Infrastrutture Wireless Italiane S.p.a. · MIL:INW

Infrastrutture Wireless Italiane — Q1 2020 Earnings Presentation

26 slides from Infrastrutture Wireless Italiane's earnings presentation, May 11, 2020

  1. Slide 1: Q1 '20 Results: New INWIT 'Up and Running'

    Q1 ‘20 Results New INWIT ‘Up and Running’ May 11th, 2020

  2. Slide 2: Safe Harbor

    Safe Harbor This presentation contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements mentioned repeatedly in this presentation and include statements regarding the intent, belief or current expectati

  3. Slide 3: New INWIT is up and running from March 31st

    New INWIT is up and running from March 31st New Ordinary dividend payment Special 20 May 2020 dividend payment March 31 8 Apr 2020 Closing EGM 25 Mar Appointment INW EGM Regulatory 2020 Effective date INW & VOD of the new Set UP MOU Signing Whitewash Towers Merger Clearence board Feb 2019 Jul 2019 B

  4. Slide 4: Q1 Results INWIT Standalone

    Q1 Results INWIT Standalone

  5. Slide 5: INWIT Highlights

    INWIT Highlights Recurring Revenues Tenancy Ratio Revenues 1 +1.3% 1.96 x +8.5% 1Q’20 YoY 1Q’20 YoY Tenant per tower 1.89x 1.96x 96 103 1.75x 1.84x 82 86 95 1.64x €m 1Q’16 1Q’17 1Q’18 1Q’19 1Q’20 1Q’16 1Q’17 1Q’18 1Q’19 1Q’20 1Q’20 Financial Results EBITDA 1 2 Recurring FCF 4 +6.3% +16.1% Recurring

  6. Slide 6: High revenues including a non-recurring item

    High revenues including a non-recurring item 1Q’20 Revenues 12.3 103.0 24.4 Euro Mln 66.3 TIM OLO & Others New Sites and New Services Total 2 (MSA on existing sites)1 1 (OLO on existing sites)2 (Includes TIM & OLOs contributions)33 +0.5% +2.0% +146% Recurring +8.5% Recurring +10% +1.3% Including 3.9

  7. Slide 7: Key Operational metrics

    Key Operational metrics Avg Recurring Revenues per Site k€ - annualized 34.5 33.9 33.2 31.4 1Q17 1Q18 1Q19 1Q20 New OLO tenants Tenancy Ratio # new tenant hosted # tenant per site 1Q Additions 1,96x 1.89 x 10,300 11,050 +150 1.84 x 9,550 8,700 1.75 x 1Q17 1Q18 1Q19 1Q20 1Q17 1Q18 1Q19 1Q20 The infor

  8. Slide 8: New business deployment

    New business deployment New Sites YoY 1Q Additions # Sites Built 550 600 350 9% +50 170 1Q17 1Q18 1Q19 1Q20 Small Cells & DAS # Remote Units1 35% 3,500 2,600 +100 1,200 200 1Q17 1Q18 1Q19 1Q20 Backhauling # Backhauling Connections 630 1,050 1.7 x +150 210 0 1Q17 1Q18 1Q19 1Q20 1. The information rep

  9. Slide 9: Main financials P&L

    Main financials EBITDA1 & EBITDA Margin EBITDA reported (pre IFRS 16) EBITDA reported (post IFRS 16) Non recurring items 88 83 • 1Q20 +€6.8mln revenue defferal release 55 P&L -€5.0 mln merger costs Euro Mln 44 87.3% 85.5% • Ebidta YoY 57.9% 51.3% Reported +6.3% Organic +4% 1Q17 1Q18 1Q19 1Q20 CAPEX

  10. Slide 10: Profit & Loss 1Q'20 Reported

    Profit & Loss 1Q’20 Reported 103.0 14.9 88.0 31.3 Euro Mln 56.7 9.5 13.7 33.5 Revenues1 Opex2 EBITDA D&A & Write Off EBIT Interest Taxes NET Income 1Q’19 95 -12 83 -31 52 -6 -13 32 Interest impacted by new debt commitment fees EBIT Margin 55% Opex including 5 mln related to the Merger deal 1Q’20 1Q’

  11. Slide 11: Cash Flow 1Q'20

    Cash Flow 1Q’20 86.3 4.7 0.0 29.7 Euro Mln 0.0 1.5 50.3 8.1 10.5 31.7 EBITDA DELTA Recurring Lease Cash Financial Rec CASH Devel WC on Cash Flow Recurring NWC capex payment taxes charges FLOW capex Dev Capex To Equity 1Q’19 82.8 -9.6 0 -29.2 0 -0.7 43.3 -7.6 -6.1 29.6 Higher Working Capital on Devel

  12. Slide 12: NEW INWIT Combined 1Q 2020

    NEW INWIT Combined 1Q 2020

  13. Slide 13: New INWIT: Doubling size

    New INWIT: Doubling size New Inwit combined pro-forma Number of Sites 22.1 K Revenues € 190.3 mln Tenants 40 K Margin EBITDA reported € 167.1 mln 87.8% Tenancy Ratio 1.8 x Anchor revenues 85% Small Cells & DAS 3.5 k Pro-forma includes Q1 Inwit as reported (audited) and actual Vodafone Towers P&L (no

