Quarterly results presentation – Q1 2019
Key Highlights of Q1 2019 results
Stable results driven by a balanced business mix
Q1 2019 LTM Cash EBITDA of €95m, up 1% vs last year(1)
- Cash revenues up by 2% as well €205m
- Slight decrease in gross collections as strong backbook performance offsets the impact of low investments in 2018
- Strong momentum on the Servicing (+7% yoy increase of LTM cash revenues)
Robust level of portfolio acquisitions in Q1 2019
- €19m of portfolio acquisitions in Q1 2019 – 40% higher than in Q1 2018
- Continuation of strict investment discipline
High level of liquidity & contained leverage
- Leverage ratio at 3.2x(2) within previous guidance of 2.5 – 3.5x
- Reduction in cash as opposed to Dec 2018 balance due to portfolio acquisitions and seasonality on working capital needs related to servicing activities
- Significant liquidity, with €80m of cash and €50m of undrawn RCF, readily available to seize attractive investment opportunities
Integration workstreams and synergies realizations well on track
- Out of €4.7m target of total synergies, 76% have already been secured of which €2.5m should impact the 2019 plan
(1) Q1 2019 includes the impact of both the DSO and Serfin acquisitions. For periods prior to Q1 2019, figures are presented on a pro forma combined basis for MCS, DSO and Serfin. Prior to their respective acquisitions, the consolidated financial statements of DSO and Serfin were prepared in accordance with French GAAP and Italian GAAP, respectively.
(2) Net debt / Cash EBITDA ratio for MCS&DSO including Serfin combination and synergies realization