Cellnex closed the first nine months with a growth of 11% in revenue and 25 in EBITDA

Cellnex closed the first nine months with a growth of 11% in revenue and 25 in EBITDA Sites operated by Cellnex grow by 29% in relation to September 2016, reflecting the incorporation of Bouygues in France, Shere assets in the Netherlands and United Kingdom, Sunrise in Switzerland and Alticom in the Netherlands.

Cellnex Telecom He has presented the results for the first nine months of 2017. Revenues amounted to 579 million euros and ebitda reached 259 million. The net result closed the 33 million euros, in line with the September of 2016, collecting the effect of higher depreciation ( 28% vs. the 3T 2016) and financial costs ( 58% vs. the 3T 2016) associated with the intense growth of the Group and the consequent ampl Clinical of the perimeter.

Cellnex intended, in 2016 and the first nine months of 2017, more than 1,400 million euros to operations for growth in France, Holland, Italy, United Kingdom and Switzerland. This package of investments is part of the more than 2,000 million euros in already announced growth projects, between 2016 and 2017, and whose implementation extends to 2022. "We closed the third quarter of this 2017 with the key indicators that continue to offer us the picture of intense expansion of the perimeter of consolidation and growth that at constant perimeter, stays in the line of 3-4% which we set ourselves as objective", has designated Tobias Martinez, Director Delegado de Cellnex.

In addition, and in the course of a meeting with investors in the "Capital Markets Day 2017" company that takes place in Barcelona this November 14, the Advisor Delegado de Cellnex has put in value the dynamics of growth of the company in the last two years des of IPO: "from 2015 to date Cellnex has closed ten transactions in six countries with a global investment of 3,000 million euros. We have diversified the companys business profile reinforcing our commitment by providers of telecommunications infrastructure, which are already 59% of revenues. We have diversified our revenue sources by geographic markets. "We have expanded - and diversified - the basis of our customers, which gives us greater strength and resilience in our flows and we have improved our backlog (contracted future sales) that reaches 15,000 million euros".

41% of revenues and 41% of ebitda is generated outside Spain. Italy, Cellnex main market for telecommunications infrastructure services provides 32% of revenues.

By business lines, services and infrastructures for telecommunications contributed to total revenues 59%, with 340 million euros, a growth of 21% over September 2016. The activity of broadcasting infrastructures contributed 31% of revenues with 179 million euros. Meanwhile, the business focused on safety nets and emergency solutions for the intelligent management of urban infrastructure (IoT and Smart cities) provided 10% of revenue, with 59 million euro.

To September 30, 41% of revenues and 41% of the ebitda generated outside the Spanish market. Italy is the second largest market with a 32% of revenues. To this date, Cellnex had a total of 20.035 (7.758 in Italy, 7.475 in Spain and 4.802), sites in Holland, France, United Kingdom and Switzerland to which are added 1.233 nodes (DAS and Small Cells).

With regard to DAS and Small Cells should be noted that the project DAS, that provides coverage in-band mobile broadband 68,000 viewers of the new Metropolitan Wanda in Madrid, goes into operation from 4 T.

The organic growth of points of presence at the sites at constant perimeter stood at 4% compared to the same period in 2016, while the ratio of customers by location (excluding changes in perimeter) reached the 1, 66 x, 4% in relationship to September 2016.

Operational investments in the first nine months of 2017 reached 57 million euros, mostly applied to the maintenance of installed capacity and investments related to generating new revenue and efficiency improvements. While investment in growth - new acquisitions - were of 716 million euros.

Debt structure

Cellnex closed the first three quarters of 2017 with a structure of stable, long-term debt, with a half-life of 6.1 years, a cost of between approximately 2% (combining debt willing and not willing), and 72% referenced to fixed rate.

In the month of January, Cellnex issued their fourth bonus by 335 million euros, a coupon of 2,875% and maturing in 2025. In April the company executed 80 million euros, private placement of a bond due in 2026 and referenced to euribor interest 2.27%, as well as a loan by 56.5 million to 10 years and a fixed interest rate of 3.25%.

August 3 ran a private placement by 60 million euros, due in 2027 and an interest referenced to euribor plus 2.20%. Also, in October was formalized a syndicated loan of 190 million Swiss francs due in 2023 and interest tied to libor 1.05%.

The net debt of the company at 30 September reached the 2,090 million euros compared to 1.499 million at the end of 2016, equivalent to an EBITDA/net debt from 5 ratio, 4 x. Also Cellnex has - at the end of September - access immediate liquidity (cash not ready debt) by 1,600 euros approximately.

30 March 2016 Cellnex Telecom bonds were incorporated into the list of corporate bonds eligible as collateral by the European Central Bank on monetary policy operations. This action falls within the framework of the program of buying corporate debt Corporate Sector Purchase Programme (CSPP), that of March 10, 2016 came to complete the acquisition of financial assets Asset Purchase Programme (APP) program, already deployed previously by the ECB.

Las emisiones de Cellnex Telecom mantienen el rating investment grade (grado de inversi n) de Fitch (BBB-) con outlook negativo, confirmado por la propia agencia el pasado mes de mayo, al igual que S&P confirm el rating BB con outlook estable.

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