Q1
2020
results
April 22nd, 2020
|Disclaimer
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The information contained in the Presentation has not been independently verified and some of the information is in summary form. No representation or warranty, express or implied, is made by the Euskaltel Group (including Euskaltel, S.A. and R Cable y Telecable Telecomunicaciones, S.A.U., nor by their directors, officers, employees, representatives or agents as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions expressed herein. None of Euskaltel Group, nor their respective directors, officers, employees, representatives or agents shall have any liability whatsoever (in negligence or otherwise) for any direct or consequential loss, damages, costs or prejudices whatsoever arising from the use of the Presentation or its contents or otherwise arising in connection with the Presentation, save with respect to any liability for fraud, and expressly disclaim any and all liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in connection with the accuracy or completeness of the information or for any of the opinions contained herein or for any errors, omissions or misstatements contained in the Presentation.
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2
Q1 2020 results
| Euskaltel starts the year strongly delivering on guidance and with a controlledCOVID-19impact
Operating
KPIs
(Q1 20
vs
Q4 19)
Financials
+0.4k
+3k
13m
+0.1%
+8.1%
+5.5%
Mass Market fixed customers net adds1
Broadband net adds
Addressable households
Revenue
(YoY growth)
EBITDA
(YoY growth)
OpCF
(YoY growth)
Stable customerbase reflects COVID-19 restrictions2
Broadband services growth
Significantincrease in addressable footprint ready for national expansion
Revenuevery slightly impacted by COVID-19in the quarter
Efficiency initiatives drive significant EBITDA and cash flow growth
COVID-19 | Controlled operating and financial impact | |||
1. | Mass market fixed subs = residential fixed subs + SOHO fixed subs (exc. only mobile subs) | 3 | ||
2. | Portability restrictions imposed by the regulator as a result of the State of Emergency | |||
Q1 2020 results
| Euskaltel reinforces its services during theCOVID-19situation
Focus on keeping
customers
connected…
+65% | +71% | +32% |
Fixed voice traffic | Fixed data traffic | On-demand TV consumption |
70% of stores open to meet customer service requirements1
Special B2B customer service and technical support platforms established
800 people working on a daily basis to ensure continued network robustness
Network operating normally and traffic increases delivered without any major disruptions
- reinforcing their services…
- while keeping employees and customers safe
All TV cinema and children channels offered free of charge
30 Gb per month of mobile data bonus offered to every mobile customer Data allowances increased to customers with special needs
TV access provided to all those hospitalized
All COVID-19 Government restrictions implemented
Nearly 100% of employees and more than 90% of call centres workers teleworking
Squad team created to help employees cope with COVID-19 issues
1. Customer service requirements imposed by the Government as a result of the State of Emergency
Q1 2020 results
4
|Controlledoperating and financial impact
Controlled business
impacts
Solid financial
position
- Portability restrictions imposed due to the State of Emergency have resulted in an approximately 50% reduction in both daily gross adds and churn from normal levels, resulting in a stable customer base
- Customer bill returns and customer suspensions generate limited impact on revenue to date
- Mitigation measures already implemented to support and fidelise the customer base and customer suspension requests are being monitored on a daily basis to mitigatefull-year revenue impact
- €98m of cash balance as of March 31st, 2020, continued operating cash flow generation
