Altice Europe — Altice International — FY2023 Earnings Presentation
16 slides from Altice Europe's earnings presentation, Mar 13, 2024
Slide 1: Altice International Q4 & FY 2023 results
Altice International Q4 & FY 2023 results March 13, 2024
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 2023 Summary
Q4 2023 Summary FY 2023 guidance achieved: Altice International revenue, EBITDA and OpFCF growth on a constant currency and reported basis • Total revenue grew by +5.7% YoY on a constant currency basis (+2.2% reported) • Total EBITDA grew by +7.2% YoY on a constant currency basis (+3.6% reported) •
Slide 4: Altice International Revenue Trends
Altice International Revenue Trends Q4 2023 FY 2023 Q4 2023 revenue trends YoY (€m) -1.5% (CC +2.9%) +2.2% (CC +5.7%) • Total: -1.5% (CC +2.9%) 1,365 5,030 5,143 • Portugal: +7.5% 1,344 601 • Israel: -16.6% (CC -3.7%) 215 204 624 589 • Dominican Republic: -6.4% (CC +2.8%) 157 147 602 • Teads: -5.5%
Slide 5: Altice International Financials
Altice International Financials Growth YoY Growth YoY Growth YoY Growth YoY Q4-22 Q4-23 FY-22 FY-23 €m Reported Constant FX Reported Constant FX Portugal 695 747 +7.5% +7.5% 2,630 2,906 +10.5% +10.5% Israel 305 255 -16.6% -3.7% 1,196 1,070 -10.6% +0.9% Dominican Republic 157 147 -6.4% +2.8% 602 589
Slide 6: Q4 2023 Free Cash Flow
Q4 2023 Free Cash Flow (€m) 493 (247) 246 (26) (28) (42) (87) (64) (2) Adjusted Accrued OpFCF Interest Pension Taxes Dividends to Change in WC & FCF EBITDA Capex paid paydown minorities other For footnotes see slide 16 6
Slide 7: Pro Forma Capital Structure and Debt Maturity
Pro Forma Capital Structure and Debt Maturity Altice International Net debt €8,789m (€bn) WAL 4.3 years 0.03 0.20 0.20 3.04 2.93 2.69 WACD 5.8% Fixed interest 80% Net leverage 4.5x Liquidity €0.8bn Unsecured Net debt €675m WAL 4.0 years WACD 4.8% Secured Net debt €8,114m WAL 4.3 years 2024 2025 2026
Slide 8: Guidance
Guidance • Total revenue growth of +5.7% YoY on a constant currency basis (reported +2.2%) • Total EBITDA growth of +7.2% YoY on a constant currency basis (reported +3.6%) 2023 Achievements • OpFCF growth of +16.9% YoY on a constant currency basis (reported +14.2%) • Ending net leverage of 4.5
Slide 9: Q&A
Q&A alti
Slide 10: Appendix
Appendix 10
Slide 11: ESG Key Highlights – Focus on Portugal
ESG Key Highlights – Focus on Portugal 2023 Achievements Commitments Ambitions • Definition of the 2030 Sustainability • Reduce GHG emissions in each • Net zero emissions target by 2050 Strategy for Altice Portugal geography throughout geographies. By 2030, Altice Portugal undertakes a 90% reduction
Slide 12: Reconciliation to Swap Adjusted Debt as of December 31, 2023
Reconciliation to Swap Adjusted Debt as of December 31, 2023 €m Actual Pro Forma1 Total Debenture and Loans from Financial Institutions 9,427 9,427 Value of debenture and loans from financial Institutions in foreign currency converted at closing FX rate -6,796 -6,796 Value of debenture and loans fro
Slide 13: Leverage Reconciliation as of December 31, 2023
Leverage Reconciliation as of December 31, 2023 €m Actual Pro Forma1 Gross Debt Consolidated 9,697 9,097 Cash and restricted cash -311 -308 Cash collateralized for redemption, defeasance or otherwise discharge of the €600 million 2.25% 2025 SSN -600 - Net Debt Consolidated 8,786 8,789 LTM EBITDA Con
Slide 14: Non-GAAP Reconciliation to Unaudited GAAP Measures
Non-GAAP Reconciliation to Unaudited GAAP Measures €m Q1-23 Q2-23 Q3-23 Q4-23 FY-23 Revenue - Financial Statements 1,234 1,277 1,288 1,344 5,143 Purchasing and subcontracting costs -333 -341 -331 -335 -1,341 Other operating expenses -245 -255 -258 -280 -1,037 Staff costs and employee benefits -184 -
Slide 15: Q4 2023 Free Cash Flow and Change in Net Debt
Q4 2023 Free Cash Flow and Change in Net Debt (€m) 493 (247) 246 (26) (28) (42) (87) (64) (2) (19) (147) (6) (17) (172) Adjusted Accrued OpFCF Interest Pension Taxes Dividends to Change in WC FCF Spectrum, M&A Financing, Change in EBITDA Capex paid paydown minorities & other Restructuring & FX impac
Slide 16: Footnotes
Footnotes €0.8 billion liquidity includes €0.5 billion of undrawn revolvers and €0.3 billion of cash. The cash position as shown is pro forma the redemption, Slides 3, 7 defeasance or otherwise discharge of the outstanding €600 million 2.25% 2025 Senior Secured Notes and pro forma for the issuance a