Rai Way Spa · MIL:RWAY
Rai Way Spa — FY2023 Earnings Presentation
75 slides from Rai Way Spa's earnings presentation, Mar 26, 2024
Slide 1: 2024-2027 Industrial Plan
2024-2027 Industrial Plan 2023FY results and 2024-27 Industrial Plan Analyst Call 26th March 2024 0
Slide 2: Disclaimer
Disclaimer FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements regarding future events and the future results of Rai Way that are based on current expectations, estimates, forecasts, and projections about the industries in which Rai Way operates, as well as the beliefs a
Slide 3: Rai Way speakers
Rai Way speakers Roberto Cecatto, Chief Executive Officer Adalberto Pellegrino, Chief Financial Officer Giancarlo Benucci, Chief Corporate Development Officer 2
Slide 4: Agenda
Agenda 2023FY results 2024-2027 Industrial Plan
Slide 5: Marking the ninth consecutive year of steady growth
Marking the ninth consecutive year of steady growth Mln Eur; % Adj. EBITDA (pre and after leases1) Adjusted EBITDA margin (pre and after leases1) Pre leases Pre leases After leases After leases 180,3 +11,6pps +61,2% 66,3% 151,0 59,3% 60,6% 62,2% 61,5% 142,9 136,1 131,2 169,4 53,4% 62,3% 50,7% 51,5%
Slide 6: Key messages on 2023
Key messages on 2023 ● 4Q confirmed the healthy performance of the 9M leading to: o Core Revenues up 10,8% (or >12% excluding non-recurring impacts) mainly driven by CPI-link and regional refarming; FINANCIAL RESULTS ~20% growth of Third-parties contribution o Adjusted EBITDA up 19,4% (margin +475bp
Slide 7: 2023FY Financial highlights
2023FY Financial highlights Mln Eur; % % YoY growth Core Revenues Adjusted EBITDA Net Income Adjusted EBITDA margin +10,8% +19,4% +17,7% 271,9 86,7 180,3 73,7 245,4 151,0 66,3% 61,5% 2022FY 2023FY 2022FY 2023FY 2022FY 2023FY Capex(1) Net debt (Net Cash) Cash conversion(2) Net Debt / Adjusted EBITDA
Slide 8: Core Revenues
Core Revenues ● Excluding non-recurring impacts (e.g. termination of a minor radio service in 3Q22): +10,8% 271,9 – RAI fixed consideration up in line with CPI 245,4 41,8 +19,6% – New services to RAI up by approx. 15% Third-Parties 34,9 6,8 benefitting from CPI-link and a number of 6,2 - New service
Slide 9: OpEx (excluding non-recurring)
● Excluding non-recurring benefits reported in 2022 OpEx (excluding non-recurring) and some non-core components, relatively stable underlying personnel cost (and headcount) -2,5% ● Approx 10% reduction of Other Operating costs: 94,9 92,6 o energy bill down 37% vs. 2022 as a result of sharp price dec
Slide 10: P&L
P&L 2023FY Net Income up by 17,7% at € 86,7m 4Q2022 4Q2023 % YoY 2022FY 2023FY % YoY Eur Mln, % despite €5,3m non-recurring costs: Core Revenues 61,1 67,8 11,1% 245,4 271,9 10,8% 1) Other Revenues & income 0,1 0,5 0,5 0,9 o Significantly higher EBITDA (+19,4%) and Adj. EBITDA 35,4 41,9 18,4% 151,0 1
Slide 11: Net Debt bridge
Net Debt bridge Mln Eur Net Debt/ 1y rolling Adj. EBITDA 105,0 104,9 0,58x 73,8 IFRS-16 Debt 37,8m 0,70x Gross Debt 101,5m Cash&Eq(5) -34,4m (8,6) 8,9 (174,9) 3,6 34,8 Approx. € 21m spent so far in diversification initiatives 62,2 Including € 46,3 m of development capex Net Debt 2022YE EBITDA Capex(
Slide 12: 2023 Recurring cash generation and dividend proposal
2023 Recurring cash generation and dividend proposal Dividend proposal 86 ● Dividend proposal of 32,22 €cent/share (pay-out ratio of 99,7% of Net Income), with a dividend yield(4) of 6,7% 169 -4 ● Including the proposed dividend for 2023, approx. € 582m -36 distributed to Shareholders since listing
Slide 13: Sustainability Plan 2021-2023: targets achieved
Sustainability Plan 2021-2023: targets achieved ESG Rating Feb. 2024 Sustainability Plan 2021-2023 Increased coverage of the entire DTT network as Score: A- part of the refarming process 6 Previously B- Management Strategic Guidelines - 26.4% of EE consumption vs. 2020 values Objectives and target 2
Slide 14: Outlook for 2024
