Altice Europe — Altice France — Q1 2021 Earnings Presentation
14 slides from Altice Europe's earnings presentation, May 20, 2021
Slide 1: Altice France Holding Restricted Group Q1 2021 Results
Altice France Holding Restricted Group Q1 2021 Results May 20, 2021
Slide 2: Disclaimer
Disclaimer FORWARD-LOOKING STATEMENTS Certain statements in this presentation constitute forward-looking statements. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this presentation, including, without limitatio
Slide 3: Q1 2021 Summary
Q1 2021 Summary Subscriber growth in all segments, residential and B2B, fixed and mobile Total revenue and EBITDA growth in Q1 2021: • Total revenue grew by +2.9% YoY • Total EBITDA grew by +0.7% $3 billion (equivalent) new 8-year euro and dollar 2029 Senior Secured Notes issued, maturity profile im
Slide 4: Pro Forma Revenue Trends
Pro Forma Revenue Trends Total Telecom ex roaming Q1 2021 revenue trends YoY (€m) (€m) • Telecom ex roaming: +4.4% +4.4% • Residential services ex roaming: +2.8% 2,625 2,702 2,604 • Residential equipment: +26% 89 74 2,493 • Business services ex roaming: +4.0% 861 886 870 836 • Media: -16% 135 169 13
Slide 5: Pro Forma Summary Financials
Pro Forma Summary Financials Q1-20 Q1-21 Growth YoY €m Residential services 1,541 1,573 +2.1% Residential equipment 135 169 +25.6% Business services 861 886 +2.9% Telecom 2,537 2,628 +3.6% Media 89 74 -16.4% Revenue 2,625 2,702 +2.9% Telecom 913 920 +0.8% Media 20 19 -5.2% EBITDA 933 939 +0.7% Telec
Slide 6: Q1 2021 Free Cash Flow
Q1 2021 Free Cash Flow (€m) 939 (581) 358 382 24 (328) (15) (306) (268) Adjusted Accrued OpFCF Hivory OpFCF Interest Taxes Change in WC FCF EBITDA Capex (Pro Forma) OpFCF & other (Pro Forma) (Pro Forma) 1. c.€90 million full year network tax (IFER) recognized in Q1 2021 operating costs, and conseque
Slide 7: Pro Forma Capital Structure and Debt Maturity
Pro Forma Capital Structure and Debt Maturity Altice France Restricted Group (€bn) Net debt €22,205m WAL 5.9 years 0.1 0.1 0.1 0.1 3.2 6.8 5.1 3.6 3.5 WACD 4.4% Fixed interest 90% Net leverage 5.4x Liquidity €1.5bn Altice France Holding Net debt €4,286m WAL 6.4 years WACD 6.5% Fixed interest 100% Al
Slide 8: Guidance Reiterated
Guidance Reiterated FY 2021 Revenue, EBITDA and OpFCF growth YoY Full-year organic FCF target of >€750 million Mid-term Underpinned by EBITDA and OpFCF growth, as well as further reduction in cash interest costs (at least €150 million further savings) Target leverage of 4.5x net debt to EBITDA For f
Slide 9: Q&A
Q&A altice
Slide 10: Appendix
Appendix 10
Slide 11: Net Debt Reconciliation as of March 31, 2021
Net Debt Reconciliation as of March 31, 2021 €m Altice France Restricted Group Reconciliation to Swap Adjusted Debt Actual Pro Forma Total Debenture and Loans from Financial Institutions 22,072 22,072 Value of debenture and loans from financial Institutions in foreign currency converted at closing F
Slide 12: Pro Forma Net Leverage Reconciliation as of March 31, 2021
Pro Forma Net Leverage Reconciliation as of March 31, 2021 €m Altice France Restricted Group Gross Debt Consolidated 22,641 Cash -436 Net Debt Consolidated 22,205 LTM Standalone 4,282 Eliminations - LTM EBITDA Consolidated 4,282 Pro Forma Libération 3 Pro Forma Hivory -172 LTM EBITDA Consolidated Pr
Slide 13: Non-GAAP Reconciliation to Unaudited Consolidated Interim Financial Statements GAAP Measures
Non-GAAP Reconciliation to Unaudited Consolidated Interim Financial Statements GAAP Measures €m Three months ended March 31, 2021 (unaudited) Revenue 2,704 Purchasing and subcontracting costs -721 Other operating expenses -527 Staff costs and employee benefits -271 Total 1,184 Share-based expense 3
Slide 14: Footnotes
Footnotes Altice France Holding S.A. holds 100% less one share of Altice France S.A., and Altice Luxembourg S.A. holds 100% of Altice France Holding S.A. and one share of Altice All pages France S.A. The perimeter of consolidation for this presentation, the Altice France Holding Restricted Group, co