Financial highlights
Last update: April 8th 2019
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 2018
Referring to 2017 full year, financials reported in the table below highlight the growth of all the business divisions.
| Consolidated Revenues (in million Euro) | Full Year 2018 | Full Year 2017 | % Growth |
|---|---|---|---|
| Credit Information - Corporates | 155.7 | 151.0 | 3.1% |
| Credit Information - Financial Institutions | 131.2 | 128.2 | 2.4% |
| Credit Information | 286.9 | 279.2 | 2.8% |
| Credit Management | 149.3 | 94.4 | 58.2% |
| Marketing Solutions 2) | 25.6 | 24.6 | 4.3% |
| Intra-segment revenues | (3.8) | (3.7) | |
| Consolidated Revenues | 458.1 | 394.4 | 16.1% |
| Consolidated Adjusted EBITDA (in million Euro) | As of December 31, 2018 | As of December 31, 2017 | % Growth |
|---|---|---|---|
| Credit Information | 147.9 | 145.1 | 1.9% |
| Credit Management | 52.4 | 27.2 | 92.3% |
| Marketing Solutions | 8.3 | 9.4 | 11.6% |
| Adjusted EBITDA | 208.5 | 181.7 | 14.8% |
| Adjusted EBITDA Margin | 45.5 | 46.1 |
Adjusted Net Profit
Adjusted Net Income – which excludes non-recurring income and expenses, amortization of capitalized financing fees, amortization of the Purchase Price Allocation, fair value adjustment of put & call options, and the fiscal impact of previous items – reached Euro 117.1 million, yielding an increase of 24.5% compared to Euro 94.1 million of fiscal year 2017
Net Financial Position
As of 31 December 2018 the Net Financial Position of the Group was Euro 547.4 million, compared to Euro 474.2 million as of 31 December 2017, including Euro 52.2 million of dividends paid out in May 2018, Euro 29.3 million of share buyback program and Euro 85.3 million for M&A. The ratio of Net Financial Position to last twelve month Adjusted EBITDA was 2.6x as of 31 December 2018 (2.5x net of buybacks)
2017 Restatement to reflect the impact of IFRS 15 e IFRS 9