2020 results demonstrate the strong resilience of the business, the excellent structural increase in profitability and the strong cash generation in the exceptionally challenging Covid-19 environment

Financial results
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Last updated on March 3, 2021 at 01:08 pm

Resiliency, agility and strong execution capabilities in an extremely challenging year, from which Amplifon emerges even stronger

Revenues impacted by the Covid-19 outbreak (-9.3% at constant exchange rates), but with strong recovery in the second half of the year and a performance well above the reference market

Strong increase in profitability with the 2020 EBITDA margin up 110 bps and all-time high EBITDA in the fourth quarter which confirm the group’s increased structural efficiency

Record free cash flow of 256.9 million euros (+71.4% compared to 2019) and net financial debt at 633.7 million euros, an improvement of more than 150 million euros compared to December 2019

Successful implementation of the strategic initiatives: roll-out of the Amplifon Product Experience in three additional countries, integration of Gaes and M&A in Australia and the United States

MAIN RESULTS FOR 2020

  • Consolidated revenues of 1,555.5 million euros, decreasing 9.3% at constant exchange rates and 10.2% at current exchange rates compared to 2019 due to the Covid-19 outbreak
  • EBITDA amounted to 371.0 million euros, with margin at 23.8%, 110 bps higher despite the impact of the pandemic and thanks to the decisive actions on costs
  • Net profit at 101.0 million euros compared to 127.1 million euros on a recurring basis in 2019 
  • Net financial debt was 633.7 million euros, showing a strong improvement versus both the 786.7 million euros recorded at December 31st, 2019 and the 712.6 million euros posted at September 30th, 2020, with financial leverage down to 1.63x at December 31st, 2020
  • Record Free cash flow at 256.9 million euros, an increase of 107.0 million euros or 71.4% compared to 2019, thanks to the effective measures implemented
  • Proposed dividend of 22 euro cents per share, with a payout of around 49% on the consolidated net earnings per share 

MAIN RESULTS FOR Q4 2020

  • Consolidated revenues of 513.4 million euros, increasing 2.9% at constant exchange rates and 1.2% at current exchange rates compared to the fourth quarter of 2019, despite the reintroduction of restrictive measures in several countries 
  • Record EBITDA amounted at 142.6 million euros, with margin at 27.8%, 210 bps higher than in the same period of 2019
  • Net profit at 59.9 million euros, an increase of 16.6% compared to the recurring net profit of 51.4 million euros recorded in the fourth quarter of 2019 

ENRICO VITA, CEO

“We are very proud of the excellent results we achieved in 2020, an extraordinarily challenging year from which we emerged even stronger. Although the environment continues to be difficult due to the effects of the ongoing pandemic, the performance in revenues, which far outpaced the reference market and decidedly accelerated in the second half of the year, confirm the impressive resilience of our business and our strong competitive positioning. Moreover, the excellent structural improvement in profitability, which reached its highest level ever in the fourth quarter, and the record cash flow generation demonstrate the effectiveness of the actions undertaken since the very inception of the Covid-19 outbreak. At the same time, we continued to pursue our long-term growth strategy also including the closing of important acquisitions in Australia and the United States. Lastly, while we remain cautious in light of possible future developments of the pandemic worldwide, we continue to be extremely positive about the medium-term growth prospects of our Company.”

(million euros)

Net revenues

EBITDA

EBIT

Net income

EPS adjusted1 (in euro)

Free cash flow

Net financial position

FY 2020

Total

Net revenues

1.555,5

EBITDA

371,0

EBIT

168,5

Net income

101,0

EPS adjusted1 (in euro)

0,578

Free cash flow

256,9

31/12/2020

Net financial position

633,7

%

Net revenues

100%

EBITDA

23,8%

EBIT

10,8%

Net income

6,5%

EPS adjusted1 (in euro)

Free cash flow

Net financial position

recurring

Net revenues

1.732,1

EBITDA

392,8

EBIT

201,3

Net income

127,1

EPS adjusted1 (in euro)

Free cash flow

31/12/2019

Net financial position

786,7

Non recurring

Net revenues

-

EBITDA

(22,2)

EBIT

(24,2)

Net income

(18,4)

EPS adjusted1 (in euro)

Free cash flow

Net financial position

Total

Net revenues

1.732,1

EBITDA

370,6

EBIT

177,1

Net income

108,7

EPS adjusted1 (in euro)

0,682

Free cash flow

149,9

Net financial position

% on recurring

Net revenues

100%

EBITDA

22,7%

EBIT

11,6%

Net income

7,3%

EPS adjusted1 (in euro)

Free cash flow

Net financial position

Change % on recurring

Net revenues

-14,9%

EBITDA

-13,0%

EBIT

-36,1%

Net income

-45,7%

EPS adjusted1 (in euro)

Free cash flow

Net financial position

-19,4%

1 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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