REG - Zegona Comms. - Zegona Holdco Limited TLB reporting as at 31/12/24

Zegona CommunicationsAnnouncement

24/02/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250224:nRSX1012Ya&default-theme=true

RNS Number : 1012Y  Zegona Communications PLC  24 February 2025

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
(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 (mailto: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)

                                Reported

 Vodafone Spain                 3m to Sep 24  3m to Dec 24   Notes

 Operational KPIs
  EoP 000s

     FBB lines                  2,755         2,774          1
     Mobile lines               13,528        13,508         1, 2

  Financial KPIs
                                €mn           €mn

    Total Revenues              903           913

     EBITDAaL                   318           320            3

     EBITDAaL less capex        174           175            3

 Zegona Holdco Group            30 Sep 24     31 Dec 24
                                €bn           €bn
     Long term indebtedness     3.8           3.8            4

 

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCSEEFWFEISEIE