Company announcement No. 14/2017 |
Highlights for Q1 2017
Bo Nilsson, CEO of Nets, said,
"With an organic revenue growth of 7%, powered by transaction- and volume increases across all business segments, we once more demonstrated the strength of our growth model. Furthermore, I am pleased with the continued margin expansion, which has lead us to raise our guidance on EBITDA b.s.i. margin for the year to at or above 36.5%.The first quarter of 2017 was a strong start of the year."
Financial performance
Q1 | Q1 | Change | FY | ||
DKKm | 2017 | 2016 | 2016 | ||
Revenue, net | 1,897 | 1,743 | 8.8% | 7,385 | |
EBITDA before special items | 626 | 551 | 13.6% | 2,619 | |
Special items | (84) | (139) | (39.6%) | (606) | |
Adjusted EBIT | 540 | 460 | 17.4% | 2,203 | |
Net profit | 202 | (139) | n.a. | (584) | |
Adjusted net profit | 353 | 151 | 133.8% | 997 | |
Organic growth | 7% | 6% | 7% | ||
EBITDA b.s.i. margin | 33.0% | 31.6% | +1.4 pp | 35.5% | |
EBITDA margin | 28.6% | 23.6% | +5.0 pp | 27.3% | |
Capital expenditure/revenue | 7.9 % | 7.6 % | +0.3 pp | 9.0 % | |
Net interest-bearing debt / EBITDA b.s.i. | 3.1x | 3.2x |
Outlook
Targets | Guidance 28 February 2017 FY 2017 | Guidance 9 May 2017 FY 2017 |
Organic revenue growth | 5-6% | 5-6% |
EBITDA b.s.i. margin | Above 36.0% | At or above 36.5% |
Special items (including IPO- related retention expenses) | DKK 150 million, of which approx. DKK 30 million is IPO-related | DKK 150 million, of which approx. DKK 30 million is IPO-related |
Capital expenditure incurred (% of net revenue) | Around 8% excluding M&A activities | Around 8%, excluding M&A activities |
Net interest-bearing debt / EBITDA b.s.i. | Around 2.5x including effect of share buyback of approx. DKK 150 million to cover long-term incentive programme and assuming no additional M&A activities | Around 2.5x, including effect of share buyback of approx. DKK 150 million to cover long-term incentive programme and including acquisition of OP's merchant acquiring business and assuming no additional M&A activities |
Conference call
In connection with the publication of the results for Q1 2017, Nets will host a conference call on Tuesday, 9 May 2017, from 10:00 to 11:00 am 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 32 71 16 60
Participants, UK: +44(0)20 3427 1919
Participants, US: +1 646 254 3362
Confirmation code: 8978598
For further information, please contact:
For media enquiries:
Karsten Anker Petersen, Head of Communications, at +45 29 48 78 83 or kapet@nets.eu
For investor and analyst enquiries:
Lars Oestmoe, Head of M&A and IR, at +47 91 34 71 77 or lostm@nets.eu
Financial calendar
Forward-looking statements
This report contains forward-looking statements, including, but not limited to, the statements and expectations contained in the outlook section. Forward-looking statements are statements (other than statements of historical fact) relating to future events and Nets' anticipated or planned financial and operational performance. The words 'may', 'will', 'will continue', 'should', 'expect', 'foresee', 'anticipate', 'believe', 'estimate', 'plan', 'predict', 'intend' or variations of these words, including negatives thereof, as well as other statements regarding matters that are not historical fact or regarding future events or prospects, constitute forward-looking statements. Nets has based these forward-looking statements on its current views with respect to future events and financial performance. These views involve a number of risks and uncertainties, which could cause actual results to differ materially from those predicted in the forward-looking statements and from the past performance of Nets. Although Nets believes that the estimates and projections reflected in the forward-looking statements are reasonable, they may prove materially incorrect and actual results may materially differ, e.g. as the result of risks related to the industry in general or to Nets in particular, including those described in Nets Annual Report 2016.
Factors that may affect future results include, but are not limited to, global and economic conditions, including currency exchange rate and interest rate fluctuations, delay or failure of projects related to research and/or development, unexpected contract breaches or terminations, unplanned loss of patents, government-mandated or market-driven price decreases for Nets' products, introduction of competing products, reliance on information technology, Nets' ability to successfully market current and new products, exposure to product liability, litigation and investigations, regulatory developments, actual or perceived failure to adhere to ethical marketing practices, unexpected growth in costs and expenses, failure to recruit and retain the right employees, and failure to maintain a culture of compliance.
As a result, forward-looking statements should not be relied on as a prediction for actual results. Nets undertakes no obligation to update or revise any forward-looking statements, neither because of new information, nor because of future events or otherwise, except to the extent required by law.
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.
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