In full expansion, the company entered 60% more and brought its turnover to 1,690 million, but losses reached 170 million precisely because of the costs associated with growth. The organization is now digesting all the acquisitions made throughout 2021 and, despite failing to buy Deutsche Telekom’s tower business, confirms the outlook for 2022.
The telecommunications tower company increased its income by 59% thanks mainly to the consolidation of the purchases made last year, together with organic growth (+5.2% compared to the same period of the previous year). Hand in hand with both strategies, the points of presence grew by 27%.
“It has been a first quarter marked by organic growth and the consolidation of the operations carried out in recent months, which continue to cause double-digit increases,” celebrated the company’s CEO, Tobías Martínez.
Last year, the firm closed corporate operations in Poland, the Netherlands, Italy and France. And in 2022 he completed that of the United Kingdom. “This is about growth that will continue to have a significant drag effect in 2022, when the acquisitions will be consolidated for the full year, in addition to incorporating the closing with CK Hutchison in the United Kingdom,” added the manager.
Cellnex Ebitda grows to 1,282 million euros
The organization obtained 90% of its income thanks to services for mobile telecommunications operators, which provided 1,529 million euros; 70% more than in the same period of 2021. In this division, Cellnex renewed its relationship with the British BT for 30 years.
Meanwhile, the broadcasting infrastructure activity reported sales of 112 million (7%) and the security, emergency and solutions for urban infrastructure business added another 50 million to turnover (3%).
Hand in hand with revenues, Ebitda rose, reaching 1,282 million compared to 804 in the comparable semester (+59%). After the amortizations, the result of operations was still positive for Cellnex and stood at 99 million, compared to the 77 million registered in 2021. However, the increase in financial costs multiplied the company’s losses, which jumped from the 67 million to 170 million euros.
Cellnex exhibits liquidity
With a net debt of 14,300 million euros, the rise in rates by the European Central Bank or the threat of recession in Europe could be a setback for the listed company. The company ensures that it has a flexible debt structure and that 86% of the liabilities are referenced to a fixed rate, so it will not be affected by the increase in the cost of money.
In addition, it says it has immediate access to 7,600 million liquidity between treasury and undrawn debt. The organization carried out a bond issue of 1,000 million last March.
The market does not expect that Cellnex will curb its investor appetite despite the new macroeconomic context. More after the setback suffered in Germany, where it could not get hold of the 40,000 telecommunications towers of Deutsche Telekom. , the industry now expects the company to look for opportunities in markets such as Austria, Denmark and Sweden, with room for growth and where it would not have competition problems.
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