Altice Europe — Altice International — Q3 2021 Earnings Presentation
15 slides from Altice Europe's earnings presentation, Nov 16, 2021
Slide 1: Altice International Q3 2021 Results
Altice International Q3 2021 Results November 16, 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: Q3 2021 Summary
Q3 2021 Summary Total revenue, EBITDA and OpFCF growth YoY in Q3 2021 of +5.1%, +2.8% and +16% on a CC basis (+6.5%, +4.3% and +17% reported) 5G spectrum secured in Portugal and the Dominican Republic in Q3 2021, already secured and reimbursed in Israel August 2021: $2.75 billion (equivalent) new 8-
Slide 4: Altice International Revenue Trends
Altice International Revenue Trends Total revenue Components of Q3 2021 revenue trends YoY (€m) +6.5% (CC +5.1%) • Total: +6.5% (CC +5.1%) • Portugal: +8.9% 1,097 1,030 • Israel: +1.9% (CC -2.9%) 138 128 123 • Dominican Republic: +3.5% (CC +0.3%) 119 • Teads: +8.3% (CC +9.0%) 248 243 Revenue growth
Slide 5: Teads - The Global Media Platform
Teads - The Global Media Platform Q3 2021 Key Highlights Revenue (€m) Unique combination of scale, growth and profitability continues to deliver 197 YTD revenue and EBITDA growth of +26% and +64% YoY, on a reported basis 145 138 129 162 96 110 83 116 88 113 128 New updates to drive continued growt
Slide 6: Altice International Financials
Altice International Financials €m Q3-20 Q3-21 Growth YoY Reported Growth YoY Constant FX Portugal 541 589 +8.9% +8.9% Israel 243 248 +1.9% -2.9% Dominican Republic 119 123 +3.5% +0.3% Teads 128 138 +8.3% +9.0% Eliminations & other -1 -2 - - Revenue 1,030 1,097 +6.5% +5.1% Portugal 217 222 +2.3% +2.
Slide 7: Q3 2021 Free Cash Flow
Q3 2021 Free Cash Flow (€m) 413 (193) 220 (149) (36) (63) (18) (47) Adjusted Accrued OpFCF Interest Pensions Taxes Change in WC 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 €7,075m WAL 6.1 years 0.01 0.02 0.02 0.02 1.38 0.99 - 2.85 2.63 WACD 3.6% Fixed interest 86% Net leverage 4.3x Liquidity €1.3bn Altice International Unsecured Gross debt €675m WAL 6.3 years WACD 4.8% Fixed inter
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 Target leverage of 4.0 to 4.5x net debt to EBITDA For footnotes see slide 15 9 a
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 As of September 30, 2021 €m Actual Pro Forma Total Debenture and Loans from Financial Institutions 7,530 7,530 Value of debenture and loans from financial Institutions in foreign currency converted at closing FX rate -6,236 -6,345 Value of debenture and loans fro
Slide 13: Pro Forma Leverage Reconciliation
Pro Forma Leverage Reconciliation As of September 30, 2021 €m Actual Pro Forma Gross Debt Consolidated 7,730 7,941 Cash -488 -866 Net Debt Consolidated 7,242 7,075 LTM EBITDA Consolidated 1,614 1,637 Gross Leverage 4.9x Net Leverage 4.3x L2QA EBITDA Consolidated 1,626 1,649 Gross Leverage 4.8x Net L
Slide 14: Non-GAAP Reconciliation to Unaudited GAAP Measures
Non-GAAP Reconciliation to Unaudited GAAP Measures Three months ended €m March 31, 2021 June 30, 2021 September 30, 2021 Revenue 1,015 1,050 1,089 Purchasing and subcontracting costs -282 -269 -270 Other operating expenses -197 -218 -224 Staff costs and employee benefits -133 -131 -146 Total 402 433
Slide 15: Footnotes
Footnotes €1.3 billion liquidity includes €0.4 billion of undrawn revolvers and €0.9 billion of cash. €1.3 billion liquidity includes €0.4 billion of undrawn revolvers Pages 3, 8 and €0.9 billion of cash. The €0.9 billion of cash includes the €375 million earn-out to be received in December 2021 (no