Revenues up by over 27% and recurring EBITDA above the 300 million euros threshold, thanks also to the continued excellent performance of Spain

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Last updated on March 4, 2020 at 12:43 pm

Over 27% increase in revenues, driven by excellent organic growth in strong acceleration in the second half of the year, and the extraordinary contribution of acquisitions 

Strong improvement in recurring profitability (EBITDA margin +20 bps, an increase of 28.8%) even after the consolidation of GAES. Recurring net profit +23.9%

Double-digit organic growth in Spain each quarter of the year, thanks also to the excellent results from the GAES integration

As reported results reflect non-recurring expenses related to the GAES integration, with the first and most critical phase of the integration process completed successfully in 2019

Excellent results from the roll-out of the Amplifon Product Experience in six core markets

The main results for 20191:

  • Consolidated revenues of 1,732.1 euros, up 27.1% at current exchange rates and 26.1% at constant exchange rates compared to 2018
  • Recurring EBITDA rose 28.8% to 301.2 million euros or 17.4% of revenues, with a margin increase of 20 basis points compared to 2018 even after the consolidation of GAES. EBITDA as reported amounted to 278.9 million euros or 16.1% of revenues
  • Recurring net profit reached 132.7 million euros, an increase of 23.9% compared to 2018. Net profit as reported rose 13.7% to 114.2 million euros. Adjusted earnings per share came to 68.2 euro cents per share, an increase of 29.6% compared to the 52.6 euro cents reported in 2018
  • Net financial debt was 786.7 million euros, showing strong improvement compared to the 840.9 million euros posted at December 31st, 2018, with net debt/EBITDA coming to 1.90x2 at December 31st, 2019
  • Recurring free cash flow reached 171.4 million euros, an increase of 53.4 million euros or 45.2% compared to 2018
  • Proposed dividend of 16 euro cents per share, 14.3% higher than the previous year, with a payout of around 33% on the consolidated net earnings per share as reported3

Today the Board of Directors of Amplifon S.p.A. (MTA; Bloomberg ticker: AMP:IM), global leader in hearing solutions and services, approved the draft Annual Financial Statements and the Consolidated Financial Statements as at December 31st, 2019 during a meeting chaired by Susan Carol Holland.

For the sake of effective comparison with same period of 2018, key income statement figures for 2019 and for the fourth quarter of 2019 shown in the following tables were prepared without applying the accounting standard IFRS 16. The following comments are, therefore, based on these figures, unless stated otherwise.

1 For the sake of effective comparison with the as reported figures for FY 2018 and fourth quarter 2018, income statement figures for FY 2019 and fourth quarter 2019 commented in this press release refer to figures without the application of the accounting standard IFRS16 (“FY 2019 w/o IFRS 16” and “Q4 2019 w/o IFRS 16”), unless stated otherwise

2 The net debt/EBITDA ratio is calculated based on the criteria redefined with banks and investors in the first months of 2019 following the introduction of the new accounting standards IFRS15, IFRS9 and IFRS16.

3 After application of IFRS 16

(Euro millions)

Net revenues

EBITDA

EBIT

Net income

EPS adjusted5 (in euro)

Free cash flow

Net Financial Position

FY 2019 without IFRS 164

Recurring

Net revenues

1,732.1

EBITDA

301.2

EBIT

197.2

Net income

132,7

EPS adjusted5 (in euro)

Free cash flow

Net Financial Position

Non-recurring

Net revenues

-

EBITDA

(22.3)

EBIT

(24.2)

Net income

(18.4)

EPS adjusted5 (in euro)

Free cash flow

31/12/2019

Net Financial Position

786.7

Total

Net revenues

1,732.1

EBITDA

278.9

EBIT

172.9

Net income

114.2

EPS adjusted5 (in euro)

0.682

Free cash flow

149.9

Net Financial Position

% on recurring

Net revenues

100.0%

EBITDA

17.4%

EBIT

11.4%

Net income

7.7%

EPS adjusted5 (in euro)

Free cash flow

Net Financial Position

Recurring

Net revenues

1,362.2

EBITDA

233.9

EBIT

161.8

Net income

107.1

EPS adjusted5 (in euro)

Free cash flow

31/12/2018

Net Financial Position

840.9

Non recurring

Net revenues

-

EBITDA

(8.5)

EBIT

(8.5)

Net income

(6.7)

EPS adjusted5 (in euro)

Free cash flow

Net Financial Position

Total

Net revenues

1,362.2

EBITDA

225.5

EBIT

153.3

Net income

100.4

EPS adjusted5 (in euro)

0.526

Free cash flow

110.3

Net Financial Position

% on recurring

Net revenues

100.0%

EBITDA

17.2%

EBIT

11.9%

Net income

7.9%

EPS adjusted5 (in euro)

Free cash flow

Net Financial Position

% change on recurring

Net revenues

27.1%

EBITDA

28.8%

EBIT

21.9%

Net income

23.9%

EPS adjusted5 (in euro)

Free cash flow

Net Financial Position

-6.4%

4 For the sake of comparison, 2019 income statement data are shown without the application of IFRS 16.

5 EPS adjusted for the non-recurring items and for the amortization of the intangible assets as per the Purchase Price Allocation accounting treatment.

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