Earnings Release • Jul 29, 2021
Earnings Release
Open in ViewerOpens in native device viewer
July 29, 2021
+7.5% new PoPs vs. H1 20 due to BTS acceleration and DAS nodes +c.40% (1)
>5% organic PoP CAGR 21-25 guidance unchanged
1,480 site actions in H1 21 with c.€7Mn associated lease efficiencies in FY 2021
2021-2025 efficiency plan on track
Revenues (3) €1,061Mn, +47% vs. H1 2020 Adjusted EBITDA €804Mn, +53% vs. H1 2020 RLFCF €394Mn, +47% vs. H1 2020
Operating leverage and Opex management driving margin expansion (+c.4 p.p. from H1 2020 to 79%)
Sustainalytics' risk rating improving by 4 points (c.20%) year-on-year, consolidating low ESG risk (4)
Cellnex has launched the Cellnex Foundation with the aim at narrowing digital and social divides through connectivity projects (5)
Accessing the most liquid market by issuing the first USD bond, whilst extending the average maturity - nominal of \$600Mn and 20yr term (6)
A wide array of funding options available, including project financing at local level and equity partners at OpCo / local level Corporate debt without covenants, pledges or
guarantees
Polkomtel deal already closed and to contribute c.5.5 months in 2021
Closing of remaining deals on track
Deals signed in H1 2021 for a total EV of c.€9,300Mn with an associated Adjusted EBITDA run rate of c.€900Mn
Revenues €2,535Mn - €2,555Mn Adjusted EBITDA €1,910Mn - €1,930Mn RLFCF €955Mn - €965Mn
All operational and financial metrics aligned with 2025 financial outlook (medium term guidance)
(1) Excluding Metrocall and CK Hutchison Italy; (2) CK Hutchison Italy (closed as of end of Q2 2021) has not contributed to the financials in the quarter
(3) Revenues correspond to Operating Income excluding Advances to customers (please see note 18a in our Interim Consolidated Financial Statements ended 30 June 2021)
(4) New risk rating of 15.5 from 19.6 by Sustainalytics; (5) Please see slide 17 for more information
(6) Notional amount of \$600Mn, instrument hedged to € through a cross-currency swap (€508Mn). Please see slide 30 for more information
(1) Arqiva, Nos, Hutch Austria, Ireland and Denmark already closed in 2020. Hutch UK expected to be closed in 2022
| Project | Omtel | Bouygues FTTT |
Arqiva | NOS | CKH IE | CKH AT | CKH DK | CKH SW | Play | Deutsche Telekom |
CKH IT | Cyfrowy Polsat |
SFR | CKH UK |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Closing | H2 21E ON TRACK |
H1 22E ON TRACK |
||||||||||||
| Pre-closing ment Integration Assess |
||||||||||||||
| Transition Control (3 months) Take |
96% | 95% | 93% | 31% | 25% | 7% | ||||||||
| Model Integration Plan mization months) Industrial Opti (7 |
90% | 91% | 75% | 62% | 32% | 23% | 1% |
Leading independent TowerCo in Europe with up to c.130k sites, of which up to c.20k to be deployed through BTS programs
(1) Including transactions not yet closed (Hivory, Hutchison UK)
Results January – June 2021
(2) Management estimate; including progress on BTS programs and 3rd party tenants
Spain
Wanda Metropolitano stadium
6
Consistent and solid organic growth, with a significant contribution in the quarter from the progress made on BTS programs
>5% organic CAGR 21-25 guidance unchanged
(1) PoPs do not include active sharing tenancies or IoT tenancies
| RLFCF (€Mn) | Jan-Jun 2020 |
Jan-Jun 2021 |
|---|---|---|
| Telecom Infrastructure Services | 553 | 900 |
| Broadcasting Infrastructure | 117 | 109 |
| Other Network Services | 52 | 52 |
| (1) Revenues |
723 | 1,061 +47% |
| Staff costs | -70 | -91 |
| Repair and maintenance | -23 | -32 |
| Utilities | -47 | -57 |
| General and other services | -56 | -77 |
| Operating Expenses | -196 | -257 |
| Adjusted EBITDA | 527 | 804 +53% |
| % Margin without pass through | 74% | 79% |
| Net payment of lease liabilities | -168 | -276 |
| Maintenance capital expenditures | -13 | -16 |
| Changes in working capital | -9 | -10 |
| Net payment of interest | -57 | -98 |
| Income tax payment | -13 | -10 |
| Net dividends to non-controlling interests | 0 | 0 |
| Recurring Levered FCF | 267 | 394 +47% |
Backup Excel file available on Cellnex's website
(1) Revenues correspond to Operating Income excluding Advances to customers (please see note 18a in our Interim Consolidated Financial Statements ended 30 June 2021)
