Cellnex closes the last year of the ‘era of growth’ with revenues that grew by 38% to close to 3,500 million euros thanks to the latest acquisitions carried out during the year, such as the Hutchison towers in the United Kingdom . The infrastructure manager boosted recurring cash flow by almost 40%, but kept the red numbers in the income statement due to amortizations, although with a significant reduction compared to last year. The company maintains forecasts for 2023, in which the company seeks to turn towards a model of fewer purchases and more optimization of the balance.
The company admits that the economic indicators for 2022 continue to reflect the effect of the expansion of the perimeter after the integrations of 2021 and 2022 and the good progress of the group’s organic business. Specifically, revenue stood at 3,499 million euros, while the adjusted gross operating result (Ebitda) amounted to 2,630 million, 37% more. The recurring free cash flow is 1,368 million.
Until now, the Cellnex model has been based on aggressive growth of the business based on acquisitions that, from an accounting point of view, have to be amortized and that have to be financed through debt (which increases the financial cost of interest). . The company has adopted a more conservative model, which has led to a negative net result in recent years. In 2022, losses were reduced by 18% to 297 million euros.
