An excellent quarter paving the way for a record year

Financial results
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Last updated on October 27, 2021 at 01:14 pm

Revenues at constant exchange rates increasing vs. third quarter 2019 by 21% excluding Elite1 currently in wind-down, and by ~20% consolidating Elite

Excellent profitability with recurring EBITDA margin increasing vs. third quarter 2019 by 180 basis points excluding Elite1, and by 110 basis points consolidating Elite

Strong cash generation with free cash flow of 160.9 million euros in the first nine months of the year and improvement in the net financial position over December 2020 and June 2021

Group’s key strategic initiatives ongoing:

  • Closing of the Bay Audio acquisition in Australia which will be consolidated as from the fourth quarter of 2021
  • Bolt-on acquisitions in France, Germany, the United States and China in the third quarter
  • Launch of the Amplifon Product Experience in Spain
  • Opening of the first Amplifon store in Shanghai
  • Wind-down of Elite in the US expected to be completed by the fourth quarter of 2021

Signing of the first “sustainability-linked” revolving credit facility for 100 million euros

Amplifon included in the MIB ESG index, the first ESG index dedicated to Italian blue chips

MAIN RESULTS FOR 9M 2021

  • Consolidated revenues of 1,418.6 million euros, an increase at constant exchange rates of 17.7% compared to the first nine months of 2019 (not impacted by the Covid-19 pandemic) and 37.0% compared to the first nine months of 2020. Excluding the contribution of Elite in the first nine months of 2021 and in the comparison periods1, revenues were 1,379.9 million euros, an increase at constant exchange rates of 19.4% compared to the same period of 2019 and 38.1% to the same period of 2020.
  • Recurring EBITDA was 326.9 million euros, 24.5% higher than in the first nine months of 2019 and 43.1% higher than in the first nine months of 2020. Excluding the contribution of Elite1, recurring EBITDA amounted to 326.2 million euros, with the margin rising 190 basis points compared to the same period of 2019 to 23.6% thanks to greater operating efficiency, even after significant investments in the business. 
  • Recurring net profit was 106.0 million euros, 40.1% higher than in the first nine months of 2019 and 157.9% higher than in the first nine months of 2020.
  • Excellent free cash flow of 160.9 million euros, an increase of 134.5% compared to the first nine months of 2019 and of 26.6% compared to the first nine months of 2020.
  • Net financial debt was 616.8 million euros, lower than the 633.7 million euros posted at December 31st, 2020, after net cash-out for M&A of 63.5 million euros, dividend payment of 49.4 million euros and the buyback program of 31.1 million euros, with financial leverage down to 1.25x at September 30th, 2021.

MAIN RESULTS FOR Q3 2021

  • Consolidated revenues of 459.1 million euros, an increase at constant exchange rates of 19.0% compared to the third quarter of 2019 and of 6.8% compared to the third quarter of 2020. Excluding the contribution of Elite in the third quarter of 2021 and in the comparison periods1, revenues were 448.1 million euros, an increase at constant exchange rates of 21.2% compared to the third quarter of 2019 and 8.0% compared to the third quarter of 2020.
  • Recurring EBITDA was 94.2 million euros, 23.8% higher than in the third quarter of 2019 and 3.0% lower than in the third quarter of 2020 which benefitted from extraordinary income related to the Covid-19 emergency. Excluding the contribution of Elite1, recurring EBITDA was 95.5 million euros, up 30.1% compared to the third quarter of 2019, with the margin rising 180 basis points compared to the same period of 2019 to 21.3% thanks to greater operating efficiency, even after significant investments in the business. 
  • Recurring net profit was 25.7 million euros, 57.3% higher than in the third quarter of 2019 and 10.0% lower than in the third quarter of 2020 which benefitted from significant extraordinary income related to the Covid-19 emergency.

ENRICO VITA, CEO

“We are extremely satisfied with the outstanding results of the third quarter, characterized by excellent growth in revenues, despite the extremely challenging comparison base, and continuous improvement in profitability compared to 2019, which was not affected by the pandemic. We are also very enthusiastic about the different strategic initiatives we have undertaken and, above all, the opportunities stemming from the Bay Audio integration in Australia and the launch of the Amplifon Product Experience in the core Spanish market. The results achieved in the first nine months allow us to look ahead to closing another year with record results.”

1 In light of the decision to exit the Elite business, which will be discontinued in the fourth quarter of 2021, the income statement figures are also shown net of Elite’s contribution and the comments are also based on these figures.

Note: Unless stated otherwise, the comments in this press release refer to the recurring income statement figures. Also, in light of the significant impact of the Covid-19 outbreak on the financial results for FY 2020 and for the sake of greater comparability, the main income statement figures for the same period of 2019 are also provided. 

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