(2) Including the contribution from efficiencies to payment of leases (not accounted for as Opex under IFRS 16)
(1) Contribution from: 2 quarters Arqiva + NOS + Iliad Italy (additional c.20% of existing perimeter) + Hutch (Denmark + Ireland + Austria) + 5 months Hutch Sweden + 1 quarter Play + 1 month T-Infra - Group adaptation costs
(2) Corresponds to the difference between the remaining RLFCF lines below Adjusted EBITDA (mainly payment of leases due to change of perimeter excluding efficiencies, maintenance Capex, change in WC, cash interest, cash tax and dividends to minorities)
| Balance Sheet (€Mn) | Dec 2020 |
Jun 2021 |
|---|---|---|
| Non Current Assets | 18,910 | 27,550 |
| Goodwill | 2,676 | 4,213 |
| Fixed Assets | 13,563 | 19,782 |
| Right of Use | 2,134 | 2,904 1 |
| Financial Investments & Other Fin. Assets | 538 | 651 |
| Current Assets | 5,159 | 9,750 |
| Inventories | 2 | 5 |
| Trade and Other Receivables | 505 | 681 |
| Cash and Cash Equivalents | 4,652 | 2 9,063 |
| Total Assets | 24,070 | 37,300 |
| Shareholders' Equity | 8,933 | 16,197 |
| Non Current Liabilities | 14,066 | 19,582 |
| Borrowings | 9,314 | 12,989 |
| Lease Liabilities | 1,479 | 2,050 1 |
| Provisions and Other Liabilities | 3,273 | 4,543 |
| Current Liabilities | 1,071 | 1,521 |
| Borrowings | 76 | 150 |
| Lease Liabilities | 284 | 1 439 |
| Provisions and Other Liabilities | 711 | 932 |
| Total Equity and Liabilities | 24,070 | 37,300 |
| Net Debt | 6,500 | 6,566 |
| Income Statement (€Mn) | Jan-Jun 2020 |
Jan-Jun 2021 |
|---|---|---|
| (3) Revenues |
723 | 1,061 |
| Operating Expenses | -196 | -257 |
| Non-recurring expenses Depreciation & amortization |
-34 -423 |
-49 -678 |
| Operating Profit | 70 | 77 |
| Net financial profit Income tax Attributable to non-controlling interests |
-135 15 7 |
-254 96 14 |
| Net Profit Attributable to the Parent Company | -43 | -67 3 |
Prudent PPA (1) process leads to fixed assets allocation. Goodwill not linked to cash paid over the course of M&A activity (2)
• The adoption of IFRS 16 helps the leverage comparability among peers, as it equalizes the treatment of both land ownership and the management of ground leases
• Strong liquidity position mainly due to cash generated, capital increases and the issuance of debt instruments
(2) The goodwill arising from business combinations primarily corresponds to the net deferred tax liability resulting from the higher fair value attributed to the net assets acquired compared to their tax base. Please see note 4 in our Interim Consolidated Financial Statements ended 30 June 2021 and slide 26
(3) Revenues correspond to Operating Income excluding Advances to customers (please see note 18a in our Interim Consolidated Financial Statements ended 30 June 2021)
(1) Includes Euro bonds swapped to GBP
(2) Includes USD bonds swapped to EUR; for more details please see slide 30
(1) +c.5.5 months contribution from Polkomtel in Poland (initially expected in 2022) - 1 month T-Mobile sites in The Netherlands (closed one month later than initially expected)
| Market | 2021 commitments Deal & closing dates |
Expected Adjusted EBITDA contribution |
|
|---|---|---|---|
| 12 Months Closed Jan 2021 |
c.€125Mn | ||
| 11 Months Closed Feb 2021 |
c.€38Mn | ||
| 9 Months Closed Apr 2021 |
c.€85Mn | ||
| 7 Months Closed Jun 2021 |
c.€30Mn | ||
| 6 Months Closed Jul 2021 |
c.€115Mn | ||
| 5.5 Months Closed Jul 2021 |
c.€80Mn | ||
| 3 Months (E) Closing Oct 2021 |
c.€70Mn | ||
| To be closed in Q2 2022 | ---- |
(1) As indicated in the Full Year 2020 Results presentation, the change of perimeter in 2021 includes the contribution from Arqiva (6.5 months) and Nos (9 months)
Spain
Network Control Center
ESG – Main developments in Q2 2021
Creation of the Cellnex Foundation. Please see slide 17
Equity, Diversity and Inclusion program implemented
Cellnex Competencies and Leadership Model and Career and Development Program implemented
Business Continuity Management System, Business Impact Analysis, Disaster Recovery Plan and Crisis Management Plan updated
| Target 2021 ** | |
|---|---|
