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Planetel Earnings Release 2021
4337_ir_2021-09-27_73b1aa74-5a08-436d-bb8e-0328e2446e12.pdf
Earnings Release
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| Informazione Regolamentata n. 20204-28-2021 |
Data/Ora Ricezione 27 Settembre 2021 18:05:06 |
AIM -Italia/Mercato Alternativo del Capitale |
|
|---|---|---|---|
| Societa' | : | PLANETEL | |
| Identificativo Informazione Regolamentata |
: | 152224 | |
| Nome utilizzatore | : | PLANETELN03 - Michele Pagani | |
| Tipologia | : | REGEM; 1.2 | |
| Data/Ora Ricezione | : | 27 Settembre 2021 18:05:06 | |
| Data/Ora Inizio Diffusione presunta |
: | 27 Settembre 2021 18:05:07 | |
| Oggetto | : | THE BOARD OF DIRECTORS OF PLANETEL REVIEWS THE CONSOLIDATED HALF-YEARLY FINANCIAL REPORT AS OF 30 JUNE 2021 |
|
| Testo del comunicato |
Vedi allegato.
PRESS RELEASE
THE BOARD OF DIRECTORS OF PLANETEL REVIEWS THE CONSOLIDATED HALF-YEARLY FINANCIAL REPORT AS OF 30 JUNE 2021
ROBUST GROWTH IN THE MAIN FINANCIAL INDICATORS
Value of Production 11.6 million Euro (+18%) EBITDA1 2.3 million Euro (+31%) Negative Net Financial Position of 4.96 million Euro Growth in Customer numbers (+42,3% YoY)
Treviolo (Bergamo), 27 September 2021 – Planetel S.p.A., ("the Company" or "Planetel"), the parent company of a group operating nationwide in the telecommunications sector, listed on the AIM Italia multilateral trading system organised and run by Borsa Italiana S.p.A., announces that the Board of Directors, meeting today, has examined the consolidated half-yearly financial report as of 30 June 2021, drawn up in accordance with the Italian accounting standards and subject to voluntary audit.
Summary of data as of 30 June 2021
The first half of 2021 closed with a Value of Production of 11.6 million Euro, an increase of 18% over the same period of 2020, when the figure was 9.8 million Euro.
This result was mainly generated by the connectivity sector, which accounted for 7.02 million Euro, representing about 60.5% of total sales. The infrastructure business recorded sales of about 1.6 million Euro, with an incidence on turnover of about 15%, while the result for ASP (Application Service Provider) and Cloud operations was about 1.4 million Euro, equivalent to 13% of sales.
Within the half-year, recurrent earnings represented 79.2% of total earnings, while the churn rate (rate of loss of clientele) was 4.7% on an annual basis: these positive values point to a high degree of customer loyalty, due to the high technology level of the offer and the quality of the services provided.
As of 30 June 2021 the company had a total of 26,672 customers compared to the 18,742 of 30.6.2020, with growth of +42.3%. In 1H 2021 there were 15,097 customers for connectivity alone, an increase of about 56% compared to the 9,687 of the same period of 2020.
As of 30 June 2021, total fibre infrastructure covered about 1,760 Km (of which 1,090 Km proprietary and 670 Km held under IRU), showing an increase of +23% compared to 31 December 2020 and an increase of
1 EBITDA: Alternative Performance Indicators: EBITDA (Earning Before Interest, Taxes, Depreciations and Amortisations) is an alternative performance indicator not defined by Italian accounting standards but used by the company's management to monitor and assess its operating performance because it is unaffected by volatility arising from the effects of the different criteria used to determine taxable income, the amount and characteristics of invested capital, or the relative amortisation policies. Planetel defines this indicator as the Profit/(Loss) for the period before amortisations and write-downs of tangible and intangible fixed assets, financial costs and income, and income taxes
+28.7% YoY. The company covers 150 municipalities, a rise of 56% over the end of the previous financial year, in addition to 26 municipalities where network installation is already under way with handover scheduled before the end of year 2021.
EBITDA was 2.3 million Euro (+ 31% YoY compared to 1.76 million), equivalent to about 20% of the value of production.
EBIT for the 1st half of 2021 was 0.62 million Euro (5% of the value of production), slightly below the 0.69 million Euro for the corresponding period of 2020. The value for the 1st half-year was adversely affected by the amortisations of the costs of listing and the revaluation of the company's assets made as of 31 December 2020 (on the basis of Italian Decree Law 104/20 for 178 thousand Euro), net of which the EBIT would be 0.9 million Euro (equivalent to 8% of the value of production).
The Operating Result was 0.43 million Euro (-62% compared to the 1.1. million Euro of the same period of 2020), equivalent to 4% of the Value of Production.
