* Cotações com atraso superior a 15 minutos via Bats CHI-X Europe e NASDAQ Basic
31 Oct 2018
CTT reported yesterday after market close its 3Q18 results. 3Q18 revenues stood at €169.7mn, +2.3% y/y. 3Q18 recurring EBITDA reached €19.0mn, +22.1% y/y. Recurring net income stood at €0.6mn (vs. net loss of €0.8bn in 3Q17).
Recurring revenues were up by 2.3% y/y in 3Q18 at €169.7mn, reflecting the growth in Express & Parcels (+€3.1mn, including +€0.3mn from Transporta), Banco CTT (+€1.6mn) and Mail & Other (+€2.4mn), that offset Financial Services (-€3.2mn), impacted negatively by the decline in subscriptions which led to lower commissions from public debt products. At FY17 results, CTT guided towards a small increase in revenues in FY18, supported by Express & Parcels and Banco CTT (9M18 recurring revenues rose +1.3% y/y to €524.8mn).
Recurring operating costs increased by 0.3% y/y, or +€0.4mn, to €150.7mn, including +€1.5mn in recurring costs from Banco CTT (+€0.1mn from Transporta, acquired in 2Q17). Reported operating costs rose by 1.8% y/y to €155.1mn, including +€2.6mn related to the Operational Transformation Plan (mainly indemnities associated with negotiated staff exits).
Reported EBITDA rose by 9.3% y/y in 2Q18 to €14.8mn or +22.1% y/y to €19.0mn on a recurring basis. At FY17 results, CTT guided towards a stable recurring EBITDA y/y, contingent on mail volumes development and Financial Services evolution (9M18 recurring EBITDA fell by 4.6% y/y to €65.0mn).
Reported net profit stood at €3.6mn in 3Q18, vs. €1.8mn in 3Q17 (€0.6mn in 3Q18 on a recurring basis, vs. -€0.8mn in 3Q17). Net financial cashreached €93mn in 3Q18 (vs. 92mn in 2Q18).
Mail: Addressable mail volume declined by 5.3% y/y in 3Q18 or -7.1% y/y in 9M18 (after -7.9% y/y in 1H18), vs. CTT’s guidance range for FY18 of -5% to -6%. Unaddressed mail volumes fell 20.8% y/y in 3Q18 or -14.0% y/y in 9M18 (after -10.1% y/y in 1H18). Revenues rose by 2.1% y/y in 3Q18 (or +€2.7mn) to €126.3mn. Recurring EBITDA rose 25.3% y/y to €18.0mn, on higher margins y/y (14.3% in 3Q18 vs. 11.7% in 3Q17), and lower recurring costs (-0.9% y/y to €108.2mn in 3Q18), reflecting cost reductions from the operational transformational plan.
Financial Services: revenues fell by 23.2% y/y (or -€3.2mn) in 3Q18 to €10.5mn, with weakness seen across the board, as savings and insurance (-35.8% y/y), payments (-3.9% y/y) and transfers (-15.1% y/y) all fell vs. 3Q17. Recurring EBITDA in the division declined by 20.5% y/y to €4.4mn in spite of higher margins y/y (41.8% in 3Q18, vs. 40.4% in 3Q17). Recurring operating costs fell by 25.1% y/y to €6.1mn. The decline in the high incremental margin public debt products revenues impacted profitability.
E&P: revenues increased by 9.1% y/y in 3Q18 (or +€3.1mn) to €36.5mn (+14.7% y/y in 9M18 or +10.2% y/y excluding Transporta). Revenues in Portugal rose by 10.4% y/y to €23.0mn. E&P volumes rose by 5.2% y/y in Portugal (+14.6% y/y in 9M18 or +10.1% y/y excluding Transporta). Volumes grew by 11.3% y/y in Spain (revenues increased by 6.3% y/y). Profitability improved y/y on the back of a 0.8% recurring EBITDA margin in the quarter (vs. -1.7% in 3Q17), although below the margin recorded in 2Q18 (3.1%). Recurring operating costs rose by 6.4% y/y, reflecting the higher top line.
Postal Bank: the number of accounts and deposits continued to increase in 3Q18. Customer deposits finished the quarter at €789.6mn (+€53.2mn q/q in 3Q18), while the number of accounts increased by 11.4% q/q. Credit to clients stood at €201.8mn as of the end of 3Q18, o.w. mortgages reached €184.1mn (vs. €149.2mn as of the end of 2Q18, o.w. mortgages reached €131.8mn). Consumer credit production stood at €12mn in 3Q18 (€30mn in 9M18). Revenues stood at €6.3mn in 3Q18, +32.8% y/y (or +€1.6mn y/y). 3Q18 recurring EBITDA stood at -€3.8mn (vs. -€3.9mn in 3Q17), after -€4.3mn in 2Q18.
For further information, or to receive the PDF file, please contact +351 912 897 835 or email@example.com
The information and opinion contained in this report was prepared by PATRIS - SOCIEDADE CORRETORA, SA ("Patris"), which is part of the group of companies whose holding is PATRIS INVESTIMENTOS, SGPS, SA (Patris Group), listed in Alternext, which holds 100% of the share capital and voting rights of REAL VIDA SEGUROS SA which, in turn, holds 100% of the share capital and voting rights of Patris.
The information contained herein is based on publicly available data obtained from sources believed to be reliable and has not been subject to independent verification. To the extent permitted by applicable law, Patris does not expressly or impliedly guarantee the accuracy, completeness and / or correctness of such data, or any omission. This document, or part thereof, may not be (i) modified, (ii) transmitted or distributed or (iii) copied or duplicated by any means or means, without the prior written consent of Patris.
The analysts involved in the preparation of this report did not receive, receive and will not receive any compensation, direct or indirect, based on the information contained in this report.
PATRIS - SOCIEDADE CORRETORA, SA or another company of the Patris Group or its respective shareholders, management, and / or employees may carry out personal transactions on the securities referred to in this report, at any time and without prior notice.
Any opinion contained in this report may be outdated as a result of changes in market conditions, applicable laws and other factors. It should also be considered that the analyst may make changes to the estimates, assumptions and evaluation methodology used.
This report has been prepared for information purposes only, not taking into account the specific investment goals, financial situation and particular needs of any specific person who may receive the report. This report therefore has no specific recipient.
Patris is subject to high internal standards of behavior associated with the capital market, prepared on the basis of the applicable legislation of the Portuguese State and the European Union, which include rules to prevent and avoid conflicts of interest and barriers to the disclosure of information.
Investors should bear in mind that the rate of return on the securities identified in this report - if any reference is made to those returns - may vary and the price of such securities may rise or fall. Investors should thus be aware that they may receive less than initially invested. While this report may refer to the historical performance of securities, past performance is no guarantee of future performance. In addition, market conditions, applicable laws and other factors that have an effect on performance are all likely to change, with the consequent change in the information contained in this report. Patris or any other company of the Patris Group does not accept, to the extent permitted by applicable law, any liability, whether direct or indirect, resulting from losses that may arise due to the use of the information contained in this report.
Patris's activity is overseen by the Bank of Portugal and the Securities Market Commission.
Deseja aceder ao conteúdo
completo desta notícia?