Infrastrutture Wireless Italiane S.p.a. · MIL:INW
Infrastrutture Wireless Italiane — Q2 2015 Earnings Presentation
23 slides from Infrastrutture Wireless Italiane's earnings presentation, Jul 29, 2015
Slide 1: 2Q 2015 Financial Results Presentation
Infrastrutture Wireless Italiane A Strong Signal 2Q 2015 Financial Results Presentation July 29, 2015
Slide 2: Safe harbour
Safe harbour This presentation contains statements that constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this presentation and include statements regarding the intent, belief or current
Slide 3: Key Recent Milestones
Key Recent Milestones APRIL 2015 MAY 2015 JUNE 2015 JUNE 2015 COMPANY NEW BOARD IPO BANK FINANCING: ESTABLISHMENT Appointed: Size: 875 mln € 5yr maturity 120 mln € term loan Pricing: 3.65€ per share all-in cost 1.33% Market Demand + 40 mln € totaled ~2bln shares revolving credit facility Francesco P
Slide 4: 2Q 2015 Financial Results Presentation
2Q 2015 Financial Results Presentation Oscar Cicchetti – CEO Rafael Perrino - CFO 3
Slide 5: Orderly on Track
LARGEST INDEPENDENT PURE TELECOM NETWORK INFRASTRUCTURE PLAYER HIGH VISIBILITY ON EBITDA REVENUES GROWTH SOLID CASH Long Term GENERATION Cotenancy Contracts Efficiency NEXT GEN. WIRELESS M&A INFRASTRUCTURES OPPORTUNITIES POTENTIAL Small Cells, In Country UPSIDE IoT and Consolidation Public Safety OR
Slide 6: Delivering Revenue Growth
Delivering Revenue Growth + 6% on 2014 OLOs Mln € Revenues 79.0 14.7 ~1.0 63.3 TI - MSA OLOs 2014 (1) OLOs 2015 (2) 2Q2015 (1) For the purpose of this reconciliation, the 3m 2014 OLOs Revenues data have been 2Q 2015 Inwit Financial Results Presentation 5 calculated as 25% of 2014 OLOs Revenues of th
Slide 7: Revenue Growth Source #1: New Tenants
Revenue Growth Source # 1: New Tenants 4 YEARS OLOs TENANCY PLAN FIRST HALF 2015 New Tenants other than TI New Tenants other than TI >9K 6,820 6,312 508 6.3 K of which 2.5 k contracted tenants 2014 1H 2015 2014 2015 2016 2017 2018 Total 2014 1H 2015 Co-Tenancy Ratio Co-Tenancy Ratio 1.9 1.59 1.55 1.
Slide 8: Revenue Growth Source #2: New Sites
Revenue Growth Source # 2: New Sites NEW SITES NEW SITES INCREASE IN JULY (1) New sites built by TI / Inwit 33 New Sites Capex 1.5 mln € 120 104 Capex per Site 46 k € 69 On Air from October 1, 2015 33 New sites 07 / 2015 (1) 23 2012 2013 2014 1H2015 with TI as a tenant without MSA obligations New Si
Slide 9: Revenue Growth Source #3: New Business
Revenue Growth Source # 3: New Business HETNET & SMALL CELLS Bologna Arcades Cells closer to the customer increase capacity and improve user experience In 2019 world wide small cells infrastructures will serve 24% of Mobile data traffic Equipment will grow +31% CAGR in term of revenues and 3 times i
Slide 10: Delivering Efficiency
Delivering Efficiency Mln € 1.9 1.3 44.0 2.8 33.6 (1.7) 5% saving on 2014 third parties lease cost 6.1 TILease MSA – Third Party LeaseLease as Decommissioning 2015 Maintenance Maintenance Operating Cost Operating Personel Personnel Opex 2Q2015 Lease TI consolidated Third Parties in Ground Lease & Re
Slide 11: Efficiency Driver #1: Decommissioning
Efficiency Driver # 1: Decommissioning 4 YEARS SITE DECOMMISSIONING PLAN 2015 DECOMMISSIONING PLAN: STATE OF ART Sites to be decommissioned 1H 2015 Sites under decommissioning process 43 ~40 462 ~320 455 480 1,440 462 2015 2016 2017 2018 Total ~100 1.4 k sites to be decommissioned within 2018 2015 F
Slide 12: Efficiency Driver #2: Renegotiations