- Cash balance has increased by €150m in April due to the full drawdown of the revolving credit facility
- Average debt maturity at 4.2 years, solid balance sheet position
Limited business impact, solid financial position and allCOVID-19mitigation measures already in place
5
Q1 2020 results
| Virgin national expansionprepared for full commercial launch
More than13 million households national coverage in the quarter
Customer pilot tests already launched with initial success
Trialcustomers already connected at national level
Virgin brand ready for commercial launch with footprint
deployment and customer trials already started
6
Q1 2020 results
Operating review
7
Q1 2020 results
| Access to national footprint increased by close to 8 million households in
the quarter
Current footprint (in thousand households)
Homes passed_owned (HFC & FTTH)
13,533
Accessible homes_wholesale
+7.8m
11,050
5,360 5,780
2,911 2,9532,9993,311
569598
2,342 | 2,355 | 2,361 | 2,469 | 2,483 |
~18m | ||
households | ||
estimated | ||
▪Orange | for Q2 2020 | |
wholesale | Addressable footprint | |
bitstream | ||
multiplies with the | ||
▪ | Telefónica's | addition of accessible |
households through | ||
VULA & NEBA | ||
the Orange agreement | ||
and Telefonica's | ||
▪ | HFC | regulated footprint |
- Orangeco-investment
- Infill FTTH
Q1 19 | Q2 19 | Q3 19 | Q4 19 | Q1 20 |
8
Q1 2020 results
|The stable customer basereflects the lower sales volumes due to Covid-19 restrictions being balanced by reduced churn
Mass market subscribers1, 2(in thousands)
mass market fixed services subs | mass market only mobile subs | |
768 | 772 | 771 | 771 | 769 |
106 | 106 | 104 | 102 | 99 |
Portability restrictions imposed by the State of Emergency limited
March's commercial momentum
662 | 666 | 667 | 669 | 670 |
Strong decline in daily gross adds compensated by churn reduction to maintain a stable customer base
Q1 19 | Q2 19 | Q3 19 | Q4 19 | Q1 20 |
- Mass market subs = residential subs + SOHO subs + RACC only mobile subs
- Mass market subs figures impacted by a 0.2k subs reclassification from mass market to SMEs
9
Q1 2020 results
|Broadband penetration grows in the customer base
Mass market services1(RGUs) per type (in thousands)2
Fixed Voice | Broadband | TV | Post-paid mobile | 2,832 | |||||
2,773 | 2,816 | 2,821 | 2,833 |
Services /sub
1,128 | 1,151 | 1,155 | 1,163 | 1,164 | +1k QoQ |
456 | 466 | 467 | 469 | 472 | +2k QoQ |
580 | 586 | 589 | 593 | 596 | +3k QoQ |
610 | 613 | 610 | 607 | 600 | -7k QoQ |
Q1 19 | Q2 19 | Q3 19 | Q4 19 | Q1 20 | |
3.61 | 3.65 | 3.66 | 3.67 | 3.68 |
1. Mass market services = residential services + SOHO services + RACC only mobile services
2. RGU figures impacted by a 12k RGU reclassification from mass market to SMEs | 10 |
Q1 2020 results
|SME and large accountscustomer growth continues on a positive trend
SME and large account subscribers1(in thousands)
15.9
15.6 15.715.8
15.5
Q1 19 | Q2 19 | Q3 19 | Q4 19 | Q1 20 |
1. SME and large account subs figures impacted by a 0.2k subs reclassification from mass market to SMEs and a recognizition of 0.3k subs not previously reported
11
Q1 2020 results
Financial review
12
Q1 2020 results
|Revenue remains stablewith limited COVID-19 impact
Total revenue breakdown by segment2(EURm) | Total revenue evolution YoY (%) | |||||||||
Mass market1 | B2B | Wholesale and Other | +0.7% | |||||||
+0.1% | ||||||||||
171.7 | 171.1 | 171.1 | 171.6 | 171.8 | ||||||
7.4 | 8.0 | 8.3 | 8.8 | 8.5 | (0.4%) | |||||
30.3 | 27.0 | 26.5 | 27.1 | 29.7 | (0.9%) | |||||
134.0 | 136.0 | 136.4 | 135.7 | 133.6 |
(2.8%) |
Q1 19 Q2 19 Q3 19 Q4 19 Q1 20Q1 19 Q2 19 Q3 19 Q4 19 Q1 20
1. Mass market revenue = residential revenue + SOHO revenue + RACC only mobile revenue | |
2. 2019 revenue figures impacted by a reclassification due to reporting changes to more accurately reflect the integration of the 3 companies | 13 |
Q1 2020 results