| 40% Cellnex Group's energy consumption green certified 46% of energy consumption green certified in |
40% 50% Spain 30% Italy |
| Cellnex Spain and 30% in Cellnex Italy | Target 2022 ** |
| 100% energy consumption green certified in UK, Sweden and 85% in the Netherlands |
100% UK from 2020 100% Netherlands No individual targets defined for Sweden |
| Target 2022 | |
| 23% of women in management positions | 25% |
| 33% career advancement for women |
40% |
| 51% hires of women |
40% from 2020 |
| 22% hires of young talent | 30% |
| Target 2022 | |
| 40% of women directors | 40% |
| 90% of non-executive directors |
90% |
| 70% of independent directors | 60% |
* Key indicators are monitored in Q2 and Q4. Selection of measurable indicators on a semi-annual basis
** Energy targets refer to the energy directly managed by Cellnex (Scope 2)
The Cellnex Foundation
The Foundation will focus its activity on actions that benefit people through technology and that respond to the challenges and problems detected in the Cellnex environment:
Cellnex Bridge is one of the first initiatives launched by the Cellnex Foundation, focused on an acceleration program for start-ups with the aim of promoting innovative projects that seek to narrow digital, social and territorial divides through the use of technology and connectivity
Cellnex's transition to a low-carbon economy
Cellnex's emission reduction targets have been approved by the Science-Based Targets initiative (SBTi) (1)
The science-based targets defined by Cellnex under its Sustainability Plan are aligned with the "Business Ambition for 1.5°C" commitment
(1) Science-Based Targets is an initiative by the Carbon Disclosure Project (CDP), the United Nations Global Compact, World Resources Institute (WRI) and the World Wildlife Fund (WWF) aiming to increase companies' commitment to sustainable management and the search for more ambitious solutions to climate change
We perform mimetization actions to minimize the impact of our operations in our communities, while ensuring the maximum levels of service quality for our clients
A chimney based on mesh material (France) Pipe solutions (Portugal)
Telecom site over a fake palm tree
Pine tree Cypress tree Sail tower at a rooftop
An example of cladding screening
Cellnex has deployed Project LEAN in a small town of 20 inhabitants in Soria (Spain), in order to roll out shared mobile broadband telecom infrastructures in extreme rural areas that lack connectivity to promote their sustainable economic development and facilitate their digital transformation
Project Lean
E
S
G
Matanza de Soria site is located in an isolated area and uses green and clean energy, as is ideally placed to produce wind and solar energy
Inhabitants can now have remote medical care
Wine cellar has digitized Matanza's production processes reducing and optimizing costs
Pioneer and European market leader in edge connectivity, solely dedicated to designing, building and operating private 4G and 5G networks
More and more companies and industries choose private networks to seize digitalization opportunities
High-performance wireless connectivity for enterprise resource planning, automation, robotics and real-time remote monitoring
Edge Connectivity helps industries unlock productivity and growth, offering continuity and security for business-critical operations
What makes 5G so special?
1. Speed (up to 10 Gbps, much faster than 4G)
2. Greater capacity to interconnect devices (up to one million per km2)
3. Low latency, application response time (up to 1ms)
Allows the beam to follow the user as they move around, improving mobility and efficiency
3. MIMO
Using many transmitting antennas provides multiple signal paths, making it easier for the signal to maintain its quality
Based on the principle of having resources (storage, databases, information processing) close to the user
Each frequency band is more suitable for some or other applications
What is 5G and what opportunities 5G will generate for Cellnex?
Objective to reduce the cost of equipment and increase reliability
The high volume of data will be routed through optical fiber
What will 5G be used for?
How is goodwill accounted for?
