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    CLNX   ES0105066007

CELLNEX TELECOM, S.A.

(CLNX)
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Cellnex Telecom S A : Excel Backup File Q2 2021 1MB

07/29/2021 | 03:47am EDT
Index
JANUARY - JUNE 2021 RESULTS
1. KPIs
2. M&A and BTS Tracker
3. Income Statement
4. Balance Sheet
5. Cash Flow
6. Debt Structure
7. Corporate Structure
8. Shareholder Structure
9. Disclaimer
CRYSTAL_PERSIST
1.KPIs
Main Figures H1 2020 FY 2020 Q1 2021 H1 2021
Total_Entity Number of Sites 40,505 58,104 68,350 81,755
Spain Number of Sites Spain 10,313 10,327 10,329 10,339
Italy Number of Sites Italy 10,356 10,610 10,634 20,020
Number of Sites France 9,411 10,312 10,550 11,266
Number of Sites Rest of Europe 10,425 26,855 36,837 40,130
Total_Entity TIS Sites Beginning of Period 34,821 34,821 56,422 56,422
Total_Entity Build-to-Suit, decommissioning (1) and others (2) 267 1,208 311 1,429
Total_Entity M&A 3,746 20,393 9,933 22,211
Total_Entity TIS Sites End of Period 38,834 56,422 66,666 80,062
Spain TIS Sites Spain 8,642 8,645 8,645 8,646
Italy TIS Sites Italy 10,356 10,610 10,634 20,020
TIS Sites France 9,411 10,312 10,550 11,266
TIS Sites Rest of Europe 10,425 26,855 36,837 40,130
TIS Sites Netherlands 922 924 924 4,061
TIS Sites UK 611 7,996 7,996 7,996
TIS Sites Switzerland 5,272 5,315 5,315 5,338
TIS Sites Ireland 601 1,781 1,781 1,787
TIS Sites Portugal 3,019 5,052 5,081 5,117
TIS Sites Austria - 4,470 4,470 4,487
TIS Sites Denmark - 1,317 1,322 1,338
TIS Sites Sweden - - 2,520 2,578
TIS Sites Poland - - 7,428 7,428
Total_Entity PoPs Beginning of Period 50,057 50,057 79,173 79,173
Total_Entity Organic Growth 878 2,720 906 2,543
Total_Entity M&A 4,758 26,396 11,119 27,236
Total_Entity PoPs End of Period 55,693 79,173 91,198 108,952
Spain TIS PoPs Spain 16,283 16,480 16,574 16,662
Italy TIS PoPs Italy 15,562 16,374 16,618 29,641
TIS PoPs France 9,776 10,800 11,128 11,923
TIS PoPs Rest of Europe 14,072 35,519 46,878 50,726
TIS PoPs Netherlands 2,294 2,300 2,314 5,937
TIS PoPs UK 930 11,608 11,651 11,681
TIS PoPs Switzerland 5,964 6,024 6,054 6,085
TIS PoPs Ireland 1,186 2,932 2,958 2,981
TIS PoPs Portugal 3,698 6,092 6,151 6,188
TIS PoPs Austria - 5,150 5,150 5,173
TIS PoPs Denmark - 1,413 1,452 1,471
TIS PoPs Sweden - - 3,218 3,280
TIS PoPs Poland - - 7,930 7,930
Total_Entity Customer Ratio 1.43 1.40 1.37 1.36
Spain Customer Ratio Spain 1.88 1.91 1.92 1.93
Italy Customer Ratio Italy 1.50 1.54 1.56 1.48
Customer Ratio France 1.04 1.05 1.05 1.06
Customer Ratio Rest of Europe 1.35 1.32 1.27 1.26
Customer Ratio Netherlands 2.49 2.49 2.50 1.46
Customer Ratio UK 1.52 1.45 1.46 1.46
Customer Ratio Switzerland 1.13 1.13 1.14 1.14
Customer Ratio Ireland 1.97 1.65 1.66 1.67
Customer Ratio Portugal 1.22 1.21 1.21 1.21
Customer Ratio Austria - 1.15 1.15 1.15
Customer Ratio Denmark - 1.07 1.10 1.10
Customer Ratio Sweden - - 1.28 1.27
Customer Ratio Poland - - 1.07 1.07
Total_Entity DAS Nodes 2,090 3,004 3,373 3,994
(1) Decommissioning of own sites
(2) Mainly dual use sites
(1) Decommissioning of own sites
(2) Mainly dual use sites
2.M&A & BTS Tracker
TIS sites as of 30th June 2021 Outstanding TIS sites (M&A) Estimated purchase commitments (M&A) - €Mn Outstanding TIS sites (BTS) Estimated Capex for outstanding BTS sites (€Mn) Expected completion date Total TIS sites Broadcasting & Others DAS Nodes Existing infrastructures (including DAS and broadcasting) as of 30th June 2021 Run rate infrastructures (including DAS and broadcasting)
Spain 8,646 0 0 0 0 8,646 1,693 748 11,087 11,087
Netherlands 4,061 0 0 237 15 4,298 12 4,073 4,310
Shere Netherlands & Protelindo 924 924 924 924
KPN - BTS 3 57 5 2028 60 3 60
T-Mobile - initial perimeter 3,134 2021 3,134 3,134 3,134
T-Mobile - BTS 180 10 2028 180 0 180
UK 7,996 6,000 2,300 600 503 14,596 397 8,393 14,993
Shere UK 611 611 611 611
Arqiva 7,385 166 2024 7,385 7,385 7,385
Hutchison - initial perimeter 6,000 2,300 2022 6,000 0 6,000
Hutchison - BTS 600 337 2030 600 0 600
France 11,266 10,535 5,200 5,020 2,850 26,821 11,266 26,821
Bouygues - M&A 3,159 2022 3,159 3,159 3,159