The difference of about -0.7 million Euro in the Operating Result compared to the equivalent semester of the previous year is due partly to the sale, during 2020, of IPCompany S.p.A., which generated extraordinary financial revenues of 0.69 million Euro, included in the proforma consolidated financial statements issued for listing purposes.
The Group reports Net Equity of 18.2 million Euro, compared to the 17.7 million Euro as of 31 December 2020 (+3%), and a negative Net Financial Position of -4.96 million Euro (-1.0 million Euro as of 31 December 2020). The difference in NFP is due to the large increase in investments in infrastructure and technology (+17% compared to 31 December 2020) and the reduction in trade payables (-24% compared to 31 December 2020).
Bruno Pianetti, Chair and CEO of Planetel S.p.A. – "The figures for the first half-year confirm Planetel's continued growth, fuelled by ongoing investments in technology and infrastructure to enable the delivery of competitive, quality services. Innovation has always been our company's main driver, and it will continue to be so in the future, when we will also be fully engaged in the identification and selection of new M&A opportunities, new partners and new managers, to enable us to keep growth and to create value in the world of the Cloud and connectivity.
This commitment must be inseparably linked to the development of a more sustainable business, through an approach to the world of ESG, a process already begun through our collaboration with eVISO S.p.A. for the supply of certified green energy."
Investments
Thanks to the capital raised through listing on Borsa Italiana's AIM market, the Company has accelerated its investments, which totalled 4.7 million Euro in the first half of 2021, of which 3.8 were for the development of FTTH and FTTC fibre networks.
The effects of these investments on earnings will start to be felt from the second half of 2021.
Significant events occurring in the 1st half of 2021
On 19 April 2021, the Planetel Board approved the acquisition, from a related party, of the remaining 25% of the capital of Trifolio srl, at a value corresponding to the price already paid in the acquisition of 75% of the share capital in September.
On 30 June 2021 the Planetel Board approved the project for the merger by incorporation of the wholly owned subsidiaries S.I.T.I.S. srl and Servizi Internet srl.
The Merger forms part of the broader corporate reorganisation of the group headed by Planetel, undertaken
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to simplify its structure and generate greater benefits from any operating, administrative and corporate synergies, and also enable the achievement of economies of scale, since the companies taking part in the Merger operate synergistically on the same market.
Significant events occurring after 30 June 2021
No particularly significant events occurred.
Future outlook
The 1st half of 2021 was positive for Planetel, which recorded robust improvement in its main financial indicators.
Thanks to the strategic positioning achieved on its core market thanks to the connectivity services offered, in the second half of 2021 the Company will be well placed to exploit the growth opportunities offered by the strong improvement in the pandemic situation and the consequent recovery of all sectors of production. In the near future, the company will focus in particular on the Cloud sector, also through wholesale customers, with the aim of offering standardised services which will enable the opening of new sales and distribution channels. For this project, a new manager with vast experience as country manager in Cloud services will be joining the Planetel organisation.
There will also be growth in the IoT (Internet of Things) sector, extending to new municipalities under a pilot project currently being defined with the municipality of Treviolo.
The process of corporate integration continues further to the merger by incorporation of Servizi Internet S.r.l. and Sitis S.r.l., with the aim of simplifying the structure and generating greater benefits from any operating, administrative and corporate synergies, and also enabling the achievement of economies of scale.
*******
In accordance with the provisions of the Issuer Rules of AIM Italia, the half-yearly report as of 30 June 2021 will be made available to the public by the legal deadlines at the Company's registered office, through Borsa Italiana S.p.A., through the "Emarket Storage" system managed by Spafid Connect at and on the Company's website at www.planetel.it.
This press release is available from Borsa Italiana S.p.A., from the company's registered office and in the Investitori/Investor Relations/Comunicati Finanziari section of the website www.planetel.it.
For its compulsory reporting, Planetel uses the Consob-approved mechanism, managed by Spafid Connect S.p.A., with registered office at Foro Buonaparte 10, Milan.
*******
This press release may include forward-looking statements regarding future events and future results of Planetel S.p.A. that are based on current plans, estimates and projections regarding the industry in which the Company operates, and management events and current opinions. These elements involve inherent risks and uncertainties, because they depend on the occurrence of future events and on multiple factors, many of them beyond the control of Planetel, including global macroeconomic conditions, changes in business conditions, further deterioration of the markets, the impact of the competition, and political, economic and regulatory developments in Italy.
