By 2022, the TDF Group will have :
- Sales up +5.2% to 769.5 million euros, driven by telecom infrastructures and fiber optics
- EBITDAaL of 447.6 million euros, up +8.6
- Capital expenditure up +1.7% to €425.4 million, or 55.3% of sales
- Solid and expanding industrial capacity, with 200,000 FttH outlets built within the year and 250 new telecoms masts made available by 2022.
For the fourth year in a row, the TDF Group has reported growth in earnings and a record level of capital expenditure, in line with the ambitious investment program we have been implementing for several years. The Group's strategy is underpinned by its industrial capacity to build and deploy massively sustainable fixed and mobile broadband infrastructures.
The figures in this press release exclude IFRS16. EBITDAaL: EBITDA plus operating rental expenses and excluding IFRS 2 expenses, severance payments and related fees. See appendices for detailed figures.
- In mobile telecoms infrastructures, the TDF Group recorded sales growth of +7.4%.
Building on its industrial expertise, the Group consolidated the presence of mobile operators and other customers on its existing towers and roof-tops (+600 points of presence) and reached 21,000 points of presence on its sites (sales of €381.9 million, up 5.3% organically). With the development of 5G in France, TDF is consolidating its position as a major player in the digital development of the territory, serving the connectivity of French homes and businesses.
In 2022, TDF is continuing its massive industrial deployment of telecoms infrastructure for digital coverage. 250 mobile telecommunications towers have been made available to operators, bringing the total to 1,400 since the tower construction program was launched in 2016.
Sales of other telecom services rose sharply by +24.1% (€55.7 million), boosted by the acceleration of mobile coverage activities in confined environments, known as "indoor". Responding to operators' needs for 5G deployment, TDF also continued to develop its Mobile Edge Computing equipment, hosting data in dedicated local datacenters.
- In fiber, deployment took on a new dimension, enabling the TDF Group to confirm sales of 51.8 million euros, representing +42.8% growth.
More than 80% of the four networks won by the Group (Val d'Oise, Yvelines, Loir-et-Cher/Indre-et-Loire and Maine-et-Loire) have been deployed, and rollouts in Val d'Oise and Yvelines have been completed. 200,000 outlets have been built by 2022, bringing the total number of marketable outlets to 610,000 out of the 750,000 allocated to the TDF group.
Sales are progressing significantly in all regions. The volume of orders has increased by +75% in one year: the number of outlets connected will rise from 155,000 at the end of 2021 to 275,000 at the end of 2022.
In 2022, the TDF group has been entrusted with the management of a new territory in Haute-Savoie with a total volume of 15,000 outlets. The Faucigny Glières community of communes has entrusted TDF with the leasing of part of the fiber optic network already built (3,000 existing outlets) and the installation, by 2025, of 12,000 new outlets for the residents and businesses of the seven communes.
The TDF Group has thus confirmed its position and industrial expertise as an FttH network operator.
- In broadcasting, revenues are down 2.6% on 2021.
In 2022, on its radio broadcasting activities, up 2.9%, the Group has continued and accelerated the rollout of DAB+ digital radio, following the roadmap of the Audiovisual and Digital Communication Regulatory Authority (Arcom). Deployment will intensify in 2023.
The Digital Terrestrial Television (DTT) broadcasting business has seen a 6.2% decline in 2022. Thanks to its expertise in network operation and supervision, the Group is able to provide its customers with quality service, in a context where the terrestrial platform remains popular with the population. The Group innovates and stands ready to support its publisher customers in upgrading the DTT platform to Ultra High Definition quality, particularly in the run-up to the Paris 2024 Olympic Games.
A massive level of investment in mobile telecoms and fiber based on the TDF Group's industrial capacity:
- In 2022, the volume of investments reached a record high for the Group:
425.4 million euros have been invested, representing 55.3% of sales, up +1.7% on 2021. Of these operating investments, 353.2 million euros correspond to growth investments, mainly in the Telecom and Fiber businesses.
- The Group is pursuing its massive and ambitious investment strategy on behalf of its customers, thereby securing future growth while keeping costs and resources under control. The Group has continued to expand its installed base, which now stands at 19,600 marketable sites, including 8,200 active sites (masts, towers, rooftop terraces, railway stations, etc.).