Illustrative example: acquisition of a tower company with a fair market value of €100Mn and a book value of €20Mn
Following a prudent approach, Cellnex allocates 100% of the fair market value to assets. The goodwill arising from business combinations primarily corresponds to the net deferred tax liability resulting from the higher fair value attributed to the net assets acquired compared to their tax base (not paid by Cellnex)
(1) In the consolidated balance sheet, a deferred tax liability may be registered against goodwill to the extent that the net assets recognised are not tax deducible
(2) For illustrative purposes, book value and debt remain constant
(3) Intangible amortization (€80Mn / 10 years useful life = €8Mn)
(4) P&L tax effect of the amortization; deferred tax liability is reverted through the P&L over time (8Mn * 30% = €2.4Mn)
(5) Combined P&L impact of intangible amortization and deferred tax liability (€2.4Mn – €8Mn = -€5.6Mn in year 1)
1
• Total Cash Out as before IFRS 16
| € thousand | Year 0 | Year 1 | Year 2 | Year 3 | Year 4 | |
|---|---|---|---|---|---|---|
| Assets (RoU) | (1) 32 |
(2) 24 |
16 | 8 | 0 | |
| Liabilities | 32 | (3) 25 |
17 | 9 | 0 | |
| D&A | -8 | -8 | -8 | -8 | ||
| Interest | (4) -3 |
-2 | -2 | -1 | ||
| Total P&L | -12 | -10 | -10 | -9 | ∑=40 | |
| Payment of leases | -10 | -10 | -10 | -10 | ∑=40 | |
P&L and cash items do not match annually due to the nonlinearity of financial expenses, totaling the same amount over the contract term
(1) Net present value of lease payments
(2) Assets (RoU) previous year – amortization current year (€32Mn assets year 0 - €8Mn amortization year 1 = €24Mn end of year 1)
What factors affect Cellnex's lease capitalization terms?
Cellnex assesses its lease obligations on a per contract basis using tailored-made IT systems thus reflecting future expected cash outflows
Cellnex carries out a comprehensive assessment of its obligations (contract by contract) thanks to custom-made IT systems and extensive managerial capabilities
The capitalization ratio (lease liabilities / annual cash outflow) does not properly reflect the capitalization term but Cellnex's proactive approach to lease management
| Inorganic growth |
• Cellnex's neutral credentials have played a key role when executing M&A and BTS programs (the latter being tax deductible) • Asset deals are preferred over share deals, as the purchase price is fully tax deductible |
|---|---|
| Cellnex's industrial profile |
• Industrial fee / Patent box: Generates a tax deductible expense in the destination country and a tax base reduction in the country of origin • Other country-specific initiatives such as NID in Italy or R&D activity generating tax credits |
| Tax goodwill eligibility |
• Cellnex Italy merged with Galata, with Galata being the surviving legal entity. As a consequence, Cellnex paid an upfront amount of c.€75Mn to implement a goodwill tax amortization over the following 5 years starting in 2022, with an approximate cash tax shield in Italy of c.€135Mn |
| NOLs | • Generation of NOLs that will be tax deductible in the coming years for a total amount of c.€290Mn |
|---|---|
| BTS as a natural | • |
| tax hedge | If tax rates increase, BTS Capex acts as a tax shield by the same rate |
| Terms | Key highlights | ||
|---|---|---|---|
| USD600Mn 20-year bond issuance |
Issuer | Cellnex Finance Company S.A.U. | • Use of an opportunistic window that represented Cellnex's inaugural issuance in the US market |
| Amount | USD600Mn Equivalent to c.€508Mn |
• Diversifying funding sources, accessing to a new pool of capital |
|
| Tenor | 20 years | • Longest-ever bond issuance |
|
| Coupon | 3.875% in USD Equivalent to c.2.5% in EUR |
• Simultaneously, Cellnex Finance entered into a cross currency swap agreement by virtue of which Cellnex will synthetically convert the USD issuance into a c.€508Mn issuance with an associated c.2.5% coupon |
|
| Total demand |
c.USD3.1Bn | • Extending average debt maturities at very attractive terms |
|
| Number of orders |
>100 |
| Term | Definition |
|---|---|
| Adjusted EBITDA | Profit from operations before D&A and after adding back certain non-recurring and non-cash items (such as advances to customers and prepaid expenses) |
| Adjusted EBITDA margin | Adjusted EBITDA divided by total revenues excluding elements pass-through to customers (mostly electricity) from both expenses and revenues |
| Anchor tenant/customer | Anchor customers are telecom operators from which the Company has acquired assets |
| Backlog | Represents management's estimate of the amount of contracted revenues that Cellnex expects will result in future revenue from certain existing contracts. This amount is based on a number of assumptions and estimates, including assumptions related to the performance of a number of the existing contracts at a particular date but do not include adjustments for inflation. One of the main assumptions relates to the contract renewals, and in accordance with the consolidated financial statements, contracts for services have renewable terms including, in some cases, 'all or nothing' clauses and in some instances may be cancelled under certain circumstances by the customer at short notice without penalty. |
| Build-to-suit (BTS) Capex | Corresponds to committed Build-to-Suit programs (consisting of sites, backhaul, backbone, edge computing centers, DAS nodes or any other type of telecommunication infrastructure as well as any advanced payment related to it or further initiatives) and also adjacent Engineering Services or Works & Studies that have been contracted with different clients, including ad-hoc capex eventually required |
| Customer Ratio | The customer ratio relates to the average number of operators in each site. It is obtained by dividing the number of operators by the average number of Telecom Infrastructure Services sites in the year |
| DAS | A distributed antenna system is a network of spatially separated antenna nodes connected to a common source via a transport medium that provides wireless service within a geographic area or structure agreed with clients |
