Having delivered a solid financial performance over the first nine months of the year, we partially upgrade our FY 2021 outlook compared to February 2021. We expect our rebased(a) Adjusted EBITDA(b) to come in towards the upper end of the previously defined 1-2% range, while our rebased Adjusted EBITDA less property & equipment additions (previously referred to as Operating Free Cash Flow)(b,c) is expected to be stable instead of the previously anticipated decline of around -1%. We are reaffirming our top line outlook (up to 1% yoy on a rebased basis) and we will also deliver healthy Adjusted Free Cash Flow(b, d) between €420.0 and €440.0 million for the FY 2021. With that, we now expect to be towards the mid-end of our 2018-2021 Adjusted EBITDA less property & equipment additions(b, c) CAGR of between 6.5% to 8.0%.
|OUTLOOK FY 2018 - 2021||FY 2018 rebased(a)||As presented on December 4, 2018||As reaffirmed on February 11, 2021||As updated on October 28, 2021|
|Adjusted EBITDA less property & equipment additions (previously reffered to as Operating Free Cash Flow CAGR) (rebased)(b, c)||€674.7 million||Between 6.5% - 8.0%||Lower end of the 6.5% - 8.0% range||Middle of the 6.5% - 8.0% range|
|OUTLOOK FY 2021||As presented on February 11, 2021||As updated on October 28, 2021|
|Revenue growth (rebased)(d)||Up to 1%||Up to 1%|
|Adjusted EBITDA growth (rebased) (b)||Between 1 - 2%||Upper end of 1-2%|
|Adjusted EBITDA less property & equipment additions (previously reffered to as Operating Free Cash Flow growth (rebased) (b, c)||Around - 1%||Stable|
|Adjusted Free Cash Flow (b, e)||€420.0 - 440.0 million||€420.0 - 440.0 million|
(a) For purposes of calculating rebased growth rates on a comparable basis for the periods shown above, we have adjusted our historical revenue and Adjusted EBITDA to reflect the impact of the following transactions to the same extent revenue and adjusted EBITDA related to these transactions is included in our current results: (i) exclude the revenue and Adjusted EBITDA of our former Luxembourg cable subsidiary Coditel S.à r.l. (deconsolidated as of April 1, 2020) and (ii) reflect changes related to the IFRS accounting outcome of certain content rights agreements entered into during the third quarter of 2020.
(b) Quantitative reconciliations to net profit (including net profit growth rates) and cash flows from operating activities for our Adjusted EBITDA, Adjusted EBITDA less property & equipment additions (previously referred to as Operating Free Cash Flow) and Adjusted Free Cash Flow guidance cannot be provided without unreasonable efforts as we do not forecast (i) certain non-cash charges including depreciation and amortization and impairment, restructuring and other operating items included in net profit, nor (ii) specific changes in working capital that impact cash flows from operating activities. The items we do not forecast may vary significantly from period to period.
(c) Excluding the recognition of the capitalized football broadcasting rights and mobile spectrum licenses and excluding the impact from certain lease-related capital additions on our accrued capital expenditures.
(d) Relative to our reported revenue for the full year 2020, our revenue growth for the full year 2021 would be equivalent to up to 1%.
(e) Assuming certain payments are made for the temporary prolongation of our current 2G and 3G mobile spectrum licenses in 2021, yet excluding payments on any future spectrum licenses as part of the upcoming multiband auction, and assuming the tax payment on our 2020 tax return will not occur until early 2022.