Cellnex closes an intense first semester in purchases with Ebitda and skyrocketing revenues


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Cellnex closed the first half of the year with revenues of 1,061 million euros, 47% more and Adjusted Ebitda of € 804 million, which represents a growth of 53%. Leveraged free and recurring cash flow is up 47% to € 394 million. For its part, the net debt of the telecommunications infrastructure operator as of June 30 has risen slightly to 6,566 million euros compared to 6,500 million at the end of last year. A debt with an average life of 7.2 years and 86% tied to a fixed rate. All this in a context of the closing of important operations, especially the one referring to the acquisition of the European portfolio of towers of CK Hutchison in the absence of the United Kingdom or the integration of the Deutsche Telekom sites in the Netherlands.

For his part, net accounting result It was negative by 67 million euros due to higher amortizations (+ 60% compared to the first half of 2020) and financial costs (+ 88% compared to a year ago) associated with the acquisitions made by the company at this time. In addition, the points of presence (PoPs) have increased by around 95%. In addition, Cellnex has as of July 2021 available liquidity of 18.6 billion euros after closing the acquisition of the Polish Polkomtel Infrastruktura.

In this sense, the telecommunications infrastructure operator has announced the update your forecasts for this year in which it has estimated income of between 2,535 and 2,555 million euros compared to a previous range of 2,405 and 2,445 million. Regarding EBITDA, it has increased its forecasts, placing them in a range of between 1,910 and 1,930 million compared to previous calculations (between 1,815 and 1,855 million euros). In addition to pointing towards a recurring free cash flow between 955 and 965 million compared to the previous rate of between 905 and 925 million.

Dizzying half a year

At the close of all pending operations, Cellnex plans to operate more than 130,000 towers and telecommunications sites in 12 European countries. In any case, the first six months have been dizzying for Cellnex, which has managed to close the purchase of CK Hutchison’s European assets in Austria, Denmark, Ireland, Sweden and Italy waiting for what happens in the UK. Along these lines, the British regulator has announced that it will open a more in-depth investigation into this operation although, from the company, they have been maintaining that this operation will be completed in the first half of 2022.

The entry of the Hong Kong group into the shareholding with a 5% stake will depend on what happens on British soil. The company has consolidated acquisition of 18,600 sites of the 24,600 agreed, in a movement that will involve a total disbursement of 10,000 million euros.

Similarly, the integration of the Polish Play for 800 million acquiring a network of 7,000 sites in this European country, where it plans to invest up to 1,300 million euros to deploy 5,000 new sites. In addition to the acquisition of the Polish Polkomtel Infrastruktura to Cyfrowy Polsat. Lastly, the integration of the Deutsche Telekom towers in the Netherlands was completed and an investment fund in digital infrastructures was created. It remains in the pipeline to complete the purchase of 100% of the telecommunications tower operator ‘Hivory’ in France (10,500 locations) together with a new investment plan for 5,200 million.

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