Outlook for 2024 ● Outlook based on current level of power futures for 2024(1) - CPI-link (+0,7% for RAI contract) Further growth of Adjusted EBITDA - Rising contribution from DAB extension and regional refarming Adjusted although limited by new infra costs - Higher expected energy tariff due to lac
Slide 15: Agenda: Assets and Market Analysis
Agenda 2023FY results 2024-2027 Industrial Plan 1. Assets and Market Analysis
Slide 16: Industrial positioning to support value, priorities to support execution
2024-27 Industrial Plan Industrial positioning to support value, priorities to support execution Asset portfolio Market trends Company value levers Industrial Plan compatible with both stand-alone and consolidation scenarios 15
Slide 17: Industrial Plan pillars
2024-27 Industrial Plan Key levers to unlock Rai Way’s full pontential addressed Pillars of Rai Way’s equity story 2024-27 Industrial Plan: addressed value levers Revenue Protection Best-in-class Cash generation predictability from macro profitability Strengthening traditional business enhancement I
Slide 18: Best-in-class and diversified asset portfolio
1. Assets & Mkt Analysis Asset portfolio Best-in-class and diversified asset portfolio underpinning a leading role as media distribution services and integrated digital infrastructure provider Towers Broadcast Transmission Data centers Edge CDN Control Land & Real • 2,300 networks network • Network
Slide 19: Digital infrastructure market trends
1. Assets & Mkt Analysis Market trends The latest trends in media and digital infrastructure markets confirm the rationale behind the development guidelines Trends • Video consumption going up, driven by strong OTT platform growth Media Services – Video broadcasting: DTT resilience, confirming view
Slide 20: Video consumption going up, driven by OTT & mobile fruition
1. Assets & Mkt Analysis Market trends Media distribution (video) Video consumption going up, driven by OTT & mobile fruition Video consumption (minutes/day), Growth of streaming subscriptions in Italy (M) adults (18+) in Italy ~310 ~327 8 ~293 Ramp-up phase Maturity Linear TV 6 Other video* 2018 20
Slide 21: Despite steep uptake of OTT, linear TV did not lose relevance
1. Assets & Mkt Analysis Market trends Media distribution (broadcasting) Despite the period of steep uptake of OTT, linear TV did not lose relevance remaining the platform with the highest audience and adv revenues TV audience evolution in Italy Video adv revenue share in Italy (M viewers, DTT+sat;
Slide 22: A long-term view where platforms coexist remains most likely
1. Assets & Mkt Analysis Market trends Media distribution (broadcasting) A long-term view where platforms coexist remains the most likely option Content / Platform Polarization DTT efficiency for linear distribution Public service requirements How Sanremo 2022 was viewed Public service obligations T
Slide 23: Broadcasting market: stable relationships between network operators and TowerCos
1. Assets & Mkt Analysis Market trends Media distribution (broadcasting) Broadcasting market characterized by stable relationships between network operators and TowerCos; MUX12 still to be allocated Content providers /channels Network operators Tower operators Frequencies Equipment 3 MUX - Rai 3 MUX
Slide 24: Growth in video streaming and gaming fueling CDN traffic
1. Assets & Mkt Analysis Market trends Media distribution (streaming) Growth in video streaming and gaming fueling traffic managed by Content Delivery Networks Forecasted CDN market volumes in Italy ('000 PB) Non captive, addressable Gaming Platforms ~50% market ~92 eSports +25% ~10 Gaming on CDN St
Slide 25: Post-pandemic steady growth for radio broadcasters; DAB opportunities
1. Assets & Mkt Analysis Market trends Media distribution (radio) Post-pandemic steady growth for radio broadcasters; opportunities for DAB network coverage enabled by frequencies availability Radio Revenues in Italy (M€) National DAB coverage 0% CAGR '22-'27 528 546 528 (%) 57% of Italian territori
Slide 26: Telecommunication network rollout still guarantees hosting volume growth