Bouygues - BTS 1,131 1,070 11 2022 2,201 1,131 2,201
Bouygues - Acquisition MSCs (option) 11 51 193 2022 62 11 62
Bouygues - Construction MO/COs 8 80 154 2024 88 8 88
Iliad - initial perimeter 5,686 5,686 5,686 5,686
Iliad - BTS 1,271 1,229 653 2027 2,500 1,271 2,500
Saint Malo (MO/COs) 90 938 2027 90 0 90
SFR - initial perimeter 10,535 5,200 2021 10,535 0 10,535
SFR - BTS 2,500 900 2030 2,500 0 2,500
Switzerland 5,338 0 0 780 194 6,118 5 5,343 6,123
Sunrise - initial perimeter 2,372 2,372 2,372 2,372
Sunrise - BTS 145 330 66 2025 475 145 475
Salt - initial perimeter 2,771 2,771 2,771 2,771
Salt - BTS 50 450 128 2027 500 50 500
Italy 20,020 0 0 2,688 594 22,708 2,794 22,814 25,502
Galata and others 8,335 8,335 8,335 8,335
Galata - BTS 164 1,036 44 2025 1,200 164 1,200
Iliad - initial perimeter 2,173 2,173 2,173 2,173
Iliad - BTS 208 792 249 2027 1,000 208 1,000
Hutchison - initial perimeter 9,140 2021 9,140 9,140 9,140
Hutchison - BTS 860 301 2030 860 0 860
Ireland 1,787 0 0 622 74 2,409 16 1,803 2,425
Cignal - initial perimeter 551 551 551 551
Cignal - BTS 109 491 35 2026 600 109 600
Hutchinson - initial perimeter 1,125 1,125 1,125 1,125
Hutchinson - BTS 2 131 39 2030 133 2 133
Portugal 5,117 687 209 743 284 6,547 22 5,139 6,569
MEO - initial perimeter 2,994 687 209 3,681 2,994 3,681
MEO - BTS 157 343 109 2027 500 157 500
NOS - initial perimeter 1,966 1,966 1,966 1,966
NOS - BTS 400 175 2026 400 0 400
Poland 7,428 7,000 1,540 5,962 1,864 20,390 7,428 20,390
Play - initial perimeter 7,428 7,428 7,428 7,428
Play - BTS 4,462 1,264 2030 4,462 0 4,462
Polkomtel - initial perimeter 7,000 1,540 2022 7,000 0 7,000
Polkomtel - BTS 1,500 600 2030 1,500 0 1,500
Austria 4,487 0 0 433 185 4,920 4,487 4,920
Hutchison - initial perimeter 4,470 4,470 4,470 4,470
Hutchison - BTS 17 433 185 2030 450 17 450
Denmark 1,338 0 0 543 54 1,881 1,338 1,881
Hutchison - initial perimeter 1,317 1,317 1,317 1,317
Hutchison - BTS 21 543 54 2030 564 21 564
Sweden 2,578 0 0 2,599 223 5,177 2,578 5,177
Hutchison - initial perimeter 2,500 2,500 2,500 2,500
Hutchison - BTS 78 2,599 223 2030 2,677 78 2,677
Total 80,062 24,222 9,249 20,227 6,840 124,511 1,693 3,994 85,749 130,198
3.P&L
Audited figures
€ Mn H1 2020 H1 2021
Broadcasting Infrastructure 117 109
Telecom Infrastructure Services 553 900
Other Network Services 52 52
Revenues (1) 723 1,061
Staff Costs -70 -91
Repair and Maintenance -23 -32
Utilities -47 -57
General and Other Services -56 -77
Operating Expenses -196 -257
Adjusted EBITDA 527 804
% margin (2) 74% 79%
Non-Recurring Expenses -34 -49
Depreciation & Amortization -423 -678
Operating Profit 70 77
Net Financial Profit -135 -254
Profit of Companies Accounted for Using the Equity Method 0 0
Income Tax 15 96
Attributable to Non-Controlling Interests 7 14
Net Profit Attributable to the Parent Company -43 -67
(1) Corresponds to Operating Income excluding Advances to customers. Please see note 18 a) in our Interim Consolidated Financial Statements ended 30 June 2021
(2) Adjusted EBITDA divided by total revenues excluding elements pass-through to customers (mostly electricity) from both expenses and income
3.1.P&L by Country
Audited figures
€ Mn Q1 2020 Q2 2020 H1 2020 Q1 2021 Q2 2021 H1 2021
Spain Italy Rest of Europe Total Spain Italy Rest of Europe Total Spain Italy Rest of Europe Total Spain Italy France Rest of Europe Total Spain Italy France Rest of Europe Total Spain Italy France Rest of Europe Total
Broadcasting Infrastructure 59 0 0 59 58 0 0 58 117 0 0 117 55 0 0 0 55 55 0 0 0 55 109 0 0 0 109
Telecom Infrastructure Services 49 81 142 273 50 83 147 280 99 164 290 553 52 89 85 200 426 53 90 87 244 474 105 179 172 444 900
Other Network Services 25 0 0 25 27 0 0 27 52 0 0 52 26 0 0 0 26 26 0 0 0 26 51 0 0 1 52
Revenues (1) 134 81 142 358 135 83 147 365 269 164 290 723 132 89 85 200 506 133 90 87 244 555 265 179 172 444 1,061
Staff Costs -25 -3 -8 -35 -25 -3 -7 -35 -49 -6 -15 -70 -27 -3 -3 -10 -44 -28 -4 -4 -13 -47 -54 -7 -7 -23 -91
Repair and Maintenance -8 -1 -2 -11 -8 -1 -3 -12 -15 -2 -5 -23 -8 -1 -2 -5 -16 -8 -1 -2 -5 -16 -16 -2 -4 -10 -32
