En este artículo:
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Gross Revenue: Increased by 2% year over year.
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Cash Flow: Cash every day up 6% year over year, reaching EUR59 million for the quarter.
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EBITDA: Ended at EUR7 million, down from EUR34 million last year, with a margin level of 48%.
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Operating Expenses: Down EUR2 million or 5% year over year.
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Contribution Margin: Ended at 76%, down from 78% in Q3 last year.
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Total Income: Ended at EUR55 million, down from EUR64 million in Q3 2023.
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Return on Equity (ROE): Came in at 3% on a 12-month rolling basis.
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Investment: EUR30 million invested in Q3, with year-to-date investments at EUR94 million.
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Interest Rates: 8% of net interest-bearing debt is hedged as of Q3.
Release Date: October 31, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Gross revenue increased by 2% year over year, supported by a small portfolio sale in Spain.
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Cash EBITDA rose by 6% year over year, reaching EUR 59 million for the quarter.
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Operating expenses were reduced by EUR 2 million or 5% year over year, demonstrating effective cost control.
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The company aims to invest up to EUR 150 million for the year, with year-to-date investments at EUR 94 million.
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The Triple C segment experienced a 6% revenue growth, driven by strong performance in Norway, Spain, and Germany.
Negative Points
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Gross revenue declined by 3% year over year when adjusted for the portfolio sale in Spain.
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EBITDA decreased significantly to EUR 7 million from EUR 34 million last year, with a margin of 48%.
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The annualized return on equity in Italy was 0%, impacted by high interest rates and a challenging collection environment.
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Total income at the group level decreased to EUR 55 million from EUR 64 million in Q3 2023, affected by negative revaluations and higher amortization rates.
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The company faces cost pressures from increasing salaries, IT licenses, and office rents, necessitating ongoing cost reduction measures.
Q & A Highlights
Q: How are the portfolios purchased in recent years performing, and is the under-collection issue related to specific vintages? What is the risk of impairment if under-collection continues? A: The under-collection issue is primarily a vintage problem, mainly affecting portfolios acquired from 2016 to 2020. If the collection performance remains at 90%, more portfolios may require revaluation and potential impairment. The risk of impairment depends on Q4 collections. Regarding the Interest Coverage Ratio (ICR), there is limited headroom, and mitigating actions are being considered, such as improving collections and buying accretive portfolios.