Infrastrutture Wireless Italiane S.p.a. · MIL:INW
Infrastrutture Wireless Italiane — Q3 2021 Earnings Presentation
19 slides from Infrastrutture Wireless Italiane's earnings presentation, Nov 4, 2021
Slide 1: Q3 2021 Financial Results
Q3 2021 Q3 2021 Financial Results November 4th 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: Q3 Highlights: further progress in organic growth
Q3 Highlights: further progress in organic growth Acceleration in Strong EBITDAaL & 2021 leverage target Revenue Growth improving margin achieved in advance +6.0% +9.3% 5.6x Organic Revenue Growth YoY EBITDAaL Growth YoY Net Debt/EBITDA New sources of growth 67% EBITDAaL margin 5.9x in 1H 2021 kicki
Slide 4: Anchor PoPs: +9% growth, site build acceleration in Q4
Anchor PoPs: +9% growth, site build acceleration in Q4 Anchors – Total PoPs Anchors - New PoPs +9% (K PoPs) yoy (PoPs) 35.1 34.5 860 900 33.6 630 520 32.7 32.2 210 Q3 '20 Q4 '20 Q1'21 Q2'21 Q3'21 Q3 '20 Q4 '20 Q1'21 Q2'21 Q3'21 Anchor clients: New Sites Committed PoP growth continues, driven by clie
Slide 5: Other clients’ PoPs: +11% growth, stable trend and mix
Other clients’ PoPs: +11% growth, stable trend and mix Other Clients – Total PoPs Other Clients - New PoPs (MNOs, FWAs, OTMOs) +11% (K PoPs) (PoPs) yoy 9.8 9.5 440 9.2 9.2 360 300 290 300 8.8 Q3 '20 Q4 '20 Q1'21 Q2'21 Q3'21 Q3 '20 Q4 '20 Q1'21 Q2'21 Q3'21 Other key clients: Neutral host role: +1k ne
Slide 6: New Services: 3x vs 2020 driven by DAS
New Services: 3x vs 2020 driven by DAS (€m) New Services Revenues 3x (K Remote Units) DAS Remote Units - Total yoy 6.0 5.2 5.3 4.9 4.3 4.5 3.2 3.3 3.4 2.1 Q3 '20 Q4 '20 Q1'21 Q2'21 Q3'21 Q3 '20 Q4 '20 Q1'21 Q2'21 Q3'21 Material growth in run-rate DAS acceleration via investment in highway infrastruc
Slide 7: P&L: acceleration continues, in line with guidance
P&L: acceleration continues, in line with guidance (€m) Q3 2020 Q2 2021 Q3 2021 YoY Visible & progressive revenue acceleration trend +6 204 Total Revenues 186.1 192.9 198.1 6.5% (€m) +5 +3 198 One-off Revenues 0.0 0.1 0.9 193 Recurring Revenues 186.1 192.7 197.2 6.0% 190 190 186 Anchors MSA macro si
Slide 8: Cash flow: material progress towards 2021 RFCF target
Cash flow: material progress towards 2021 RFCF target (€m) Q3 2021 cash flow build up Structurally high cash conversion 180.0 • Cash conversion at 54% of EBITDA in Q3 54% • €281m RFCF in 9M’21 (>75% of yearly target achieved) -3.6 -4.4 -5.7 conversion • Stable NWC trend in 9M’21 as expected 97.1 • T
Slide 9: Further step-up in Q3, additional sources of growth in 2022
Further step-up in Q3, additional sources of growth in 2022 G20 Rome summit equipped with INWIT DAS +10% +6% -6% +9% -0.3x Q3’21 Yearly Organic Organic Lease EBITDAaL Leverage Key facts PoP Growth Revenue Growth Costs Growth reduction 1. Continuation of 2021 growth drivers: common grid, MNOs <35k, F