|Operating efficiencies allow for a significant SG&A reductionin the quarter
Gross margin2(% over revenue) | Selling, general and administrative expenses2(EURm) |
1 | -12.0% | ||||||||
74.5% | 74.0% | 77.1% | |||||||
72.0% | 72.7% | ||||||||
42.5 | 43.0 | 39.9 | 40.1 | ||||||
1.8 | 3.2 | 37.2 | Other indirect | ||||||
3.6 | 3.2 | ||||||||
9.7 | 9.5 | 3.4 | costs | ||||||
9.0 | 9.4 | ||||||||
9.7 | Network and IT | ||||||||
systems | |||||||||
11.6 | 11.7 | ||||||||
10.7 | 10.8 | ||||||||
10.0 | Personnel | ||||||||
14.2 | 13.1 | 13.0 | 12.2 | 11.2 |
5.2 | 5.5 | 3.6 | 4.4 | 3.0 |
Customer care and sales
Q1 19 | Q2 19 | Q3 19 | Q4 19 | Q1 20 | Q1 19 | Q2 19 | Q3 19 | Q4 19 | Q1 20 | Marketing and | |
SAC |
- Gross margin includes €6.9 million of positive impacts mainly from the renewal of the Orange wholesale agreement
- Change in 2019 gross margin and SG&A figures is due to an expenses reclassification due to reporting changes to more accurately reflect the integration of the 3 companies
14
Q1 2020 results
|Efficiency implementation drivesstrong EBITDA growth in the quarter
EBITDA1(EURm) | Total EBITDA evolution3YoY (%) |
% over revenue
+7.7% +8.1%
53.8% | ||||
50.7% | 51.1% | |||
49.4% | 92.22 | |||
47.3% | +0.1% | |||
86.8 | 87.7 | |||
84.4 | ||||
81.1 | ||||
(3.2%) | ||||
(6.8%) |
Q1 19 | Q2 19 | Q3 19 | Q4 19 | Q1 20 |
- EBITDA definition as per 'alternative performance measures': EBIT + depreciation and amortization +/- impairment + other non recurrent results
- Q4 19 EBITDA includes €6.9 million of positive impacts mainly from the renewal of the Orange wholesale agreement
Q1 19 | Q2 19 | Q3 19 | Q4 19 | Q1 20 |
3. EBITDA evolution excluding the impact of IFRS 16 (€10.1m in the year) in 2019 from reported EBITDA
15
Q1 2020 results
|Cash flow generationgrows to 29% of revenue in the quarter
Capex2(EURm and as % of revenue)
Capex ex - SAC SAC 1
44.4 | ||
38.3 | 36.9 | 38.6 |
34.6 | ||
13% | ||
13% | 11% | 11% |
11% |
9% | 10% | 10% | 13% | 12% |
OpCF (EBITDA - capex) (EURm)
% over revenue
27.1% | 29.1% | 28.6% |
27.0% | 27.9% |
46.5 46.149.847.849.1
Q1 19 | Q2 19 | Q3 19 | Q4 19 | Q1 20 | Q1 19 | Q2 19 | Q3 19 | Q4 19 | Q1 20 |
1. SAC capex includes commercial costs, customer installation and customer equipment
2. Change in 2019 capex breakdown is due to a capex reclassification due to reporting changes to more accurately reflect the integration of the 3 companies
16
Q1 2020 results
|EBITDA growth allows for leverage reduction to 4.1xin the quarter
Q1 20 cash allocation (EURm)
Q1 20 net debt (EURm)
51.1%
% over revenue
Net debt/ | ▪Cost of debt: 2.55% |
EBITDA1 | ▪Average maturity: 4.2 years |
87.7(38.6)
28.6% | ✓Interim dividend |
paid Feb 5th, 2020: | |
49.1(11.2) | |
EUR 0.14 cents per |
(7.3)share
(7.0) 12.5%
(2.1) 21.5(23.1)
(1.6)
4.21x | 4.12x |
1,4861,488
Net debt as of Dec 31, 2019 Net debt as of March 31, 2020
1. EBITDA adjusted by identified potential synergies
17
Q1 2020 results
| The companyconfirms 2020 guidance and amaintained dividend policy for 2019
The companyconfirms 2020 guidance
The company confirms a€0.31 dividend payment for 2019
(a €0.17 complementary payment will be made on July 2020)
2020 guidance confirmation and a maintained dividend policy for 2019 is supported by a strong financial performance in Q1 2020 and a controlledCOVID-19impact:
Strong 8% yoy EBITDA growthin the quarter
Strong6% yoy operating cash flow growth
Significant deleverage to 4.1x in the quarter
Controlled operating and financialCOVID-19 impact
18
Q1 2020 results
| Q1 2020 results show strong guidance delivery in theCOVID-19situation
Controlled COVID-19 impact in the business
National expansion ready for full commercial launch
Stable customer and revenue base
Continued efficiency implementation drives strong EBITDA growth
EBITDA growth and cash flow drive strong deleverage
2020 guidance and 2019 dividend policy maintained
19
Q1 2020 results
EUSKALTEL, S.A.
