Infrastrutture Wireless Italiane S.p.a. · MIL:INW
Infrastrutture Wireless Italiane — Q1 2021 Earnings Presentation
20 slides from Infrastrutture Wireless Italiane's earnings presentation, May 13, 2021
Slide 1: Q1 2021 Financial Results
Q1 2021 Q1 2021 Financial Results May 13th 2021 1
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: Q1 highlights: improving KPIs, strong EBITDAaL
Q1 highlights: improving KPIs, strong EBITDAaL Improving New Progress in Small Continued Lease Cost Points of Presence Cells/DAS Optimization 1.2k 400 400 New Tenants Remote Units Renegotiations/acquisitions Anchors accelerating 2x vs Q4 2020 Tangible results in P&L Steady Acceleration in Significan
Slide 4: Q1 PoPs: growth driven by Common Grid
Q1 PoPs: growth driven by Common Grid New PoPs - Anchors1 New PoPs - Other Parties (MNOs, FWAs, OTMO)1 +5% +10% 33.6k YoY "New" INWIT YoY "New" INWIT 860 9.2k EoP figure impacted by 520 440 terminations 300 360 210 150 100 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1'21 EoP Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1'21 EoP A
Slide 5: Tenancy + cost efficiency delivering best in class margins
Tenancy + cost efficiency delivering best in class margins Tenancy ratio Lease cost per site1 EBITDAaL per site1 (€k) (€k) 21.3 22.2 9.4 8.8 1.81 1.92 Q2'20 Q1'21 Q2'20 Q1'21 Q2'20 Q1'21 EBITDAaL margin 64% 65% Best in class tenancy ratio Strong track record Material and highly visible in lease cost
Slide 6: Q1 DAS/Small cells: solid foundation for future growth
Q1 DAS/Small cells: solid foundation for future growth New Small cells / DAS DAS sales organization and commercial proposition (# Remote Units) • Sales organization with a team of 15 and a network of 11 agencies • Commercial model expanding to location owners 4.9k +39%YoY • Opportunities ahead from
Slide 7: Next Generation EU supportive of INWIT growth
Next Generation EU supportive of INWIT growth Nov. 2020 Business Plan Italy Next ItalyGeneration Next Generation EU Missions EU Missions and Projects: and Projects >€230bn1 GROWTH PILLARS 1 2 3 4 Digital Inclusion Mobility Education Green Health PARTNER SERVE SCALE PILOT €50bn €30bn €31bn €34bn €70b
Slide 8: Q1 P&L: continued pace of growth, acceleration expected
Q1 P&L: continued pace of growth, acceleration expected (€m) Q4 2020 Q1 2020 PF Q1 2021 YoY Revenue Drivers • Organic growth rate at +3.4% YoY Total Revenues 189.9 190.3 190.2 • Run-rate improvement, as P&L progressively reflects new PoPs One-off Revenues 1.4 6.8 0.6 • OLOs reflect impact of custome
Slide 9: Q1 Cash flow: strong cash generation continues
Q1 Cash flow: strong cash generation continues Q1 2021 RFCF build up (€m) Q1 2021 cash generation highlights • Cash conversion at 54% of EBITDA (tax cash out in Q2 and Q3) 172.4 0.0 -18.2 -1.8 -51.1 • Limited capex following significant amount in Q4’20 (€13m) • Temporary move in NWC -8.3 93.1 • 46%
Slide 10: Financial structure further improved by recent refinancing
Financial structure further improved by recent refinancing Net Financial Position and Leverage Ratio1 Deleveraging trend offering optionality (€bn) 6x 4500 4.0 8 3.8 3.7 3.6 7,5 Flexibility to finance external 4000 5.6x growth or additional remuneration 3500 1.1 7 5.4x 3000 1.0 1.1 1.0 6,5 5.8x 6 4.
Slide 11: Structural growth path confirmed
Structural growth path confirmed • Two Tier-1 anchors + neutral host role Key • High tenancy ratio strengths today • Lean organization, low OpEx • Low ground lease cost • Strong demand, 5G, FWA, DAS Further + growth drivers • • Further ground lease optimization Benefits from tax schemes • Improving
Slide 12: 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 13: Thank You
Thank You 13
Slide 14: Appendix
Appendix 14
Slide 15: Data book: Quarterly P&L
Data book: Quarterly P&L Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Currency: €m (Jan-Mar) (Apr-Jun) (Jul-Sep) (Oct-Dec) (Jan-Mar) Revenues 103.0 184.4 186.1 189.9 190.2 TIM - MSA macro sites 1 66.3 80.4 81.7 81.7 82.1 1 VOD - MSA macro sites 80.9 81.7 81.8 82.0 OLOs macro sites & Others 2 24.4 21.1 20.6 23.3 22
Slide 16: Data book: Cumulated P&L
Data book: Cumulated P&L 3M20 6M20 9M20 FY20 3M21 Currency: €m (Jan-Mar) (Jan-Jun) (Jan-Sep) (Jan-Dec) (Jan-Mar) Revenues 103.0 287.4 473.5 663.4 190.2 TIM - MSA macro sites 1 66.3 146.7 228.4 310.0 82.1 1 VOD - MSA macro sites 80.9 162.6 244.4 82.0 OLOs macro sites & Others 2 24.4 45.5 66.1 89.4 22
Slide 17: Data book: Balance Sheet
Data book: Balance Sheet 3M20 6M20 9M20 FY20 3M21 Currency: €m (Jan-Mar) (Jan-Jun) (Jan-Sep) (Jan-Dec) (Jan-Mar) Goodwill 6,712 6,113 6,113 6,113 6,113 Tangible assets 783 778 798 812 802 Other intangible fixed assets 13 810 786 762 744 Rights of Use on Third Party Assets 1,168 1,230 1,149 1,140 1,1
Slide 18: Data book: Cash Flow
Data book: Cash Flow 3M20 6M20 9M20 FY20 3M21 Currency: €m (Jan-Mar) (Jan-Jun) (Jan-Sep) (Jan-Dec) (Jan-Mar) EBITDA Recurring 86.3 259.5 432.4 602.4 172.4 Recurring CAPEX (3.2) (3.8) (16.8) (1.8) EBITDA - Recurring CAPEX 86.3 256.3 428.6 585.6 170.7 Change in Net Working Capital (4.7) (15.9) 30.0 54
Slide 19: Data book: Operational KPIs
Data book: Operational KPIs 3M20 6M20 9M20 FY20 3M21 Number in #k (Jan-Mar) (Jan-Jun) (Jan -Sep) (Jan-Dec) (Jan-Mar) Tenancy Ratio 1.96x 1.81x 1.84x 1.88x 1.92x Number of Tenants 21.9 40.5 41.0 42.0 42.8 Anchor Tenants 10.9 32.0 32.2 32.7 33.6 1 21.10 0.21 0.52 0.9 Anchors New Tenants OLOs 11.1 8.51
Slide 20: More questions? Ask Investor Relations
More questions? Ask Investor Relations Fabio Ruffini Head of Investor Relations fabio.ruffini@inwit.it ir@inwit.it 20
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