  14. Slide 14: New INWIT: optimising the capital structure

    New INWIT: optimising the capital structure € 3 bln credit facilities agreed in December 2019 Credit ratings reflecting the company solidity and growth potential NET FINANCIAL DEBT 3.3 bln post IFRS 16 2.2 bln pre IFRS 16 NET DEBT on EBITDA1 4.9x post IFRS 16 and before extra dividend • Stable and h

  15. Slide 15: New Governance in place

    New Governance in place Governance in line with best practises BoD made up of 13 members: • 5 members appointed by TIM Board • 5 members appointed by Vodafone • 3 members representing other shareholders • Key managers jointly appointed  Control & Risk committee (CCR) Board  Remuneration Committee

  16. Slide 16: New Organization and management team in place

    New Organization and management team in place Leadership team with strong Telco experience Refreshed operating model for focused execution Fast Integration, ‘best of both’; culture of excellence CEO Giovanni Ferigo Technology Marketing & Real Estate Operation & Governance & Sales Francesco Maintenan

  17. Slide 17: New INWIT Up and Running

    New INWIT Up and Running Visible pipeline DAS & small cell solutions No impacf from Covid • TIM VODA new PoPs • Hospitals • Inwit included in essential commitment • Innovative solutions for services official list • OLO growth urban centers • 100% Agile working • FWA increasing demand • University •

  18. Slide 18: The start of a new era

    The start of a new era on track so far Focusing on execution Completion of merger 1. Drive the MSA commitments New governance in place 2. Comply with EU remedies 3. Grow OLO and Develop new businesses New organization & mgnt team 4. Develop a culture of excellence, taking the Visible Order Book best

  19. Slide 19: Back up: Databook

    1Q’20 Financial Results Back up Databook 1Q20 Financial Results 19

  20. Slide 20: Databook – Quarterly Profit and Loss

    Databook – Quarterly Profit and Loss 1Q18 2Q18 3Q18 4Q18 1Q196 2Q19 3Q19 4Q19 1Q19 2Q19 3Q19 4Q19 1Q20 Currency: €m (Jan-Mar) (Apr-Jun) (Jul-Sep) (Oct-Dec) (Jan-Mar) (Apr-Jun) (Jul-Sep) (Oct-Dec) (Jan-Mar) (Apr-Jun) (Jul-Sep) (Oct-Dec) (Jan-Mar) on a on a on a on a comparable comparable comparable c

  21. Slide 21: Databook – Profit and Loss

    Databook – Profit and Loss 3M18 6M18 9M18 FY18 3M193 6M19 9M19 FY19 3M19 6M19 9M19 FY19 3M20 Currency: €m (Jan-Mar) (Jan-Jun) (Jan-Sep) (Jan-Dec) (Jan-Mar) (Jan-Jun) (Jul-Sep) (Jan-Dec) (Jan-Mar) (Jan-Jun) (Jan-Sep) (Jan-Dec) (Jan-Mar) on a on a on a on a comparable comparable comparable comparable

  22. Slide 22: Databook - Cash Flow

    Databook - Cash Flow 3M18 6M18 9M18 FY18 3M191 6M19 9M19 FY19 3M19 6M19 9M19 FY19 3M20 Currency: €m (Jan-Mar) (Jan-Jun) (Jan-Sep) (Jan-Dec) (Jan-Mar) (Jan-Jun) (Jul-Sep) (Jan-Dec) (Jan-Mar) (Jan-Jun) (Jan-Sep) (Jan-Dec) (Jan-Mar) on a on a on a on a comparable comparable comparable comparable ifrs 1

  23. Slide 23: Databook – Balance Sheet

    Databook – Balance Sheet 3M18 6M18 9M18 FY18 3M191 6M19 9M19 FY19 3M19 6M19 9M19 FY19 3M20 Currency: €m (Jan-Mar) (Jan-Jun) (Jan-Sep) (Jan-Dec) (Jan-Mar) (Jan-Jun) (Jul-Sep) (Jan-Dec) (Jan-Mar) (Jan-Jun) (Jan-Sep) (Jan-Dec) (Jan-Mar) on a on a on a on a comparable comparable comparable comparable if

  24. Slide 24: Databook – Operationals KPI's

    Databook – Operationals KPI’s 3M16 6M16 9M16 FY16 3M17 6M17 9M17 FY17 3M18 6M18 9M18 FY18 3M19 6M19 9M19 FY19 3M20 Number in #k (Jan-Mar) (Jan-Jun) (Jan-Sep) (Jan-Dec) (Jan-Mar) (Jan-Jun) (Jan-Sep) (Jan-Dec) (Jan-Mar) (Jan-Jun) (Jan-Sep) (Jan-Dec) (Jan-Mar) (Jan-Jun) (Jul-Sep) (Jan-Dec) (Jan-Mar) Te

  25. Slide 25: Q&A Session

    Q&A Session Giovanni Ferigo CEO Diego Galli CFO 1Q20 Financial Results 25

  26. Slide 26: More questions? Ask Investor Relations

    1Q19 Financial Results More questions? Ask Investor Relations Emanuela Martinelli Head of Finance & Investor Relations emanuela.martinelli@inwit.it f: +39 06 44084 330 1Q20 Financial Results 26

Infrastrutture Wireless Italiane — Q1 2020 Earnings Presentation on 6ix