WIND Telecomunicazioni First Quarter 2015 Results

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1 WIND Telecomunicazioni First Quarter 2015 Results May 14, 2015

2 1Q 2015 Highlights Revenues EBITDA Op. FCF (EBITDA CAPEX) NFI Deleveraging Total revenue of 1,078 million, down 5.7% YoY Mobile service revenue down 3.3% YoY reflecting a further significant improvement in trend QoQ (4Q14-6.7%, 3Q14-9.0%, 2Q %) and outperforming its peers Mobile internet revenue up 16.5%, with confirmed double digit growth Fixed BB revenue up 1.7% YoY driven by growth in BB LLU customers EBITDA at 406 million, declining by 5.5% YoY, with an improving trend QoQ (underlying 4Q14-6.5%, 3Q14-7.3%, 2Q14-8.4%) Cost efficiency measures partially compensating pressure on top line EBITDA margin at 37.7%, stable YoY (+0.1 p.p.) Continued strong Op. FCF of approximately 1 billion in 1Q15 LTM Net Financial Indebtedness at 9,931 million vs. 10,651 million as of December 31, 2014 Net debt / EBITDA at 5.6x Completed sale of 90% of the shares of Galata S.p.A. to Cellnex Telecom for 693 mln in cash WIND repaid 1.1 billion of its previous SFA, utilizing part of the proceeds from the Galata transaction and proceeds from an issue of SSN s by Wind Acquisition Finance, and amended and restated the remainder with a 700 mln new covenant lite term loan 162 mln LTE liability to Italian State pre-paid on April 29 with cash on hand 2

3 Main Market Trends Total Market Value Trend* Highlights ( bln) % TLC Market Value trend for 2015: low single digit decline expected GDP flat in 1Q15 with slightly positive trend for Mobile Fixed GDP Growth** Unemployment stabilizing but youth component over 40% still a concern Unemployment Trend** * Source: 2013 CSC (Sep 14), ISTAT 2014 (Nov 14) 2015E 2016E 2017E DEF ISTAT DEF ISTAT E 2016E 2017E * Total Market excludes CPE ** Sources: Italian Government s Preview Note to DEF 2015 (Apr 15), ISTAT (May 15) 3

4 Driving Growth Through Digital Channels Digital Style WIND Digital offering with customer interacting exclusively through digital channels Confirmed to be the fastest company on answering customers via Facebook Self Care Areas Access increase 80% YoY Digital top ups +54% YoY Digital Home & Life Digital Home & Life concept in Rome and Milan: Wearable devices Smartwatch Wellness Music Smart Home My WIND App Google Play and Windows Phone Store My WIND App for Apple, Android and Windows Phone devices downloaded more than 7 million times from its launch Revenue share model with Google play and with Windows Phone Store : +91% revenue in 1Q15 vs. 1Q14 Play Store: approximately 7.5 million downloads from launch 4

5 Confirming Strong Mobile Data Growth ( mln) (mln) Mobile Internet Revenue % 154 Mobile Internet CB* % 10.9 Highlights Double digit Internet revenue growth continues thanks to ongoing success of All Inclusive portfolio selected by 50% of customers Further tailoring of All Inclusive bundles with launch of All Inclusive Music offering 2 GB of data and unlimited music by Napster Increased thirst for data: 1.4 GB average monthly usage for active data customers, leading to the strong success of bolt-on data options Mobile internet customer base increases 16.3% as a testament to the company focus on winning in mobile data * Mobile Internet includes customers that have performed at least one mobile Internet event in the previous month 5

6 Enhancing Network Coverage and Capacity Mobile Network CAPEX LTE population coverage at 38.4% HSPA network developed: 97.7% population coverage with 95.7% of population at 21 Mbps and ( mln / %) 15.6% 17.3% LTM CAPEX / revenue 42.1% at 42 Mbps GSM network completed: 99.9% population coverage with GPRS/EDGE nationwide coverage Fixed Network and Backbone ,458 LLU sites: c. 62% direct population coverage in all major Italian cities Solid fiber optic backbone of 22,333 km, supporting both fixed and mobile businesses 6

7 Mobile ARPU Stabilizing, Market Size Declining (mln) Customer Base -3.0% Highlights Increase in gross adds (+7.5% YoY) driven by success of commercial offerings, but net adds impacted by win-back campaigns from other operators leading to a reduction in total customer base ( / %) ARPU % Data on Total 41.8% 38.5% % 10.9 Rebalancing of prepaid core offering portfolio in March 2015 Total ARPU stable YoY at 10.9 after more than 5 years of decline in the overall market mobile ARPU with the data component increase fully offsetting the voice decline Data ARPU reaches 42% of total ARPU increasing 3.3 p.p. 7

8 Fixed Broadband Solid Performance ( 000) Broadband Subscribers Highlights +0.8% 2,207 2,224 Fixed Broadband customers grow YoY with 3.3% increase in core LLU segment, 33k net adds in the quarter ( 000) Dual-play Subscribers Higher value dual play customers increasing 3.3% to almost 2 million customers 1, % 1,950 Dual-play market demand shifting away from unlimited voice and broadband bundles towards pay per use voice and unlimited broadband packages 8

9 Stabilizing Direct Segment in Fixed-Line ( 000) Voice Subscribers 2,952 2,848 Highlights 2, % 2, Q 204 1Q 2015 ARPU Direct Indirect Fixed direct customer base declines 1.6% as a result of the disconnection of fixed lines in second homes driven by fixed to mobile substitution and economic slowdown ( ) Fixed-line ARPU declines 6.4% YoY due to the % 27.9 increased penetration of bundles leading to a reduction in pay-per-use volumes 9

