Vantage Towers Ag · HAM:VTWR
Vantage Towers — FY2022 Earnings Presentation
19 slides from Vantage Towers's earnings presentation, May 16, 2022
Slide 1: Vantage Towers AG FY22 Full year Results
Vantage Towers AG FY22 Full year Results 16 May 2022
Slide 2: Our Highlights at a glance
Our Highlights at a glance Landmark deal with 1&1 in December and Expansion of our value proposition for 5G and DAS Successful commercialisation with 1,680 net new tenancies in FY22 resulting in a tenancy ratio of 1.44x We delivered against our targets and achieved our guidance for FY22 Propose full
Slide 3: We achieved our FY22 guidance at the upper end
We achieved our FY22 guidance at the upper end • Strong commercial momentum in FY22: Net increase of 1,680 new tenancies driving our tenancy ratio to 1.44x • Revenue (ex pass through) and EBITDAaL with strong YoY growth of +4.6% and +3.6% respectively in line with our financial guidance • Strong RFC
Slide 4: We are diversifying our customer base and expanding our portfolio in Q4
We are diversifying our customer base and expanding our portfolio in Q4 1 Accelerating Europe's transition to 5G • Agreement with Telefonica for their 5G equipment upgrades on over 1,500 existing sites over the next three years. • Vantage Towers will modify the infrastructure to host 5G equipment wh
Slide 5: We are delivering on our commitments
We are delivering on our commitments Macro sites • BTS roll out >510 new macro sites delivered in FY22 0.5 • Decommissioning under way in Spain and Other 0.5 European Markets following active sharing - no 45.7 45.7 New sites revenue impact due to portfolio fee mechanism Growth FY21PF Gross Decommiss
Slide 6: We are focused on enhancing our BTS production to achieve run rate
We are focused on enhancing our BTS production to achieve run rate Key optimisation levers and objectives … ….to build a scalable and efficient BTS production • Optimized tower planning and production processes • Standardization across tower design and delivery Process & • Deployment of Warehousing
Slide 7: Adjustment to Vodafone MSA in Germany
Adjustment to Vodafone MSA in Germany The update to our BTS Commitment… …creates benefits for Vantage Towers • Vodafone new site commitment in Germany remains 5,500 sites until FY26 Provides optionality • Agreement between Vodafone (VF) and Vantage Towers (VT) to source up to 1,200 sites of these fr
Slide 8: We have delivered revenue growth in FY22
We have delivered revenue growth in FY22 Revenue €m, March FY22 FY21PF 1 FY22 yoy yoy in % − Revenue growth mainly driven by other chargeable services to MNOs in Revenue (ex. pass through) 966 1011 44.9 4.6% addition to new tenancies and inflation Capex recharge revenue 4 12 escalators Revenue 970 1
Slide 9: We achieved RFCF at the top end of our guidance
We achieved RFCF at the top end of our guidance Recurring Free Cash Flow €m, March FY22 FY21PF 1 FY22 yoy yoy in % − RFCF growth of 8.0% YoY to €415m includes a recurring benefit from lower Revenue (ex. pass through) 966 1011 44.9 4.6% cash tax and interest payments Capex recharge revenue 4 12 (comp
Slide 10: Our Non-Vodafone revenue increased by 18.3% YOY in Q4 FY22
Our Non-Vodafone revenue increased by 18.3%YOY in Q4 FY22 Revenue (ex pass through) (in €m) +9.2% • Q4 revenue (ex pass through) of €265m (+9.2% YoY) +1.2% +1.0% +1.3% +5.4% driven by: 248 252 265 − Macro site revenue: new tenancies and CPI 243 246 escalators − Energy and other revenue: other charge
Slide 11: Our joint ventures delivered on their targets
Our joint ventures delivered on their targets INWIT Cornerstone • INWIT delivered revenues of €785m • Cornerstone delivered revenues of €436m (50% (33.2% share: €261m) and an adj. EBITDAaL of share: €218m) and an adj. EBITDAaL of €113m €520m (33.2%-share: €173m) in CY211 (50%-share: €57m) FY22 • +3.
Slide 12: Investing in our business ahead of revenue growth
Investing in our business ahead of revenue growth 1&1 set up BTS costs acceleration Revenue Contribution from FY24 onwards Costs related to Cost related to colocation on optimising supply chain, existing sites deployment, and IT • To facilitate the acceleration in our Build out our business we will
Slide 13: Our FY23 guidance and medium-term targets
Our FY23 guidance and medium-term targets FY22 Guidance FY22 Outcome FY23 Guidance Medium term targets1 Tenancy ratio 1.44x >1.50x Revenue (ex. pass €995-1,010m €1,011m 3.0%-5.0% YoY Mid-single digit CAGR through) Consolidated High 50s percentage EBITDAaL Margin broadly Adj. EBITDAaL 54% €550m-€570m
Slide 14: Our Highlights at a glance
Our Highlights at a glance Landmark deal with 1&1 in December and Expansion of our value proposition for 5G and DAS Successful commercialisation with 1,680 net new tenancies in FY22 resulting in a tenancy ratio of 1.44x We delivered against our targets and achieved our guidance for FY22 Propose full
Slide 15: Appendix
Appendix 15
Slide 16: Key performance indicators by segment
Key performance indicators by segment Fully-owned segments Consolidated Germany Spain Greece Other European Markets €m (unless stated) FY21PF FY22 FY21PF FY22 FY21PF FY22 FY21PF FY22 FY21PF FY22 Macro sites (#) 19.4k 19.4k 8.7k 8.6k 4.8k 4.8k 12.7k 12.9k 45.7k 45.7k Tenancy ratio 1.21x 1.23x 1.70x 1
Slide 17: Disclaimer
Disclaimer Forward-looking statements This presentation contains "forward-looking statements" with respect to Vantage Towers’ results of operations, financial condition, liquidity, prospects, growth and strategies. Forward-looking statements include, but are not limited to, statements regarding obje
Slide 18: Proforma financial information - basis of preparation
Proforma financial information - basis of preparation The purpose of the Unaudited Pro Forma Financial Information is to illustrate the performance of Vantage Towers as if the reorganisation of the Group had occurred on as at 1 April 2019. In this presentation we have presented the pro forma H1 FY21
Slide 19: Key contacts Next events
Key contacts Next events https://www.vantagetowers.com/investors 21 July Q1 FY23 Trading Update 2022 28 July Annual General Meeting 2022 ir@vantagetowers.com LieTin.Wu@vantagetowers.com 14 Nov Half Year FY23 Results 2022 Vantage Towers AG Prinzenallee 11-13 40549 Düsseldorf Germany