Titan Q3/9M:18 1st Glimpse: In line set in terms of underlying performance – Fx gains boosted net income (5.3m in 9M:18 vs -21m in 9M:17)

ΤΙΤΑΝ – Q3/9M:18 highlights:

§  Turnover in Group’s Greece and Western Europe region declined by 3.1% in the third quarter and stood at €58.9m (in the nine months turnover reached €173.4m recording an 8.7% decline). EBITDA in the third quarter declined by 18.8% and stood at €5.4m (for the nine months EBITDA reached €10.7m recording a 47.7% decline).

§  Southeastern Europe turnover in the third quarter increased by 10.4% and reached €72.1m (for the nine months turnover posted a marginal increase of 1.1% reaching €175.2m). EBITDA in the third quarter reached €20.5m recording a marginal decline of 0.3% (for the nine months EBITDA stood at €44.5m, a 0.6% increase).

§  Turnover in the Eastern Mediterranean remained flat at €33.5m (for the nine months turnover was also flat at €114m). EBITDA in Q3:18 reached €1.1m versus losses of €1.3m last year, which included extraordinary restructuring costs (for the nine months EBITDA reached €13.9m, posting a 25.4% increase compared to 2017).

§  Group net debt as at 30 September 2018, stood at €784m, representing an increase of €26m versus net debt at 30 September 2017.

§  Outlook is positive for US, moderate optimistic for SE Europe and cautious for Greece and Egypt. 

The following table summarize reported results vs consensus estimates: 

ΤΙΤΑΝ

2017

2018

Y-o-Y

2018

Act. vs

2017

2018

Y-o-Y

2018

Act. vs

EUR m.

9M

9M

(%)

Q3 Est.

Est.

Q3

Q3

(%)

Q3 Est.

Est.

Sales

1,144.5

1,101.9

-3.7% 

1,091.0

1.0% 

370.7

389.4

5.0% 

378.5

2.9% 

EBITDA

214.5

196.9

-8.2% 

198.3

-0.7% 

72.4

74.7

3.2% 

76.1

-1.8% 

EBITDA Mrg

18.7% 

17.9% 

-87 bps 

18.2% 

-1.7%

19.5% 

19.2% 

-35 bps 

20.1% 

-4.6%

Net Income

33.1

50.2

51.7% 

44.45

12.9% 

19.2

25.4

32.1% 

19.6

29.3% 

Net Mrg

2.9% 

4.6% 

+166 bps 

4.1% 

11.8%

5.2% 

6.5% 

+133 bps 

5.2% 

25.7%

Titan will host a conference call to present and discuss results on Thursday November 8, 2018 at 18:00 (Greek Time). Dial in numbers:

  • GR          +30 211 180 2000
  • UK          +44 (0) 800 368 1063
  • US          +1 516 447 5632

Μanos Chatzidakis – Head of research