1. Assets & Mkt Analysis Market trends Digital infra (towers) Telecommunication network rollout still guarantees hosting volume growth Macro towers in Italy, 2022-2030 Clients: market trends • Main growth drivers: Broadcast towers, by operator, #k 0% TV Broadcasters ≈ Stable o 5G adoption spreading
Slide 27: TowerCos are diversifying vertically towards new businesses
1. Assets & Mkt Analysis Market trends Digital infra (towers) TowerCos are diversifying vertically towards new businesses to leverage current assets and capabilities for future-proof growth Telco TowerCo Broadcast TowerCo 1 Services 1 Frequencies besides Tower 3 Services on 3 RAN sharing Transmissio
Slide 28: Digital Infra demand growth fueled by data traffic and Cloud services
1. Assets & Mkt Analysis Market trends Digital infra (data centers) Digital Infra demand growth fueled by exponential increase in data traffic and Cloud services that require Data Center infrastructures Rising Demand Global data consumption, ‘19-26 Region DC* per Country (Microsoft) (000 PB) Tech dr
Slide 29: Supply still fragmented and scarce, opportunities for hyperscaler and edge DCs
1. Assets & Mkt Analysis Market trends Digital infra (data centers) Supply however still fragmented and scarce, with opportunities for Rai Way to expand its infra portfolio with hyperscaler and edge DCs Limited Offer MW supply / National GDP Major DC distribution per region in Italy Italy vs FLAP+D
Slide 30: Colocation market expected growth at ~10% p.a.
1. Assets & Mkt Analysis Market trends Digital infra (data centers) Colocation market expected growth at ~10% p.a. (edge component even higher…) Infrastructure implementation & Infrastructure Managed Services market, by service type (€B) 2021 2024 2027 % tot. ~22% ~22% ~10% ~6% ~8% ~6% ~10% ~16% '27
Slide 31: Agenda: Industrial Plan Pillars and Related Initiatives
Agenda 2023FY results 2024-2027 Industrial Plan 2. Industrial Plan Pillars and Related Initiatives
Slide 32: Industrial Plan Pillars Overview
2. Industrial Plan Pillars Overview Enhance Rai Way positioning as media Industrial Plan Pillars distribution services and digital infra provider Media Digital 1) Strengthening traditional businesses/assets, by: Other assets Distribution Infrastructure 1.a) Taking advantage of selected growth • Netw
Slide 33: 2024–2027 Capital allocation
2. Industrial Plan Pillars Capital Allocation 2024–2027 Capital allocation 2027 Target • Revenues growth doubling CPI contribution Traditional ~€ 98 Mln 6,5% • Adj. EBITDA +€24m vs ‘23 (+13%, CAGR +3,2%), with ca. Businesses / Development recurring maintenance assets Capex capex on sales level 150b
Slide 34: Development investments: traditional businesses continue to offer opportunities
2. Industrial Plan Pillars Capital Allocation (Organic) Development investments: traditional businesses/assets continue to offer opportunities, acceleration of new infrastructure deployment Mln Eur 246 220 ~150 67 for refarming (RAI & Regional) 2015-19 2020-23 2024-27 Industrial Plan Industrial Plan
Slide 35: Value creation on main projects
2. Industrial Plan Pillars Value creation Value creation on main projects Mln Eur Incremental CapEx EBITDA CapEx post CapEx/ Pillar EBITDA '27 24-27a run-rate 2027 EBITDA Plan +5y Growth opportunities Trad. Business/ Internal asset valorization ~14 ~71 ~5x assets Operating efficiency improvement No
Slide 36: Strengthening traditional businesses: growth opportunities
2. Industrial Plan Pillars Growth in traditional business Strengthening traditional businesses: growth opportunities Initiatives Growth opportunities 1 Improve DTT Rai network coverage Traditional Valorization of internal Businesses / assets assets 2 Extend coverage of DAB Rai Operating Efficiency I
Slide 37: Initiatives to extend networks and optimize tower hosting
2. Industrial Plan Pillars Growth in traditional business Initiatives to extend networks and optimize tower hosting 1 Improve RAI DTT network coverage 2 DAB coverage... Activities to improve network quality Extend Rai DAB coverage, currently lower than the other 2 main market players 3 MUX12 ...and
