A strong start of the year slowed in March by the Covid-19 crisis

Financial
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Last updated on April 29, 2020 at 01:10 pm

After a strong performance in the first two months of the year, the first quarter results were impacted by the measures adopted in March to contain the spread of Covid-19  

Revenues were down 7.2% at constant exchange rates and EBITDA margin at 17.8%

Excellent cash flow generation with Free cash flow of 44.2 million euros, around 2.7 times the cash flow generated in the same period of 2019

Net financial position at 790.7 million euros, largely unchanged compared to December 2019, even after cash-out for M&A of 41.7 million euros and despite the Covid-19 emergence, with financial leverage of 1.99x at March 31st, 2020

Decisive and significant actions to mitigate the financial impacts related to Covid-19

Further strengthening of the already solid financial structure with additional credit lines and extension of maturities 

The main results for the first quarter of 2020:

  • Consolidated revenues of 363.5 million euros, down 7.2% at constant exchange rates and 7.3% at current exchange rates compared to the same period of 2019 due to the Covid-19 outbreak  
  • EBITDA amounted to 64.9 million euros, down 17.8% compared to the same period of 2019 due to lower revenues, with EBITDA margin at 17.8%
  • Net profit came to 5.1 million euros, 72.7% lower than in the first quarter of 2019
  • Net financial debt was 790.7 million euros, in line with the 786.7 million euros posted at December 31st, 2019, even after cash-out for acquisitions of 41.7 million euros and despite the negative impact from Covid-19 outbreak 
  • Free cash flow reached 44.2 million euros, around 2.7 times the cash flow generated in the first quarter of 2019  

Today the Board of Directors of Amplifon S.p.A. (MTA; Bloomberg ticker: AMP:IM), global leader in hearing solutions and services, approved the Interim Financial Report as at March 31st, 2020 during a meeting chaired by Susan Carol Holland.

“Since the beginning of this challenging period, stemming from the Covid-19 outbreak, our priority has been protecting the health of our people while continuing to safely serve and support our customers. While the current circumstances are unparalleled, we are still managing our business thanks to our trademark qualities: speed and agility, on the one side, and focus, on the other. We have, in fact, immediately taken decisive actions to mitigate the financial impact of this unprecedented crisis,” said Enrico Vita, Amplifon’s Chief Executive Officer. “Looking beyond the immediate future, we are confident that our undisputed competitive positioning, coupled with the unchanged fundamentals of our market, will allow us to deliver renewed strong growth over the medium term”.

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