2021: another excellent year with strong revenue growth and best-in-class profitability

Financial results
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Last updated on March 3, 2022 at 12:50 pm

REVENUES AT CONSTANT EXCHANGE RATES UP ~30% VS. 2020 AND ~19% VS. 2019. RESULTS WELL ABOVE THE REFERENCE MARKET

RECURRING EBITDA 32% HIGHER THAN IN 2020 AND ~27% HIGHER THAN IN 2019, WITH MARGIN AT 24.8%, AFTER SIGNIFICANT INVESTMENTS IN THE BUSINESS

RECORD RECURRING NET PROFIT OF MORE THAN 175 MILLION EUROS, AN INCREASE OF OVER 80% VS. 2020 AND OF ~50% VS. 2019. PROPOSED DIVIDEND OF 26 EURO CENTS, 18.2% HIGHER THAN IN 2020

EXCELLENT CASH GENERATION WITH FREE CASH FLOW REACHING ~255 MILLION EUROS, CONTRIBUTING TO A FINANCIAL LEVERAGE OF 1.68X AFTER OVER 600 MILLION EUROS IN INVESTMENTS, DIVIDENDS AND SHARE BUYBACK

DELIVERY OF THE STRATEGIC PLAN: ACQUISITION OF BAY AUDIO, WIND-DOWN OF ELITE AND STRONG ACCELERATION IN SUSTAINABILITY AND INNOVATION 

AMPLIFON X, A NEW BUSINESS UNIT DEDICATED TO DIGITAL INNOVATION TO LEAD THE EVOLUTION OF THE NEW CUSTOMER EXPERIENCE

POSITIVE OUTLOOK FOR 2022, ALSO CONFIRMED BY THE GROUP’S STRONG GROWTH IN THE FIRST TWO MONTHS OF THE YEAR 

MAIN RESULTS FOR 2021

  • Consolidated revenues of 1,948.1 million euros, an increase at constant exchange rates of 29.5% compared to 2020 and of 18.7% compared to 2019 (not impacted by the Covid-19 pandemic)
  • Recurring EBITDA amounted to 482.8 million euros, an increase of 32.0% compared to 2020 and of 26.8% compared to 2019, with the margin at 24.8%, rising 190 basis points compared to 2019 thanks to greater operating efficiency, also after significant investments in the business
  • Recurring net profit at 175.2 million euros, an increase of 81.4% compared to 2020 and of 49.6% compared to 2019
  • Excellent free cash flow of 254.9 million euros, unchanged compared to 2020, not a meaningful comparison base due to the measures implemented in response to the Covid-19 emergency, and 105.0 million euros or 70.1% higher compared to 2019
  • Net financial debt at 871.2 million euros, higher than the 633.7 million euros posted at December 31st, 2020, after over 600 million euros investments in M&A, Capex, dividends and share buyback, with financial leverage of 1.68x at December 31st, 2021
  • Proposed dividend of 26 euro cents per share, an increase of 18.2% compared to the 22 euro cents per share paid in 2020, with a payout of around 37% on the consolidated net earnings per share1

 

ENRICO VITA, CEO

“2021 was a truly outstanding year for Amplifon. We achieved excellent financial results, the operating performance of the business saw a further strengthening of our competitive positioning and we undertook important strategic initiatives. In fact, during the year we closed the Bay Audio acquisition in Australia, the second largest acquisition ever in our history. Moreover, the Elite business in the United States was discontinued, consistent with our strategy to provide the best customer proposition directly to the end consumer. We also continued our expansion in the Chinese market and launched the Amplifon Product Experience in four new countries, including the important Spanish market. Our commitment to sustainable long-term growth was further strengthened via a significant acceleration in innovation and sustainability. We are, therefore, very confident in the short and medium-term prospects of our Company”.

1 Calculated on the net profit as reported

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