Slide 10: Thank You
Thank You 10
Slide 11: Appendix
Appendix 11
Slide 12: Asset and cost optimization continues with tangible results
Asset and cost optimization continues with tangible results Tenancy ratio Lease cost per site1 EBITDAaL per site1 (€k) (€k) 21.7 22.6 23.4 9.3 8.7 8.6 1.84 1.95 1.98 Q3'20 Q2'21 Q3'21 Q3'20 Q2'21 Q3'21 Q3'20 Q2'21 Q3'21 EBITDAaL margin 65% 66% 67% Best in class tenancy ratio Strong track record Mate
Slide 13: Next Generation EU funds: a tailwind to INWIT growth
Next Generation EU funds: a tailwind to INWIT growth Italy Next Generation EU Missions and Projects: >€230bn1 Main opportunities for INWIT Expanding coverage of digital infrastructure: Digital Inclusion Mobility Education Green Health MACRO-SITES • "Piano Italia 5G" - €2bn for coverage in market fai
Slide 14: Data book: Quarterly P&L
Data book: Quarterly P&L Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Currency: €m (Jan-Mar) (Apr-Jun) (Jul-Sep) (Oct-Dec) (Jan-Mar) (Apr-Jun) (Jul-Sep) Revenues 103.0 184.4 186.1 189.9 190.2 192.9 198.1 1 TIM - MSA macro sites 66.3 80.4 81.7 81.7 82.1 83.6 84.4 VOD - MSA macro sites 1 80.9 81.7 81.8 8
Slide 15: Data book: Cumulated P&L
Data book: Cumulated P&L 3M20 6M20 9M20 FY20 3M21 6M21 9M21 Currency: €m (Jan-Mar) (Jan-Jun) (Jan-Sep) (Jan-Dec) (Jan-Mar) (Jan-Jun) (Jan-Sep) Revenues 103.0 287.4 473.5 663.4 190.2 383.1 581.2 1 TIM - MSA macro sites 66.3 146.7 228.4 310.0 82.1 165.7 250.1 VOD - MSA macro sites 1 80.9 162.6 244.4 8
Slide 16: Data book: Balance Sheet
Data book: Balance Sheet 3M20 6M20 9M20 FY20 3M21 6M21 9M21 Currency: €m (Jan-Mar) (Jan-Jun) (Jan-Sep) (Jan-Dec) (Jan-Mar) (Jan-Jun) (Jan-Sep) Goodwill 6,712 6,113 6,113 6,113 6,113 6,113 6,113 Tangible assets 783 778 798 812 802 815 821 Other intangible fixed assets 13 810 786 762 744 722 696 Right
Slide 17: Data book: Cash Flow
Data book: Cash Flow Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Currency: €m (Jan-Mar) (Apr-Jun) (Jul-Sep) (Oct-Dec) (Jan-Mar) (Apr-Jun) (Jul-Sep) EBITDA Recurring 86.3 173.3 172.8 170.0 172.4 175.7 180.0 Recurring CAPEX (3.2) (0.6) (13.0) (1.8) (6.2) (3.6) EBITDA - Recurring CAPEX 86.3 170.1 172.3 1
Slide 18: Data book: Operational KPIs
Data book: Operational KPIs 1Q20 2Q20 3Q20 4Q20 1Q21 1 2Q21 3Q21 3M20 6M20 9M20 FY20 3M21 6M20 9M21 Figures in #k (Jan-Mar) (jan-Jun) (Jan-Sep) (Jan-Dec) (Jan-Mar) (Jan-Jun) (Jan-Sep) Tenancy Ratio 1.96x 1.81x 1.84x 1.88x 1.91x 1.95x 1.98x Number of Tenants 21.9 40.5 41.0 42.0 42.8 44.0 44.9 Anchor
Slide 19: More questions? Ask Investor Relations
More questions? Ask Investor Relations Fabio Ruffini Head of Investor Relations fabio.ruffini@inwit.it ir@inwit.it 19
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