Cellnex records +11% growth in Q1 2019

CellnexCellnex

Spanish Cellnex Telecom has presented its 20191Q results. Revenue amounted to € 241 million (+11%) and EBITDA was € 159 million (+11%). The net result closed neutral at € 0 million compared to losses of 37 million in the first quarter of 2018, according to the firm.

The firm annouced the acquisition of 10,700 sites in France, Italy and Switzerland and deploy 4,000 additional sites up to 2027. The joint investment exceeds EUR 4bn (2.7bn for the acquisition and 1.35bn for the new deployments). As of 31 March 2019, Cellnex had a total of 23,782 operating sites (8,664 in Spain, 8.319 in Italy 2,918 in France, 803 in the Netherlands, 608 in United Kingdom and 2.470 in Switzerland), with a further 1,643  nodes (DAS and Small Cells).

In the first quarter of 2019, the company completed a capital increase of € 1.2 billion to finance the expansion of its European telecommunications infrastructure portfolio. Investor demand was over 16 times the supply of new shares (66.9 million shares). 98.8% of the holders of pre-emptive rights took part in the increase. The new shares began trading on 27 March.

The Group’s net debt as of 31 March was € 2.113 billion compared to € 3.166 billion at the close of 2018. 

Cellnex Telecom’s bond issues maintain their “investment grade” rating from Fitch (BBB- with a negative outlook) as confirmed in October 2018. S&P maintains the BB rating with stable outlook as confirmed in June 2018.