Strong revenue growth at over 1.1 billion euros (+9%) in the first half, EBITDA at 276 million euros (+6.1%)

Financial results
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Last updated on July 27, 2023 at 01:00 pm

REVENUES UP 9% AT CONSTANT EXCHANGE RATES DRIVEN BY AN EXCELLENT, ABOVE-MARKET ORGANIC GROWTH (+7%) AND ACQUISITIONS (+2%) IN A SOFTER THAN EXPECTED MARKET IN THE SECOND QUARTER

RECURRING EBITDA 6.1% HIGHER THAN IN THE FIRST HALF OF 2022, WITH THE MARGIN AT 24.8% AFTER SIGNIFICANT INVESTMENTS IN THE BUSINESS AND NET PROFIT STABLE AT 89 MILLION EUROS

NET FINANCIAL POSITION AND FINANCIAL LEVERAGE SLIGHTLY HIGHER THAN DECEMBER 2022 AFTER INVESTMENTS IN CAPEX, ACQUISITIONS AND DIVIDENDS FOR OVER 185 MILLION EUROS (+50 MILLION EUROS COMPARED TO THE FIRST HALF OF 2022)

IN THE FIRST HALF, BOLT-ON ACQUISITIONS ADD 140 POINTS OF SALE TO THE NETWORK, MAINLY IN FRANCE, GERMANY, NORTH AMERICA AND CHINA, FOR A CASH-OUT OF AROUND 60 MILLION EUROS

POSITIVE START TO THE THIRD QUARTER WITH REVENUES SHOWING STRONG GROWTH IN JULY

THE COMPANY REMAINS POSITIVE ON ITS FY2023 OUTLOOK UNDER THE PREVIOUSLY DISCLOSED ASSUMPTIONS

MAIN RESULTS FOR H1 2023

  • Consolidated revenues of 1,113.8 million euros, an increase of 9.0% at constant exchange rates and of 7.4% at current exchange rates compared to the first half of 2022
  • Recurring EBITDA was 276.0 million euros, an increase of 6.1% compared to 260.1 million euros in the first half of 2022. The margin on revenues was 24.8%, decreasing 30 basis points compared to the record level reported in the first half of 2022 due to a less favorable geographic and business mix, significant investments, and the one-time cost related to the change in Asia-Pacific leadership in the second quarter
  • Recurring net profit was 89.3 million euros, unchanged with respect to the 89.9 million euros reported in the first half of 2022
  • Free cash flow came to 76.1 million euros, compared to the exceptional level of 107.6 million euros reported in the same period of the prior year due to a slight decrease in operating cash flow and higher investments
  • Net financial debt was 883.8 million euros compared to 830.0 million euros at December 31st, 2022 and 895.3 million euros at June 30th, 2022, after Capex of 61.9 million euros, net M&A cash-out of 59.1 million euros, and dividends of 65.4 million euros, with financial leverage at 1.57x at June 30th, 2023

MAIN RESULTS FOR Q2 2023

  • Consolidated revenues of 573.5 million euros, an increase of 8.8% at constant exchange rates and of 6.0% at current exchange rates compared to the second quarter of 2022, in a softer than expected market and with one working day less than in the comparison period
  • Recurring EBITDA was 152.5 million euros, an increase of 3.6% compared to 147.3 million euros in the second quarter of 2022. Margin on revenues at 26.6%, down 60 basis points compared to the record level posted in the second quarter of 2022 due to temporary adverse factors
  • Recurring net profit was 54.5 million euros compared to 57.1 million euros in the second quarter of 2022

ENRICO VITA, CEO

“In the first half of 2023, we continued along our path of strong growth, both organically and through acquisitions, despite a softer than expected market, a challenging comparison base and significant investments to support further development of our company in the future. We are strengthening Amplifon’s global leadership, growing more than the reference market in all the main geographic areas and accelerating bolt-on acquisitions compared to 2022, with an M&A cash-out of around 60 million euros for the acquisition of 140 points of sale in North America, Europe and China. We continue to be positive about our growth prospects for 2023”

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