Cordiant Digital Infrastructure Limited · LSE:CORD

Cordiant Digital Infrastructure — H1 FY2023 Earnings Presentation

34 slides from Cordiant Digital Infrastructure's earnings presentation, November 2022

  1. Slide 1: Interim Results Presentation

    Cordiant Digital Infrastructure Limited Project Cupano | February 2022 Cordiant Digital Infrastructure Limited Interim Results Presentation For the six months to 30 September 2022 0

  2. Slide 2: Disclaimer

    Cordiant Digital Infrastructure Limited Interim Results 2022 Disclaimer By attending the meeting where this presentation is made, or by reading the presentation restrictions could result in a violation of the laws of such jurisdiction. In particular, this document and slides, you agree to be bound b

  3. Slide 3: Agenda Content and speakers

    Cordiant Digital Infrastructure Limited Interim Results 2022 Agenda Content and speakers Highlights Steven Marshall Page 3 Co-Head and Chairman, Cordiant Digital Infrastructure Chair of the Cordiant Digital Infrastructure Investment Committee Financials Page 6 Benn Mikula Managing Partner, & Co-CEO,

  4. Slide 4: Highlights: Solid performance during period of market volatility

    Cordiant Digital Infrastructure Limited Interim Results 2022 Highlights Solid performance during period of market volatility CORD invests in the critical £795m 2.7p per share infrastructure of the internet, operating of equity raised and deployed NAV growth to 107.5p per share despite increase in a

  5. Slide 5: Highlights: Continuing positive developments

    Cordiant Digital Infrastructure Limited Interim Results 2022 Highlights Continuing positive developments Jan 21 4 May 21 16 Dec 21 5 Jan 22 8 Jun 22 15 Nov 22 Fund formation CRA acquisition Maiden dividend Dividend €200m Emitel (£306m) announced of 1.5p paid guidance Eurobond acquisition & FY 22 div

  6. Slide 6: Highlights: A strongly diversified asset base

    Cordiant Digital Infrastructure Limited Interim Results 2022 Highlights A strongly diversified asset base Diversified platforms generating pro forma EBITDA of £95 million České Radiokomunikace Hudson Interxchange Emitel Towers, data centres, fibre and New York interconnect data centre Towers, fibre

  7. Slide 7: Financials: FY 2023 interim results (unaudited)

    Cordiant Digital Infrastructure Limited Interim Results 2022 Financials FY 2023 interim results (unaudited) 1 NAV per share increased by 2.6%1 or 2.7p to 107.5p notwithstanding increase in discount rates 2 Increased target dividend of 4.0p in FY 23 underpinned by good portfolio cash generation 3 Net

  8. Slide 8: Six month value bridge (unaudited)

    Cordiant Digital Infrastructure Limited Interim Results 2022 Financials Six month value bridge (unaudited) NAV progression for the six months to 30 September 2022 900 880 860 25.8 840 0.3 7.7 820 (8.5) £ million (11.6) (4.0) 800 1.0p (0.5p) 3.3p (1.1p) (1.5p) 780 831.7 832.0 760 822.3 810.7 (107.5p)

  9. Slide 9: Since inception value bridge

    Cordiant Digital Infrastructure Limited Interim Results 2022 Financials Since inception value bridge Company NAV progression since IPO 900 45.9 795.3 36.3 800 10.6 (20.4) (20.5) Cash (15.2) 700 600 £55.4m Emitel £ millions 500 £(19.2)m 400 Discount rate All other value 832.0 movements movements Huds

  10. Slide 10: Dividend coverage

    Cordiant Digital Infrastructure Limited Interim Results 2022 Financials Dividend coverage Dividend per share 4p 3p Dividend 2p ahead of schedule 1p p FY Mar 2022 FY Mar 2023 FY Mar 2024 FY Mar 2025 FY Mar 2026 IPO plan Updated plan £95m £13m The Board 4p Dividend1 £31m believes the Annual target Pro

  11. Slide 11: Portfolio revenue analysis

    Cordiant Digital Infrastructure Limited Interim Results 2022 Financials Portfolio revenue analysis1 Highly contracted revenue base2 Revenue diversified across 3 main subsectors3 Data centres and cloud computing 11% Revenue from Fibre-optic contracts likely networks and to renew and transmission new

