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Nets A/S: Financial results for 2016

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Company announcement

No. 2/2017

 

 

Financial results for 2016

Highlights for 2016

  • Strong organic growth in net revenue of 7%, driven by strong growth in both Merchant Services and Financial & Network Services with organic growth of 13% and 10%, respectively. Corporate Services experienced organic growth of 2%

  • EBITDA b.s.i. was up with 16.5%, equivalent to a margin expansion of 260 basis points to 35.5%

  • Net profit of minus DKK 584 million, which as expected was significantly impacted by special items related to the transformation programme and one-off expenses related to the IPO and refinancing. Adjusted net profit amounted to DKK 997 million equivalent to an increase of 28.2% compared to 2015

  • Capital expenditures amounted to DKK 668 million, which corresponds to a capital expenditure/revenue ratio of 9.0%

  • Operating free cash flow was DKK 1,434 million up by 16%

  • The IPO strengthened the capital structure with DKK 5.5 billion, which together with continued strong cash flow generation resulted in a significant deleveraging. Net interest-bearing debt / EBITDA b.s.i. was 3.2x at the end of 2016

Financial performance

 

Q4

Q4

Change

 

FY

FY

Change

DKKm

2016

2015

 

 

2016

2015

 

Revenue, net 1,910 1,704 12.1%

 

7,385 6,836 8.0%
EBITDA before special items 676 558 21.1%   2,619 2,248 16.5%
Special items (64) (104) (38%)   (606) (538) 13%
Adjusted EBIT 564 493 14.4%   2,203 1,977 11.4%
Net profit 223 111 100.9%   (584) 119 n/a
Adjusted net profit 370 189 95.7%

 

997 778 28.2%
Capital expenditure/revenue 11.2% 8.1% +3.1 pp   9.0% 7.9% +1.1 pp
Net interest-bearing debt / EBITDA b.s.i. 3.2x     3.2x   
Organic growth 10%     7%   
EBITDA b.s.i. margin 35.4% 32.7% +2.7 pp   35.5% 32.9% +2.6 pp
EBITDA margin 32.0% 26.6% +5.4 pp

 

27.3% 25.0% +2.3 pp

Bo Nilsson, CEO of Nets, said,

"2016 was a year of continued accelerated financial performance. The strong organic growth of 7% was powered by transactions and volume increases across all business segments and we are pleased that we have delivered financial results in line with or better than we expected."

"We have successfully transformed Nets into a significantly more customer-focused and innovation-driven company. Today we have a strong foundation for future growth and for 2017 we expect solid growth in both revenue and earnings."

Outlook

Compared to the latest guidance for 2016, published in the Q3 2016 Report, Nets met or exceeded the expectations on all parameters.

Targets

Guidance 9 Nov 2016

FY 2016

Actual

FY 2016

Guidance

FY 2017

Organic revenue growth 6-7% 7% 5-6%
EBITDA b.s.i. margin 35-36% 35.5% Above 36.0%
Special items (including IPO- related expenses)  DKK 630 million, of which approx. DKK 290 million is IPO-related DKK 606 million, of which DKK 261 million is IPO-related DKK 150 million, of which approx. DKK 30 million is IPO-related
Capital expenditure incurred

(% of revenue)

Around 10% 9.0% Around 8% excluding M&A activities
Net interest-bearing debt / EBITDA b.s.i. At or below 3.4x 3.2x 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

Additional information

Annual Report 2016

Nets' annual report for 2016 is available on https://investor.nets.eu

Conference call

In connection with the publication of the results for 2016, Nets will host a conference call on Tuesday, 28 February 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 44 89 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

  • 22 March 2017: Annual General Meeting

  • 9 May 2017: Interim Report for the First Quarter of 2017

  • 17 August 2017: Interim Report for the First Half-year of 2017

  • 9 November 2017: Interim Report for the Third Quarter of 2017

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.

Nets_Q4_Company_Announcement_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

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