For further information:
PLANETEL S.p.A. Nomad and Global Coordinator Michele Pagani Alantra Capital Markets CFO and Investor Relations Manager Milan, Via Borgonuovo 16 +39 035204094 +39 3343903007 [email protected] [email protected]
Investor Relations Media Relations POLYTEMS HIR POLYTEMS HIR Bianca FERSINI MASTELLONI - Silvia MARONGIU Paolo SANTAGOSTINO 06.69923324-066797849 +393493856585
[email protected] [email protected]
Specialist MIT SIM S.p.A. 02.30561270 [email protected]
Holding company of a group that offers telecommunication services at national level, Planetel S.p.A. has developed a proprietary fibre optic network for the ultra-broadband connectivity of about 150 municipalities and provides TLC/IT services to 26,672 customers in Lombardy, Veneto and Campania, through a multi-channel approach. Among the first Italian Internet Service Providers (ISP and WISP) to gradually develop its position in the telecommunication and system integration market, the company has been able to stand out on the territory as a single player offering integrated digital solutions, ASP / Cloud services and other IT solutions. Planetel, formerly a national phone operator, can now provide Business, Wholesale and Residential customers with fibre optic network connections, with the most advanced ultra-broadband connectivity and integrated communication solutions with FTTH-FTTP (Fibre to the Home – Fibre to the Premises) network architectures; its offer covers the entire value chain of ICT services that allows companies to accelerate their digitization process and time-tomarket. Planetel's primary assets include a fibre optic network of approximately 1,760 Km. – CLOUD infrastructure in 3 Datacentres – 110 Planetel Points in 63 Municipalities – 950 Cabinets on the ground, etc.
Planetel's main goal is the strategic development of a high-speed proprietary backbone – up to 1.4Tb/s – which will allow more stable, faster and more secure connections with a guarantee of greater continuity of service for its customers.
Ticker: PLT - ISIN Code of ordinary shares: IT0005430951
Enclosures:
- Consolidated Statement of Income
- Consolidated Balance Sheet
- Cash flow statement
ANNEXES:
| Statement of Income | 30.06.21 | 30.06.20 | Change | % Change | ||
|---|---|---|---|---|---|---|
| (Data in Euro/000) | Consolidated % |
Consolidated | % | 06.21-06.20 | ||
| Proforma | ||||||
| Earnings from sales | 10,819 | 93% | 9,569 | 98% | 1,249 | 13% |
| Change in inventory | 140 | 1% | 113 | 1% | 28 | 24% |
| Increases in value of fixed assets and internal works |
299 | 3% | 0 | 0% | 299 | 100% |
| Other earnings and income | 351 | 3% | 115 | 1% | 236 | 205% |
| Value of production | 11,609 | 100% | 9,797 | 100% | 1,812 | 18% |
| Costs for raw, subsidiary and consumable materials |
-1,155 | -10% | -1,190 | -12% | 36 | -3% |
| Costs for services | -4,593 | -40% | -3,866 | -39% | -727 | 19% |
| Use of third-party assets | -379 | -3% | -406 | -4% | 27 | -7% |
| Labour costs | -3,078 | -27% | -2,538 | -26% | -539 | 21% |
| Sundry operating costs | -103 | -1% | -36 | 0% | -67 | 186% |
| EBITDA | 2,303 | 20% | 1,761 | 18% | 542 | 31% |
| Amortisations and write downs |
-1,685 | -15% | -1,073 | -11% | -612 | 57% |
| EBIT | 617 | 5% | 688 | 7% | -71 | -10% |
| Financial result | -117 | -1% | 630 | 6% | -747 | -119% |
| EBT | 500 | 4% | 1,318 | 13% | -818 | -62% |
| Income taxes | -71 | -1% | -177 | -2% | 106 | -60% |
| Operating result | 429 | 4% | 1,141 | 12% | -712 | -62% |
| Balance Sheet | 30.06.2021 | 31.12.2020 | % Change |
|---|---|---|---|
| (Data in Euro/000) | Consolidated | Consolidated | 30.06.21- 3.12.20 |
| Intangible fixed assets | 5,518 | 5,515 | 0% |
| Tangible fixed assets | 20,331 | 17,315 | 17% |
| Financial fixed assets | 6 | 6 | 0% |
| Net Non-Current Assets | 25,855 | 22,836 | 13% |
| Inventory | 979 | 839 | 17% |
| Commercial receivables | 6,668 | 6,477 | 3% |
| Commercial payables | -4,263 | -5,620 | -24% |
| Commercial Current Assets | 3,384 | 1,696 | 100% |
| Other current assets | 1132.9 | 90 | 1159% |
| Other current liabilities | -2,307 | -2,003 | 15% |
| Tax receivables and payables | 338.1 | 2 | 16805% |
| Net accruals and deferrals | -4,234 | -2,809 | 51% |
| Net Current Assets | -5,070 | -4,720 | 7% |
| Contingency funds | -46.4 | -72 | -36% |
| Severance Pay | -766.6 | -776 | -1% |
