Financial performance
Significant portfolio developments
Based on strategic considerations Q-Park has disposed of its Nordics business consisting of the operations in Sweden, Norway and Finland as per 30 April 2019. The Nordic operations had a different business profile with a strong focus on short-term contracts and control fee business.
With this disposal, the remainder of the company has become more focused on infrastructure with the business processes in each country being more comparable. This enables us to focus on our core strategy and realise greater synergyy in our business operations.
Net revenue
The adjusted net revenue shows a solid increase of EUR 21.2 million up to EUR 674.0 million (2018: EUR 652.8 million). The increase is driven by a strong like-for-like revenue growth of the existing parking facility portfolio of 3.4%. Furthermore, there was a positive contribution of newly acquired contracts that were added to portfolio.
Chart 10 Net revenue
(x EUR million)
Parking revenue
Of our total revenue 91% (EUR 616.3 million) comes from short-term and long-term (season tickets) parking activities. Our total parking revenue consists of:
77.7% short-term parking;
22.3% long-term parking.
Chart 11 Parking revenue
(x EUR million)
Operating results
The adjusted operating result amounted to EUR 223.6 million (2018: EUR 204.5 million).
Chart 12 Operating result
(x EUR million)
Cash flow
The total cash flow amounted to EUR 220.8 million versus EUR -34.7 million for the full year in 2018.