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Cellnex closes the first half with growth of 47% in revenues and cash-flow, and 53% in EBITDA

Cellnex has presented the results corresponding to the first half of 2021. 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, reflecting 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 perimeter. The total investments executed in the semester reached 6,300 million euros, mostly destined to investments related to the generation of new income as well as improvements in efficiency and the maintenance of installed capacity.

Regarding the company’s net debt, as of June 30, it reached 6,566 million euros compared to 6,500 million at the end of 2020 and the average life of the debt (drawn down) reaches 7.2 years, the average cost It is approximately 1.6%, and 86% is referenced to a fixed rate.

In addition, the entity has reported that since January, the company has carried out four bond issues, one in February, in three tranches; for a total amount of 2,500 million euros, one in March for an amount of 150 million Swiss francs, one in May for an amount of 1,000 million euros, and one in June, the first in the United States market, for an amount of 600 million dollars in the long term (20 years).

Tobías Martínez, CEO of Cellnex, 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% “.

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He also added that this dynamic “is reflected in the improvement of 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. “

Regarding Cellnex’s forecasts for 2021, estimates revenues between 2,535 and 2,555 million euros which are higher than the previous forecast that ranged between 2,405 and 2,445 million. The same happens with adjusted ebitda, since the company expects it to move between 1,910 and 1,930 million euros compared to 1,815 or 1,855 million that was in the previous estimate. T

All these forecasts are supported by the new growth agreements that the company has announced, among which the expansion of cooperation with MEO in Portugal stands out through the acquisition of 223 sites and 464 DAS and Small Cells that will be segregated from the tower division of the Portuguese mobile operator. The operation, of an organic nature, represents an investment of 209 million euros.

Kate Holgate, new independent director

Cellnex has also reported that it has made changes internally. The Board of Directors of the company today agreed iIncorporate Kate Holgate as a new independent director. The announcement comes after the approval by the Shareholders’ Meeting to set the number of members of the company’s Board of Directors at eleven.

Kate Holgate has a extensive professional experience in multiple sectors such as technology, professional and financial services or the real estate sector, among others, mainly in the United Kingdom and the Asia-Pacific region, in the field of financial, corporate and crisis communication. A specialist in mergers and acquisitions, as well as in IPOs (IPOs), she is currently Co-Director of Global New Business at the international communication and public affairs consultancy Brunswick Group. From 2019 to December 2020 she was the director of the company in Hong Kong and, between 2013 and 2019, in Singapore, after holding other positions of responsibility at Brunswick Group London, which she joined in 2000.

With the incorporation of Kate Holgate to the Board of Directors of Cellnex, independent members amount to eight –Of a total of eleven–, which represents a weight of 73% of this governing body, thus exceeding the threshold established in the Good Governance recommendations for Listed Companies. The rest of the Board is made up of 2 proprietary directors, one representing GIC and the other representing Edizione, as reference shareholders, and 1 executive director.

This new incorporation reflects the progress of the company in terms of gender diversity by integrating 5 female directors out of a total of 11 members in its Board of Directors, which is equivalent to 45% of the Board. The ratification of the appointment of Kate Holgate will be submitted to the next Shareholders’ Meeting of the company.

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