Utilities -9 -12 -1 -23 -9 -14 -1 -24 -19 -26 -2 -47 -9 -13 -0 -5 -28 -10 -13 -0 -5 -29 -20 -27 -1 -10 -57
General and Other Services -18 -4 -7 -29 -17 -2 -7 -26 -36 -6 -14 -56 -15 -3 -2 -17 -37 -15 -3 -2 -20 -40 -30 -7 -3 -37 -77
Operating Expenses -60 -20 -18 -98 -59 -20 -18 -98 -119 -40 -36 -196 -59 -21 -7 -37 -125 -60 -21 -8 -43 -132 -119 -43 -15 -81 -257
Adjusted EBITDA 75 61 124 260 75 63 129 267 150 124 253 527 74 68 78 162 381 73 68 80 201 422 146 136 158 364 804
(1) Corresponds to Operating Income excluding Advances to customers. Please see note 18 a) in our Interim Consolidated Financial Statements ended 30 June 2021
4.Balance Sheet
Audited figures
€ Mn FY 2020 H1 2021
Assets
Goodwill 2,676 4,213
Fixed Assets 13,563 19,782
Right-of-use Assets 2,134 2,904
Financial Investments & Other Fin. Assets 1 538 651
Non-Current Assets 18,910 27,550
Inventories 2 5
Trade and Other Receivables 2 505 681
Cash and short term deposits 4,652 9,063
Current Assets 5,159 9,750
Total Assets 24,070 37,300
Equity & Liabilities
Share Capital and Others 8,798 16,396
Share Capital 122 170
Treasury Shares -8 -11
Share Premium 7,770 14,601
Non-Controlling Interests 915 1,636
Reserves 135 -199
Reserves 268 -132
Profit for the Period -133 -67
Shareholders' Equity 8,933 16,197
Borrowings 9,314 12,989
Lease Liabilities 1,479 2,050
Provisions and Other Liabilities 3 3,273 4,543
Non-Current Liabilities 14,066 19,582
Borrowings 76 150
Lease Liabilities 284 439
Trade and Other Payables 4 711 932
Current Liabilities 1,071 1,521
Total Equity and Liabilities 24,070 37,300
(1) Includes "Derivative financial instruments", "Trade and other receivables" and "Deferred tax assets". See the Consolidated Financial Statements for the period ended on 30 June 2021
(2) Includes "Receivables from associates" and "Financial investments". See the Consolidated Financial Statements for the period ended on 30 June 2021
(3) Includes "Provisions and other liabilities", "Employee benefit obligations", "Deferred tax liabilities", "Derivatives financial instruments" and "Other Financial Liabilities". See the Consolidated Financial Statements for the period ended on 30 June 2021
(4) Includes "Employee benefit obligations", "Payables to associates", "Trade and other payables", "Derivatives financial instruments" and "Other Financial Liabilities". See the Consolidated Financial Statements for the period ended on 30 June 2021
5.Cash Flow
Audited figures
€ Mn H1 2021
Adjusted EBITDA 1 804
Payments of Lease Instalments in the Ordinary Course of Business 2 -276
Maintenance Capex 3 -16
Recurring Operating FCF 512
Changes in Current Assets/Current Liabilities 4 -10
Net Payment of Interest 5 -98
Income Tax Payment 6 -10
Net Dividends to Non-Controlling Interests 7 0
Recurring Levered FCF 394
Expansion Capex 8 -91
Expansion Capex (Build-to-Suit programs) 9 -623
M&A Capex 10 -5,475
Non-Recurring Items (Cash Only) 11 -39
Net Cash Flow from Financing Activities 12 10,249
Other Net Cash Out Flows 13 -4
Net Increase of Cash 14 4,411
(1) Adjusted EBITDA: profit from operations before D&A and after adding back (i) certain non-recurring items (such as costs and taxes related to acquisitions which mainly include taxes incurred during business combinations processes and COVID donations) and (ii) certain non-cash items such as advances to customers
Following the same methodology as for the 6-month period ended 30 June 2021
Total adjustments: non-recurring items (costs and taxes related to M&A €37Mn and Covid-19 donations €2Mn) and
non-cash items (LTIP remuneration payable in shares and others €8Mn and advances to customers €2Mn, which include the amortization of amounts paid for sites to be dismantled and their corresponding dismantling cost)
(2) Corresponds to (i) payments of lease instalments (€191Mn) in the ordinary course of business and (ii) interest payments on lease liabilities (€85Mn)
Please see Note 14 of the Consolidated Interim Financial Statements for the 6-month period ended on 30 June 2021
(3) Capex in relation to maintenance investments in existing tangible or intangible assets, such as investment in infrastructure, equipment and information technology systems, which are primarily linked to keeping sites in good working order,
