Cellnex Telecom maintains the commercial dynamism of the last quarters thanks to the momentum of recent acquisitions. At the end of last September, revenues have increased 53%, to 1,760 million euros, while adjusted ebitda has risen to 59%, with 1,334 million euros.
The net accounting result shows losses of 145 million euros, due to the impact of higher amortizations (which increased by 68%) and financial costs (79% more), due to the “intense process of acquisitions that the group maintains and the expansion of the perimeter “.
At the same time, the leveraged free cash flow stood at 660 million euros, compared to 435 million in the comparable period of 2020. As reported by the company, the liquidity of the Spanish group (between cash and undrawn debt) reaches The 14,300 million euros, double that twelve months ago, which allows venturing new growth operations in the European giant of telecommunications infrastructures.
It increases its debt by more than 2,113 million so far this year, thus increasing its leverage by almost a third
The conquest of new markets and the growing presence in which it already operated mark the accounts of a company that, since last January, has announced growth operations in Poland, the Netherlands and France, with an associated investment of 9,000 million euros.
So far this year, Cellnex has also closed the purchase operations of Play and Polkomtel Infrastruktura in Poland. Added to the above is the merger of its telecommunications tower activity in the Netherlands with that of Deutsche TelekomT and the authorization by the French competition authority of the acquisition of Hivory, the formalization of which was closed yesterday. On the other hand, the company’s board of directors has approved a dividend payment of 0.03004 euros per share,
The Spanish group has almost 90,000 operating sites in twelve countries
Net debt as of September 30 amounted to 8,613 million euros compared to 6,500 million at the end of 2020, which represents an increase of 32.5%, estimated at 2,113 million euros. Currently 88% of the debt (drawn down) is referenced to a fixed rate, according to the company.
Tobias Martínez, CEO of Cellnex has highlighted “a period 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 was decisive of our shareholders and that should allow us to continue capturing new growth opportunities, and not least an organic growth that exceeds 6%.
A dynamic that is reflected in the improvement of the key indicators of income, ebitda and recurring cash flow All of this allows us to confirm the outlook for the entire year of the review that we announced at the end of the first semester, with revenues that will exceed 2,500 million and an EBITDA of over 1,900 million. ”
Close the purchase of Hivory
Cellnex Telecom has also announced the closing of the purchase of the entire capital of Hivory from Altice France and Starlight Holdco, the announcement of which is presumed imminent. Hivory currently manages the 10,500 sites that mainly serve the French mobile operator SFR.
As the company recalls, “the agreement represents an investment of 5,200 million euros for Cellnex, which will be accompanied by an eight-year program for another 900 million euros for the deployment, among other projects, of up to 2,500 new sites”. According to the remedies imposed by the French competition body, Cellnex will have to divest approximately 3,200 urban sites of the total number of sites that the group will manage in France after the integration of Hivory.