Revenues: Euro 353.5 million, +6.7% compared to Euro 331.3 million in 2014;- EBITDA: Euro 170.8 million, +6.7% compared to Euro 160.1 million in 2014, resulting in an EBITDA margin of 48.3%;
- Adjusted Net Income: Euro 68.5 million, +24.7% compared to Euro 55.0 million in 2014;
- Operating Cash Flow: Euro 136.1 million, +7.9% compared to Euro 126.2 million in 2014;
In 2015 the Group’s revenues increased by 6.7%, reaching Euro 353.5 million compared to Euro 331.3 million in the previous year (1.6% on an organic basis).
The Credit Information division grew by 0.9%.- The Financial Institutions segment grew by 2.0%, with such 2 positive performance being driven by the increased consumption of data by clients and the completion of a number of projects for banks, coupled with strong demand for appraisals in the real estate segment.
- The Corporate segment achieved positive results in terms of sales and consumption, despite registering revenues which were marginally below last year. We also highlight positive developments in the implementation of the revamp of the sales force.
- The Credit Management division grew by 40.8% and, coherently with results to 30 September 2015, benefited both from organic growth in each of its three business segments (credit workout, legal services and asset remarketing) as well as from recent acquisitions (Recus S.p.A. and San Giacomo Gestione Crediti S.p.A.).
- The Marketing Solutions division performed below initial expectations, with a decrease of 6.2% compared to the prior year, due to a different product mix which had a different revenue impact, and a minor contribution from the corporate sales force which was more focused on achieving its own results for the revamp project.
With respect to the business outlook for 2016, the Group foresees a scenario of increasing revenues and EBITDA with a contribution from all business divisions (Credit Information, Credit Management and Marketing Solutions), in addition to a further integration of processes and efficiency gains, with the aim of improving margins and operating cash flow generation.
About Cerved
Cerved Group is the largest information provider in Italy and one of the major credit rating agencies in Europe. It offers the most comprehensive range of products and services used by more than 34 thousand companies and financial institutions to assess the solvency and creditworthiness of its stakeholders, manage credit risk in all its phases, and accurately define marketing strategies. Furthermore, through Cerved Credit Management, Finservice and Recus it offers solutions for the evaluation and management of NPLs.
Source: Cerved Earnings Release
