Infrastrutture Wireless Italiane S.p.a. · MIL:INW
Infrastrutture Wireless Italiane — H1 2020 Earnings Presentation
24 slides from Infrastrutture Wireless Italiane's earnings presentation, Jul 30, 2020
Slide 1: 1H 2020 Results “Engine ON”
1H 2020 Results “Engine ON” July 30th, 2020
Slide 2: Safe Harbor
Safe Harbor This presentation contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements mentioned repeatedly in this presentation and include statements regarding the intent, belief or current expectati
Slide 3: 1H 2020 Results
1H 2020 Results INWIT
Slide 4: Q2 2020: New INWIT doubling the size
Q2 2020: New INWIT doubling the size +6.3% 83% +102% Revenues 1 Reported YoY EBITDAaL 1 Reported YoY 184 mn € 119 mn € 2Q’20 +92% 2Q’20 +118% Recurring YoY Recurring YoY +32% YoY Recurring FCF 2 Tenancy Ratio 1.96x INW 80 mn € 1.83 x 1.68x VOD T March 20 2Q’20 70% 2Q’20 Normalised YoY The data above
Slide 5: New INWIT: leading towerco in Italy with best quality assets
New INWIT: leading towerco in Italy with best quality assets # Operative Sites: scale doubled ~2x YoY • Strong heritage with the best asset quality 22k • High Tenancy Ratio lower vs 2019 due to Voda Tower 11k 21 .70 10 .8 5 1Q 02 2Q 02 • +70 new sites built in H1; +283 renegotiations in H1 2Q19 2Q20
Slide 6: New Inwit: Two tier1 anchor tenants and neutral host role
New Inwit: Two tier1 anchor tenants and neutral host role Tenants - Tim & Vodafone Tenants - Other operators 32k 16k 8.5k 16k MSAs 5.6k 5k 16k 11k MSA 1 1 INWIT 2Q20 INW Standalone 2Q20 Standalone Q4 NEW INW NEW INW Total of +40.5k number of tenants Tenants – Other operators trend 32K anchor Ten
Slide 7: New Inwit: Leading Small Cell/DAS and increasing backhauling
New Inwit: Leading Small Cell/DAS and increasing backhauling Small cell & DAS Backhauling 1 1 # new remotes # link +32% YoY +64% YoY 3,700 1,150 3,400 3,500 1,050 900 3,000 750 2,800 700 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 • Market Leader in remote units • One-stop shop to support 5G •
Slide 8: New INWIT: High Visibility on revenues
New INWIT: High Visibility on revenues Q2 Revenue breakdown 21.1 2.1 184.4 Recurring revenue: +0.5% growth Q2 vs Q1; 161.3 circa 1% Growth YoY Euro Mln New MSAs with TIM and Vodafone 87.5% of total revenues TIM & VOD OLO & Others New Services Total (MSA) 1 (OLO on existing sites) (Smallcells/DAS & B
Slide 9: Best in class EBITDA margin
Best in class EBITDA margin EBITDA 93% margin Q2 2020 +93% YoY +102%YoY 1 EBITDAaL 184.4 12.9 171.6 52.6 99.1 margin 64% 118.9 Euro Mln 72.5 17.4 16.9 38.1 Lease 2 D&A & Revenues Opex1 EBITDA EBITDAaL EBIT Interest Taxes NET Income cost Write Off 1H’20 287.4 -27.8 259.6 -83.6 176.0 -130.3 129.2 -26.
