Losses grow by 76% due to amortization and financial costs

BARCELONA, Nov. 11 (EUROPA PRESS) -

Cellnex closed the first nine months of the year with revenues of 2,572 million euros, 46% more than in the same period of 2021, as reported this Friday to the National Securities Market Commission (CNMV).

In the first three quarters, adjusted Ebitda has also increased by 45% year-on-year, to 1,937 million euros, while cash flow increased by 46% year-on-year, to 967 million euros.

The net accounting result registered losses of 255 million, 76% more than in the same period of 2021, "due to the effect of higher depreciation and financial costs" associated with the purchases and integrations that the company has made.

Cellnex's CEO, Tobias Martínez, highlighted a "solid third quarter driven by organic growth", with a 5.7% increase in points of presence at the group's sites.

Martínez explained that the company is reinforcing the "focus on the balance sheet" and has committed to obtaining the BBB- rating, as well as the investment grade from S

In statements to Europa Press, the financial director of Cellnex, José Manuel Aisa, said that these results show that the company is "going from strength to strength".

He has recalled the company's policy of amortizing "absolutely everything", which causes tremendous amortizations, according to him, although he has assured that the balance sheet is healthy.

He has pointed out that "the benefits will not come immediately", although, in his words, the foundations have been laid to give comfort to long-term investors.

Cellnex has confirmed the outlook for the 2022 financial year with revenues between 3,405 and 3,455 million euros, an Ebitda that would be between 2,610 and 2,660 million and a recurring free cash flow between 1,315 and 1,345 million.

The future contracted sales of the company, including the CK Hutchison transaction in the United Kingdom, reach 110,000 million euros.

Martínez has pointed out that the forecasts go through "continuing to promote growth" with deployment programs of more than 21,000 new locations until 2030.

On the other hand, the net financial debt after the closing of the CK Hutchison operation is 17,100 million euros, of which 77% is referenced to a fixed rate and which does not begin to mature until 2024; while the available liquidity is 4,300 million euros.

Infrastructure Services for mobile Telecommunications operators contributed 90.5% to revenue, with 2,328 million euros, which represents a growth of 53% compared to 2021.

For its part, broadcasting infrastructures contributed 6.5% of revenues with 167 million euros, and security and emergency networks and solutions for the intelligent management of urban infrastructures contributed 3% of revenues, with 77 million euros.