but which exclude investment in increasing the capacity of sites. Following the same methodology as for the 6-month period ended 30 June 2021
(4) Changes in working capital as per section "Changes in current assets/current liabilities" in the Consolidated Statement of Cash Flows for the 6-month period ended 30 June 2021
(5) Corresponds to the net of "Interest paid" and "Interest received" in the Consolidated Financial Statements of Cash Flows for the 6-month period ended on 30 June 2021
Excluding "Interest payments on lease liabilities" (€85Mn, please see footnote 2) and non-recurring financing costs related to M&A projects (€18Mn, see caption ""Net payment of Interest"" in the accompanying Consolidated Directors' Report for the 6-months period ended on 30 June 2021)
Reconciliation of P&L interest (Tab "3.P&L") to cash interest:
€254Mn net financial profit (P&L) - €85Mn accrued interest not paid + €72Mn interest accrued in prior year paid in current year - 85Mn€ interest payments on lease liabilities (see footnote 2) - €40Mn non-cash amortized costs - €18Mn non-recurring financing costs related to M&A projects = €98Mn net payment of interest (Cash)
(6) Corporate tax payments as per "Income Tax received/(paid)'' as per the Consolidated Statement of Cash Flows for the 6-month period ended 30 June 2021
It does not include the "Non-recurring Income tax paid" (€78Mn) regarding the substitutive tax paid (see Note 16.b of the Consolidated Interim Financial Statements for the 6-month period ended on 30 June 2021)
(7) Corresponds to the net of "Dividends to non-controlling interests" and "Dividends received" as per the Consolidated Statement of Cash Flows for the 6-month period ended on 30 June 2021
(8) Cash advances to landlords (€39Mn), efficiency measures associated with energy and connectivity (€15Mn), and others including early site adaptation to increase the capacity of sites (€37Mn)
Thus, it corresponds to investments related to business expansion that generates additional RLFCF. Following the same methodology as for the 6-month period ended 30 June 2021
(9) Corresponds to committed Build-to-Suit programs and further initiatives (consisting of sites, backhaul, backbone, edge computing centers, DAS nodes or any other type of telecommunication infrastructure, as well as any advanced payment in relation to them)
It also includes Engineering Services or Works and Studies that have been contractualized with different clients, including ad-hoc Capex eventually required. Following the same methodology as for the 6-month period ended 30 June 2021
(10) Investments in shareholdings of companies as well as significant investments in acquiring portfolios of sites or land (asset purchases), after integrating into the consolidated balance sheet mainly the "Cash and cash equivalents" of the acquired companies
Mainly correspond to the acquisition of Hutchison Italy, Hutchison Sweden and Iliad Poland. Following the same methodology as for the 6-month period ended 30 June 2021
The amount resulting from (3)+(8)+(9)+(10), hereinafter "Total Capex" (€6,205Mn), corresponds to "Total Investment" (€6,295Mn, see caption "Capital Expenditures" in the accompanying Consolidated Directors' Report for the 6-months period ended on 30 June 2021)
minus the "Cash and cash equivalents" of the acquired companies (€90Mn, see Note 4 of the accompanying consolidated financial statements)
Total Capex (€6,205Mn) also corresponds to "Total net cash flow from investing activities" (€6,076Mn, see the relevant section in the accompanying Consolidated Statement of Cash Flows for the 6-months period ended on 30 June 2021)
+ Cash advances to landlords (€39Mn, see Note 14 of the accompanying Consolidated Financial Statements) + €90Mn (including the Substituve tax paid - see footnote 6 - financial investments and timing effects related to assets purchases)
(11) Corresponds to "non-recurring expenses" that involve cash movements (such as cost and taxes related to acquisitions and Covid-19 donations)
