Infrastrutture Wireless Italiane S.p.a. · MIL:INW
Infrastrutture Wireless Italiane — Q4 2020 Earnings Presentation
17 slides from Infrastrutture Wireless Italiane's earnings presentation, Mar 4, 2021
Slide 1: Q4 and FY 2020 Financial Results 'striding forward'
Q4 and FY 2020 Financial Results ‘striding forward’ 4 March 2021
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: INWIT: enabling digital growth
INWIT: enabling digital growth 1. Best infrastructure assets - key competitive advantage 2. Strong position to capture 5G/digitalization opportunities 3. Focus on strong and sustainable organic growth 4. Attractive shareholder remuneration Direct and indirect impact on 5. Consistent deleveraging all
Slide 4: A transformational year: New INWIT striding forward
A transformational year: New INWIT striding forward Merger completed March June September December March 31, 2020 2020 2020 2020 2021 Day 1 for New INWIT Solid project execution across the organization Commercial DAS in New Sales Common Grid FWA Transparency Philip Morris 1k towers Milan Metro Milan
Slide 5: Q4 highlights: acceleration delivered
Q4 highlights: acceleration delivered Improving New New Financials Hospitalities Small Cells/DAS +3.2% +1 K +200 Q4 Organic Revenue New tenants Remote Units growth YoY 2x vs Q3 and guidance +1.1K total additions Acceleration vs +1.9% in Q3 in 2020 Costs Dividend confirmed Solid entry point Optimizat
Slide 6: Q4 KPIs: new PoPs driven by Common Grid and FWA
Q4 KPIs: new PoPs driven by Common Grid and FWA New PoPs - Anchors1 New PoPs - Other Parties (MNOs, FWAs)1 +12% +2% 9.2k YoY 32.8k YoY 440 520 350 300 210 150 100 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 EoP Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 EoP Anchor clients: Other key clients: Tenancy Ratio Focus on n
Slide 7: Q4 KPIs: solid foundation for future DAS growth
Q4 KPIs: solid foundation for future DAS growth 5G New Small cells / DAS MNO [# Remote Units] 4.5k +33%YoY 1100 600 400 100 200 200 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 FY'20 EoP 2020 highlights: Positive Outlook in line with Plan: • Strong demand from healthcare: 20 hospitals covered • Coherence betw
Slide 8: Q4: financials gaining pace
Q4: financials gaining pace (€m) Q3 2020 Q4 2020 Organic revenue growth progression (yoy) Anchors MSA macro sites 163.4 163.5 OLOs macro sites & others 20.6 23.32 +3.2%2 +1.9% New services 2.1 3.1 +1% Total Revenue 186.1 +2% 189.9 Opex 13.3 18.6 Q2'20 Q3'20 Q4'20 EBITDA 172.8 -0.8% 171.4 EBITDA marg
Slide 9: Full year 2020: Guidance delivered
Full year 2020: Guidance delivered 2020 2020 upgraded guidance execution (€m) Reported (€m) July 2020 guidance November 2020 upgrade Anchors MSA macro sites 554.5 • Revenue 660 - 665 top of range OLOs macro sites & others 89.41 • EBITDA 595 - 600 > 600 • EBITDAaL 410 - 415 > 415 New services 19.52 T
Slide 10: Strong cash conversion and shareholder remuneration
Strong cash conversion and shareholder remuneration Recurring Free Cash flow build-up (FY 2020) Dividend per share trend (€m) (€ per share) 602 -17 -3 -197 45% conversion 0,7 0.59 -93 0,6 7.5% 0,5 growth p.a. -21 272 >265 0,4 0.30 0,3 0,2 0.13 0,1 0 EBITDA Recurring Delta Lease Cash Fin. 2020 2020 2
Slide 11: Deleveraging offering future optionality
Deleveraging offering future optionality Net Financial Position and Leverage Ratio1 Deleveraging trend offering optionality (€bn) 6 4500 8 4000 4.0 3.8 3.7 7,5 Flexibility to finance external 5.6 growth or additional remuneration 3500 7 5.4 1.1 1.0 1.1 6,5 3000 4.6 2500 5.8x 6 5.5x 5.4x 5,5 2000 5 3
Slide 12: Tax schemes add an additional value creation lever
Tax schemes add an additional value creation lever 1 Nov. 2020 tax scheme confirmed 2 NEW: goodwill realignment opportunity • Italian law DL 185/2008 • Italian law L. 178/2020 • Applicable to goodwill arising from extraordinary • Applicable to intangibles/goodwill as at YE 2019 transactions (not 202
Slide 13: ESG: sustainability plan update
ESG: sustainability plan update November GOVERNANCE PEOPLE ENVIRONMENT INNOVATION COMMUNITY 2020 Plan • Sustainability in MBO and • D&I: 50% of women • Carbon neutral by 2025 • Small Cells and DAS • Projects in small - LTI candidates towns/rural areas • 1.600+ PV plants, 1.300+ • IoT, smart cities,
Slide 14: 2020 Achievements
KEY FACTS 2020 Achievements 1. Integration: transformational year executed, in line with plan +1k New PoPs in Q4 2020 2. Operations: PoP accelerated and lease cost reduced 3. Financials: debt profile optimized, tax opportunities unlocked +3.2% Q4 Revenue organic Growth YoY pro forma • Plan execution
Slide 15: Structural growth path confirmed
Structural growth path confirmed • Two Tier-1 anchors + neutral host role • Strong demand, 5G, FWA, • Improving DAS investment cycle Key Further + + Support • High tenancy ratio strengths growth • Further ground lease • On-going • Lean organization, low OpEx optimization by digitalization trend toda
Slide 16: Thank You
Thankweu LLM Es,
Slide 17: More questions? Ask Investor Relations
More questions? Ask Investor Relations Fabio Ruffini Head of Investor Relations fabio.ruffini@inwit.it ir@inwit.it 17
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