Financial highlights

Cerved offers a broad range of products and services to support corporate clients and financial institutions across all stages of business activities, including database access, assessment of reliability of solvency of commercial counterparties, credit risk management, market surveys, competitive positioning reports, loan monitoring and decision-making systems. Activities are conducted principally through three business segments: Credit Information, Credit Management and Marketing Solutions.

 

Credit Information

 

 

Cerved is the leading credit information provider in Italy, serving primarily corporations and financial institutions. Services refer to four different product lines (Business Information, Real Estate, Rating&Analytics, Consumer Information) which help customers to assess the financial viability and risk profile of existing and prospective consumer and commercial counterparties. The broad range of products also includes a series of integrated services to provide support to clients in the financial and commercial decision-making process. Learn more about Credit Information for Financial Institutions and Corporates.

 

Credit Management

 

 

Cerved is one of the leading Italian operators in the credit management market, assisting clients in the appraisal and management of non-performing loans and assets. Clients principally include investment funds that acquired large asset and loan portfolios and require specialized credit management assistance, banks, financial companies and corporations with significant non-performing loans which cannot be managed internally. Products and services are offered through three different companies, each one specialized by type of client and non-performing loan: Cerved Credit Management, Finservice and Recus. Learn more about Credit Management for Financial Institutions and Corporates.

 

Marketing Solutions

 

 

Cerved marketing solutions services consist of information and analyses of relevant markets to identify potential growth markets and competitive environments, optimize sales networks, measure customer satisfaction and local potential customers. Products and services are based on the database of the Group as well as official sources and information in the public domain which are processed and integrated with ad-hoc activities to address specific requirements through the use of typical marketing analysis instruments. In particular Cerved constantly monitors approximately 1,000 different industry sectors and micro-sectors and carries out approximately 100,000 interviews every year. Learn more about Marketing Solutions for Financial Institutions and Corporates.

 

Revenues and Adjusted EBITDA results for 2016

Referring to 2016 full year, financials reported in the table below highlight the growth of all the business divisions.

Consolidated Revenues (in million Euro) Full Year 2016 Full Year 2015 % Growth
Credit Information - Corporates 1) 148.1 141.7 4.5%
Credit Information - Financial Institutions  126.6 125.4 1.0%
Credit Information 274.7 267.1 2.8%
Credit Management 2) 84.7 75.0 13.0%
Marketing Solutions 3) 21.1 13.8 52.7%
Intra-segment revenues (3.6) (2.5)  
Consolidated Revenues 377.0 353.5 6.6%


1) Major1 e Fox&Parker consolidated from August and September 2016 respectively
2) San Giacomo Gestione Crediti SpA consolidated from April 2015
3) ClickADV Srl consolidated from April 2016

 

Consolidated Adjusted EBITDA (in million Euro) As of December 31, 2016 As of December 31, 2015 % Growth
Credit Information 1) 147.5 145.4 1.4%
Credit Management 2) 24.4 19.5 25.1%
Marketing Solutions 3) 8.2 5.9 38.0%
Adjusted EBITDA 180.0 170.8 5.4%
Adjusted EBITDA Margin 47.8 48.3  


1) Major1 e Fox&Parker consolidated from August and September 2016 respectively
2) San Giacomo Gestione Crediti SpA consolidated from April 2015
3) ClickADV Srl consolidated from April 2016

Adjusted Net Profit

Adjusted Net Income – which excludes non-recurring income and expenses, amortisation of capitalised financing fees, amortisation of the Purchase Price Allocation and non-recurring income taxes – reached Euro 92.0 million, an increase of 34.2% compared to Euro 68.5 million in 2015.

Net Financial Position

As of 31 December 2016 the Net Financial Position of the Group was Euro 523.4 million, compared to Euro 568.6 million as of 30 June 2016 and Euro 499.6 million as of 31 December 2015, the latter adjusted to exclude the non-recurring impact of the Forward Start transaction. The ratio of Net Financial Position to last twelve month EBITDA was 2.9x as of 31 December 2016, despite the cash outflow of approximately Euro 35 million related to the Forward Start refinancing transaction in January 2016 and the payment of dividends of approximately Euro 45 million on 11 May 2016.