(12) Corresponds to "Total net cash flow from financing activities"(€10,037Mn, see the relevant section in the Consolidated Statement of Cash Flows for the 6-months period ended on 30 June 2021), excluding payments of lease instalments (€191Mn, see footnote 2)
and Cash advances to landlords (€39Mn, see footnote 8), and including non-recurring financing costs related to M&A projects (€18Mn, see footnote 5). As per the Consolidated Statement of Cash Flows for the 6-month period ended on 30 June 2021
(13) Mainly corresponds to timing effects, foreign exchange differences and factoring, as per the Consolidated Statement of Cash Flows for the 6-month period ended 30 June 2021
(14) Net increase of Cash and Cash equivalents from Continuing Operations ("Operating activities" + "Investing activities" + "Financing activities") as per the Consolidated Statement of Cash Flows and following the same methodology as for the 6-month period ended on 30 June 2021
6.Debt Structure
Audited figures
€ Mn FY 2020 H1 2021
Gross Financial Debt - excluding lease liabilities 9,389 13,139
Fixed 7,566 11,193
% of total 81% 85%
Variable 1,823 1,947
% of total 19% 15%
Average life of debt (years) 1 5.8 6.0
Average cost of debt 2 1.5% 1.4%
Debt Structure - including lease liabilities
Gross Financial Debt 11,152 15,629
Cash 4,652 9,063
Net Financial Debt 6,500 6,566
Rating S&P "BB+" Outlook stable
Fitch "BBB-" Outlook stable
(1) Corresponds to the average debt duration until maturity (considering both the drawn and undrawn borrowings) and including extensions
(2) Corresponds to the annualized interest cost over the average gross debt for the period (considering drawn borrowings only)
Net Financial Debt Evolution
Excluding lease liabilites
Beginning of Period December 2020 6,500 4,737
RLFCF -394 -394
Expansion Capex 91 91
Expansion Capex (Build-to-Suit Programs) 623 623
M&A Capex 5,475 5,475
Non-Recurring Items (Cash Only) 39 39
Issue of Equity Instruments and others (1) -6,836 -6,836
Net Repayment of Other Borrowings (2) -0 -0
Change in Lease Liabilities (3) 726 0
Accrued Interests Not Paid and Others (4) 338 338
Other Net Cash Out Flows 4 4
End of Period June 2021 6,566 4,076
(1) Corresponds to "Issue of equity instruments, Acquisition of Treasury Shares and Dividends paid", as per the Consolidated Statement of Cash Flows for the 6-month period ended on 30 June 2021
(2) "Net repayment of other borrowings" as per the Consolidated Statement of Cash Flows for the 6-month period ended on 30 June 2021
(3) "Changes in Lease liabilities", long and short term, as per the Consolidated Balance Sheet as of 30 June 2021
(4) Includes T-Infra debt at local level (See Note 4 of the accompanying Consolidated Financial Statements)
Pro Forma Leverage
Net Debt as of June 2021 6,566
Upfront payment CK Hutchison UK (1) 2,300
Upfront payment Hivory 5,200
Upfront payment Polkomtel 1,540
Lease liabilities CK Hutchison UK (2) 160
Lease liabilities Hivory (2) 400
Lease liabilities Polkomtel (2) 341
Pro Forma Net Debt 16,507
2021E Adjusted EBITDA (guidance mid-point) 1,920
Adjusted EBITDA contribution from Play (3) 29
Adjusted EBITDA contribution from CK Hutchison (4) 339
Adjusted EBITDA contribution from T-Infra (5) 21
Adjusted EBITDA contribution from Hivory (6) 213
Adjusted EBITDA contribution from Polkomtel (7) 103
Pro Forma Adjusted EBITDA 2,626
Pro Forma Leverage Ratio 6.3x
(1) Only cash payment, excluding payment Cellnex shares
(2) Theoretical assumption of 5 years lease capitalization
(3) Play to contribute c.9 months in 2021, therefore 3 incremental months to full year Adjusted EBITDA
(4) CK Hutchison Sweden, 1 incremental month to full year Adjusted EBITDA; CK Hutchison Italy 6 incremental months to full year Adjusted EBITDA; CK Hutchison UK, full year Adjusted EBITDA
(5) T-Infra to contribute c.7 months in 2021, therefore 5 incremental months to full year Adjusted EBITDA
(6) Hivory to contribute c.3 months in 2021, therefore 9 incremental months to full year Adjusted EBITDA
(7) Polkomtel to contribute c.5.5 months in 2021, therefore c.6.5 months incremental contribution to full year Adjusted EBITDA
7.Corporate Structure
As of 30 June 2021

