In H2 15, the adjusted EBITDAR (excluding capital gains) came in at €257m (-7.9% yoy), a 37.9% margin (vs. 37.2% in H2 14), above consensus estimates. The net loss was €57m (vs. €79m net profit in H2 14), broadly in line with consensus. The net debt was €1.4bn (vs. consensus at €1.3bn), a slight yoy increase. The company plans to continue paying its €1.00 dividend. Guidance 2016: - Adjusted revenues moderately lower vs. 2015; - Adjusted EBITDAR margin to decline
10 Mar 2016
Sees demand bottoming out in 2016: we expect a decline into 2017
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Sees demand bottoming out in 2016: we expect a decline into 2017
In H2 15, the adjusted EBITDAR (excluding capital gains) came in at €257m (-7.9% yoy), a 37.9% margin (vs. 37.2% in H2 14), above consensus estimates. The net loss was €57m (vs. €79m net profit in H2 14), broadly in line with consensus. The net debt was €1.4bn (vs. consensus at €1.3bn), a slight yoy increase. The company plans to continue paying its €1.00 dividend. Guidance 2016: - Adjusted revenues moderately lower vs. 2015; - Adjusted EBITDAR margin to decline