79.16 million).

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