Revenue growth of over 27% and strong profitability improvement in the first nine months of 2019, also fostered by an excellent third quarter and the continued outstanding performance of Spain

Financial
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Last updated on October 30, 2019 at 12:58 pm

Double-digit revenue growth (+26.1% at constant exchange rates), driven by excellent organic growth, in sharp acceleration in the third quarter (+9.2%), and the extraordinary contribution of M&A

Strong recurring profitability improvement (EBITDA margin +30 bps) even after the consolidation of GAES. Recurring net profit +28.3%

Double-digit organic growth in Spain for the third quarter in a row, thanks also to the excellent results from the GAES integration 

As reported figures reflect non-recurring expenses related to the GAES integration, which is proceeding faster and with better results than initially expected

Continues the roll-out of the Amplifon Product Experience, today present in six core markets: Italy, Germany, the Netherlands, France, Australia and the United States

Main results for the first nine months of 2019:

  • Consolidated revenues of 1,224.7 million euros, up 26.1% at constant exchange rates and 27.2% at current exchange rates compared to the same period of 2018
  • Recurring EBITDA rose 29.3% to 194.6 million euros or 15.9% of revenues, with a margin increase of 30 basis points compared to the same period of 2018, even after the consolidation of GAES. EBITDA as reported reached 176.1 million euros or 14.4% of revenues
  • Recurring net profit amounted to 79.6 million euros, an increase of 28.3% compared to the first nine months of 2018. Net profit as reported rose 13.7% to 65.5 million euros
  • Net financial debt was 856.8 million euros, slightly higher than the 840.9 million euros posted at December 31st, 2018, due to seasonality
  • Recurring free cash flow reached 78.1 million euros, an increase of 27.1 million euros or 53.2% compared to the same period of 2018

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 September 30, 2019 during a meeting chaired by Susan Carol Holland.

For the sake of effective comparison with the same period of 2018, key figures for the first nine months and third quarter of 2019 in the following tables were prepared without applying the accounting standard IFRS 16. The following comments are, therefore, based on these figures, unless stated otherwise.

(euro millions)

Net revenues

EBITDA

EBIT

Net income

EPS adjusted1 (in euro)

Free cash flow

Net Financial Position

First nine months 2019 w/o IFRS 16  2

Recurring

Net revenues

1,224.7

EBITDA

194.6

EBIT

121.1

Net income

79.6

EPS adjusted1 (in euro)

Free cash flow

Net Financial Position

Non Recurring

Net revenues

-

EBITDA

(18.6)

EBIT

(18.8)

Net income

(14.0)

EPS adjusted1 (in euro)

Free cash flow

30/09/2019

Net Financial Position

856.8

Total

Net revenues

1,224.7

EBITDA

176.1

EBIT

102.4

Net income

65.5

EPS adjusted1 (in euro)

0.450

Free cash flow

68.6

Net Financial Position

% on Recurring

Net revenues

100.0%

EBITDA

15.9%

EBIT

9.9%

Net income

6.5%

EPS adjusted1 (in euro)

Free cash flow

Net Financial Position

First nine months 2018

Recurring

Net revenues

962.8

EBITDA

150.6

EBIT

98.8

Net income

62.0

EPS adjusted1 (in euro)

Free cash flow

31/12/2018

Net Financial Position

840.9

Non Recurring

Net revenues

-

EBITDA

(6.0)

EBIT

(6.0)

Net income

(4.4)

EPS adjusted1 (in euro)

Free cash flow

Net Financial Position

Total

Net revenues

962.8

EBITDA

144.6

EBIT

92.8

Net income

57.6

EPS adjusted1 (in euro)

0.333

Free cash flow

50.8

Net Financial Position

% on recurring

Net revenues

100.0%

EBITDA

15.6%

EBIT

10.3%

Net income

6.4%

EPS adjusted1 (in euro)

Free cash flow

Net Financial Position

% change on recurring

Net revenues

27.2%

EBITDA

29.3%

EBIT

22.6%

Net income

28.3%

EPS adjusted1 (in euro)

Free cash flow

Net Financial Position

1.9%

1 Net income adjusted for the non-recurring items and for the amortization of the intangible assets as per the Purchase Price Allocation accounting treatment.

2 For the sake of comparison, 2019 data are shown without the application of IFRS 16.

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