Vantage Towers Ag · HAM:VTWR
Vantage Towers — Q3 FY21 Earnings Presentation
21 slides from Vantage Towers's earnings presentation, Feb 15, 2021
Slide 1: Q3 FY21 Quarterly results update
Vantage Towers Q3 FY21 | Quarterly results update 15 February 2021
Slide 2: Key highlights and progress
Vantage Towers | Key highlights and progress Highly secured short High quality portfolio Delivering tenancies Optimal capital and medium-term Competitive MSA and tenants and efficiencies structure and returns growth • Attractive grid: dense, • Growth ramping-up as • Reflects recent market • Strong o
Slide 3: Q3 FY21 highlights: Building momentum across all value levers
Q3 FY21 highlights | Building momentum across all value levers Targets Achievements to date • On track to deliver our FY21 target Delivering BTS • ~550 new sites in FY21 − ~450 delivered, ~100 sites left Realising lease-up • ~1,400 new tenancies in 9m FY21 • Target tenancy ratio of >1.50x in the med
Slide 4: Encouraging commercial progress: New tenants and services
Encouraging commercial progress | New tenants and services Selected commercial successes in the quarter Highlighting our grid’s high quality and independence 1 Eir framework agreement 3 Collaboration agreement with AOTEC − 10 year initial term − Industry body of more than 150 local and MNO hosting r
Slide 5: Operational performance: Building site and tenancy momentum
Operational performance | Building site and tenancy momentum Macro sites1 • On track to deliver ~550 new sites in FY21 45.4 0.5 (0.2) 45.7 - ~350 new macro sites in Germany in 9m FY21 • Decommissioning under way in Spain and Other European Markets - no revenue impact due to New sites portfolio fee m
Slide 6: Financial performance: In line with expectations
Financial performance | In line with expectations 9m €m, Mar YE Performance in line with expectations FY20PF 1,2 FY21PF 1,2 − Expect growth to begin to ramp up as BTS programme builds Revenue (ex. pass through) 945 723 to run-rate and new tenancies begin to contribute Capex recharge revenue - 2 Reve
Slide 7: Balance sheet update: Net Financial Debt and working capital
Balance sheet update | Net Financial Debt and working capital Investment grade rating confirmed and external financing secured Net Financial Debt Working capital • Confirmed investment grade credit ratings from S&P and Moody's • Operational working capital − Relates to recurring cash flows (excludes
Slide 8: Looking forward: Reaffirming targets
Looking forward | Reaffirming targets FY21PF Adj. EBITDAaL guidance updated as a result of planned IFRS 16 lease reassessment (non-cash) adjustment Contribution from co-controlled joint FY21PF Medium term targets ventures (Aggregated) Tenancy ratio ~1.38x • >1.50x Revenue (ex. pass through) €955-970
Slide 9: Supervisory Board appointed
Supervisory Board appointed Diverse members with a wide set of relevant skills and experience Independent Supervisory Board members Katja van Doren (Remuneration and Nomination Committee Chair) Dr. Rüdiger Grube • CFO and CHRO of RWE Generation Independent chair SE Finance/HR • Finance, accounting a
Slide 10: Key takeaways
Key takeaways 1 Results in line with expectations 2 Building commercial momentum in the quarter 3 Reaffirming medium-term targets 4 Cornerstone transaction complete 5 High quality diverse Supervisory Board appointed 10
Slide 11: Appendix - additional information
Appendix - additional information 11
Slide 12: Segment by segment
Vantage Towers | Segment by segment Fully-owned segments Consolidated Germany Spain Greece 1 Other European Markets €m (unless stated) FY20PF 9m FY21PF FY20PF 9m FY21PF FY20PF 9m FY21PF FY20PF 9m FY21PF FY20PF 9m FY21PF Macro sites (#)2 19.0k 19.4k 8.9k 8.8k 4.9k 4.8k 12.6k 12.7k 45.4k 45.7k Tenancy
Slide 13: Balance sheet as at Dec-31-20
Balance sheet as at Dec-31-20 €m 31-Dec-20 Non-current assets 9,238 • Balance sheet reflects actual values at 31-Dec-20. Does not include Goodwill and intangible assets 3,446 − Cornerstone JV (added post balance date) Property, plant and equipment 2,847 − Final Greece payment (€288m) Investments in
Slide 14: Balance sheet: Reconciliation
Balance sheet | Reconciliation €m Analysed as Current & Non-current working Balance sheet Non-operational Net Financial Debt Non-cash items Operational NWC3 capital related balances1 (Dec-20) NWC 2 Receivables due from related 1,127 924 11 28 164 parties Trade and other receivables 50 - (1) - 51 Cas
Slide 15: Further information: Net income and 1H21 KPIs
Further information | Net income and 1H21 KPIs Revenue to net income Restated H1 FY21PF 4 H1 9m H1 €m, Mar YE €m, Mar YE FY20PF 1 FY21PF 1 FY21PF 1 FY21PF Revenue 945 482 725 Macro sites 45.7 Tenancies 63.4 Maintenance costs (35) (16) (28) Tenancy ratio 1.39x Staff costs (38) (19) (29) Revenue (ex.
Slide 16: Cornerstone: 9m FY21 update
Cornerstone | 9m FY21 update Updated pro forma financials including impact of expected staff capitalisation policy and IFRS 16 lease reassessment Adjusted Adjusted H1 Adjusted Key financials1 (£m), Mar-YE FY20PF FY21PF 9m FY21PF Revenue (ex. pass through) 280 139 210 Pass through revenue 2 67 38 56
Slide 17: Basis of preparation (1/3)
Basis of preparation (1/3) Introduction The financial information presented in this presentation sets out certain summary pro forma consolidated financial results for Vantage Towers for the twelve months ended 31 March 2020, the six months ended 30 September 2020 and as of and for the nine months en
Slide 18: Basis of preparation (2/3)
Basis of preparation (2/3) Pro forma adjustments Pro forma financial adjustments have then been made to present what the material effects of the separation of Vantage Towers from Vodafone would have had on the historical financial information if Vantage Towers had existed in the structure set out in
Slide 19: Basis of preparation (3/3)
Basis of preparation (3/3) Cornerstone Pro forma and accounting policy adjustments The same accounting policies and measurement principles as were applied by Vantage Towers in preparing its condensed combined interim income statement for the six months ended September 30, 2020 and three months ended
Slide 20: Disclaimer
Disclaimer Forward-looking statements This presentation contains “forward-looking statements” with respect to Vantage Towers' (Vantage Towers AG (formerly Vantage Towers GmbH) and together with its subsidiaries, "Vantage Towers") operational performance, including the number of new BTS sites it expe
Slide 21: Key contacts
Key contacts https://www.vantagetowers.com/investors www.vodafone.com/investors ir@vodafone.co.uk ir@vantagetowers.com 1 Kingdom Street, London, W2 6BY