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EDPR and Corticeira Amorim - Key takeaways from 3Q18 results

7 Nov 2018

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EDPR: 9M18 EBITDA reached €869mn (vs. consensus compiled by the company of €876mn). 3Q18 EBITDA fell by 33%y/y to €184mn. Energy produced fell by 1%y/y to 5,215GWh, reflecting capacity additions (+576MW EBITDA y/y) and lower load factors (22% in 3Q18 vs.23% in 3Q17). The average portfolio price fell by 14%y/y to €54.1/MWh. 9M18 net profit stood at €115mn (vs. consensus €117mn). 3Q18 net loss reached €24mn (vs. a net profit of €31mn in 3Q17). EDPR released net debt of €3,482mn as of the end of September 2018, +8%q/q (or +€266mn q/q), and +16%y/y (or +€483mn y/y). International partnership liabilities were flat q/q at €1,130mn (+1%y/y).

Corticeira Amorim: 3Q18 revenues rose by 4.1%y/y to €183.9mn (+9.8%y/y in 9M18 to €583.8mn), while EBITDA fell 10.8%y/y to €31mn (+2.9%y/y to €108.4mn in 9M18). At constant exchange rates, 9M18 revenues rose 11.8%y/y (+10.6%y/y in EBITDA).

EBITDA margin dropped by 2.8ppt y/y to 16.9% in 3Q18 (-1.3ppt y/y in 9M18 to 18.6%). Net income decline by 6.6%y/y in 3Q18 to €17.4mn (+4.0%y/y in 9M18 to €58.6mn). The group booked impairments of €0.9mn in 9M18 (vs. €3.6mn in 9M17).

Net bank debt reached €104.7mn as of the end of September, 0.77x the LTM EBITDA. The BoD decided to propose the distribution of an additional dividend of €0.085 per share (a dividend of €0.185 per share was paid in April), for a total yield of 2.8%.

By division, Raw Materials saw 9M18 sales rising by 15.2%y/y to €134.8mn, with 9M18 EBITDA reaching €24.2mn (EBITDA margin improved by 4.5ppt to 18.0%). In Cork Stoppers, 9M18 sales increased by 12.8%y/y to €410.2mn, with recurrent EBITDA at €76.1mn (EBITDA margin down by 1.8ppt to 18.5%). In Floor & Wall Coverings, 9M18 sales fell by 7.7%y/y to €84.1mn, with 9M18 recurrent EBITDA reaching €2.7mn (EBITDA margin down by 4ppt to 3.2%). In Composite Cork, sales increased by 3.8%y/y to €77.1mn, with 9M18 EBITDA standing at €8.2mn (EBITDA margin -5.1ppt to 10.7%). In Insulation Cork, 9M18 sales rose by 8.9%y/y to €8.9mn, with 9M18 EBITDA reaching €0.9mn (EBITDA margin down by 7.1ppt to 10.7%).

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