Altice Europe — Altice International — Q2 2021 Earnings Presentation
15 slides from Altice Europe's earnings presentation, Aug 30, 2021
Slide 1: Altice International Q2 2021 Results
Altice International Q2 2021 Results August 30, 2021
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: Q2 2021 Summary
Q2 2021 Summary Total revenue, EBITDA and OpFCF growth YoY in Q2 2021 of +13.4%, +7.7% and +13.2% on a CC basis (+11.1%, +5.8% and +11.2% reported) Net leverage of 4.4x based on L2QA EBITDA at the end of Q2 2021 (4.3x based on LTM EBITDA) $2.75 billion (equivalent) new 8-year Euro and Dollar 2029 Se
Slide 4: Altice International Revenue Trends
Altice International Revenue Trends Total Total ex roaming Components of Q2 2021 revenue trends YoY (€m) +11.1% (CC +13.4%) (€m) • Total ex roaming: +10.5% (CC +12.8%) +10.5% (CC +12.8%) • Portugal: +9.7% 1,056 1,043 • Israel: -2.5% (CC -1.0%) 950 943 145 145 88 88 • Dominican Republic: +0.9% (CC +1
Slide 5: Teads - The Global Media Platform
Teads - The Global Media Platform Operates Massive, a unique growing end-to-end total addressable platform for market the quality open web Revenue Teads has built Premium a hard position into replicate model that connects leading advertisers (€m) YoY +65% and agencies to premium publishers at scal
Slide 6: Altice International Financials
Altice International Financials €m Q2-20 Q2-21 Growth YoY Reported Growth YoY Constant FX Portugal 499 551 +10.3% +10.3% Israel 246 241 -1.9% -0.5% Dominican Republic 118 120 +2.2% +11.9% Teads 88 145 +64.8% +72.7% Eliminations & other -1 -1 - - Revenue 950 1,056 +11.1% +13.4% Portugal 201 213 +5.9%
Slide 7: Q2 2021 Free Cash Flow
Q2 2021 Free Cash Flow (€m) 400 (207) 193 (14) (32) (18) (49) (51) 30 Adjusted Accrued OpFCF Interest Pensions Taxes Change in WC Minority dividend FCF EBITDA Capex & other For footnotes see slide 15 7
Slide 8: Capital Structure and Debt Maturity
Capital Structure and Debt Maturity Altice International Restricted Group (€bn) Net debt €6,803m WAL 6.3 years 0.01 0.02 0.02 0.02 1.38 0.91 0.00 2.85 2.41 WACD 3.4% Fixed interest 76% Net leverage 4.4x Liquidity €1.25bn Altice International Unsecured Gross debt €675m WAL 6.5 years WACD 4.8% Fixed i
Slide 9: Guidance Reiterated
Guidance Reiterated FY 2021 Revenue, EBITDA and OpFCF growth YoY Mid-term: full-year organic FCF target of >€250 million Mid-term Underpinned by EBITDA and OpFCF growth, as well as further reduction in cash interest costs Target leverage of 4.0 to 4.5x net debt to EBITDA For footnotes see slide 15 9
Slide 10: Q&A
Q&A 10 alti
Slide 11: Appendix
Appendix 11
Slide 12: Reconciliation to Swap Adjusted Debt
Reconciliation to Swap Adjusted Debt €m Altice International As of June 30, 2021 Actual Pro Forma Total Debenture and Loans from Financial Institutions 7,199 7,199 Value of debenture and loans from financial Institutions in foreign currency converted at closing FX rate -6,623 -5,351 Value of debentu
Slide 13: Pro Forma Net Leverage Reconciliation
Pro Forma Net Leverage Reconciliation €m Altice International As of June 30, 2021 Actual Pro Forma Gross Debt Consolidated 7,438 7,639 Cash -311 -835 Net Debt Consolidated 7,127 6,803 LTM Standalone 1,600 1,600 Eliminations -3 -3 LTM EBITDA Consolidated 1,597 1,597 LTM EBITDA Consolidated 1,597 1,59
Slide 14: Non-GAAP Reconciliation to Unaudited GAAP Measures
Non-GAAP Reconciliation to Unaudited GAAP Measures Altice International €m Three months ended Three months ended March 31, 2021 June 30, 2021 Revenue 1,015 1,050 Purchasing and subcontracting costs -282 -269 Other operating expenses -197 -218 Staff costs and employee benefits -133 -131 Total 402 433
Slide 15: Footnotes
Footnotes €1.25 billion liquidity includes €0.42 billion of undrawn revolvers and €0.83 billion of cash. €0.83 billion of cash includes the €375 million earn-out to Pages 3, 8 be received in December 2021 (not including the €375 million earn-out to be received in December 2026) related to the FastFi