| Net Invested Capital (Investments) | 23,356 | 18,964 | 23% |
| Liquid assets | -8,550 | -12,833 | -33% |
| Financial payables | 13,511 | 13,878 | -3% |
| Net Financial Position | 4,961 | 1,045 | 375% |
| Share capital | 134 | 134 | 0% |
| Reserves | 17,465 | 16,234 | 8% |
| Consolidation reserve | 156 | 195 | -20% |
| Profit / (Loss) | 401 | 1,059 | -62% |
| Group Net Equity | 18,155 | 17,622 | 3% |
| Third-party capital | 5 | 15 | -70% |
| Reserves | 206 | 245 | -16% |
| Third party Profit / (Loss) | 29 | 37 | -22% |
| Third-party Net Equity | 239.6 | 297 | -19% |
| Total Sources of Funding | 23,356 | 18,964 | 23% |
| Cash flow statement, indirect method | 30.06.21 | 31.12.20 | |
|---|---|---|---|
| (Data in Euro/000) | Consolidated | Consolidated | |
| A) Cash flows deriving from the company's business (indirect method) | |||
| Year profit (loss) | 429.294 | 1.096.417 | |
| Income taxes Interest payable/(receivable) |
70.743 120.493 |
120.914 200.090 |
|
| (Dividends) | (61.200) | ||
| (Capital gains)/Capital losses deriving from the disposal of assets | (629.000) | ||
| 1) Profit (Loss) for the financial year before income taxes, interest, dividends and capital gains/losses from disposals |
620.530 | 727.221 | |
| Adjustments for non-monetary items with no effects on net current assets | |||
| Allocations to funds | 54.285 | 22.664 | |
| Amortisations of fixed assets | 1.660.671 | 2.508.101 | |
| Write-downs due to lasting loss of value Adjustments to value of financial assets and liabilities from derivative financial |
24.704 | 21.267 | |
| instruments which do not imply monetary transactions | (25.562) | ||
| Other upward/(downward) adjustments for non-monetary items | |||
| Adjustments for non-monetary items with no effects on net current assets | 1.714.098 | 2.552.032 | |
| 2) Cash flow prior to variations in net current assets | 2.334.628 | 3.279.253 | |
| Variations in net current assets | |||
| Decrease/(Increase) in inventory | (140.431) | (31.298) | |
| Decrease/(Increase) in receivables from customers | (191.731) | (1.377.491) | |
| Increase/(Decrease) in payables to suppliers | (1.357.019) | 1.266.484 | |
| Decrease/(Increase) in accrued income and deferred charges | (180.724) | (72.375) | |
| Increase/(Decrease) in accrued liabilities and deferred income | 1.604.647 | 986.839 | |
| Other decreases/(Other increases) in net current assets | (1.010.696) | 455.096 | |
| Total variations in net current assets | (1.275.954) | 1.227.255 | |
| 3) Cash flow after variations in net current assets | 1.058.674 | 4.506.508 | |
| Other adjustments | |||
| Interest collected/(paid) | (120.493) | (200.090) | |
| (Income taxes paid) | (70.743) | (120.914) | |
| Dividends collected | 0 | 61.200 | |
| (Drawings on funds) | (63.620) | ||
| Other collections/(payments) | |||
| Total other adjustments Cash flow from business (A) |
(254.856) 803.818 |
(259.804) 4.246.704 |
|
| B) Cash flow from investments | |||
| Tangible fixed assets | (4.239.994) | (5.116.734) | |
| (Investments) | (4.239.994) | (5.116.734) | |
| Disinvestments | 0 | 0 | |
| Intangible fixed assets | (439.231) | (1.095.141) | |
| (Investments) | (439.231) | (1.095.141) | |
| Disinvestments | |||
| Financial fixed assets | 0 | 629.000 | |
| (Investments) Disinvestments |
629.000 | ||
| Financial assets not included in fixed assets | 0 | 0 | |
| (Investments) | 0 | ||
| Disinvestments | 0 | ||
| (Acquisition of controlled enterprises net of liquid assets) | (40.339) | (440.625) | |
| Disposal of controlled enterprises net of liquid assets Cash flow from investments (B) |
(4.719.564) | (6.023.499) | |
| C) Cash flow from financing operations | |||
| Indebtedness | |||
| Increase/(Decrease) in short-term debts to banks | 5.310 | (44.207) | |
| New loans | - | 6.173.275 | |
| (Loan repayments) | (372.386) | (1.064.944) | |
| Shareholders' equity | |||
| Capital increase with payment | 7.508.220 | ||
| (Capital repayment) | |||
| Disposal/(Purchase) of own shares | |||
| (Dividends and advances on dividends paid) | 12.572.344 | ||
| Cash flow from financing activities (C) | (367.076) | ||
| Increase (decrease) in liquid assets (A ± B ± C) | (4.282.822) | 10.795.548 | |
| Liquid assets at start of year | 12.832.705 | 2.037.157 | |
| Liquid assets at end of year | 8.549.883 | 12.832.705 |
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