  12. Slide 12: Inflation mitigation in the portfolio

    Cordiant Digital Infrastructure Limited Interim Results 2022 Financials Inflation mitigation in the portfolio Commentary Proportion of portfolio revenue with inflation-linked escalators1 • Approximately three-quarters of pro forma portfolio revenue fully or partially indexed to inflation Fully index

  13. Slide 13: Portfolio debt facilities

    Cordiant Digital Infrastructure Limited Interim Results 2022 Financials Portfolio debt facilities Strong liquidity position with significant dry powder c.80% of portfolio debt is currently hedged or fixed1 • Eurobond facility of €200 million signed in June 2022 Floating rate debt providing additiona

  14. Slide 14: Strong financing position

    Cordiant Digital Infrastructure Limited Interim Results 2022 Financials Strong financing position Conservative gearing and Portfolio debt facilities Prudent portfolio debt structure sensible use of leverage substantially hedged against going forward volatile interest rates No near-term maturities wi

  15. Slide 15: Portfolio update CRA (1)

    Cordiant Digital Infrastructure Limited Interim Results 2022 Portfolio update CRA (1) Reminder: key investment highlights 1 #1 independent digital infrastructure multi-asset platform in Czech Republic, with superior nationwide infrastructure assets 2 High revenue visibility from long-term contracts

  16. Slide 16: Portfolio update CRA (2)

    Cordiant Digital Infrastructure Limited Interim Results 2022 Portfolio update CRA (2) CRA segment overview Revenue1 Market Position Key Services Key Customers #1 • CRA is the largest provider of free terrestrial TV in the Technical operator of three country, operating three of four DVB-T2 MUXes unde

  17. Slide 17: Portfolio update CRA (3)

    Cordiant Digital Infrastructure Limited Interim Results 2022 Portfolio update CRA (3) Communication towers Data centres & cloud and fibre Overall corporate • Points of presence (PoPs) increased by • Capacity utilisation (racks) increased from • Revenue and EBITDA performance in line c.5.4% to total

  18. Slide 18: Portfolio update CRA (4)

    Cordiant Digital Infrastructure Limited Interim Results 2022 Portfolio update CRA (4) Key investment – new data centre in Prague One of the largest data centres in the region with capacity of 2,000 racks and total capacity of 26MW Design phase Oct 2022 – Jun 2024 Construction phase Mar 2024 – Apr 20

  19. Slide 19: Portfolio update Hudson Interxchange

    Cordiant Digital Infrastructure Limited Interim Results 2022 Portfolio update Hudson Interxchange Interconnect data centre Financial performance • Sales pipeline remains strong with an increase of 61% to 2.6MW of • Revenue is slightly behind budget due to slower sales conversion, while total pipelin

  20. Slide 20: Portfolio update Emitel (1)

    Cordiant Digital Infrastructure Limited Interim Results 2022 Portfolio update Emitel (1) Summary of Emitel Financial highlights Emitel is the leading independent broadcasting and x.x% Margin telecommunications infrastructure operator in Poland 486 447 449 422 23 25 26 80 • Sole technical operator of

  21. Slide 21: Portfolio update Emitel (2)

    Cordiant Digital Infrastructure Limited Interim Results 2022 Portfolio update Emitel (2) Key investment highlights 1 #1 independent digital infrastructure multi-asset platform in Poland, with superior nationwide infrastructure assets 2 High revenue visibility from long-term contracts with CPI-linked

  22. Slide 22: Portfolio update Emitel (3)

    Cordiant Digital Infrastructure Limited Interim Results 2022 Portfolio update Emitel (3) Emitel segment overview Revenue1 Market Position Key Services Key Customers Backlog2 • Distribution and broadcasting of digital TV signals TV #1 (includes 48 channels3 with content from 13 broadcasters) across s

  23. Slide 23: ESG update

    Cordiant Digital Infrastructure Limited Interim Results 2022 ESG update ESG The Investment Manager continues to apply its ESG standards and principles in accordance with the firm’s Responsible Investment Policy. This approach builds on previously implemented methodology, as the Investment Manager co