Slide 38: Widening role in media value chain
2. Industrial Plan Pillars Widening role in media value chain Widening role in media value chain Initiatives Growth opportunities 6 IP Distribution of contents on proprietary CDN network Traditional Valorization of internal Businesses / assets assets Operating Efficiency Improvements Widening role i
Slide 39: IP distribution of contents on proprietary CDN network
2. Industrial Plan Pillars Widening role in media value chain IP distribution of contents on proprietary CDN network: architecture and value proposition Distributed national Distributed PoPs Yes widespread on Italian architecture territory Global Rai Way MIX Synergy with the new Video Specific MI TO
Slide 40: Edge CDN creation project in 3 phases
2. Industrial Plan Pillars Widening role in media value chain Edge CDN creation project to be developed in 3 phases with the first two steps of set-up and scale-up to be completed by end of '24 Initial set-up: 3 Nodes Scale-up: 7 Nodes Final architecture >10 Nodes MIX illustrative illustrative illus
Slide 41: Digital Infrastructure Expansion
2. Industrial Plan Pillars Digital infra expansion Digital Infrastructure Expansion Initiatives Growth opportunities Traditional 7 Hyperscale Data Center Valorization of internal Businesses / , assets assets Operating Efficiency Improvements 8 Edge Data Center Widening role in media value chain Dive
Slide 42: Rai Way's new digital infrastructure
2. Industrial Plan Pillars Digital infra expansion Rai Way's new digital infrastructure The infrastructure project T Edge with started procurement Regional edge Local edge Other Edge Hyperscale Hyperscale Fiber Network Power: >20MW Power: 100kW-1MW Power: <100kW Latency: high Latency: ~10ms Latency:
Slide 43: Edge DCs roll-out plan
2. Industrial Plan Pillars Digital infra expansion Edge DCs roll-out plan 18 Edge Data center: 10 (major) DCs to build in Phase 1 & 2, and more PH1, 2024: 5 EDGE PH2, 2025-26: 10 Edge After '26: up to 18 Edge + 1 HS DC1 (minor) to build based on demand + Phase 1 Phase 2 Phase 3 • ~ 3 MW IT load for
Slide 44: Edge DC Phase 1 approaching completion
2. Industrial Plan Pillars Digital infra expansion Edge DC Phase 1 approaching completion Torino Milano Venezia • 2 data hall of 230 • Data Hall: 108 sqm • Data hall: 118 sqm • 34 rack • 39 rack sqm • 60 rack (+28 cold • Up to 204 kW IT Load 1,6 MW • Up to 280 kW IT expansion) Load • Up to 450 kW IT
Slide 45: Hyperscale DC rendering and concept design data
2. Industrial Plan Pillars Digital infra expansion Hyperscale DC | Rendering and concept design data Data Center Modules Configuration • 4 Modules with 8,8 MW IT Load per Module • Emergency power supply and air conditioning • UPTIME Institute TIER IV compliance • Solar panels; centralized water supp
Slide 46: Commercial approach and priorities
2. Industrial Plan Pillars Diversification initiatives Commercial approach and priorities Client and needs Main sales channel Commercial Priorities Status Cloud providers • Cloud regions / SaaS • Edge services • Approach potential anchor • Ongoing Direct clients to improve risk-reward • Cloud discus
Slide 47: Valorization of internal assets
2. Industrial Plan Pillars Valorization of internal assets Valorization of internal assets Initiatives Growth opportunities Transmission network to be 9 leveraged for connectivity Traditional services Valorization of internal Businesses / assets assets Land portfolio • Solar panels Operating Efficie
Slide 48: Transmission network leveraged for wholesale transport services
2. Industrial Plan Pillars Valorization of internal assets Transmission network to be leveraged for (wholesale) transport services Bolzano Fiber backbone Aosta Trento Udine Radio-link backbone Milano Torino Trieste 6,000 Km Venezia - 30 PoP Genova Bologna >500 IP links Firenze Ancona - Interconnecti
