AMPLIFON S.P.A. Q1 2024 Results
M i l a n , May 6 t h 2 02 4
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Statement
In compliance with Article 154 bis of the "Uniform Financial Services Act" (Legislative Decree 58/1998), the Financial Reporting Officer, Gabriele Galli, declares that the accounting information reported in this presentation corresponds to the underlying documentary reports, books of account and accounting entries.
Figures in the tables may reflect minimal differences exclusively due to rounding.
© Amplifon S.p.A. | 2 |
May 6th, 2024 |
Q1 2024: an excellent start in both sales growth and profitability despite the challenging comps and the early Easter
Revenues | EBITDA recurring | Net Profit recurring |
573m€ | 136.8m€ | 35.7m€ |
+8.8% at K FX vs Q1 2023 | Margin at 23.9% | Margin at 6.2% |
+5.6% organic growth | Record increase of +100bps vs Q1 2023 | |
Field productivity measures paying off | ||
Operating Cash Flow | Leverage | M&A acceleration |
67.2m€ | 1.52x | 150+ PoS & ~70m€ cash-out |
vs. 72.9m in Q1 2023 | NFP at 883m€ vs 852m€ at YE 23 | ~400 DoS in the US (to date) |
after ~100m€ of capex and M&A | ||
cash-out | Q2 off to a very strong start | |
© Amplifon S.p.A. | 3 |
May 6th, 2024 | |
Q1 2024 Financial highlights
Excellent quarter driven by very strong top-line performance and outstanding profitability expansion
Data in €m | Q1 2024 | Q1 2023 | Δ% |
REVENUES | 573.1 | 540.3 | +6.1% |
Organic growth | +5.6% | ||
Acquisitions | +3.2% | ||
FX | -2.7% | ||
EBITDA Rec. | 136.8 | 123.5 | +10.7% |
Margin % | 23.9% | 22.9% | +100 bps |
- High-singledigit revenue growth at constant FX vs Q1 2023
- Strong and above-market organic growth
- Global market demand driven by a strong US market, Europe back to growth and progressively normalizing
- Negative impact of early Easter in March and one trading day less in the quarter (equivalent to ~1.5% growth)
- Very challenging comparison base (+9% in Q1 2023 vs Q1 2022)
- Significant share gains across all major markets
- Remarkable M&A contribution of bolt-ons in France, Germany, US, Uruguay and China
- FX headwind primarily due to Euro appreciation vs USD, AUD, NZD and Argentine peso
- EBITDA recurring at ~€137 million, with margin at Q1 all-time- high level of 23.9%, up 100bps vs Q1 2023
Field productivity measures taken in 2H 2023 paying-off
© Amplifon S.p.A. | 4 |
May 6th, 2024 | |
Financial results by Region
EMEA: Solid revenue performance in a progressively normalizing market environment despite the early Easter. Outstanding profitability improvement driven by field productivity measures
Data in €m | Q1 2024 | Q1 2023 | Δ% |
REVENUES | 376.1 | 359.7 | +4.5% |
Organic growth | +2.9% | ||
Acquisitions | +1.4% | ||
FX | +0.2% | ||
EBITDA Rec. | 109.3 | 100.0 | +9.3% |
Margin % | 29.1% | 27.8% | +130 bps |
- Solid revenue growth at constant FX vs Q1 2023
- Solid and above-market organic growth
- Market was back to slight growth and progressively normalizing
- Negative impact of early Easter in March and one trading day less in the quarter (equivalent to ~1.5% growth)
- Share gains across main markets
- M&A contribution mainly related to France and Germany
- Solid growth in all core markets
- EBITDA at over €109 million, with margin at all-time-high level of 29.1%, up 130bps vs Q1 2023
- Field productivity measures taken in 2H 2023 paying-off
© Amplifon S.p.A. | 5 |
May 6th, 2024 |
Financial results by Region
AMERICAS: Excellent performance driven by very strong organic growth and significant M&A contribution. Material FX headwind
Data in €m | Q1 2024 | Q1 2023 | Δ% |
REVENUES | 110.8 | 100.9 | +9.9% |
Organic growth | +13.0% | ||
Acquisitions | +8.3% | ||
FX | -11.4% | ||
EBITDA | 26.2 | 24.8 | +5.7% |
Margin % | 23.7% | 24.6% | -90 bps |
- Excellent revenue growth at constant FX vs Q1 2023
- Very strong organic growth vs. a remarkable comparison base (+20% in Q1 2023 vs Q1 2022)
- Significant M&A contribution related to the US and Uruguay
- Acquisition of two sizeable franchisees YTD totaling ~85 DoS, leading the Miracle-Ear Direct Retail network to ~400 PoS