- The acceleration in the deployment of pylon infrastructures and fixed broadband networks is made possible by the industrial capacity of the TDF Group, which masters the end-to-end construction process.
Despite the inflationary context, our efforts to control costs enabled us to generate an increase in operating income. EBITDAaL rose by +8.6% to 447.6 million euros.
In addition, the Group's order book reached a record level of 3.931 billion euros, equivalent to 5.1 years' sales. This growth is the result of contract renewals in all our businesses over the past few years, as well as an increase in the infrastructures deployed and their use by customers.
To support its growth, the TDF Group has strengthened its financial structure and liquidity over the past twelve months:
- In February 2022, TDF Fibre, a company owned by TDF (79.5%) and Banque des Territoires (20.5%), raised a Social Loan bank loan of
725 million euros in order to increase its financial resources. This operation, which will provide a structure for the years to come, comes at a time when TDF is nearing completion of the fiber rollouts in the territories it has been awarded. TDF Fibre will enable the TDF Group to deploy, manage or take over new FttH (Fiber to the Home) and FttO (Fiber to the Office) networks in France, in addition to deploying and marketing existing networks.
- In July 2022, the Group redeemed in advance its bond debt maturing on October 19, 2022, the balance of which amounted to 220.1 million euros.
- The Group obtained the agreement of all the lenders concerned, enabling it to extend the maturity of the Capex Facility to March 26, 2026.
- The Group has no debt maturing before the end of 2025.
TDF pursues its commitments as a responsible industrial player
As a major player in telecommunications infrastructure and digital development, the TDF Group helps to ensure that all French citizens can receive digital terrestrial television and radio. In addition, through the development of its infrastructures, the Group is helping to improve fixed and mobile broadband connectivity, which is essential for the population.
As part of its overall Corporate Social Responsibility (CSR) performance for 2021, the TDF Group has been awarded a rating of 95/100 for 2022 by GRESB, the benchmark organization for the real estate infrastructure sector. Internationally, TDF ranks second in its category "Europe - Telecom Towers - Maintenance and Operations", and has maintained its 5-star rating for the past five years.
In terms of energy performance, TDF is innovating in its activities. In 2022, more than 100 photovoltaic shades were deployed on telecommunication sites, and plans are underway to extend deployment to all eligible sites, i.e. more than 2,000 sites. In the area of fiber optic network deployment, a new, more environmentally-friendly process known as "green laying" has been launched in the Loire Valley, for the construction of trenches for the laying of ducts.
As part of the Group's overall approach to corporate social responsibility and reducing its carbon footprint, in December 2022 TDF signed a Corporate Power Purchase Agreement (CPPA) with the Neoen group, one of the leading independent producers of exclusively renewable energy. Starting in 2026, TDF will purchase the electricity and guarantees of origin produced by the Salernes (Var) and Boussès (Lot-et-Garonne) solar power plants for a period of 15 years. This CPPA will eventually supply 10% of the electricity consumed by TDF's telecommunications and audiovisual broadcasting sites with green energy.
What's more, the DTT platform is the most environmentally-friendly network (in addition to being free and accessible to 97% of the population) for watching television. A study carried out by the Carnstone consultancy in conjunction with the University of Bristol reveals that receiving television via terrestrial means consumes 11 times less energy than being connected to internet platforms such as TV boxes.
In terms of social performance, the Group has a gender equality index of 94/100. A forerunner in this field for several years, TDF has implemented a number of support measures aimed at achieving a professional balance between men and women. These initiatives are divided into six areas: parenthood, recruitment, career development, compensation, training and corporate culture.
Olivier Huart, Chairman and CEO of the TDF Group, states:
"I am proud to announce growing results for the fourth consecutive year. Our investments in our mobile and fixed telecommunications infrastructures are at an all-time high. Our investment strategy and our industrial capacity for massive deployment are enabling us to meet our customers' needs and prepare our future in the technologies that will drive tomorrow's growth. Our expertise in mission-critical networks and telecommunications means that we can work on new services for our customers. As a major player in its sector, the TDF Group has everything it takes to meet these new challenges and keep pace with technological developments in the market.
