Q1 2023: Strong growth in the first quarter results revenues (540.3 million euros) and EBITDA (123.5 million euros) up over 9%, net profit at around 35 million euros (+6.3%).
INCREASE IN REVENUES DRIVEN BY AN EXCELLENT ORGANIC GROWTH (+7.4%), ABOVE THE REFERENCE MARKET, DESPITE A STILL CHALLENGING COMPARISON BASE
RECURRING EBITDA 9.5% HIGHER THAN IN THE FIRST QUARTER OF 2022, WITH MARGIN INCREASING 10 BASIS POINTS EVEN AFTER SIGNIFICANT INVESTMENTS IN THE BUSINESS
CASH GENERATION IN LINE WITH THE HIGH LEVEL REPORTED IN THE FIRST QUARTER OF 2022, LEADING TO AN IMPROVEMENT IN NET FINANCIAL POSITION AND LEVERAGE COMPARED TO DECEMBER 2022, DESPITE SEASONALITY AND AFTER SIGNIFICANT INVESTMENTS IN CAPEX AND M&A
ACCELERATION OF BOLT-ON M&A WITH AROUND 100 POINTS OF SALE ACQUIRED IN FRANCE, GERMANY, NORTH AMERICA AND CHINA SINCE THE BEGINNING OF THE YEAR THROUGH TODAY
THE COMPANY EXPECTS 2023 TO BE ANOTHER GROWTH YEAR WITH REVENUES IN THE RANGE OF 2.30 AND 2.35 BILLION EUROS AND A RECURRING EBITDA IN THE RANGE OF 570 AND 585 MILLION EUROS
MAIN RESULTS FOR Q1 2023
- Consolidated revenues of 540.3 million euros, an increase of 9.3% at constant exchange and of 9.0% at current exchange rates compared to the first quarter of 2022
- Recurring EBITDA was 123.5 million euros, an increase of 9.5% compared to the same period of 2022, with the margin rising 10 basis points to 22.9%
- Recurring net profit was 34.9 million euros, an increase of 6.3% compared to the same period of 2022
- Free cash flow of 46.3 million euros, slightly lower than the excellent result recorded in the first quarter of 2022 due to higher Capex
- Net financial debt was 826.4 million euros, improving compared to the 830.0 million euros posted at December 31st, 2022, despite seasonality, after Capex of 26.6 million euros and net cash-out for M&A of 38.8 million euros, with financial leverage down to 1.48x at March 31st, 2023
ENRICO VITA, CEO
“We have begun 2023 with strong growth in the main economic indicators compared to the first quarter of 2022, despite a very challenging comparison base and a market which is still below historic levels, albeit showing recovery compared to the last three quarters. We gained market share in all core markets and accelerated the pace of our bolt-on M&A, with the acquisition of around 100 points of sale in North America, Europe and China since the beginning of the year through today.
In light of what has been accomplished up until now, despite the well-known uncertainties related to the macroeconomic and geopolitical environment, all the conditions exist for 2023 to be another year of significant growth and further strengthening of Amplifon’s global leadership.”