Altice Europe — Altice International — FY2021 Earnings Presentation
17 slides from Altice Europe's earnings presentation, Mar 24, 2022
Slide 1: Altice International Q4 & FY 2021 Results
Altice International Q4 & FY 2021 Results March 24, 2022
Slide 2: Disclaimer
Disclaimer FORWARD-LOOKING STATEMENTS Certain statements in this presentation constitute forward-looking statements. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this presentation, including, without limitatio
Slide 3: Q4 & FY 2021 Summary
Q4 & FY 2021 Summary FY 2021 Guidance achieved: Altice International revenue, EBITDA and OpFCF growth on a reported basis: • Total revenue grew by +7.7% YoY in FY 2021 (+10.7% in Q4) • Total EBITDA grew by +4.1% YoY in FY 2021 (+6.9% in Q4) • Total OpFCF grew by +2.2% YoY in FY 2021 (-11.8% in Q4) S
Slide 4: Operational Update – Telecom (Portugal, Israel, DomRep)
Operational Update – Telecom (Portugal, Israel, DomRep) Fixed – Update on FTTH Mobile – Update on 5G Coverage Nationwide c.30% c.10% Spectrum secured FTTH gross adds Population Launched 90% 10% 6% 45% 35% coverage % Feb-22 as % of fixed adds Churn -4ppts -8ppts reduction For footnotes see slid
Slide 5: Operational Update – AdTech (Teads)
Operational Update – AdTech (Teads) Q4 & FY 2021 Key Highlights Revenue (€m) Unique combination of scale, growth and profitability continues to deliver 219 197 FY revenue and EBITDA growth of +20% and +28% YoY, on a reported basis 145 138 129 162 96 110 83 116 88 113 128 Changes to management stru
Slide 6: Altice International Revenue Trends
Altice International Revenue Trends Q4 2021 FY 2021 Q4 2021 revenue trends YoY (€m) +10.7% (CC +7.4%) +7.7% (CC +7.9%) • Total: +10.7% (CC +7.4%) 1,239 4,414 • Portugal: +11.8% 4,097 1,119 613 • Israel: +10.1% (CC +0.4%) 219 509 197 493 • Dominican Republic: +9.6% (CC +1.8%) 132 490 • Teads: +11.3%
Slide 7: Altice International Financials
Altice International Financials Growth YoY Growth YoY Growth YoY Growth YoY Q4-20 Q4-21 FY-20 FY-21 €m Reported Constant FX Reported Constant FX Portugal 558 624 +11.8% +11.8% 2,121 2,314 +9.1% +9.1% Israel 245 270 +10.1% +0.4% 980 1,006 +2.6% -0.1% Dominican Republic 120 132 +9.6% +1.8% 490 493 +0.
Slide 8: Q4 2021 Free Cash Flow
Q4 2021 Free Cash Flow (€m) 460 (277) 182 (15) (21) (32) (48) 66 Adjusted Accrued OpFCF Interest Pension Taxes Change in WC, FCF EBITDA Capex paydown dividends to minorities & other For footnotes see slide 17 8
Slide 9: Capital Structure and Debt Maturity
Capital Structure and Debt Maturity Restricted Group Net debt €7,861m (€bn) WAL 5.7 years 0.01 0.02 0.02 1.62 1.01 - 2.85 2.64 WACD 3.6% Net leverage 4.5x Net leverage adjusted for Altice UK investment 4.1x Liquidity €0.5bn Unsecured Net debt €675m WAL 6.0 years WACD 4.8% Secured Net debt €7,186m WA
Slide 10: ESG Key Highlights
ESG Key Highlights 2021 Achievements Commitments Ambitions • Many social initiatives supported and • Reduce greenhouse gas emissions in • Net zero emissions target by 2050 promoted by Altice Foundations each geography throughout geographies throughout geographies • Mobilising employees and customers
Slide 11: Guidance
Guidance • Total revenue growth of +7.7% YoY on a reported basis (constant currency +7.9%) • Total EBITDA growth of +4.1% YoY on a reported basis (constant currency +4.2%) 2021 Achievements • OpFCF growth of +2.2% YoY on a reported basis (constant currency +2.7%) • Ending net leverage of 4.5x
Slide 12: Q&A
Q&A 12 alti
Slide 13: Appendix
Appendix 13
Slide 14: Reconciliation to Swap Adjusted Debt
Reconciliation to Swap Adjusted Debt As of December 31, 2021 €m Actual Total Debenture and Loans from Financial Institutions 8,054 Value of debenture and loans from financial Institutions in foreign currency converted at closing FX rate -6,416 Value of debenture and loans from financial institutions
Slide 15: Pro Forma Leverage Reconciliation
Pro Forma Leverage Reconciliation As of December 31, 2021 €m Actual Pro Forma Gross Debt Consolidated 8,188 8,188 Cash -327 -327 Net Debt Consolidated 7,861 7,861 LTM EBITDA Consolidated 1,644 1,661 Gross Leverage 4.9x Net Leverage 4.7x Net Leverage adjusted for Altice UK investment 4.4x L2QA EBITDA
Slide 16: Non-GAAP Reconciliation to Unaudited GAAP Measures
Non-GAAP Reconciliation to Unaudited GAAP Measures €m Q1-21 Q2-21 Q3-21 Q4-21 Revenue - Financial Statements 1,015 1,050 1,089 1,222 Purchasing and subcontracting costs -282 -269 -270 -286 Other operating expenses -197 -218 -224 -274 Staff costs and employee benefits -133 -131 -146 -160 Total 402 43
Slide 17: Footnotes
Footnotes €0.5 billion liquidity includes €0.15 billion of undrawn revolvers and €0.33 billion of cash (of which restricted cash for an amount of €42 million) Pages 3, 9 Leverage is shown on an L2QA basis and is presented pro forma for the contribution from the acquisition of Unisono (€17 million on