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FY16 results in line; comforting guidance

  • 01 Mar 17

Having released its traffic numbers a few weeks ago, the group released full-year results which were broadly in line with estimates. Results Group revenue was up 4%, at €1,023m, in line with the 24 January trading update. EBITDA reached €514m, 2% below consensus and 2% above our forecasts, while net income came in at €200m, €60m better than consensus and €12m below AV’s forecast. The board proposed a €0.26 dividend, up 18% yoy (AV €0.26). At 31 December 2016, the group’s net debt stood at €3,289m, down from €3,594m a year earlier, representing c.6.4x EBITDA or 6.1x excluding ElecLink (6.6x in 2015). Guidance The group confirmed its financial target of an EBITDA of €530m for 2017 and has set a €560m target for 2018, in line with market estimates (€560m), while dividends should ramp up to €0.30 in 2017 and €0.35 in 2018, slightly higher than expectations (€0.31 in 2018). Recent developments No news was given regarding the interconnector project, ElecLink. The company confirmed that the ElecLink project capex will be funded with cash. For the year 2016, ElecLink’s capex was €54m. Commercial operations are due to start at the beginning of 2020. Management gave a quick update regarding the refinancing of tranche C of the debt, during a conference call with analysts, saying that it expects a deal to be signed in the coming months, although negotiations were slowed down by Deutsche Bank.