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Nets A/S: Interim Report for the Third Quarter 2016

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Company announcement

No. 28/2016

 

Nets A/S

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 November

Guidance for 2016 at 13 September

Organic revenue growth 6-7% Around 6% on the basis of adjusted 2015 revenue of DKK 6,928 million
EBITDA before special items margin 35 - 36% Around 35%
Capital expenditures incurred (% of revenue) Capex will be affected by e.g. investment in new data centre and, hence, expected to be at an elevated level of around 10% of net revenue Capex will be affected by e.g. investment in new data centre and, hence, expected to be at an elevated level of 10-12% of net revenue
Special items (including IPO-related expenses) DKK 630 million, of which approx. DKK 290 million are IPO related DKK 800 million, of which approx. DKK 475 million are IPO-related
Net interest-bearing debt / EBITDA before special items At or below 3.4x Net interest-bearing 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@nets.eu

For investor enquiries:

Lars Oestmoe, Head of M&A and IR, at +47 91 34 71 77 or lostm@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


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

Vedhæftet fil: 769747.pdf

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