Key annual data
2019 was year of great success: once again we closed the year with record financial results which confirm the sustainability of our business, the validity of our strategy and our strong execution capabilities.
1,732.1 million euros, up 26.1% at constant exchange rates and 27.1% at current exchange rates compared to 2018. Revenues were driven by strong organic growth (+6.8%), as well as the contribution from acquisitions (+19.3%). The foreign exchange effect was positive by 1.0%.
301.2 million euros, an increase of 28.8% compared to 2018. The margin on revenues reached 17.4%, an improvement of 20 bps compared to the previous year, even after the consolidation of GAES, characterized by a lower initial profitability compared to the rest of the group.
Recurring net profit
132.7 million euros, an increase of 23.9% compared to 2018. Net profit as reported, which reflects one-offs net of taxes for 18.4 million euros related to the integration of GAES, rose 13.7% to 114.2 million euros.
Performance by region
The EMEA region contributed significantly to the group's profitability: recurring EBITDA grew by almost 37% to 245.5 million euros. The margin on revenues hit 19.6%, an increase of 80 bps. Recurring EBITDA in Americas rose 30.9% and the margin on revenues came in at 21.2%, an increase of 130 bps thanks to the strong operating leverage. In APAC EBITDA grew 1.2% compared to 2018.
Excellent profitable growth
In 2019, revenues for Europe, the Middle East and Africa amounted to 1,253.9 million euros (+31.7% at current exchange rates compared to 2018). This results was driven by the consolidation of GAES and its double-digit organic growth, as well as the M&A activity in France and Germany.
Organic growth was very strong on key markets: France, Germany, Spain and Italy, also thanks to the successful roll-out of the Amplifon product line and digital ecosystem.
Accelerating performance during the year
In 2019, we recorded 285.3 million euros of revenues in the Americas (+17.5% in local currencies). The performance was driven by the strong contribution of acquisitions (+13.0%), explained mainly by the consolidation and double-digit growth of GAES business in Latin America.
Organic growth, which reached 4.5% and improved strongly to 8.6% in the fourth quarter, is attributable to the good performance of Miracle-Ear and Amplifon Hearing Healthcare. The foreign exchange effect was positive for 5.6%.
Positive sales performance
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Please note that for the sake of effective comparison with 2018, the figures for 2019 commented above refer to 2019 figures without the application of IFRS 16, unless otherwise stated. In the table above:
- 2018 data with IFRS 15
- 2019 data with IFRS 16