Cerved Group 200Financial Highlights:

  • Revenues: Euro 177.6 million, +8.3% compared to Euro 164.0 million in the first half of 2014;
  • EBITDA: Euro 84.4 million, +6.5% compared to Euro 79.3 million in the first half of 2014, resulting in an EBITDA margin of 47.5%;
  • Adjusted Net Income: Euro 33.9 million, +29.1% compared to Euro 26.2 million in the first half of 2014;
  • Operating Cash Flow: Euro 60.3 million, +26.4% compared to Euro 47.7 million in the first half of 2014;
  • Net Financial Position: Euro 542.7 million on 30 June 2015, equating to 3.3x EBITDA in the last twelve months, compared to Euro 480.9 million on 31 March 20152)

During the first half of 2015 the Group’s revenues increased by 8.3%, reaching Euro 177.6 million compared to Euro 164.0 million in the first half of 2014.  On an organic basis revenues increased by 2.1%.

The Credit Information division yielded total growth of 0.3% in the first half 2015. The Financial Institutions segment grew by 1.4% in virtue of the increased consumption of data and the completion of a number of projects for banks, and due to the strong growth in the real estate appraisals business which more than compensated for the reduction in the cadastral surveys business. On the other hand, the Corporate segment declined by 0.5% despite the positive trend in the consumption of data. Please however note that the first quarter of 2015 declined 2.4% whereas the second quarter grew 1.3%. The decline is largely attributable to the comparison with the first quarter of the prior year which was conditioned by the positive impact of the integration of Experian Data Services.

The Credit Management division grew by 57.2% benefiting from the consolidation of Recus S.p.A. in the first half of 2015, and the consolidation of San Giacomo Gestione Crediti S.p.A. (merged into Cerved Group S.p.A. on July 1) starting from 1 April 2015. Growth for the full year will be driven by a combination of organic portfolio acquisitions coupled with the acquisitions mentioned above.  As of 30 June 2015 assets under management amounted to approx. Euro 12.9 billion (Euro 9.5 billion as of June 2014).

The Marketing Solutions grew by 5.4% compared to the first half of 2014, during which it had grown by 31.1% compared to 2013. Expectations for 2015 are positive thanks to a strong increase in orders compared to last year, and the commercialization of Marketing+, a new web-based marketing platform.

Gianandrea De Bernardis, CEO of the Group, commented: “I am satisfied to comment our results for the first half of the year: all the key financial indicators show positive trends. We also signed an agreement with a group of banks which will allow us to benefit from significant interest savings from 2016. Growth in the first half of 2015 was driven by the positive results of all of the Group’s divisions: Credit Information, Credit Management and Marketing Solutions. In particular, please note the positive performance of the Credit Management division which benefited from the consolidation of recent M&A transactions coupled with organic growth.”

Source: Cerved Earnings Release