Investor Relations Office Tel: +34 94 401 15 56 investor@euskaltel.com www.euskaltel.com
Q&A
Appendix
Euskaltel Group Q1 2020 consolidated results and KPIs
21
Q1 2020 results
|Euskaltel Group consolidated - KPIs (i/iii)
Mass market | Annual | Quarterly | |||||||
KPIs | Unit | 2019 | Q1 19 | Q2 19 | Q3 19 | Q4 19 | Q1 20 | ||
Homes passed_owned (HFC & FTTH) | # | 2,468,822 | 2,341,655 | 2,355,173 | 2,360,891 | 2,468,822 | 2,482,870 | ||
Accessible homes_wholesale | # | 3,310,812 | 569,092 | 598,061 | 2,999,183 | 3,310,812 | 11,050,114 | ||
Mass market subs1 | # | 770,865 | 767,616 | 771,646 | 771,167 | 770,865 | 768,891 | ||
o/w fixed services subs | # | 669,317 | 661,558 | 666,138 | 667,022 | 669,317 | 669,678 | ||
o/w only mobile subs | # | 101,548 | 106,058 | 105,508 | 104,145 | 101,548 | 99,213 | ||
Total services (RGUs)2 | # | 2,832,680 | 2,773,355 | 2,815,918 | 2,821,188 | 2,832,680 | 2,831,975 | ||
Fixed Voice | # | 606,809 | 610,105 | 612,549 | 609,981 | 606,809 | 599,972 | ||
Broadband | # | 593,338 | 579,523 | 586,080 | 589,090 | 593,338 | 596,292 | ||
TV | # | 469,370 | 456,119 | 465,872 | 467,280 | 469,370 | 471,610 | ||
Post-paid mobile | # | 1,163,163 | 1,127,608 | 1,151,417 | 1,154,837 | 1,163,163 | 1,164,101 | ||
Services (RGUs) per subscriber | # | 3.67 | 3.61 | 3.65 | 3.66 | 3.67 | 3.68 | ||
Global ARPU fixed customers (quarterly standalone) | €/month | 60.07 | 59.98 | 60.00 | 60.37 | 60.07 | 60.04 | ||
SMEs and Large Accounts | Annual | Quarterly | |||||||
KPIs | Unit | 2019 | Q1 19 | Q2 19 | Q3 19 | Q4 19 | Q1 20 | ||
Customers | # | 15,763 | 15,460 | 15,633 | 15,708 | 15,763 | 15,904 | ||
- Mass market subs = residential subs + SOHO subs + RACC only mobile subs
- Mass market services = residential services + SOHO services + RACC only mobile services
Note: The change in 2019 subs and ARPU figures is due to a reclassification of 0.2k subs from mass market to SMEs and a recognizition of not previously reported 0.3k SME subs.
