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Appendix 4E Final Report

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Appendix 4E Final Report w Appendix 4E Final Report 1. Company details Name of entity: Uniti Group Limited ABN: 73 158 957 889 Reporting period: For the year ended 30 June 2021 Previous period: For the year ended 30 June 2020 2. Results for announcement to the market $’000 Revenues from ordinary activities ▲ up 176% to 160,475 Profit from ordinary activities after tax attributable to the owners of Uniti Group Limited ▲ up 83% to 29,195 Profit for the year attributable to the owners of Uniti Group Limited ▲ up 83% to 29,195 Franked Amount per Amount per Security Security Dividends (cents) (cents) Interim dividend Nil Nil Final dividend Nil Nil Review of Operations The statutory profit for the consolidated entity after providing for income tax amounted to $29.2 million (30 June 2020: $15.9 million). The statutory profit includes significant items consisting of $12.6 million acquisition costs incurred as part of the acquisitions of OptiComm Limited (OptiComm), HarbourISP Pty Ltd (HarbourISP) and the Telstra Velocity and South Brisbane Exchange network assets (Velocity), share based expenses of $6.8 million relating to shares and options issued, restructure costs of $1.4 million incurred as part of group reorganisation activity, $0.6m dividend income relating to Uniti’s acquired interest in OptiComm shares prior to the completion of the Scheme of Arrangement to acquire OptiComm and amortisation of acquired customer base intangible of $12.0 million. After adjusting for the significant items, the profit after tax for the consolidated entity for the year was $61.3 million compared to the prior corresponding period of $21.7 million, an increase of 182%. The Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) after adjusting for the significant items for the year was $93.7 million compared to $26.5 million for the prior corresponding period, an increase of 254%. Please refer to the reconciliation of reported to underlying results in the Operating & Financial Review. In line with our strategy, the Company completed acquisitions of HarbourISP, OptiComm and Velocity in FY21. The transactions were highly earnings accretive and will be a significant contributer to the earnings of the Group in the future. The growth in the operating businesses and the transactions undertaken has resulted in the Group performing well, with strong operating free cash flow for the financial year, positioning the Group for further growth in the 2022 financial year. The Group has a strong balance sheet, ownership of core infrastructure businesses, more diverse products and services and a pipeline of already contracted sites and further organic growth targets such that the Directors are highly confident the Group can capitalise on the work undertaken to date and continue to grow earnings in the future. Appendix 4E 3. Net tangible assets Reporting Previous period period (cents) (cents) Net tangible assets per ordinary security (10.9) 49.8 4. Control gained over entities Name of entity Control Gained HarbourISP Pty Ltd 18 November 20201 OptiComm Limited 20 November 2020 OptiComm Integration Pty Ltd 20 November 2020 1 Date of control of entity is 18 November 2020, with date of economic control being 1 November 2020. $’000 Aggregate contribution of the above entities to the reporting entity’s profit from ordinary activities before 30,732 income tax during the period was a profit of: Aggregate profit from ordinary activities before income tax of the controlled entities if owned for the 31,044 whole of the previous period was a profit of: 5. Loss of control over entities Not applicable. 6. Details of associates and joint venture entities Not applicable. 7. Audit qualification or review The financial statements have been audited and an unqualified opinion has been issued. 8. Attachments The Annual Report of Uniti Group Limited for the year ended 30 June 2021 is attached. 9. Signed Graeme Barclay, Chairman 24 August 2021 Annual Report 2021 ABN 73 158 957 889 UNITI GROUP LIMITED ANNUAL REPORT 2021 About this Report The Annual Report 2021 is a summary of Uniti’s REPORT OBJECTIVES operations, activities and financial position for the 12 month period to 30 June 2021. This report meets our governance and compliance requirements and has been written to provide Uniti Group Limited is the parent company of the Uniti shareholders and interested parties with clear, easy group of companies. In this report, unless otherwise to understand information on the Company and its stated, references to “Uniti”, “the Group”, “the performance in FY21. Company”, “we”, “our” and “us” refer to Uniti Group Limited and its controlled entities. ADDITIONAL INFORMATION In this report, references to the financial year refer to This report can also be found online via the period 1 July to 30 June unless otherwise stated. www.unitigrouplimited.com All dollar figures are expressed in Australian dollars, unless otherwise stated. KEY DATES Our Corporate Governance Statement, detailing