  24. Slide 24: Market context: The current pricing environment

    Cordiant Digital Infrastructure Limited Interim Results 2022 Market context The current pricing environment Low EV/EBITDA multiple portfolio relative to Digital Infrastructure comparables 10% increase 28.5x 12m prior Today CY '21 CY '22 26.0x 25.6x 24% drop 18.8x 16% drop 19.5x 15.7x 10.8x 4 CORD 1

  25. Slide 25: Pipeline: Current opportunities (>€3.2bn)

    Cordiant Digital Infrastructure Limited Interim Results 2022 Pipeline Current opportunities (>€3.2bn) Pipeline by geography Opportunity funnel North America 11% United Kingdom 28% Mainland Europe 61% Pipeline by sub-sector Commentary Broadcast Towers 5% • Pipeline weighted toward Western and Norther

  26. Slide 26: Conclusion Outlook

    Cordiant Digital Infrastructure Limited Interim Results 2022 Conclusion Outlook 1 Stable performance during period of market volatility 2 Progressive dividend of 4.0p for FY 2023 as per guidance 3 Day one EBITDA generation by Emitel 4 A highly diversified portfolio of underlying assets 5 Portfolio e

  27. Slide 27: Appendix

    Cordiant Digital Infrastructure Limited Interim Results 2022 Appendix 26

  28. Slide 28: Statement of comprehensive income (unaudited)

    Cordiant Digital Infrastructure Limited Interim Results 2022 Appendix Statement of comprehensive income (unaudited) Total Net Accrued unrealised foreign Fund 2.7 pence Total IFRS Statement of income value exchange expenses Basic earnings per ordinary share Comprehensive Income movement translation £

  29. Slide 29: Statement of financial position (unaudited)

    Cordiant Digital Infrastructure Limited Interim Results 2022 Appendix Statement of financial position (unaudited) As at 30 September As at 31 March 2022 2022 £m £m 107.5 pence Investments 432.3 409.8 NAV per ordinary share Receivables and prepayments 12.4 51.7 Foreign exchange forwards – 8.1 Cash 4

  30. Slide 30: Key macroeconomic indicators

    Cordiant Digital Infrastructure Limited Interim Results 2022 Appendix Key macroeconomic indicators Strong GDP per capita growth Lower debt-to GDP ratio % 2019 2020 2021 % 2019 2020 2021 8 180 6 160 4 140 2 120 0 100 -2 80 -4 60 -6 40 -8 20 -10 0 -12 Czech Poland EU Germany Spain Italy Czech Poland E

  31. Slide 31: Inflation

    Cordiant Digital Infrastructure Limited Interim Results 2022 Appendix Inflation Monthly CPI (YoY) – Regions of interest % 23 18 17.9% 15.1% 13 11.1% 10.7% 10.4% 8 7.7% 3 -2 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 M

  32. Slide 32: Cordiant Capital at a glance

    Cordiant Digital Infrastructure Limited Interim Results 2022 Appendix Cordiant Capital at a glance An institutional manager Strong proprietary True sector specialists in digital serving large insurance companies (including SIFIs), deal flow infrastructure pension plans, private banking platforms, mu

  33. Slide 33: Cordiant Capital (Investment Manager) and Board

    Cordiant Digital Infrastructure Limited Interim Results 2022 Cordiant Capital (Investment Manager) Cordiant Digital Infrastructure Limited Senior Digital Infrastructure team Board 1 Shonaid Jemmett-Page FCA (Chairman) • 20 years at KPMG, rising to Partner Depth of experience • Currently Chair of Gre

  34. Slide 34: Contact details

    Cordiant Digital Infrastructure Limited Project Cupano | February 2022 INVESTMENT MANAGER Cordiant Capital Inc. Suite 2800 1002 Sherbrooke, St. W Montreal, QC H3A 3L6, Canada +1 (0) 514-286-1142 CordiantDigitalTrust@cordiantcap.com MEDIA / PR Philip Dennis Felicity Winkles Celicourt Communications O

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