4.3 Socio-economic impact

In 2022 Cellnex has  once again carried out a study with PwC on the Socio-Economic Impact of Cellnex. The 2022 study, assesses the impact generated by Cellnex in the 12 countries in which it operates, covering 81 companies that belong to the Group in the analysed countries. It should be taken into consideration that the impacts by country are subject to the investment cycle of Cellnex in the country, and how these investments are included in the annual accounts.

The impact includes the contribution to GDP and employment generated directly, indirectly and induced, estimated using the Input-Output methodology. Direct impact refers to the economic activity generated directly by the company. Indirect impact refers to the increase in economic activity generated by the expenses and investments made by the company. Finally, induced impact represents the increase in economic activity derived from the increase in labour income from employment created directly and indirectly. The contribution to Gross Domestic Product (GDP) is measured in terms of Gross Value Added (GVA), and the contribution to employment is measured in terms of total employment.

Cellnex also participated in a study prepared by the European Wireless Infrastructure Association (EWIA) on the economic contribution of the European tower sector, published in February 2022. The report contains Cellnex case studies, along with economic data and other companies experiences.

Impact on GDP

Revenue is a valid indicator of the relative size of a company, but it does not really reflect the real economic value generated by the firm. In order to accurately measure the economic value generated by a company GVA should be used, which represents the difference between the value of the goods and services sold by a company (Revenue) and those used as intermediate consumption in  its production process.

In 2022, considering the direct, indirect and induced impact, Cellnex had a socio-economic contribution in the countries analysed of €7,266Mn in terms of GDP. From the total, €2,826Mn (38.9%) corresponds to Cellnex Direct Impact, meaning Cellnex's direct contribution to the GDP of the countries analysed. The impact generated by Cellnex’s supply chain expenses and investments in the countries analysed (Indirect Impact) accounts a total of €3,382Mn (46.5%), and the remaining €1,059Mn (14.6%) are the Induced Impact generated by Cellnex, generated by the increase in consumption resulting from the increase in labour income associated with direct and indirect employment.

Impact on employment

The total employment generated by Cellnex in the countries analysed in 2022 was of 70,260 jobs. From the total employment generated, 3,018 (4.3%) were employees directly hired by Cellnex (Direct Impact), and 51,559 jobs (73.4%) were  supported by Cellnex’s supply chain expenses and investments (Indirect Impact). The impact supported by the increase in consumption resulting from the increase in labour income associated with direct and indirect employment (Induced Impact) was of 15,683 jobs (22.3%).