• Revenues: Euro 323.6 million, +12,1% compared to Euro 288.7 million in the first nine months of 2017;
  • Adjusted EBITDA: Euro 145.4 million, +10.1% compared to Euro 132.0 million in the first nine months of 2017, resulting in an Adjusted EBITDA margin of 44.9%;
  • Adjusted Net Income: Euro 72.0 million, +5.3% compared to Euro 68.3 million in the first nine months of 2017;
  • Operating Cash Flow: Euro 107.8 million, +8.9% compared to Euro 99.0 million in the first nine months of 2017

The Board of Directors of Cerved Group S.p.A. (MTA: CERV, the “Company” and previously Cerved Information Solutions S.p.A.) – the largest information provider and credit servicer in Italy – have approved the First Nine Months Results as of 30 September 2018.

Gianandrea De Bernardis, Chief Executive Officer of the Group, commented: “I am very glad to have the opportunity to return to the helm of the group which I contributed to create in 2009 and which I led until 2016. I would also wish to thank Marco for the excellent work done in the last few years.”

In the first nine months of 2018 the Group achieved strong growth rates, with Revenues increasing +12.1%, Adjusted EBITDA +10.1% and Adjusted Net Income +5.3%. On an organic basis, the growth of 9.0% in Revenues and of 6.8% in Adjusted EBITDA remain by far higher than historic averages.

“At the divisional level, the Credit Management division continues to be the Group’s growth engine, growing Revenues by 45.7%, with organic growth driven by the onboarding of NPLs from the Atlante and REV funds, and the consolidation of the newly acquired credit servicing platforms from Banca MPS and Banca Popolare di Bari. The Credit Information division grows by 1.9% thanks to a positive contribution of the financial institutions segment, although impacted by some phasing and delays in Q3 with respect to large accounts in the Corporate segment”

“Based on year-to-date results and subject to performance in Q4, FY 2018 Adjusted EBITDA may be in line with or slightly below consensus. We also confirm the Investor Day strategic outlook as presented to the market on 25 June 2018.

“The results for the first nine months of 2018 confirm the financial solidity of the Group and its cash generation capabilities, with a leverage ratio of 2.7x last twelve month Adjusted EBITDA. This result allows us to support the execution of a share buyback program and other potential M&A activities.

With reference to the third quarter of 2018, total growth of Revenues was +11.6% compared to the third
quarter of 2017. 

The Credit Information division contracted by -0.5%, including a reduction of -2.9% in the corporate
segment, and an increase of 2.2% in the financial institutions segment. The Credit Management division
grew by 47.9%, while the Marketing Solutions division grew by 2.3%.

Source: Cerved Group Earnings Release