Rai Way S.p.A. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Earnings Guidance for the Year 2018
For the six months, the company reported core revenues of EUR 109.0 million compared to EUR 108.0 million a year ago. Net operating profit was EUR 42.8 million compared to EUR 39.7 million a year ago. Profit before income taxes was EUR 42.1 million compared to EUR 38.9 million a year ago. Profit was EUR 30.9 million compared to EUR 27.4 million a year ago. EBITDA was EUR 58.9 million against EUR 56.1 million a year ago. Adjusted EBITDA was EUR 59.2 million compared to EUR 56.8 million a year ago. Net operating cash flow was EUR 55.5 million compared to EUR 20.7 million a year ago. Investment in tangible assets was EUR 6.9 million compared to EUR 4.7 million a year ago. Investment in intangible assets was EUR 0.5 million compared to EUR 0.3 million a year ago. Net debt as at June 30, 2018 was EUR 13.1 million. Adjusted EBITDA increased 4.3% mainly benefiting from higher revenues and efficiencies.
The company provided earnings guidance for the year 2018. For the year, the company expects adjusted EBITDA to keep growing organically and maintenance capex in the range of 9% of core revenues; going forward, the average level of 8.5% of core revenues is confirmed.