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Strategy & Ambitions

A compelling innovation program on the customer experience to reshape the hearing care retail

During the Capital Markets Day held on March 26th, 2018 Amplifon unveiled its strategic pillars and financial targets for the 2018-2020 period. Over the next years, Amplifon aims to further strengthen its global leadership, positioning the Company at the forefront of innovation through three strategic pillars.

Strategic pillars to 2020

The accelerators for our growth

Strengthen leadership in core markets

A differentiated growth strategy, focused on core worldwide markets. In particular, we aim at consolidating further our leadership position in all core mature countries and, among those emerging, we identified the Chinese market as a sizeable opportunity for our medium-term growth path.

Innovative and distinctive customer experience

A customer-centric strategy to offer a distinctive and highly innovative customer experience with the launch of Amplifon product line and proprietary multichannel ecosystem, leveraging on unique and unmatched assets such as data, brand and an impeccable and decidedly personalized service. Read more

Effective execution capabilities

Investments to support effective execution capability through a distinctive corporate culture, attraction of top talents, sharing of best practices and extension of the global integrated IT infrastructure.

2020 Financial Targets


A clear and ambitious set of Financial Targets for 2020: Amplifon expects to post consolidated revenues in the range of 1,800 and 1,860 million euros1, recurring EBITDA between 330 and 345 million euros2 and operating cash flow of approximately 260 million euros.


The Company also expects net profit to grow in 2020 driven by greater operating leverage as well as continuous focus on financial expenses and tax rate, which is expected to be below 30% in the two-year period, also after the application of IFRS 15, and despite the annual amortization related to the allocation of the purchase price paid for the GAES acquisition in accordance with the accounting treatment for Purchase Price Allocation.


Finally, the Company aims at generating approximately 480 million euros cumulated operating cash flow in the two-year period 2019-2020. The significant cash generation will fully support the investments expected for the period (totaling around 330 million euros for Capex and cash-out for acquisitions), reducing the Company’s financial leverage in 2020 to a net debt/EBITDA ratio3 of approximately 2.2x.


1 Data in local currency and without applying IFRS 15 and IFRS 16

2 Data without applying IFRS 15 and IFRS 16

3 Calculated as per definition of covenant in the GAES financing facility contract and applying the accounting principles in place on 31.12.2017