!@#$!@! schreef op 31 januari 2023 14:01:
Hoezo eenmalig ? Hebben ze een eenmalige cashflow die die aandeleninkoop financiert?
Uit de CC:
Keval Khiroya
Thank you for taking the questions and I've got two please. So firstly Chris, you mentioned that you don't expect 2023 EBITDA to dip below 2022. Is it possible for you to say anything more about free cash flow and whether we still expect the 2023 free cash flow to be above 2022?
And secondly, you've previously described buybacks as being part of the structural additional return of capital. Should we expect you to carry out some buyback in 2023? Bear in mind the current backdrop and if so,
should it still mean you're distributing roughly 100% of free cash flow through dividends and buybacks? Thank you.
Chris Figee
Yes, Keval. And on EBITDA I said we given some indication, obviously we'll give you a more detailed number if you wish, around our Q4 results. What we always do and EBITDA shows slight growth but not initially aimed for April level. On free cash flow, we're looking at a similar story, in free cash flow, there are multiple moving parts. If you peel down, you peel the onion, EBITDA will be up slightly. CapEx will be stable around 1.2. We'll obviously pay more taxes next year. We flag that before the way the government enables to treat our net operating loss, our taxes will go up significantly. You'll save something on interest costs. We see opportunities are working capital, I think on what's the line item, Delta provisions will improve. So I think the cash element of our earnings will go up.
Restructurings are stable and pensions, I think there's a small opportunity. So if you take all those moving parts with, slight growth in EBITDA, but increase in taxes. I think our free cash flow will show a similar pattern, similar growth profile as our EBITDA. So flat to slightly up, certainly not below this year, we see opportunities for slight growth in free cash flow. But again, we'll give you the formal guidance by Q4 and your later point on capital return. Look, our balance sheet is healthy. We're still running at 2.3x net EBITDA that will probably drop to around 2.2x per year end as in the last quarter, we generate cash but have limited cash outflows means we've got significant headroom. And for all intents and purposes,
I still work on the assumption that we return our free cash flow to our shareholders in a mix of dividend and buyback. So at this point, I see no reason to change that.