Cellnex Telecom has presented the results corresponding to the first half of 2021. The revenues amounted to 1,061 million euros (+ 47%) and adjusted ebitda grew to 804 million (+ 53%), reflecting, together with organic growth, the effect of the consolidation of asset acquisitions carried out in 2020 as well as in the first months of 2021 Leveraged free and recurring cash flow reached 394 million (+ 47%).
The Net accounting result was negative by -67 million euros a reflection of the higher amortizations (+ 60% vs 1H 2020) and financial costs (+ 88% vs 1H 2020) associated with the intense process of acquisitions that the Group maintains and the consequent expansion of the perimeter.
Cellnex Telecom half-yearly results.
Tobías Martínez, CEO of Cellnex has highlighted “a first semester marked by the closure of operations announced in 2020 and in 2021; new agreements in France, the Netherlands, Poland and Portugal; a capital increase in which the determined support of our shareholders has been decisive and which should allow us to continue capturing new growth opportunities, and not least an organic growth that exceeds 5%. A dynamic that is reflected in the improvement of the key indicators of income, ebitda and recurring cash flow. All of this allows us not only to confirm the outlook for the year as a whole, but to revise them upwards due to the early closing of several of the agreements that we had announced. In this way, revenues will exceed 2,500 million and ebitda 1,900 million. “
Business lines. Main indicators of the period
•The infrastructure services for mobile telecommunications operators contributed 85% to revenues, with 900 million euros, which represents a growth of 63% compared to 2020.
• The broadcasting infrastructure activity contributed 10% of the revenues with 109 million.
• The business focused on safety and emergency networks and solutions for the intelligent management of urban infrastructures (IoT and Smart cities) contributed 5% of the income, with 52 million euros.
• As of June 30, the The company’s main market is Spain with 25% of the Group’s revenues, followed by Italy, with 17% and France with 16%.
• As of June 30, Cellnex had a total of 81,755 operational sites: 4,487 in Austria, 1,338 in Denmark, 10,339 in Spain, 11,266 in France, 1,787 in Ireland, 20,020 in Italy, 4,061 in the Netherlands, 7,428 in Poland, 5,117 in Portugal, 7,996 in the United Kingdom, 2,578 in Sweden and 5,338 in Switzerland; to which 3,994 DAS and Small Cells nodes are added (c.40% more, at constant perimeter, compared to 2020).
• The organic growth of the points of presence at the sites stood at + 7.5% in relation to 2020, including the effect of the deployment of new sites in the period.
• Total investments made in the semester reached c.6.3 billion euros, mostly for investments related to the generation of new income –incorporation of new assets and the continuity in the integration and deployment of new infrastructures–, as well as improvements in efficiency and maintenance of installed capacity.
• The backlog –future sales contracted by the group–, including the pending closing and deployment transactions announced in France and the United Kingdom, reached 110,000 million euros.
• The Group’s net debt –as of June 30– reached 6,566 million euros compared to 6,500 million at the end of 2020.
Period marked by the closure of operations and the announcement of new growth agreements
Once all the acquisition and deployment agreements in progress have been closed, Cellnex will operate more than 130,000 telecommunications towers and sites in a total of twelve European countries.
Outlook for 2021 update
As a result of the acquisitions carried out by the company and its progressive integration into the Group as a whole –some of which, ahead of schedule–, Cellnex has updated the forecasts for the key indicators for fiscal year 2021:
•Estimated income: between 2,535 and 2,555 million euros (vs. previous estimate of 2,405-2,445 million).
•Adjusted Ebitda: estimated: between 1,910 and 1,930 million euros (vs. 1,815-1,855 million).
•RLFCF growth around 60% up to 955-965 million euros (vs. 905-925 million).