10 Deleveraging Galata Transaction In March WIND completed the sale of the majority of its fully owned towers subsidiary Galata S.p.A. to Cellnex Telecom (formerly Abertis Telecom Terrestre) Transaction completed with an EV of 770 mln, at the very high end of expectations; cash proceeds to WIND for 90% stake of 693 mln; proceeds used for debt repayment Tower Services Agreement signed for an initial term of 15 years with Galata for the provision of a broad range of services on the contributed sites and sites that will be subsequently built by Galata hosting WIND equipment Debt Optimization WIND repaid 1.1 billion of its previous Senior Facility Agreement (SFA), utilizing part of the proceeds from the Galata transaction and proceeds from an issue of SSN s by Wind Acquisition Finance, and amended and restated the remainder with a 700 mln new covenant lite term loan Over the last twelve months, with the combined effect of this last step of the refinancing and the two transactions completed in 2014, annualized interest cost reduced by approximately 340 million and maturity profile further optimized Last two tranches of the LTE Liability to Italian State pre-paid on April 29 th with cash on hand providing further savings of 9 million for

11 1Q 2015 Financial Performance

12 Revenue and EBITDA Total Total Revenues Highlights ( mln) 1, % 1, Other rev. + CPE Total revenue decreases 5.7% YoY due to pressure on service revenues and lower non-recurring items in 1Q15-5.0% 1, TLC service revenue vs. 1Q14 affecting revenue and EBITDA Service revenue declining 5.0%, confirming the improvement in trend versus previous quarters ( mln / %) EBITDA / Margin 37.6% 37.7% EBITDA declines 5.5% YoY to 406 million due to lower non-recurring items, mentioned above, and service revenues decline offset by further reduction of structural Opex, in particular in HR costs, thanks to new -5.5% sourcing / solidarity project impact, advertising efficiency and reduction in outsourcing costs EBITDA margin stable at a solid 37.7% (+0.1 p.p.) 12

13 Revenue and EBITDA Mobile Total Revenues Highlights ( mln) % % 705 Other rev. + CPE TLC service revenue Total mobile revenue declines 5.6% due to reduction in service revenue and lower non-recurring items in 1Q15 vs 1Q14, partially offset by strong performance in mobile Internet with revenue up 16.5% Service revenue declines 3.3%YoY reflecting a significant improvement QoQ (4Q14-6.7%, 3Q14 - EBITDA / Margin 9.0%, 2Q %); decline manly due to the decrease in pay per use traffic and lower customer base ( mln / %) 42.0% 40.9% EBITDA declines 8.0% mainly due to the above mentioned lower non-recurring items and pressure on -8.0% service revenue EBITDA Margin at 40.9% 13

14 Revenue and EBITDA Fixed-Line Total Revenues Highlights ( mln) % Other rev. + CPE Total fixed-line revenue declines 6.0% YoY with service revenue decrease of 9.2% due to lower pay per % 278 TLC service revenue use traffic as a result of higher bundle penetration and lower customer base, due to defocus on indirect ( mln / %) EBITDA / Margin 29.1% 26.0% EBITDA at 87 million increasing 5.2% YoY reflecting success of LLU focused strategy % 87 EBITDA margin increases further to 29.1% 14

15 P&L Highlights P&L 2014 ( mln) 1Q Q 2014 Change Revenues 1,040 1,081 (3.8)% Other revenues (39.7)% Total Revenues 1,078 1,144 (5.8)% EBITDA (5.8)% D&A 190 (308) n.m. EBIT n.m. Financial Income and expenses (77) (231) 66.7% EBT 519 (108) n.m. Income Tax (63) (11) n.m. Net result 456 (119) n.m. Highlights D&A impacted by the capital gain arising from the Galata transaction Financial Income reflects interest savings resulting from 2014 refinancing transactions and the positive impact of embedded derivatives Increase in Income tax due to higher taxable income % 15

16 Capitalization Cap Table 1Q 2015 ( mln) As of Dec 31, 2014 As of March 31, 2015 March 31, 2015/ LTM EBITDA Cash and Equivalents (203) (331) (0.2x) Bank Loan 1, x Total Bank Debt 1, x Senior Secured Notes x Senior Secured Notes ,751 5, x Total Bank Loan + SSN 6,571 6, x Senior Notes ,086 4, x Ministry LTE Liability x Derivatives and Other (169) (948) (0.5x) Total Net Debt excluding Intercompany Loan 10,651 9, x Intercompany Loan to WAHF (997) (1,026) (0.6x) Total Net Debt 9,654 8, x Cash Net Debt 9,822 9,790 Interest Accrued Fees to be amortized (166) (137) Derivatives MTM (169) (948) LTM EBITDA 1,781 16

17 Debt Maturity Profile 1Q 2015 ( mln) Average cost of debt before 2014 and 2015 refinancing transactions : 9.3% Average cost of debt after 2014 and 2015 refinancing transactions : 5.6% Last two tranches of the LTE liability to Italian State pre-paid on April 29 th ,513 3, Tap to SSN FRN 2020 New Senior Credit Facility LTE Liability Italian State New Senior Secured Notes 2020 Senior Secured FRN Senior Secured Notes 2020 New FRN 2020 New Senior Notes 2021 Notional amounts. USD tranche has been converted at CCS EUR/USD Exchange Rate 17

18 Thank You Q&A 18

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