Getlink SE (GET) Earnings Call Transcript & Summary
February 27, 2020
Earnings Call Speaker Segments
Unknown Analyst
analystGetlink reports 2019 results. Jacques Gounon, a warm welcome to you. You are the CEO and the Chairman of Getlink.
Jacques Gounon
executiveHello.
Unknown Analyst
analystJacques Gounon, you're presenting FY results. They're positive despite an uncertain environment this year. How do you explain that?
Jacques Gounon
executiveI think that we -- the group performed very well despite, as you mentioned, of course, the Brexit uncertainty and various strikes in France, which have impacted our business. Having said that, we had, let's say, weak market, we had the traffic, which we believe is able to support the results of the company. And if I may, for instance, have a look at the Europorte rail freight business, it did very well and it has a very positive contribution to the group. So everything is working well. If we consider now the Fixed Link, we can say that all the KPIs, the key facts are very positive. We increased our market shares. We increased our load factors. We increased our quality of service. We increased the satisfaction of our customers. We have, let's say, a very strong staff motivation. So all in all, this is the result why, and on top of that, of course, we have our green credentials, and it's the reason why this group is performing very well, and we'll continue to do that.
Unknown Analyst
analystLet's get back to this robust year, as you said.
Jacques Gounon
executiveYes. I think, first of all, turnover is more stable, slight increase against '18 with EUR 1.085 billion, so very strong turnover. But of course, more importantly, EBITDA level, we reached EUR 560 million of EBITDA operational margins. And this is absolutely key because we are in line with our guidance, which was not so obvious. And I would like also to focus on free cash flows and more importantly, on operational cash flows, which reached the incredible figure of EUR 599 million. So it means that -- and if we consider the net result, which is a result of all these efforts we made, we have a new increase, a yearly new increase of the net result up to EUR 159 million, which is roughly 20% more than last year. So at the end of the day and based on our green credentials, yes, we believe that we are a very interesting, profitable, performing company.
Unknown Analyst
analystHow about your guidance for 2020 and beyond?
Jacques Gounon
executiveFirst of all, of course, we can commit and continue to commit on our dividend policy, which means that we will present a new increase of EUR 0.05 up to EUR 0.41 per share at the next AGM. And we -- due to the cash flows I mentioned, we are very confident in order to have this sustainable dividend policy increasing EUR 0.05 per year, which is good. Having said that, if we consider the EBITDA guidance, we need -- I mentioned that we are Brexit-ready, and there is no Brexit impact in 2020 because negotiations are ongoing. So the only point we have to deal with is the very short-term virus crisis, all people know. And on this basis, we believe that we can reach EUR 580 million EBITDA guidance in 2020. So at the end of the day and to my shareholders, the investors, what I can say is the fact that we're offering this year a 2.5% dividend yield, which is, let's say, the average level of all other infrastructure companies. So we are very strong. We have a total return through dividends since the first dividend of EUR 1.4 billion. So the company with a market capitalization of more than EUR 9 billion is a very strong, interesting, profitable company. Our shareholders, our staff can be confident for the future.
Unknown Analyst
analystJacques Gounon, you are the CEO and the Chairman of Getlink. Thank you.
Jacques Gounon
executiveThank you.
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