Cellnex Telecom, S.A.

Cellnex Italia, S.p.A.

100%

TowerCo, S.p.A.

100%

TowerLink Italia S.r.L

100%

Cellnex France, S.A.S.

100%

Cellnex Netherland B.V.

74,89%

Cellnex UK, Limited

100%

Cellnex UK Midco Limited

100%

Watersite Limited

100%

Radiosite Limited

100%

Cellnex Conectivity Solutions Limited

100%

Cellnex UK Consulting Limited

100%

Cellnex France Groupe

100%

Cellnex Switzerland AG

72.22%

Swiss Towers AG

72.22%

Cellnex Telecom España, SLU

100%

Shere Masten BV

74.89%

Retevisión-I, S.A.U.

100%

Torre de Collerola, S.A.

41.75%

Tradia, S.A.U.

100%

COTA, S.A.

29.50%

Adesal Telecom, S.L.

60.08%

On Tower, S.A.U.

100%

Zenon Digital Radio, S.L.

100%

Xarxa Oberta de Catalunya, S.A.

100%

Gestora del Espectro, S.L.

100%

Nearby Sensor, S.L.

13.18%

Towerlink France, SAS

100%

Alticom BV

74.89%

On Tower Netherlands subgroup

74.89%

Swiss Infra Services

72.22%

Cignal Infrastucture Services 100%

Cellcom Ireland Limited

100%

Springbok Mobility

100%

Nearby Computing, S.L.

22,63% (1)

OnTower France

70%

CLNX Portugal, S.A.