22
Q1 2020 results
|Euskaltel Group consolidated - Consolidated financials (ii/iii)
Profit and Loss Statement | Annual | Quarterly | |||||||
Unit | 2019 | Q1 19 | Q2 19 | Q3 19 | Q4 19 | Q1 20 | |||
Total revenue | €m | 685.5 | 171.7 | 171.1 | 171.1 | 171.6 | 171.8 | ||
Y-o-y change | % | -0.9% | -2.8% | -0.9% | -0.4% | 0.7% | 0.1% | ||
o/w Mass market revenue1 | |||||||||
€m | 542.1 | 134.0 | 136.0 | 136.4 | 135.7 | 133.6 | |||
o/w B2B revenue | €m | 110.9 | 30.3 | 27.0 | 26.5 | 27.1 | 29.7 | ||
o/w Wholesale and Other revenue | €m | 32.5 | 7.4 | 8.0 | 8.3 | 8.8 | 8.5 | ||
Gross margin | €m | 510.0 | 123.6 | 127.4 | 126.6 | 132.3 | 124.9 | ||
% of total revenue | % | 74.4% | 72.0% | 74.5% | 74.0% | 77.1% | 72.7% | ||
Selling, General & Admin. Expenses (SG&A) | €m | (165.4) | (42.5) | (43.0) | (39.9) | (40.1) | (37.2) | ||
o/w marketing and SAC | €m | (18.7) | (5.2) | (5.5) | (3.6) | (4.4) | (3.0) | ||
o/w customer care and sales | €m | (52.5) | (14.2) | (13.1) | (13.0) | (12.2) | (11.2) | ||
o/w personnel | €m | (44.8) | (11.6) | (11.7) | (10.7) | (10.8) | (10.0) | ||
o/w network and IT systems | €m | (37.7) | (9.7) | (9.5) | (9.0) | (9.4) | (9.7) | ||
o/w other indirect costs | €m | (11.8) | (1.8) | (3.2) | (3.6) | (3.2) | (3.4) | ||
Adjusted EBITDA | €m | 344.5 | 81.1 | 84.4 | 86.8 | 92.2 | 87.7 | ||
% of total revenue | % | 50.3% | 47.3% | 49.4% | 50.7% | 53.8% | 51.1% | ||
Y-o-y change | % | 2.4% | -3.7% | -0.1% | 2.6% | 10.4% | 8.1% | ||
Depreciation and Amortization | €m | (202.7) | (50.2) | (51.0) | (51.1) | (50.4) | (49.9) | ||
Extraordinary items | €m | (21.0) | (2.9) | (7.6) | (5.2) | (5.3) | (2.2) | ||
Net financial expenses | €m | (49.3) | (12.6) | (12.1) | (12.4) | (12.1) | (11.9) | ||
Net profit before taxes | €m | 71.5 | 15.4 | 13.7 | 18.0 | 24.4 | 23.7 | ||
Taxes | €m | (9.5) | (3.4) | (2.8) | 1.0 | (4.3) | (4.6) | ||
NET PROFIT | €m | 62.0 | 11.9 | 11.0 | 19.0 | 20.1 | 19.1 | ||
1. Mass market revenue = residential revenue + SOHO revenue + RACC only mobile revenue | |
Note: 2019 revenue figures impacted by a reclassification due to reporting changes to more accurately reflect the integration of the 3 companies. Change in 2019 gross margin and | |
SG&A figures is due to an expenses reclassification due to reporting changes to more accurately reflect the integration of the 3 companies. | 23 |
Q1 2020 results
|Euskaltel Group consolidated - Consolidated financials (iii/iii)
Cash Flow Statement | Annual | Quarterly | |||||||
Unit | 2019 | Q1 19 | Q2 19 | Q3 19 | Q4 19 | Q1 20 | |||
EBITDA | €m | 344.5 | 81.1 | 84.4 | 86.8 | 92.2 | 87.7 | ||
Capex | €m | (154.3) | (34.6) | (38.3) | (36.9) | (44.4) | (38.6) | ||
