Record revenues of 2.26 billion euros (+10.2%) and EBITDA of 542 million euros (+3.1%) in 2023, proposed dividend of 0.29 euro per share. 2024 off to a good start: expected a year of strong and profitable growth, with a high-single digit revenue increase and an EBITDA margin above 24.6%
EXCELLENT REVENUE GROWTH DRIVEN BY SIGNIFICANT, ABOVE-MARKET ORGANIC GROWTH (+8%) AND M&A, DESPITE A SOFTER-THAN-EXPECTED EUROPEAN MARKET
RECURRING EBITDA 3.1% HIGHER THAN IN 2022, WITH MARGIN AT 24% AFTER STRONG INVESTMENTS ESPECIALLY IN SPECIALIZED FIELD PERSONNEL TO SUPPORT FUTURE GROWTH
RECURRING NET PROFIT AT 165.8 MILLION EUROS. PROPOSED DIVIDEND OF 0.29 EURO PER SHARE
NET FINANCIAL DEBT AT 852 MILLION EUROS AND LEVERAGE DOWN TO 1.50x AT DECEMBER 31ST, 2023, AFTER CAPEX, ACQUISITIONS, AND DIVIDENDS TOTALING 314 MILLION EUROS
INTERNATIONAL EXPANSION ACCELERATES: OVER 340 POINTS OF SALE ACQUIRED IN 2023 MAINLY IN FRANCE, GERMANY, NORTH AMERICA AND CHINA FOR A TOTAL CASH-OUT OF 108 MILLION EUROS. REACHED AROUND 9,700 STORES WORLDWIDE, EXCEEDED 400 POINTS OF SALE IN CHINA
FOR 2024 THE COMPANY EXPECTS REVENUES TO GROW HIGH-SINGLE-DIGIT AT CONSTANT EXCHANGE RATES AND A PROFITABILITY INCREASE WITH A RECURRING EBITDA MARGIN ABOVE 24.6%
IMPORTANT NEW SUSTAINABILITY MILESTONES ACHIEVED IN 2023. AMONG OTHERS: 74% RENEWABLE ENERGY IN OFFICES AND DIRECT STORES, MORE THAN 400,000 HOURS OF TRAINING DELIVERED TO EMPLOYEES, AND ABOUT 300 MILLION EUROS SAVED BY CUSTOMERS THANKS TO FREE HEARING TESTS IN AMPLIFON STORES
MAIN RESULTS FOR 2023
- Consolidated revenues of 2,260.1 million euros in 2023, an increase of 10.2% at constant exchange rates and of 6.7% at current exchange rates compared to 2022, thanks to a strong organic growth (+8%) despite softer-than-expected demand in Europe, the Group’s main market
- Recurring EBITDA was 541.6 million euros, an increase of 3.1% compared to 2022. The recurring EBITDA margin came in at 24.0%, 80 basis points lower than the record level reported in 2022 due mainly to the strong investments in specialized field personnel to support the company's future growth and lower operating leverage in EMEA due to a softer-than-expected market
- Recurring net profit was 165.8 million euros compared with 183.3 million euros in 2022 due to higher depreciation and amortization as a result of strong investments in the business and higher financial expenses (mainly interest expense, inflation accounting and lease accounting)
- Free cash flow of 160.2 million euros, after Capex of 139.9 million euros (about 34 million euros higher than in 2022), compared to the exceptional 246.7 million euros recorded in 2022, which also benefited from significant actions to improve working capital
- Net financial debt was 852.1 million euros compared to 830 million euros at December 31st, 2022, after Capex, M&A and dividends totaling 313.8 million euros, with leverage down to 1.50x at December 31st, 2023 (from 1.52x)
- Proposed dividend of 29 euro cents per share, in line with the dividend paid in 2022, with a pay-out of 41.9% on the consolidated net earnings per share
ENRICO VITA, CEO
“2023 was a year of further growth for our Group, in which we achieved record levels in absolute terms both in revenues, which increased by over 10% at constant exchange rates, and in EBITDA, despite a softer-than-expected European market. I am proud of how our organization faced and responded to a particularly challenging market and macroeconomic environment.
It was an important year for the significant investments made in the consolidation and expansion of our network also thanks to the several acquisitions in the core North American, European and Chinese markets. In light of these investments, the measures to improve productivity initiated in the second half of 2023, and the expected normalization of the European market, we expect significant growth also in 2024, both in revenues as well as profitability.”
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