Slide 49: Land portfolio valorization
2. Industrial Plan Pillars Valorization of internal assets Land portfolio valorization Rai Way analyzed possibility to create value from ~40 land plots, in 3 possible ways 3 1 2 3 2 Solar panels 2 2 3 1 3 1 3 4 Land to rent for 2 2 telecommunications 2 2 projects (e.g. satellite gateways) 3 40 Main
Slide 50: Operating Efficiency Improvements
2. Industrial Plan Pillars Operating Efficiency Improvements Operating Efficiency Improvements Initiatives Growth opportunities Traditional Valorization of internal Businesses / assets 12 Operating model assets Operating Efficiency Improvements 13 Corporate functions efficiency Widening role in medi
Slide 51: Enhancing efficiency in operating model, corporate and real estate
2. Industrial Plan Pillars Operating Efficiency Improvements Enhancing efficiency in operating model improvements, corporate initiatives and real estate property management Operating model initiatives Real Estate Management Corporate functions efficiency • Reorganization of regional • Workplace evol
Slide 52: External growth lever to accelerate strategy and improve capital structure
2. Industrial Plan Pillars Improving capital structure External growth lever to accelerate strategy and improve capital structure Initiatives Growth opportunities Traditional 15 External growth Valorization of internal Businesses / assets assets Operating Efficiency Improvements Widening role in med
Slide 53: Target M&A – Areas of interest
2. Industrial Plan Pillars Improving capital structure Target M&A – Areas of interest Rationales • Consolidation of national broadcasting Capital Industrial Diversifi- structure infrastructures synergies optimization cation Traditional → Transformational Businesses / assets • Acquisition of independ
Slide 54: Commitment to sustainability: 2024-2027 ESG goals
2. Industrial Plan Pillars ESG Rai Way's commitment to sustainability: 2024-2027 ESG goals Sustainability Plan 2024-2027 • ESG risks of the ERM catalogue included in the definition of objectives and initiatives Strategic Guidelines 6 • New topics introduced: • Circular economy Objectives and target
Slide 55: Agenda: Financial targets
Agenda 2023FY results 2024-2027 Industrial Plan 3. Financial targets
Slide 56: Key financial highlights
3. Financial targets Key financial highlights(1) Core Revenues Adjusted EBITDA Net Income Adjusted EBITDA margin +1,4% +3,5% 87 92 +3,8% 207 316 180 74 245 272 151 65,4% 66,3% 61,5% 2022 2023 … 2027 2022 2023 … 2027 2022 2023 … 2027 Development Capex RECURRING FCFE1,2 Net Debt 1,4x 246 286 130 114 9
Slide 57: New Core revenues breakdown
3. Financial targets Traditional ABC business/assets New Core revenues breakdown ABC Diversification areas Media Distribution Digital Infrastructure Other • RAI Service contract (fixed • Tower Hosting • Land valorization (solar energy consideration & new services) • Connectivity production, leases,
Slide 58: Core Revenues: 2023-27 evolution
Core Revenues: 2023-27 evolution Mln Eur; % >70 Further Main drivers hyperscale development to 17,6MW 316 316 No extra- Solar ~40 capex prod. 5 >10 (hyperscale +3,8% power of 44 4,4MW) 272 31 Data Conne centers ctivity 266 241 CDN DAB Run-rate 2023A 2024E 2025E 2026E 2027E 2027E (2027+5y) Media Digi
Slide 59: Adjusted EBITDA: 2023-27 evolution
Adjusted EBITDA: 2023-27 evolution Further hyperscale Mln Eur; % >30 development to 17,6MW Traditional business/asset Diversification 206 ~1 207 >15 No extra- +3,5% capex (hyperscale power of 4,4MW) 181 180 ~(1) 68,1% 66,7% Run-rate 2023A 2024E 2025E 2026E 2027E (2027+5y) Margin improvement: ~ +150
Slide 60: Capex
3. Financial targets Mln Eur; % Capex Recurring Traditional business/asset Extraordinary 246 Diversification Capitalized personnel 20 98 Edge ~40 16 Hypersc. ~77 RAI ~30 M D CDN ~21 Solar ~35 138* A E I V Efficienc. ~15 & digitaliz. N E Other ~18 T L Cumulated 2024-27 E 2023A 2024E 2025E 2026E 2027E
Slide 61: Recurring FCFE: 2023-27 evolution