% of total revenue | % | -22.5% | -20.2% | -22.4% | -21.6% | -25.9% | -22.5% | ||
Operating Cash Flow | €m | 190.3 | 46.5 | 46.1 | 49.8 | 47.8 | 49.1 | ||
% of total revenue | % | 27.8% | 27.1% | 27.0% | 29.1% | 27.9% | 28.6% | ||
Interests | €m | (42.1) | (12.3) | (9.3) | (11.4) | (9.1) | (11.2) | ||
Working Capital | €m | (7.4) | (32.0) | 15.2 | 1.1 | 8.4 | (7.3) | ||
Taxes | €m | (16.8) | (6.8) | (2.6) | (1.0) | (6.4) | (7.0) | ||
Others | €m | (23.0) | (5.9) | (7.7) | (5.3) | (4.2) | (2.1) | ||
Free Cash Flow | €m | 101.1 | (10.5) | 41.8 | 33.3 | 36.5 | 21.5 | ||
Dividends | €m | (55.3) | (25.0) | - | (30.3) | - | (23.1) | ||
Net debt variation | €m | 45.8 | (35.5) | 41.8 | 3.0 | 36.5 | (1.6) | ||
NET DEBT | €m | 1,486.3 | 1,567.5 | 1,525.8 | 1,522.8 | 1,486.3 | 1,487.8 | ||
Balance Sheet | Annual | Quarterly | |||||||
Unit | 2019 | Q1 19 | Q2 19 | Q3 19 | Q4 19 | Q1 20 | |||
Non-current Assets | €m | 2,749.0 | 2,779.1 | 2,765.1 | 2,754.5 | 2,749.0 | 2,738.0 | ||
Intangible assets | €m | 1,324.2 | 1,332.7 | 1,329.5 | 1,324.9 | 1,324.2 | 1,322.4 | ||
Tangible assets | €m | 1,288.8 | 1,312.2 | 1,302.7 | 1,292.9 | 1,288.8 | 1,280.5 | ||
Financial assets | €m | 8.9 | 9.1 | 9.0 | 8.4 | 8.9 | 8.0 | ||
Deferred tax assets | €m | 127.1 | 125.1 | 123.8 | 128.3 | 127.1 | 127.1 | ||
Current Assets | €m | 168.2 | 144.1 | 149.5 | 158.8 | 168.2 | 174.4 | ||
Inventories | €m | 4.2 | 5.7 | 6.4 | 6.1 | 4.2 | 5.7 | ||
Trade and other receivables | €m | 65.8 | 66.6 | 62.5 | 71.4 | 65.8 | 70.9 | ||
Cash and cash equivalents | €m | 98.2 | 71.8 | 80.6 | 81.3 | 98.2 | 97.9 | ||
TOTAL ASSETS | €m | 2,917.3 | 2,923.3 | 2,914.6 | 2,913.4 | 2,917.3 | 2,912.4 | ||
Total Shareholders' Equity | €m | 982.0 | 987.3 | 967.9 | 986.8 | 982.0 | 1,001.1 | ||
Non-current Liabilities | €m | 1,533.9 | 1,619.7 | 1,554.7 | 1,558.6 | 1,533.9 | 1,532.8 | ||
Long term debt | €m | 1,369.0 | 1,444.9 | 1,388.5 | 1,390.1 | 1,369.0 | 1,370.3 | ||
Provisions | €m | - | - | - | - | - | - | ||
Other non-current liabilities | €m | 164.9 | 174.8 | 166.2 | 168.5 | 164.9 | 162.5 | ||
Current Liabilities | €m | 401.4 | 316.3 | 392.0 | 367.9 | 401.4 | 378.5 | ||
Short term debt | €m | 195.3 | 154.4 | 185.5 | 192.1 | 195.3 | 194.7 | ||
Trade and other payables | €m | 206.1 | 161.9 | 206.5 | 175.8 | 206.1 | 183.8 | ||
Total Liabilities | €m | 1,935.3 | 1,936.0 | 1,946.7 | 1,926.5 | 1,935.3 | 1,911.3 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | €m | 2,917.3 | 2,923.3 | 2,914.6 | 2,913.4 | 2,917.3 | 2,912.4 | ||
24
Q1 2020 results
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Euskaltel SA published this content on 22 April 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 April 2020 15:57:14 UTC