- Material FX headwind due to Euro appreciation vs USD and Argentine peso
- Application of Inflation Accounting impacting for less than 2 p.p. negatively on FX and positively on organic growth
- Continued excellent performance in the US (Miracle-Ear Direct Retail and AHHC)
- EBITDA at €26.2 million, with margin at 23.7%, after significant re-investments in the business
- Fast growth of Miracle-Ear Direct Retail vs Franchise in the US
© Amplifon S.p.A. | 6 |
May 6th, 2024 |
Financial results by Region
APAC: Outstanding top-line performance and excellent profitability improvement. Significant FX headwind
Data in €m | Q1 2024 | Q1 2023 | Δ% |
REVENUES | 86.2 | 79.6 | +8.3% |
Organic growth | +8.8% | ||
Acquisitions | +4.7% | ||
FX | -5.2% | ||
EBITDA | 24.2 | 21.7 | +11.2% |
Margin % | 28.1% | 27.3% | +80 bps |
- Excellent revenue growth at constant FX vs Q1 2023
- Outstanding and well-above-market organic growth vs. a remarkable comparison base (+11% in Q1 2023 of which +13% organic vs Q1 2022)
- Strong M&A contribution related to China − 410+ PoS in China to date
- Significant FX headwind
- Excellent organic growth across all main markets
- EBITDA at €24.2 million, with margin at 28.1%, up 80bps even after fast growth of China
© Amplifon S.p.A. | 7 |
May 6th, 2024 |
Q1 2024 Financial results
Excellent results across the board
Data in €m | Q1 2024 | Q1 2023 | Δ Rec | |||||||||
(unless specified) | ||||||||||||
Recurring | Reported | Recurring | Reported | 24/23 | ||||||||
REVENUES | 573.1 | 540.3 | ||||||||||
EBITDA | 135.7 | 115.6 | ||||||||||
Margin % | 23.7% | 21.4% | ||||||||||
ORDINARY D&A | (58.6) | (50.1) | ||||||||||
PPA AMORTIZATION | (12.5) | (11.9) | ||||||||||
EBIT | 64.6 | 53.6 | ||||||||||
Margin % | 11.3% | 9.9% | ||||||||||
NET FIN. EXPENSES | (14.5) | (11.9) | ||||||||||
PBT | 50.2 | 41.6 | ||||||||||
TAXES | (14.9) | (12.4) | ||||||||||
% on PBT | 29.6% | 29.7% | ||||||||||
NET PROFIT | 34.9 | 29.3 | ||||||||||
Margin % | 6.1% | 5.4% | ||||||||||
EPS Reported (€) | 0.154 | 0.130 | ||||||||||
EPS Adjusted (€) | -- | -- | ||||||||||
© Amplifon S.p.A. | 8 |
May 6th, 2024 |
Q1 2024 Financial results
Operating Cash Flow broadly in line with Q1 2023. Strong acceleration in M&A to boost growth
Data in €m | Q1 2024 | Q1 2023 | Δ |
Operating cash flow before repayment of lease liabilities | 97.3 | 100.9 | (3.6) |
Repayment of lease liabilities | (30.1) | (28.0) | (2.1) |
Operating cash flow | 67.2 | 72.9 | (5.7) |
Capex (net) | (29.9) | (26.6) | (3.3) |
Free cash flow | 37.2 | 46.3 | (9.1) |
Acquisitions (net) | (71.3) | (38.8) | (32.5) |
Cash provided by (used in) operating and investing activities | (34.1) | 7.5 | (41.6) |
Cash provided by (used) financing activities | 5.9 | (1.8) | 7.7 |
Net cash flow for the period | (28.2) | 5.7 | (33.9) |
Net financial position (opening date) | (852.1) | (830.0) | (22.1) |
Change in net financial position | (28.2) | 5.7 | (33.9) |
Effect of FX & discontinued operation on financial position | (3.0) | (2.1) | (0.9) |
Net financial position (closing date) | (883.3) | (826.4) | (56.9) |
© Amplifon S.p.A. | 9 |
May 6th, 2024 |
Q1 2024 Financial results
Leverage stable at 1.5x after strong investments (~€100m Capex & M&A cash-out)
Data in €m | 31/03/2024 | 31/12/2023 |
Liquidity | (214.6) | (194.0) |
Short-term debt | 376.4 | 326.7 |
Medium/long-term debt | 721.5 | 719.4 |
Net financial debt | 883.3 | 852.1 |
Lease liabilities | 507.0 | 497.4 |
Total financial debt & lease liabilities | 1,390.3 | 1,349.6 |
Total net equity | 1,138.4 | 1,101.7 |
Net debt/EBITDA1 | 1.52x | 1.50x |
Net debt/Equity | 0.78x | 0.77x |
1. Refers to the EBITDA recorded in the last 4 quarters determined excluding the fair value of the share-based payments and based only on the recurring business
© Amplifon S.p.A. | 10 |
May 6th, 2024 | |
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Amplifon S.p.A. published this content on 06 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 May 2024 12:04:15 UTC.
