Annual Report 2021/22
Powering Europe's digital transformation
Key data
Vantage Towers
Financial results summary
FY22 | FY21PF | Change | ||||
€m | €m | % | ||||
Macro sites (in thousand units) | 45.7 | 45.7 | - | |||
Tenancy ratio (number of tenancies/ | ||||||
number of macro sites) | 1.44x | 1.40x | - | |||
Group revenue (ex. pass through) | 1,011 | 966 | 4.6 | |||
Adj. EBITDA | 865 | 830 | 4.2 | |||
Adj. EBITDA margin | 85% | 86% | - | |||
Capex recharge revenue | (12) | (4) | n/a | |||
Ground lease expense | (310) | (302) | (2.7) | |||
Adj. EBITDAaL | 543 | 524 | 3.6 | |||
Adj. EBITDAaL margin | 54% | 54% | - | |||
Recurring free cash flow (RFCF) | 415 | 384 | 8.0 | |||
Leverage (net debt/adjusted EBITDAaL) | 3.5x | 3.8x | n/a | |||
Vantage Towers AG -- Annual Report 2021/22
1
FY 2022
Highlights
Successful commercialisation of our tower footprint continues:
In FY 2022, we added 1,680 net new tenancies in total across our footprint with more than 840 non-committed and 1,670 non-VF net additions, increasing the tenancy ratio by 0.04x year-on-year (YOY) to 1.44x
We increased our commercial footprint with the landmark
agreementsigned with 1&1 in December 2021 and further
agreementsacross our markets
Macro site ramp up further progressed with more than 510 new macro sites in FY 2022
FY 2022 results in line with our FY 2022 guidance:
Group Revenue (ex. pass through) at €1,011 million, a 4.6% year-on-year (YOY)
Adj. EBITDAaL at €543 million (+3.6% YOY) and EBITDAaL margin of 54%
RFCF increased by 8.0% YOY to €415 million
We intend to propose a dividend of €0.63 per share, a total of
approximately€319 million in dividend payout
We have revised the approach to our roll out plan in Germany leading to an adaptation of the built-to-suit (BTS) programme and the MSA terms, adding optionality to source up to 1,200 sites for Vodafone from third-party TowerCos
We announce our FY 2023 guidance as follows whilst reaffirming our medium-term targets: Revenue (ex. pass through) growth of 3.0-5.0% YOY; Adj. EBITDAaL €550 to €570 million and RFCF of €405 to €425 million
2
With 83k macro sites, we've got Europe covered
1.3k 14.5k
Ireland | UK** | 19.4k | 3.9k | 2.1k | 2.3k |
1.56x* | 2.0x* | ||||
Germany | Czech Rep. | Hungary | Romania |
1.23x* 1.11x* 1.52x* 2.05x*
3.5k | 8.6k | 22.8k | 4.8k |
Italy** | |||
1.68x* | |||
2.01x* | Greece | ||
Portugal | Spain | ||
1.25x* | 1.79x* |
- Tenancy ratio is the total number of tenancies (including virtual tenancies) on Vantage Towers' macro sites divided by the total number of macro sites. Virtual tenancies are when a customer shares its active equipment on a site with a counterparty under an active sharing agreement.
- Joint venture: Italy and UK
3
Who we are
As a leading European towers infrastructure company, we serve mobile network operators (MNOs), federal agencies and customers from the utilities and technology sector. We are at the heart of the 5G rollout and enable new applications for the Internet of Things. Benefiting from strong and resilient underlying demand within a growing towers market, we have a clear focus on strategic growth. Our experienced, independent and commercially- driven management team is dedicated to powering Europe's digital transformation.
4 To our Shareholders
4 Letter from our CEO
8 Our Management Team
- Your 5G superhost for Europe
- The Vantage Towers Share
- Report of the Supervisory Board
- Our Supervisory Board
31 Pro forma Financial Performance
35 Combined Management Report
115 Consolidated Financial Statements
187 Further Information
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Vantage Towers AG published this content on 15 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 June 2022 11:52:05 UTC.