Amplifon: record results in 2018 for the fourth year in a row. A year of great strategic initiatives, from M&A to the launch of the Amplifon product line
Double digit growth in revenues (+10.6% at constant exchange rates), driven by strong organic growth and acquisitions.
Continuous improvement in profitability: recurring EBITDA and Net profit at historic highs rising 11.0% and 19.3% respectively.
Strong network expansion with a total of 2711 new stores and 86 shop-in-shops due to strong M&A activity mainly in France, Germany, Canada and China.
An extraordinary year for the numerous strategic initiatives: the GAES acquisition, the launch of the Amplifon product line in Italy and the first joint venture in China.
Update of the financial targets 2020, supported by a strong innovation program and by the unique opportunity stemming from the integration of GAES.
Main results for 20182 :
- Consolidated REVENUES of 1,372.7 million euros, up 10.6% at constant exchange rates and 8.4% at current exchange rates compared to 2017
- EBITDA net of non-recurring expenses reached 241.3 million euros, or 17.6% of revenues, an increase of around 40 basis points compared to the prior year. EBITDA as reported reached 232.9 million euros or 17.0% of revenues
- Recurring NET PROFIT amounted to 113.4 million euros, an increase of 19.3% compared to 95.0 million euros in 2017. Net profit as reported rose 6.1% from the 100.6 million euros posted in the prior year to 106.7 million euros
- NET FINANCIAL DEBT was 840.9 million euros, higher than the 296.3 million euros reported at December 31st, 2017, due to the cash-out for the GAES acquisition
- FREE CASH FLOW was positive for 110.3 million euros, an increase of 12.6% or approximately 12.3 million euros compared to 2017, after absorbing net capex of 76.1 million euros
- Proposed dividend of 14 euro cents per share, 27.3% higher than the previous year, with a payout of around 31% on the consolidated net earnings per share as reported3.
1 Net of the disposal of Direito de Ouvir’s distribution network in Brazil and of the acquisition of GAES’ distribution network
2 For the sake of effective comparison, the figures for 2018 commented on in this press release refer to 2018 figures without the application of IFRS 15 (“FY 2018 w/o IFRS 15”), unless stated otherwise.
3 Net profit as reported after application of IFRS 15