Strong revenue growth and profitability improvement in the first nine months of 2018, supported by an excellent third quarter

Financial results
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Last updated on October 30, 2018 at 12:15 pm

Double digit revenue growth (+10.4% at constant exchange rates), driven by strong organic growth and acquisitions mainly in France and Germany.

Continuous improvement in profitability: recurring ebitda margin increases of ~40 bps and recurring net profit up 28.1%. Successful ongoing roll-out of Amplifon product line and digital ecosystem in Italy.

Closing of the GAES acquisition on track, after receiving the unconditional approvals from the Spanish and Portuguese anti-trust authorities.

Main results for the first nine months of 20181 :

  • Consolidated REVENUES of 967.6 million euros, up 10.4% at constant exchange rates and 7.3% at current exchange rates compared to the same period of 2017
  • EBITDA net of non-recurring expenses reached 154.4 million euros, an increase of 9.6% at current exchange rates, with the margin coming in at 16.0% of revenues, showing an improvement of around 40 basis points compared to the same period of 2017. EBITDA as reported reached 148.4 million euros, or 15.3% of revenues
  • Recurring NET PROFIT amounted to 65.3 million euros, an increase of 28.1% compared to the first nine months of 2017. Net profit as reported rose 26.4% from the 48.2 million euros recorded in the first nine months of 2017 to the current 60.9 million euros
  • NET FINANCIAL DEBT was 348.6 million euros, higher than the 320.7 million euros posted at September 30th, 2017 and the 296.3 million euros reported at December 31st, 2017
  • FREE CASH FLOW was positive for 50.8 million euros, showing an improvement of 49.5%, or approximately 16.8 million euros, compared to the same period of 2017
1 For the sake of effective comparison with the figures for the first nine months of 2017, the data commented on in this press release refer to the first nine months of 2018 without the application of IFRS 15 (“@ IFRS 2017”), unless stated otherwise

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