Amplifon: an excellent start to the year also thanks to the very strong first results from GAES integration

Financial results
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Last updated on May 7, 2019 at 12:20 pm

Outstanding revenue growth (more than +25% at constant exchange rates) driven by a solid organic growth, above market, and an extraordinary contribution from M&A.

Consolidation of GAES as of January 1st, 2019: excellent results from the ongoing integration.

Strong improvement in profitability (recurring EBITDA margin +40 bps) also driven by the excellent performance of GAES. Recurring net profit up 36.9%.

Main results for the first quarter of 2019 1 :

  • Consolidated revenues of 392.0 million euros, up 25.4% at constant exchange rates and 26.7% at current exchange rates compared to the same period of 2018 
  • Recurring EBITDA reached 56.3 million euros, with the margin coming in at 14.4% of revenues, an increase of 40 basis points compared to the same period of 2018, even after the consolidation of GAES. EBITDA as reported reached 54.9 million euros or 14.0% of revenues
  • Recurring Net profit amounted to 20.0 million euros, an increase of 36.9% compared to the first quarter of 2018. Net profit as reported rose 29.7% from the 14.6 million euros recorded in the prior year to 18.9 million euros
  • Net financial debt was 838.0 million euros, lower, despite seasonality, than the 840.9 million euros reported at December 31st, 2018 thanks to the strong cash flow generation in the period
  • Recurring Free cash flow was positive for 19.3 million euros, more than double compared to the first quarter of 2018
1 For the sake of effective comparison with the as reported figures for the first quarter of 2018, figures for the first quarter of 2019 commented on in this press release refer to figures without the application of the accounting standard IFRS16 (“Q1 2019 w/o IFRS 16”) unless stated otherwise.

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