CTT – Correios De Portugal, S.A. (OTCPK:CTTPY) Q4 2024 Earnings Conference Call March 21, 2025 5:00 AM ET
Company Participants
Joao Bento – CEO
Joao Sousa – Member, Board of Directors
Guy Pacheco – CFO
Conference Call Participants
Joao Safara – Banco Santander
Joaquin Garcia-Quiros – JB Capital
Filipe Leite – CaixaBank
Antonio Seladas – AS Independent Research
Operator
[Operator Instructions] I will now turn the call over to Mr. Joao Bento, CEO.
Joao Bento
Good morning, everyone. Welcome to our 2024 results conference call. It’s been a great year that we chose to qualify from transformation to growth.
So starting with Slide #4. Guidance was accomplished with EUR85 million recurring EBIT, but most important than that, with EUR71 million or 38% growth year-on-year for the PAC Logistics and Bank. Logistics, we refer to logistics to the combination of Mail and Express. It was also a year of very strong cash flow, with operating cash flow growing 6.7% to EUR70 million and a year that enables us to keep a very balance sheet flexibility, a very flexible balance sheet with a 1.6% net debt-to-EBITDA ratio, which is well below our own financial policy, which is in itself already conservative. So very good news in that sense, too. It was a special year, given the M&A transactions that we have disclosed at year-end on the 18th and 19th of December, I’m referring to the acquisition of Cacesa and the joint venture with DHL, which enable further diversification and will fuel further growth in Iberia towards we want and we expect Iberian leadership.
And the final initial comments to shareholder remuneration, given that we decided to remain within our stated policy. So with a predictable dividend policy, which accounts for EUR0.70 to be paid, and we remain with the ongoing EUR25 million share buyback. Moving to Slide #5. A
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