Efficiency Driver # 2: Renegotiations INWIT OPEX BREAKDOWN FIRST HALF 2015 2,608 1,601 2.6% 21% 20% 11.2% FY2014 1H 2015 Sites object of renegotiation % Saving 2,033 27% 21% 2,033 27% 27% 27% 20% 1,056 1,056 86.2% FY2014 1H 2015 Sites successfully renegotiated % Saving 7% a few % 93% Ground Lease Op
Slide 13: 2Q 2015 Financial Results Presentation
2Q 2015 Financial Results Presentation Oscar Cicchetti – CEO Rafael Perrino - CFO 12
Slide 14: Financial Overview
Financial Overview Inwit started the operations at the beginning of April, after TI’s contribution of Tower Business so the Financials as at June 30, 2015 represent the results of a quarter. 3 month Pro-forma 2014 is used as a reference to analyze the economic performance of the first quarter of act
Slide 15: EBITDA Margin Trended Upwards
EBITDA Margin Trended Upwards EBITDA Mln € 34.9 35 50.0% 34.4 34.5 48.0% 34 33.7 33.5 46.0% 33 32.5 44.0% 32 44.3% 43.5% 42.0% 31.5 42.9% 31 40.0% 30.5 30 38.0% 3M 2014PF (1) 3M15 Exp.(2) 2Q2015 103.3 mln € expected EBITDA for the 9-month period Based on the 2Q15 results, the estimate expected level
Slide 16: Cash Flow Generation
Cash Flow Generation EBITDA-Capex Mainly due to the deferred equals to 33.1 mln € taxes for 10.1 mln€ Mln € 119.9 (35.0) 15.4 (10.2) 102.5 0.4 10.1 1.9 Trends in working capital mainly relating to the temporary increase of trade receivables 0 Net Financial Net Financial EBITDA Capex Taxes Δ Net Work
Slide 17: Balance Sheet
Balance Sheet € 120 mln Term Loan fix rate at 1.243% maturity in May 2020, repayment in six semi-annual of € 20 mln instalments starting from 7 November 2017 Mln € and interest payments to be made on a semi-annual basis of which 660 mln € Distributable Reserves 1,404.0 23.9 (0.7) (95.0) (11.3) (102.
Slide 18: Back Up
2Q 2015 Financial Results Presentation Back Up 17
Slide 19: INWIT – Separate Income Statement
INWIT – Separate Income Statement Period from January 14, 2015 to June (Thousands of euro) 30, 2015 Revenues 78.964 Acquisition of goods and services (42.361) Employee benefits expenses (1.260) Other operating expenses (396) Operating profit before depreciation and amortization, capital gains (losse
Slide 20: INWIT – Statement of Financial Position
INWIT – Statement of Financial Position Assets (Thousands of euro) At June 30, 2015 Assets Non-current assets Intangible assets Goodwill 1.404.000 Intangible assets with finite useful life 1.850 Tangible assets Property, plant and equipment 181.125 Other non-current assets Non-current financial asse
Slide 21: INWIT – Statement of Financial Position
INWIT – Statement of Financial Position Equity and Liabilities (Thousands of euro) At June 30, 2015 Equity Share capital 600.000 Share premium 660.000 Legal reserve 120.000 Other reserves 69 Profit for the period 21.313 Total Equity 1.401.382 Liabilities Non-current liabilities Employee benefits 1.2
Slide 22: INWIT – Statement of Cash Flows
INWIT – Statement of Cash Flows Period from January 14, 2015 (Thousands of euro) to June 30, 2015 Cash flows from operating activities: Profit for the period 21.313 Adjustments for: Depreciation and amortization 2.696 Net change in deferred tax assets 10.095 Change in provisions for employee benefit
Slide 23: Revenues and Opex
Revenues and Opex CORE REVENUES 14.7 mln € REVENUES GROWING AT +0.6% vs. 3M 2014PF 2014 Historical Data Mln € 78.5 79.0 Third Party Revenues increased by 2.5% vs. 3M 2014 PF due to new tenants 15.2 15.7 Revenues from TI based on Master Service Agreement 63.3 63.3 2Q 2014 PF (1) 2Q 2015 TI - MSA
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