Cerved reported revenues of €223.0 million, +12.3% compared to €198.6 million in the first semester of 2017:
- Adjusted EBITDA 2) : Euro 102.4 million, +11.9% compared to Euro 91.5 million in the first semester of 2017, resulting in an Adjusted EBITDA margin of 46.0%;
- Adjusted Net Income 3) : Euro 52.8 million, +11.8% compared to Euro 47.2 million in the first semester of 2017;
- Operating Cash Flow 4) : Euro 76.4 million, +2.6% compared to Euro 74.5 million in the first semester of 2017;
- Consolidated Net Financial Position: Euro 544.3 million as of 30 June 2018, equating to 2.7x last twelve month Adjusted EBITDA.
1) 2017 figures restated to reflect IFRS 15 and IFRS 9 – 2) Adjusted EBITDA excludes the impact of the Performance Share Plan 2019-2021. 3) Adjusted Net Income excludes non-recurring income and expenses, amortisation of capitalized financing fees, amortisation of the Purchase Price Allocation and non-recurring income taxes. – 4) Based on Adjusted EBITDA.
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 – has approved the Semiannual Report as of 30 June 2018.
Marco Nespolo, Chief Executive Officer of the Group, commented: “In the first half of 2018 the Group achieved strong growth rates, with Revenues increasing +12.3%, Adjusted EBITDA +11.9% and Adjusted Net Income +11.8%. We remain confident in the expected growth rates for the year in progress.”
“At the divisional level, Credit Information registered growth rates in Revenues and Adjusted EBITDA in line with prior years, also thanks to the recovery of the corporate segment following a soft first quarter, and to the constant growth of the financial institutions segment. The Credit Management division continues to be the Group’s growth engine, particularly following 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 results for the first half of 2018 confirm the financial solidity of the Group, with a leverage ratio of 2.7x last twelve month Adjusted EBITDA, and despite the payment of Euro 52 million in dividends and cash outflows of approx. Euro 82 million for acquisitions. The Board of Directors also approved to execute a share buyback program for up to Euro €30 million over the next 6 months, in order to service the LTIP scheme and in compliance with the objectives approved by the Shareholders’ Meeting.”
The full report is available here.
Source: Cerved Press Release