[checklist]Cerved reported revenues of Euro 200.7 million, +6.8% compared to Euro 187.8 million in the first semester of 2016; [/checklist] Adjusted EBITDA1): Euro 93.3 million, +5.0% compared to Euro 88.9 million in the first semester of 2016, resulting in an Adjusted EBITDA margin of 46.5%; Adjusted Net Income: Euro 48.6 million, +10.4% compared to Euro 44.0 million in the first semester of 2016; Operating Cash Flow2): Euro 74.5 million, +13.9% compared to Euro 65.4 million in the first semester of 2016;
Consolidated Net Financial Position: Euro 522.8 million as of 30 June 2017, equating to 2.8x last twelve month Adjusted EBITDA. Reception of binding commitments from a group of lenders allowing Cerved to launch a consent solicitation process to amend the existing credit facilities and achieve annual savings of approx. Euro 2 million
¹Adjusted EBITDA excludes the impact of the Performance Share Plan 2019-2021.
²Adjusted Net Income excludes non-recurring income and expenses, amortisation of capitalized financing fees, amortisation of the Purchase Price Allocation and non-recurring income taxes.
³Based on Adjusted EBITDA.
Marco Nespolo, Chief Executive Officer of the Group, commented: “In the first half of 2017 the Group achieved positive results, with a total Revenues growth of +6.8%, Adjusted EBITDA of +5.0% and Adjusted Net Income of +10.4%.”
“On a divisional basis, Credit Information achieved growth of Revenues and Adjusted EBITDA higher than in previous years, with positive results both in the corporate and financial institutions segments. The Credit Management division continues to be an important growth engine for the Group. We remain positive regarding the mid-term growth trajectory, also thanks to the recently signed agreement with Barclays as well as a number of other large scale transactions which are coming to the NPL servicing sector.”
“The results for the first half of 2017 confirm the Group’s strong cash flow generation capabilities, with a leverage ratio of 2.8x despite the payment of dividends of Euro 48.2 million in May.”
Source: Cerved Press Release