100%

OMTEL, Estruturas de Comunicaçoes, S.A.

100%

Nexloop France

51%

Cellnex Ireland

100%

On Tower IE

100%

On Tower UK subgroup

100%

Metrocall, S.A. 60%

On Tower Portugal, S.A. 100%

Cellnex Finance Company, S.A.

100%

Grid Tracer

39.72%

Tower Lease S.r.L

100%

Areaventi S.r.L

100%

Cellnex Denmark

100%

Cellnex Austria

100%

Cellnex Sweden 100%

ITM 1

100%

On Tower DK

100%

Shannonside Communications Limited

100%

On Tower AT

100%

On Tower SE 100%

Towerlink Portugal, ULDA

100%

Cellnex Poland

100%

On Tower PL 60%

Ukkoverkot Oy 100%

Edzcom 100%

Wayworth Limited

100%

Cignal Infrastructure Netherlands BV

74.89%

CK Hutchison Networks Italia S.p.A

100%

Breedlink BV

74.89%

Towerlink Netherlands

74.89%

Shareholdings inside the box are Cellnex Telecom shareholdings. (1) Tradia has 21,97% and Nearby Sensor 5,01% of Nearby Computing.

8.Shareholders
As of 30 June 2021
Source: CNMV
Edizione 8.5%
GIC 7.0%
BlackRock 5.1%
CPPIB 5.0%
Criteria Caixa 4.8%
Wellington 4.3%
Capital Research & Management 3.9%
FMR 3.2%
TCI 3.2%
Norges Bank 3.0%
Free Float 52.0%
Free Float
Edizione GIC BlackRock CPPIB Criteria Caixa Wellington Capital Research & Management FMR TCI Norges Bank Free Float

Edizione [VALOR]

GIC [VALOR]

CPPIB 5.0%

TCI 3.2%

Criteria Caixa 4.8%

Wellington 4.3%

Capital Research & Management 3.9%

Blackrock 5.1%

FMR [VALOR]

Norges Bank [VALOR]

Free Float [VALOR]

