THIS
ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR
RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN
WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA
OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION OR
DISTRIBUTION IS UNLAWFUL.
THIS
ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
FOR
IMMEDIATE RELEASE.
LEI:
213800ASI1VZL2ED4S65
24
February 2025
Zegona Communications Plc.
("Zegona")
Publication of Zegona Holdco
Limited's debt reporting as at 31 December 2024
·
Zegona has today published information in relation
to Zegona Holdco Limited and its subsidiaries ("Zegona Holdco Group"), for the sole
purpose of satisfying the Zegona Holdco Group's external debt
reporting obligations as required pursuant to the Senior Facilities
Agreement dated 15 July 2024. This includes certain key performance
indicators (KPIs) of Vodafone Spain for the three months ended 31
December 2024.
·
The information is set out in the appendix to this
announcement.
·
The information can also be found on Zegona's
website at https://www.zegona.com/investor-relations/debt-investors.aspx
Enquiries
Tavistock (Public Relations advisor - UK)
Lulu Bridges / Katie Hopkins / Ruairi
Millar
Zegona@tavistock.co.uk
Tel: +44 (0)20 7920 3150
About Zegona
Zegona was established in 2015 with
the objective of investing in businesses in the European
Telecommunications, Media and Technology sector and improving their
performance to deliver attractive shareholder returns.
On 31 May 2024, Zegona completed the
100% acquisition of Vodafone Spain for €5.0
billion.
Neither the content of Zegona's
website nor any website accessible by hyperlinks on Zegona's
website is incorporated in, or forms part of, this
announcement.
|
Zegona Holdco Limited ("the
Company")
A company
incorporated in England and Wales, company number 10159604 with
registered office address of 8 Sackville Street, London, England,
W1S 3DG
Consolidated Financial
Information
Unaudited
31 Dec 24
Zegona
HoldCo Limited and its subsidiaries ("the Zegona HoldCo Group" or
"the Group") presents the Group's unaudited consolidated financial
information for the periods noted in the following
pages.
|
Purpose of this information
This information is provided for the
sole purpose of satisfying the Company's external debt reporting
obligations as required pursuant to the Senior Facilities Agreement
dated 15 July 2024.
1. Operational Commentary
The three month period to December
2024 has seen further progress in the transformation of Vodafone
Spain. Cost control and customer reinvestment continue to be key
focus areas. Whilst still early days, consumer product improvements
are delivering results with further increases in fixed broadband
and contract mobile lines. Cash flow remains management's top
priority, and it is pleasing to see significant improvements in
EBITDAaL minus capex versus historical levels.
Vodafone Spain entered into a
binding contract with MasOrange on 2 January 2025 to create a new
fibre network company in Spain ("FibreCo"). FibreCo will bring
together network assets of Vodafone Spain and MasOrange to create a
100% FTTH network covering 12.2 million premises across Spain. The
combination of this transaction with the agreements signed with
Telefónica España in November 2024 completes the transformation of
Vodafone Spain's fixed line strategy, delivering full FTTH services
nationally. The transaction is subject to customary regulatory
approvals. FibreCo completion is expected in the first half of
2025.
2.
Key performance indicators (KPIs)
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Reported
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|
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Vodafone Spain
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3m to Sep
24
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3m to Dec
24
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Notes
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Operational KPIs
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EoP 000s
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|
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FBB lines
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2,755
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2,774
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1
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Mobile lines
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13,528
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13,508
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1, 2
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Financial KPIs
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|
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€mn
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€mn
|
|
|
|
|
|
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Total Revenues
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903
|
913
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|
|
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EBITDAaL
|
318
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320
|
3
|
|
|
|
|
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EBITDAaL less
capex
|
174
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175
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3
|
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Zegona Holdco Group
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30 Sep 24
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31 Dec 24
|
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€bn
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€bn
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Long term indebtedness
|
3.8
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3.8
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4
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Notes:
1 The number of lines at 31 December
2024 are presented including Finetwork in the table above. During
the 3 months to December 2024 Finetwork's FBB and Mobile lines were
migrated from Retail to Wholesale, reflecting the change in status
resulting from the contract signed with Finetwork in May
2024.
Vodafone Spain FBB lines excluding
Finetwork were 2,540k as at December 2024 and 2,534k as at
September 2024.
Vodafone Spain Mobile lines
excluding Finetwork were 12,496k as at December 2024 and 12,520k as
at September 2024.
2 Includes both contract and prepay
mobile lines. Total Mobile contract lines have increased to 11,047k
in the three months to December 2024 from 11,026k in the three
months to September 2024.
3 EBITDAaL is defined as earnings
attributable to the operating group of companies before income tax
credit, net financing costs, amortization of customer-related
intangible assets, amortization of owned assets and depreciation of
owned assets, excluding gains/losses on disposal of owned and
leased assets, restructuring costs, other income and expense and
significant items that are not considered by management to be
reflective of the underlying performance, including the impacts of
depreciation and gain on disposal of leased assets and interest on
lease liabilities, and adjusted in line with the parent's
accounting policy relating to subscriber acquisition
costs.
4 Long term indebtedness is the
principal amount of debt (with USD amounts reflecting the hedged
Euro equivalents), net of capitalised transaction costs relating to
the debt. Cash held by the Zegona Holdco Group as at 31 December
2024 was €260m.