Slide 10: High Cash conversion in 2Q 2020
High Cash conversion in 2Q 2020 Q2 2020 RFCF 173.3 3.2 +43% REVENUES ON 11.2 22.8 Euro Mln 55.7 79.5 1.0 RFCF +32% YoY €22.8m Tax accrual paid in June EBITDA Recurring DELTA Cash Lease Financial Rec CASH (vs July tax paid in Q3) Recurring capex NWC taxes payment charges FLOW RFCF normalized +70% YoY
Slide 11: Balance Sheet at June 30, 2020
Balance Sheet at June 30, 2020 Q2 2020 Net Debt/EBITDA1 5.8x 94 1,230 218 335 8,471 3,976 810 778 6,113 Euro Mln 720 4,495 3,775 9 4 12 8 1 ,230 35 3, 976 6,13 8 ,471 M n l 72 0 o r E u 4 495, 3,7 5 1,58 7 Tangible setA Godwil thLeasl eirdpats Nof WC AROF und DFundOthefr arInvLTxes estdCap italNe tD
Slide 12: Looking forward - DAS special coverage to support 5G verticals
Looking forward - DAS special coverage to support 5G verticals Industry 4.0 DACIA ARENA Stadium Several Central Railway Shopping mall Bergamo PODIO HADID Milan Lungarno Collection Udine stations ORIOCENTER MilanFerragamo Health 4.0 POLIAMBULANZA Hospital RIUNITI Hospital SACCO Hospital SANT’ORSOLA H
Slide 13: Looking forward: strong order book for H2 ramp up
Looking forward: strong order book for H2 rump up Q1 Q2 Q3 Q4 Merger Effective Common Technical Field TIM & VOD Invoicing Grid Feasibility activities > 1 000 ‘Site survey’ 1st tranche Additional Finalised Technical Field tenants by YE OTHER MNO Feasibility activities Invoicing & FWA Operators Order
Slide 14: Looking forward - Building the new inwit
Looking forward - Bulding the new inwit Integration Innovation Sustainability Developing the sustainability Leveraging the towers’ proximity Finalised by Q1 2021 framework and certified location Governance 1. One team, one culture Focus areas: 1. ESG board committee Business 2. New supply chain ecos
Slide 15: Closing remarks
Closing remarks 1. Market leader at scale with best asset quality 22k Towers Anchor 2. Resilient business with tier1 anchor tenants and diversified client base 87.5% revenues Q2 cash 3. High margin and cash conversion 43% conversion 4. Strong order book with rump up of new tenants in H2 > 1,000 New
Slide 16: Thank you
1H2020 Financial Results Thank you 1H 20 Financial Results 16
Slide 17: Q&A Session
1H2020 Financial Results Q&A Session Giovanni Ferigo CEO Diego Galli CFO 1H 20 Financial Results 17
Slide 18: Back up
1H2020 Financial Results Back up Databook 1H 20 Financial Results 18
Slide 19: Databook – Quarterly Profit and Loss
Databook – Quarterly Profit and Loss Reported Quarterly Profit and Loss 1Q196 2Q19 3Q19 4Q19 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 Currency: €m (Jan- (Apr-Jun) (Jul-Sep) (Oct-Dec) (Jan-Mar) (Apr-Jun) (Jul-Sep) (Oct-Dec) (Jan-Mar) (Apr-Jun) Mar) on a on a on a on a compara comparable comparable comparable if
Slide 20: Databook – Profit and Loss
Databook – Profit and Loss 3M193 6M19 9M19 FY19 3M19 6M19 9M19 FY19 3M20 6M20 Currency: €m (Jan- (Jan-Jun) (Jul-Sep) (Jan-Dec) (Jan-Mar) (Jan-Jun) (Jan-Sep) (Jan-Dec) (Jan-Mar) (Jan-Jun) Mar) on a on a on a on a comparable comparable compara comparabl basis basis ifrs 16 ifrs16 ifrs16 ifrs16 ifrs16
Slide 21: Databook - Cash Flow
Databook - Cash Flow 3M191 6M19 9M19 FY19 3M19 6M19 9M19 FY19 3M20 As of June 30th Currency: €m (Jan- (Jan-Jun) (Jul-Sep) (Jan-Dec) (Jan-Mar) (Jan-Jun) (Jan-Sep) (Jan-Dec) (Jan-Mar) 2020 Mar) on a on a on a on a comparable comparable compara comparabl basis basis ifrs 16 ifrs16 ifrs16 ifrs16 ifrs16
Slide 22: Databook – Balance Sheet
Databook – Balance Sheet 3M191 6M19 9M19 FY19 3M19 6M19 9M19 FY19 3M20 As of June 30th Currency: €m (Jan- (Jan-Jun) (Jul-Sep) (Jan-Dec) (Jan-Mar) (Jan-Jun) (Jan-Sep) (Jan-Dec) (Jan-Mar) 2020 Mar) on a on a on a on a comparable comparable compara comparabl basis basis ifrs 16 ifrs16 ifrs16 ifrs16 ifr
Slide 23: Databook – Operationals KPI’s
Databook – Operationals KPI’s 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3M16 6M16 9M16 FY16 3M17 6M17 9M17 FY17 3M18 6M18 9M18 FY18 3M19 6M19 9M19 FY19 3M20 6M20 Number in #k (Jan-Mar) (Jan-Jun) (Jan-Sep) (Jan-Dec) (Jan-Mar) (Jan-Jun) (Jan-Sep) (Jan-De
Slide 24: More questions? Ask Investor Relations
1H2020 Financial Results More questions? Ask Investor Relations Emanuela Martinelli Head of Finance & Investor Relations emanuela.martinelli@inwit.it f: +39 06 44084 330 1H 20 Financial Results 24
Infrastrutture Wireless Italiane S.p.A. (INWIT) — H1 2020 Earnings Presentation on 6ix