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    ILD   FR0004035913

ILIAD

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Iliad : Presentation of UPC Poland's acquisition

09/22/2021 | 01:12am EDT

Acquisition of UPC Poland

DISCLAIMER

  • This document has been prepared by Iliad S.A. (the "Company") and is being furnished to you solely for your information and personal use.
  • This presentation includes only summary information and does not purport to be comprehensive.

§ The information contained in this presentation has not been subject to independent verification. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein.

  • None of Iliad S.A., its affiliates or its advisors, nor any representatives of such entities or persons, shall have any liability whatsoever (in negligence or otherwise) for any loss arising from any use of this document or its contents or otherwise arising in connection with this document or any other information or material discussed.
  • This presentation contains forward-looking statements relating to the business, financial performance and results of Iliad S.A. These statements are based on current beliefs, expectations or assumptions and involve unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those described in such statements. Factors that could cause such differences in actual results, performance or events include changes in demand and technology, as well as the ability of Iliad S.A. to effectively implement its strategy.
  • Any forward-looking statements contained in this presentation speak only as of the date of this presentation. Iliad S.A. expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this presentation to reflect any change in events, conditions, assumptions or circumstances on which any such statements are based unless so required by applicable law
  • This presentation is not intended for potential investors and does not constitute or form part of, and should not be construed as an offer or the solicitation of an offer to subscribe for or purchase securities of the Company or any of its affiliates, and nothing contained therein shall form the basis of or be relied on in connection with any contract or commitment whatsoever nor does it constitute a recommendation regarding such securities.

Transaction highlights

  • Share purchase agreement signed with Liberty Global to acquire 100% of UPC Poland for cash
  • UPC Poland is one of the leading cable operators in Poland with 3.7 million Homes Passed, 1.5 million subscribers, and revenues of PLN 1,698 million and EBITDAaL1 of PLN 757 million in 2020
  • Enterprise Value of PLN 7.0 billion:
    • 9.3x 2020A EBITDAaL1 before synergies
    • c7x 2020A EBITDAaL1 post run-rate synergies
  • Impact on iliad Group:
    • Stronger cash flow generation at group level
    • Proforma for UPC Poland acquisition, iliad's leverage at end-June 2021 would be at 3.1x (pre-synergies) vs. 2.75x ex-UPC PL
  • Contemplated next steps:
    • H1 2022: Closing of transaction
  • Transaction subject to antitrust conditions (EC Level 1)

1) Equivalent to Liberty Global's OFCF definition adjusted from share of central costs

22-09-20213

Transaction rationale

1

2

3

4

CREATION OF A

SIGNIFICANT

INVOLVEMENT

RATIONALIZATION

STRONG NGN

SCALE BENEFIT

INTO THE

OF THE

PLATFORM

AND

DIGITALIZATION

INTERACTIONS

INVOLVEMENT IN

OF THE

WITH THIRD

POLISH FIXED

ECONOMY

PARTIES THROUGH

INFRASTRUCTURE

THE

UPGRADE

CONTEMPLATED

COMBINATION

22-09-20214

UPC Poland - Snapshot

ASSET OVERVIEW

  • One of the leading cable operators and third largest fixed player in Revenues in Poland
  • Significant domestic territory coverage (150 cities and 3.7m HPs, of which 0.1m are FTTH)
  • Network revolving around 8 regional clusters formed around major cities (Warsaw , Katowice, Krakow, Szczecin, Lublin, Gdansk, Wroclaw and Bydgoszcz)
  • Large and diversified services offering: Pay- TV, Broadband, Voice and Mobile (on Play's network)

KEY FINANCIALS

SELECTED OPERATIONAL KPIs

Fixed Homes Passed Evolution

in k

+3.3%

+2.4%

+2.5%

3,354

3,464

3,548

3,635

2017

2018

2019

2020

Fixed Unique Subs Evolution (BB and TV)

in k

+2.5%

+2.8%

+0.9%

1,435

1,448

1,484

1,525

in €m

2019A

2020A

2017

2018

2019

2020

Revenues

1,634

1,698

Broadband RGUs Evolution

% Growth

+3.9%

in k

+4.7%

EBITDAaL1

741

757

+3.1%

+4.7%

+4.9%

% Margin

45.3%

44.6%

1,140

1,175

1,230

1,250

1,290

1,309

Capex(1)

460

451

% of

Revenues

28.1%

26.6%

2017

2018

2019

Q2 20

2020

Q2 21

1) Equivalent to Liberty Global's OFCF definition adjusted from share of central costs

1503.7m

CitiesHPs

Covered

22-09-20215

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Iliad SA published this content on 22 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 September 2021 05:11:02 UTC.


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