Nets A/S: Interim Report for the Third Quarter 2016
(Thomson Reuters ONE) -
Company announcement Nets A/S
No. 28/2016 Lautrupbjerg 10
DK-2750 Ballerup
www.nets.eu
Company Registration no. 37427497
9 November 2016
Nets A/S - Interim Report for the Third Quarter 2016
Highlights
* Organic revenue growth in Q3 2016 of 6%, driven by a strong performance in
Merchant Services and in Financial & Network Services. YTD, organic revenue
growth was 6%
* EBITDA before special items margin in Q3 2016 of 39.5%, an improvement of
320 basis points since Q3 2015. YTD EBITDA before special items margin of
35.5%, an improvement of 260 basis points compared to last year
* Special items in Q3 2016 of DKK 298 million, whereof DKK 220 million were
IPO-related. YTD, special items were DKK 542 million, whereof DKK 284
million were IPO-related
* Net profit in Q3 2016 of minus DKK 831 million, as expected, significantly
impacted by special items and refinancing expenses
* Adjusted net profit in Q3 2016 was DKK 265 million, compared to DKK 212
million in Q3 2015. YTD, adjusted net profit was DKK 627 million, compared
to DKK 589 million last year
* Capital expenditure/revenue ratio of 8.5% in Q3 2016 and 8.3% YTD
* Net interest-bearing debt/LTM EBITDA before special items was 3.5x,
positively impacted by IPO-related accruals.
Financial performance
Q3 Q3 Change YTD YTD Change FY
DKKm 2016 2015 2016 2015 2015
Revenue, net 1,888 1,739 8.5% 5,475 5,132 6.7% 6,836
EBITDA before special items 746 632 18.0% 1,943 1,690 15.0% 2,248
Special items (298) (92) 224% (542) (434) 25% (538)
Adjusted EBIT 637 570 11.7% 1,639 1,484 10.4% 1,977
Net profit (831) 246 n.a. (807) 8 n.a. 119
Adjusted net profit 265 212 25.1% 627 589 6.4% 778
Capital expenditure/revenue 8.5 % 6.8 % +1.7 pp 8.3 % 7.8 % +0.5 pp 7.9 %
Net interest-bearing debt /
LTM EBITDA b.s.i. 3.5x 3.5x
--------------------------------------------------- --------------------- ------
Organic growth 6% 6% 6%
EBITDA before special items
margin 39.5% 36.3% +3.2 pp 35.5% 32.9% +2.6 pp 32.9%
--------------------------------------------------- --------------------- ------
Bo Nilsson, CEO of Nets, said:
"We are pleased to report that Q3 2016 was another strong quarter, with 6%
organic revenue growth and 18% growth in EBITDA before special items, compared
to the same period last year. This results in an EBITDA before special items
margin of 35.5% year to date, which is better than expected. Based on the
results we raise the guidance for 2016, Medium-term targets are unchanged".
"The growth in EBITDA before special items was mainly due to increased volumes
and positive impact from the transformation programme coming through. The DKK
831 million negative net profit in Q3 2016 was as expected significantly
affected by special items, costs related to the refinancing and exchange rate
adjustments. Had the new post-IPO capital structure been in place from 1 July
2016, the adjusted net profit would have amounted to DKK 417 million in Q3
2016".
Outlook for 2016
The 2016 Guidance at 9 November is changed compared to 13 September. The medium-
term guidance is unchanged.
Targets Guidance for 2016 at 9 Guidance for 2016 at 13
November September
Organic revenue growth 6-7% Around 6% on the basis
of adjusted 2015 revenue
of DKK 6,928 million
-------------------------------------------------------------------------------
EBITDA before special items 35 - 36% Around 35%
margin
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Capital expenditures Capex will be affected by Capex will be affected
incurred (% of revenue) e.g. investment in new by e.g. investment in
data centre and, hence, new data centre and,
expected to be at an hence, expected to be at
elevated level of around an elevated level of
10% of net revenue 10-12% of net revenue
-------------------------------------------------------------------------------
Special items (including DKK 630 million, of which DKK 800 million, of
IPO-related expenses) approx. DKK 290 million which approx. DKK 475
are IPO related million are IPO-related
-------------------------------------------------------------------------------
Net interest-bearing debt / At or below 3.4x Net interest-bearing
EBITDA before special items debt / EBITDA before
special items at year-
end 2016 slightly below
an expected IPO leverage
of 3.75x
-------------------------------------------------------------------------------
Conference call
In connection with the publication of the results for Q3 2016 Nets will host a
conference call on Wednesday 9 November 2016 at 10:00 CET. The conference call
can be followed live via the Company's website, https://investor.nets.eu
Dial-in details for investors and analysts:
Participants, DK: +45 38 32 28 69
Participants, UK: +44(0)20 3427 1912
Participants, US: +1 212 444 0481
Confirmation code: 9356450
For further information, please contact:
For media enquiries:
Karsten Anker Petersen, Head of Communications, at +45 44 89 78 83 or
kapet(at)nets.eu
For investor enquiries:
Lars Oestmoe, Head of M&A and IR, at +47 91 34 71 77 or lostm(at)nets.eu
Information on Nets
Nets is a leading provider of digital payment services and related technology
solutions across the Nordic region. Nets sits at the centre of the digital
payments ecosystem and operates a deeply entrenched network, which connects
merchants, corporate customers, financial institutions and consumers enabling
them to make and receive payments as well as, increasingly, utilise value-added
services to help them improve their respective activities.
Company Announcement_Full Report - FINAL:
http://hugin.info/173023/R/2055525/769747.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Nets A/S via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 09.11.2016 - 08:09 Uhr
Sprache: Deutsch
News-ID 505771
Anzahl Zeichen: 8109
contact information:
Town:
Ballerup
Kategorie:
Business News
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