| Expansion Capex | Investment related to business expansion that generates additional RLFCF, including decommissioning, telecom site adaptation for new tenants and prepayments of land leases |
| Engineering Services | On request of its customers Cellnex carries out certain works and studies such as adaptation, engineering and design services, which represent a separate income stream and performance obligation. The costs incurred in relation to these services can be internal expense or outsourced. The revenue in relation to these services is generally recognized as the expense is incurred |
| Maintenance Capex | Investments in existing tangible or intangible assets, such as investment in infrastructure, equipment and information technology systems, and are primarily linked to keeping sites in good working order, but which excludes investment in increasing the capacity of sites |
| M&A Capex | Investments in shareholdings of companies, significant investments in acquiring portfolios of sites and/or land |
| Term | Definition |
|---|---|
| MNO | Mobile Network Operator |
| Net Debt | Excludes PROFIT grants and loans |
| New colocations and associated revenues |
Includes new third party colocations as well as further initiatives carried out in the period such as special connectivity projects (please see slide 8 Q320 Results Presentation or slide 22 Q1 2021 Results Presentation), indoor connectivity solutions based on DAS (please see slide 7 Q120), mobile edge computing (please see slide 7 Q220), fiber backhauling, site configuration changes as a result of 5G rollout and other engineering services |
| Node | A Node receives from the fiber optical signal from several MNOs and transforms it into radio frequency signal to transfer it to antennas after amplifying it. The definition of a Node is always subject to managements view, and could be reviewed as new configurations might occur following technological developments. Please note that Nodes that generate revenues for Cellnex but that are not hosted by Cellnex (marketing rights) may be excluded from the Company's reported KPIs |
| Pop (Point of Presence) | A customer configuration based on the most typical technological specifications for a site within which the active equipment and antennas are often owned by the customer. The definition of PoP is always subject to management's view, independently of the technology used or type of service such customer provides. In the 5G/IoT network ecosystem, this definition of PoP could be reviewed as new customer configurations might also be considered a PoP, especially in relation to new site-adjacent asset classes, subject again to the management's view. Please note that PoPs that generate revenues for Cellnex but that are not hosted on sites owned by Cellnex (marketing rights) may be excluded from the Company's reported KPIs |
| Revenues | Revenues correspond to Operating Income excluding Advances to customers (please see note 18a in our Interim Consolidated Financial Statements ended 30 June 2021) |
| RLFCF | Recurring Operating Free Cash Flow plus/minus changes in working capital, plus interest received, minus interest expense paid, minus income tax paid, and minus minorities |
| TIS | Telecom Infrastructure Services |
The information and forward-looking statements contained in this presentation have not been verified by an independent entity and the accuracy, completeness or correctness thereof should not be relied upon. In this regard, the persons to whom this presentation is delivered are invited to refer to the documentation published or registered by Cellnex Telecom, S.A. and its subsidiaries ("Cellnex") with the National Stock Market Commission in Spain (Comisión Nacional del Mercado de Valores). All forecasts and other statements included in this presentation that are not statements of historical fact, including, without limitation, those regarding the financial position, business strategy, management plans, estimated investments and capital expenditures, pipeline, priorities, targets, outlook, guidance, objectives for future operations and run rate metrics of Cellnex (which term includes its subsidiaries and investees), are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors (many of which are beyond Cellnex's control), which may cause actual results, performance or achievements of Cellnex, or industry results, to be materially different from those expressed or implied by these forward-looking statements. These forward-looking statements are based on numerous assumptions regarding Cellnex's present and future business strategies, performance by Cellnex's counterparties under certain of Cellnex's contracts and the environment in which Cellnex expects to operate in the future which may not be fulfilled. No representation or warrant, express or implied is made that any forward-looking statement will come to pass. In particular, this presentation contains information on Cellnex's targets, outlook and guidance, which should not be construed as profit forecasts. There can be no assurance that these targets, outlook and guidance will be met. Accordingly, undue reliance should not be placed on any forward-looking statement contained in this presentation. All forward-looking statements and other statements herein are only as of the date of this presentation. None of Cellnex nor any of its affiliates, advisors or representatives, nor any of their respective directors, officers, employees or agents, shall bear any liability (in negligence or otherwise) for any loss arising from any use of this presentation or its contents (including any forward-looking statement), or otherwise in connection herewith, and they do not undertake any obligation to provide the recipients with access to additional information or to update this presentation or to correct any inaccuracies in the information contained or referred to herein.