our compliance with the ASX Corporate Governance Financial Year End - 30 June 2021 Council’s “Corporate Governance Principles & Annual General Meeting - 26 November 2021 Recommendations – 4th Edition” can be found online Given the continued uncertainty and potential at our website via www.unitigrouplimited.com. health risks created by the COVID-19 pandemic, we expect we may have to conduct the 2021 Annual General Meeting of Uniti Group Limited as a virtual meeting, to be conducted online. Further details will be published once available. Please refer to our website www.unitigrouplimited.com for further details. IMPORTANT INFORMATION This report contains certain forward looking statements, which may be identified by the use of terminology including ‘expects’, ‘believes’, ‘targets’, ‘likely’, ‘should’, ‘could’, ‘intends’, ‘aims’ or similar expressions. Indicators of and guidance on future earnings and financial position are also forward looking statements. These forward looking statements are not guarantees or predictions of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Uniti, and which may cause actual results to differ materially from those expressed or implied in such statements. Further information on important factors that could cause actual results to differ materially from those projected in such statements is included in the Material Business Risks section of the Operating and Financial Review. Readers are cautioned not to place undue reliance on forward looking statements. 2 UNITI GROUP LIMITED ANNUAL REPORT 2021 Contents About Us 4 Key Highlights 5 Letter from the Chairman and MD & CEO 6 Operating and Financial Review 12 Sustainability 23 Directors’ Report 26 Remuneration Report (Audited) 34 Auditor’s Independence Declaration 56 Financial Report 57 Shareholder Information 122 Corporate Directory 124 3 UNITI GROUP LIMITED ANNUAL REPORT 2021 About Us Uniti is a market-leading constructor, owner and vertically integrated operator of privileged fibre infrastructure, and a provider of value-added telecommunications services in identified profitable niche markets. Since mid-2019 Uniti has consolidated the majority of the "challenger" participants in the greenfield residential fibre broadband networks market, to make Uniti today the definitive challenger private fibre operator. At the core of Uniti Group is a commitment to deliver high quality, high speed telecommunications networks and associated services to its customers, in order to produce strong and growing annuity earnings and, in turn, exceptional long term returns to its shareholders. State Number of Uniti Communities NSW 507 QLD 286 VIC 246 WA 112 SA 24 ACT 20 NT 4 TOTAL 1,199 > 501,000 250+ Total Secured premises employees located (excluding Velocity) across Australia Our main brands 4 UNITI GROUP LIMITED ANNUAL REPORT 2021 Key highlights for FY21 Revenue FY21 $159.9m Exit Run $218.0m Excluding dividend income +175% on pcp Rate Based on Jun 21 performance Underlying FY21 $93.7m Exit Run $133.4m Rate EBITDA +254% on pcp Based on Jun 21 performance Operating Free FY21 $64.2m Exit Run $90.7m Rate Cash Flow (FCF) FCF conversion: 68% Applying FY21 free cash of Underlying EBITDA flow conversion at 68% Secured premises Dec ’20 438,024 Jun ’21 501,198 (ex Velocity) +15% on Dec 20 Rapid Growth Since Listing Significant growth in revenue, earnings and free cash since listing $m 160 Underlying Reported +225% 140 Exit Run Rate EBITDA 120 100 +583% 133.4 80 93.7 60 40 41.0 26.5 20 (0.6) 6.0 0 (20) FY19 FY20 FY21 +127% Operating $m 90.7 90 Free Cash Flow Reported 80 Exit Run Rate 70 +1500% 64.2 60 50 40.0 40 30 21.6 20 10 0.3 2.5 0 FY19 FY20 FY21 5 UNITI GROUP LIMITED ANNUAL REPORT 2021 Letter from the Chairman and MD & CEO To all Uniti Group shareholders: greenfield residential sector and to expand our data infrastructure ownership across all property classes It is with immense pride we present to you, on behalf of such as lifestyle, retirement community, commercial, all the team at Uniti, the Annual Report for Uniti Group industrial, retail and increase market share of FTTP Limited for the year ended 30 June 2021. network ownership in all these asset classes. When we delivered our annual report last year, we We will bring a retail capability to this expanded market highlighted how FY20 had been a transformational year, as well. having transitioned the Company to positive operating profits and cash flow. We set the platform for sustainable We will expand our products and services with a growth in shareholder returns through the acquisition continued focus on infrastructure ownership. and integration of digital fibre infrastructure businesses During the FY20 year, we acquired businesses in the in the greenfield residential market, acquisition and CPaaS market segment with economics very similar consolidation of businesses acquired in the CPaaS to our core infrastructure business, annuity revenues market segment and the continued growth in our retail with high cash conversion and with the opportunity to operations.
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