8.5319999999999993E-2 7.0309999999999997E-2 5.058E-2 5.0049999999999997E-2 4.7739999999999998E-2 4.2750000000000003E-2 3.882E-2 3.2169999999999997E-2 3.2239999999999998E-2 3.0030000000000001E-2 0.51998999999999995
9.Disclaimer
Disclaimer
The information and forward-looking statements contained in this presentation have not been verified by an independent entity and the accuracy, completeness or correctness thereof should not be relied upon. In this regard, the persons to whom this presentation is delivered are invited to refer to the documentation published or registered by Cellnex Telecom, S.A. and its subsidiaries ("Cellnex") with the National Stock Market Commission in Spain (Comisión Nacional del Mercado de Valores). All forecasts and other statements included in this presentation that are not statements of historical fact, including, without limitation, those regarding the financial position, business strategy, management plans, estimated investments and capital expenditures, pipeline, priorities, targets, outlook, guidance, objectives for future operations and run rate metrics of Cellnex (which term includes its subsidiaries and investees), are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors (many of which are beyond Cellnex's control), which may cause actual results, performance or achievements of Cellnex, or industry results, to be materially different from those expressed or implied by these forward-looking statements. These forward-looking statements are based on numerous assumptions regarding Cellnex's present and future business strategies, performance by Cellnex's counterparties under certain of Cellnex's contracts and the environment in which Cellnex expects to operate in the future which may not be fulfilled. No representation or warrant, express or implied is made that any forward-looking statement will come to pass. In particular, this presentation contains information on Cellnex's targets, outlook and guidance, which should not be construed as profit forecasts. There can be no assurance that these targets, outlook and guidance will be met. Accordingly, undue reliance should not be placed on any forward-looking statement contained in this presentation. All forward-looking statements and other statements herein are only as of the date of this presentation. None of Cellnex nor any of its affiliates, advisors or representatives, nor any of their respective directors, officers, employees or agents, shall bear any liability (in negligence or otherwise) for any loss arising from any use of this presentation or its contents (including any forward-looking statement), or otherwise in connection herewith, and they do not undertake any obligation to provide the recipients with access to additional information or to update this presentation or to correct any inaccuracies in the information contained or referred to herein.
To the extent available, the industry and market data contained in this presentation has come from official or third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. In addition, certain of the industry and market data contained in this presentation come from Cellnex's own internal research and estimates based on the knowledge and experience of Cellnex's management in the market in which Cellnex operates, and is subject to change. Certain information contained herein is based on Cellnex's management information and estimates and has not been audited or reviewed by Cellnex's auditors. Recipients should not place undue reliance on this information. The financial information included herein has not been reviewed by Cellnex's auditors for accuracy or completeness and, as such, should not be relied upon. Certain financial and statistical information contained in the presentation is subject to rounding adjustments. Accordingly, any discrepancies between the totals and the sums of the amounts listed are due to rounding.
This presentation is addressed to analysts and to institutional or specialized investors only and should only be read together with the supporting excel document published on the Cellnex website. The distribution of this presentation in certain jurisdictions may be restricted by law. Consequently, persons to which this presentation is distributed must inform themselves about and observe such restrictions. By receiving this presentation the recipient agrees to observe any such restrictions.
Neither this presentation nor the historical performance of Cellnex's management team constitute a guarantee of the future performance of Cellnex and there can be no assurance that Cellnex's management team will be successful in implementing the investment strategy of Cellnex.
In addition to the financial information prepared under IFRS, this presentation includes certain alternative performance measures ("APMs"), as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority on 5 October 2015 (ESMA/2015/1415es). An Alternative Performance Measure (APM) is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework. APMs are not defined under IFRS-EU, and should not be considered in isolation and may be presented on a different basis than the financial information included in Cellnex's financial statements. In addition, they may differ significantly from similarly titled information reported by other companies, and may not always be comparable. Prospective investors are cautioned not to place undue reliance on these measures, which should be considered as supplemental to, and not a substitute for, the financial information of Cellnex prepared in accordance with IFRS-EU. The APMs included herein have not been audited by Cellnex's auditors or by any independent expert.
Nothing herein constitutes an offer to sell or the solicitation of an offer to purchase any security and nothing herein may be used as the basis to enter into any contract or agreement.
Non-IFRS and alternative performance measures
This report contains, in addition to the financial information prepared in accordance with International Financial Reporting Standards ("IFRS") and derived from our financial statements, alternative performance measures ("APMs") as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015 (ESMA/2015/1415en) and other non-IFRS measures ("Non-IFRS Measures"). These financial measures that qualify as APMs and non-IFRS measures have been calculated with information from Cellnex Group; however those financial measures are not defined or detailed in the applicable financial reporting framework nor have been audited or reviewed by our auditors.
We use these APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider these APMs and non-IFRS measures to be useful metrics for our management and investors to compare financial measure of historical or future financial performance, financial position, or cash flows. Nonetheless, these APMs and non-IFRS measures should be considered supplemental information to, and are not meant to substitute IFRS measures. Furthermore, companies in our industry and others may calculate or use APMs and non-IFRS measures differently, thus making them less useful for comparison purposes.
For further details on APMs and Non-IFRS Measures, including its definition or a reconciliation between any applicable management indicators and the financial data presented in the consolidated financial statements prepared under IFRS, please see the section on "Alternative performance measures" (page 58 et seq.) of the Integrated annual report for the fiscal year ended in 31 December 2020 of Cellnex Telecom, S.A., published on 26 February 2021. The document is available on Cellnex website (www.cellnextelecom.com).

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 07:46:07 UTC.


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Sales 2021 2 506 M 2 937 M 2 937 M
Net income 2021 -91,5 M -107 M -107 M
Net Debt 2021 12 463 M 14 609 M 14 609 M
P/E ratio 2021 -421x
Yield 2021 0,10%
Capitalization 39 387 M 46 235 M 46 168 M
EV / Sales 2021 20,7x
EV / Sales 2022 15,8x
Nbr of Employees 2 247
Free-Float 87,6%
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Technical analysis trends CELLNEX TELECOM, S.A.
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TrendsNeutralBullishBullish
Income Statement Evolution
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Mean consensus BUY
Number of Analysts 26
Last Close Price 58,00 €
Average target price 63,79 €
Spread / Average Target 9,98%
EPS Revisions
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Tobías Martínez-Gimeno Chief Executive Officer & Executive Director
José Manuel Aisa Mancho CFO & Director-Corporate Development
Bertrand Boudewijn Kan Non-Executive Chairman
Sergio Tórtola Pérez Global Operations Director
Pierre Blayau Independent Director
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