To the extent available, the industry and market data contained in this presentation has come from official or third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. In addition, certain of the industry and market data contained in this presentation come from Cellnex's own internal research and estimates based on the knowledge and experience of Cellnex's management in the market in which Cellnex operates, and is subject to change. Certain information contained herein is based on Cellnex's management information and estimates and has not been audited or reviewed by Cellnex's auditors. Recipients should not place undue reliance on this information. The financial information included herein has not been reviewed by Cellnex's auditors for accuracy or completeness and, as such, should not be relied upon. Certain financial and statistical information contained in the presentation is subject to rounding adjustments. Accordingly, any discrepancies between the totals and the sums of the amounts listed are due to rounding.
This presentation is addressed to analysts and to institutional or specialized investors only and should only be read together with the supporting excel document published on the Cellnex website. The distribution of this presentation in certain jurisdictions may be restricted by law. Consequently, persons to which this presentation is distributed must inform themselves about and observe such restrictions. By receiving this presentation the recipient agrees to observe any such restrictions.
Neither this presentation nor the historical performance of Cellnex's management team constitute a guarantee of the future performance of Cellnex and there can be no assurance that Cellnex's management team will be successful in implementing the investment strategy of Cellnex.
In addition to the financial information prepared under IFRS, this presentation includes certain alternative performance measures ("APMs"), as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority on 5 October 2015 (ESMA/2015/1415es). An Alternative Performance Measure (APM) is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework. APMs are not defined under IFRS-EU, and should not be considered in isolation and may be presented on a different basis than the financial information included in Cellnex's financial statements. In addition, they may differ significantly from similarly titled information reported by other companies, and may not always be comparable. Prospective investors are cautioned not to place undue reliance on these measures, which should be considered as supplemental to, and not a substitute for, the financial information of Cellnex prepared in accordance with IFRS-EU. The APMs included herein have not been audited by Cellnex's auditors or by any independent expert.
Nothing herein constitutes an offer to sell or the solicitation of an offer to purchase any security and nothing herein may be used as the basis to enter into any contract or agreement.
This report contains, in addition to the financial information prepared in accordance with International Financial Reporting Standards ("IFRS") and derived from our financial statements, alternative performance measures ("APMs") as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015 (ESMA/2015/1415en) and other non-IFRS measures ("Non-IFRS Measures"). These financial measures that qualify as APMs and non-IFRS measures have been calculated with information from Cellnex Group; however those financial measures are not defined or detailed in the applicable financial reporting framework nor have been audited or reviewed by our auditors.
We use these APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider these APMs and non-IFRS measures to be useful metrics for our management and investors to compare financial measure of historical or future financial performance, financial position, or cash flows. Nonetheless, these APMs and non-IFRS measures should be considered supplemental information to, and are not meant to substitute IFRS measures. Furthermore, companies in our industry and others may calculate or use APMs and non-IFRS measures differently, thus making them less useful for comparison purposes.
For further details on APMs and Non-IFRS Measures, including its definition or a reconciliation between any applicable management indicators and the financial data presented in the consolidated financial statements prepared under IFRS, please see the section on "Alternative performance measures" (page 58 et seq.) of the Integrated annual report for the fiscal year ended in 31 December 2020 of Cellnex Telecom, S.A., published on 26 February 2021. The document is available on Cellnex website (www.cellnextelecom.com).
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.