3. Financial targets Recurring FCFE: 2023-27 evolution Mln Eur; % Broadly neutral contribution from diversification initiatives +27 EBITDAaL -7 Financial charges 130 -4 Maint. Capex & Reduction vs 2023 driven by Taxes interest rates, debt stock and extraord. Maintenance capex ~ +16 114 (+15%) 2023A
Slide 62: Net Income & Dividends
3. Financial targets Net Income & Dividends Mln Eur; % Higher D&A and 92 ● Proposed pay-out of around 100% of financial charges 87 Net Income, in continuity with the past (average dividend yield(1) equal to ca. 6,7%) 2023A 2024E 2025E 2026E 2027E ~350 ● Expected distribution of approx. €350 Pay-out
Slide 63: Capital structure evolution
3. Financial targets ● On an organic basis, 2027E financial leverage Capital structure evolution (post-dividend payment) at around 1,4x NFP(1)/Adjused EBITDA, giving flexibility to pursue NFP/Adjusted EBITDA external growth 7X ● Sustanaible and reasonable level of financial 4-7X Range peers leverage
Slide 64: Agenda: Closing remarks
Agenda 2023FY results 2024-2027 Industrial Plan 4. Closing remarks
Slide 65: A clear industrial path…
4. Closing remarks A clear industrial path… Renewed focus on 2 business segments (media distribution and digital infra) with a clear industrial proposition enabled by a modern, integrated digital asset portfolio Traditional business continues to offer growth opportunities (networks expansion, effici
Slide 66: Industrial Plan pillars
4. Closing remarks ….addressing key levers to unlock Rai Way’s full pontential, while preserving its distinctive features… Pillars of Rai Way’s equity story 2024-27 Industrial Plan: addressed value levers Revenue Protection Best-in-class Cash generation predictability from macro profitability Streng
Slide 67: …and defining near-term priorities for a successful execution
4. Closing remarks …and defining near-term priorities for a successful execution Move forward with assets roll-out Finalize commercial agreements on new infra and services Effort to accelerate on external growth 66
Slide 68: Q&A session
Q&A session 67
Slide 69: Investor Relations contacts
Investor Relations contacts Andrea Moretti Head of Investor Relations +39 335 530 1205 +39 06 331 70391 andreadanilo.moretti@raiway.it investor.relations@raiway.it www.raiway.it / Investors 68
Slide 70: Appendix
Appendix 69
Slide 71: Detailed summary of 2023FY Income Statement
Detailed summary of 2023FY Income Statement (€m; %) 4Q22 4Q23 FY22 FY23 Core revenues 61,1 67,8 245,4 271,9 Other rev enues and income 1 1,4 0,5 3,1 2,1 Purchase of consumables (0,5) (0,4) (1,5) (1,3) Cost of serv ices (13,3) (13,4) (49,0) (43,8) Personnel costs (11,9) (13,8) (43,7) (51,4) Other cos
Slide 72: Summary of 2023YE Balance Sheet
Summary of 2023YE Balance Sheet (€m) 2022FY 2023FY (€m) 2022FY 2023FY Non current assets Shareholders' Equity Tangible assets 280,8 297,4 Share capital 70,2 70,2 Rights of use for leasing 33,4 33,0 Legal reserv es 14,0 14,0 I ntangible assets 19,5 24,7 Other reserv es 38,2 37,7 Financial assets, hol
Slide 73: 2023YE Balance Sheet
2023YE Balance Sheet Mln Eur Including rights of use for leasing under IFRS-16 (€ 33 m) (38,4) (23,8) 293,5 104,9 355,7 188,7 Net Fixed Assets(1) Net Net Funds(2) Net Invested Net Debt Equity Book Value Working Capital Capital 1) Including long-term financial items and the rights of use for leasing
Slide 74: Summary of 2023FY Cash Flow Statement
Summary of 2023FY Cash Flow Statement (€m) 4Q2022 4Q2023 FY2022 FY2023 Profit before income taxes 23,3 23,9 101,8 121,5 Depreciation, amortization and w rite-dow ns 11,4 13,0 47,2 47,3 Prov isions and (releases of) personnel and other funds 2,5 5,9 2,8 7,0 Net financial (income)/expenses 0,7 1,5 1,9
Slide 75: Credit lines
Credit lines ● Amount: € 185m, of which € 143m Term loan (with bullet repayment at maturity) + € 42m Revolving ● Term Loan to be drawn as needed upon borrower’s request ● Tenor: 3 years ● Interest: Euribor (0 floor) + 1,10% ● Commitment fee: 35% of the spread ● One-off fees: 27,5bps upfront fee; 7,5