Amplifon Spa · MIL:AMP
Amplifon Spa — H1 2021 Earnings Presentation
19 slides from Amplifon Spa's earnings presentation, Jul 29, 2021
Slide 1: H1 2021 Results
H1 2021 Results M i l a n , J u l y 2 9 th, 2 0 2 1
Slide 2: Disclaimer
Disclaimer The following applies to this document, the oral presentation of the information in this document by Amplifon S.p.A. (the “Company”) or any person on behalf of the Company, and any question-and-answer session that follows the oral presentation (collectively, the “Information”). In accessi
Slide 3: Q2 2021: Outstanding quarter driven by ~+20% revenue growth
Q2 2021: Outstanding quarter driven by ~+20% revenue growth and excellent profitability expansion vs. Q2 2019 Guidance upgraded. Strategic decision to exit the wholesale business Outstanding top-line growth, well above market At +109.2% at constant FX vs Q2 2020, with organic growth at +102.9%
Slide 4: Wind-down of Elite
Wind-down of Elite Exiting the low-growth, low-margin and no longer strategic wholesale business to focus on end-consumer Elite at-a-glance Strategic rationale Part of Amplifon since 2002 Perfectly in line with Group’s consumer-centric strategy aimed at delivering a superior proposition directly
Slide 5: Wind-down of Elite: dilutive to financial profile
Wind-down of Elite Elite’s lower growth and profitability business is dilutive to Amplifon’s strong financial profile In the last years Elite has been dilutive to Amplifon’s Elite key financial data fast-growing and profitable business Data in USD m FY 2019 FY 2020 H1 2019 H1 2021 In 2020 Elite
Slide 6: Q2 2021 Financial highlights
Q2 2021 Financial highlights A tremendous quarter with top-line performance boosted by a >+15% organic growth vs Q2 2019 and strong profitability step-up Revenues at constant FX over 2x vs Q2 2020, heavily impacted Data in €m Q2 2021 Q2 2020 Q2 2019 Δ 21/20 Δ 21/19 by Covid-19 pandemic, and +19.9%
Slide 7: H1 2021 Financial highlights
H1 2021 Financial highlights Excellent half-year results across the board Revenues at constant FX up +58.0% vs H1 2020 and +17.1% vs H1 2019 Data in €m H1 2021 H1 2020 H1 2019 Δ 21/20 Δ 21/19 Very strong organic growth at +53.3% vs H1 2020 and +11.9% vs H1 REVENUES 959.5 613.9 832.0 +56.3% +15.3
Slide 8: Financial results by Region: EMEA
Financial results by Region EMEA: excellent top-line performance, fostered by strong organic growth and outstanding profitability Revenues at constant FX up +102.7% vs Q2 2020 and +12.1% vs Data in €m Q2 2021 Q2 2020 Q2 2019 Δ 21/20 Δ 21/19 Q2 2019 REVENUES 362.9 179.2 323.4 +102.5% +12.2% Stron
Slide 9: Financial results by Region: Americas Q2
Financial results by Region AMERICAS Q2 2021: impressive revenue growth, boosted by ~+40% organic growth vs Q2 2019 and by PJC Hearing recent acquisition Outstanding revenue growth at constant FX of ~+160% vs Q2 Data in €m Q2 2021 Q2 2020 Q2 2019 Δ 21/20 Δ 21/19 2020 and +52.7% vs Q2 2019 REVENUES
Slide 10: Financial results by Region: Americas H1
Financial results by Region AMERICAS H1 2021: excellent performance, strongly accelerating throughout the period Data in €m H1 2021 H1 2020 H1 2019 Δ 21/20 Δ 21/19 Outstanding revenue growth at constant FX of +79.8% vs H1 2020 and +43.7% vs H1 2019 REVENUES 172.3 104.6 131.9 +64.7% +30.6% Excell
Slide 11: Financial results by Region: APAC
Financial results by Region APAC: excellent performance across major markets and accelerating in Q2 Excellent revenue growth at constant FX of +84.3% vs Q2 2020 Data in €m Q2 2021 Q2 2020 Q2 2019 Δ 21/20 Δ 21/19 and +28.1% vs Q2 2019 REVENUES 60.6 31.0 46.6 +95.6% +30.0% Outstanding organic grow
Slide 12: Bay Audio: building another Company stronghold in Australia
Bay Audio: building another Company stronghold in Australia Second largest ever acquisition, perfectly in line with Amplifon’s growth model & M&A strategy Bay Audio at-a-glance Strategic rationale Leading private independent hearing care retailer in the Further strengthens Amplifon’s position in
Slide 13: Sound Bridge: second Joint Venture in China
Sound Bridge: second Joint Venture in China Continued expansion in the fast-growing and high-potential Chinese market Key h i g h l i g h t s Current presence JV 51% owned by Amplifon and 49% by local partners 45 PoS primarily in the Zhejiang region and south- east China High quality stores an
Slide 14: Q2 2021 Financial results
Q2 2021 Financial results Impressive growth and profitability expansion, further increasing carving-out Elite Data in €m Q2 2021 Q2 2020 Q2 2019 Δ Rec Δ Rec (unless specified) Recurring Reported Recurring Reported 21/20 21/19 REVENUES 518.6 518.6 250.4 440.1 440.1 +107.1% +17.8% EBITDA 136.1 134.3 6
Slide 15: H1 2021 Financial results
H1 2021 Financial results Delivering excellent results in all P&L line items both vs H1 2020 and H1 2019 Data in €m H1 2021 H1 2020 H1 2019 Δ Rec Δ Rec (unless specified) Recurring Reported Recurring Reported 21/20 21/19 REVENUES 959.5 959.5 613.9 832.0 832.0 +56.3% +15.3% EBITDA 232.7 228.4 131.3 1
Slide 16: H1 2021 Financial results: cash flow
H1 2021 Financial results Outstanding cash generation, leading to a reduction in NFP also after strong M&A cash-out, share buy-back & dividends Data in €m H1 20211 H1 20202 Δ Operating cash flow before repayment of lease liabilities 201.2 121.6 79.7 Repayment of lease liabilities (45.9) (27.7) (18.2
Slide 17: H1 2021 Financial results: NFP and leverage
H1 2021 Financial results NFP further reducing and leverage at 1.23x Data in €m 30/06/2021 31/12/2020 Cash (472.5) (545.0) Short-term debt 121.2 75.4 Medium/long-term debt 971.8 1,103.3 Net financial debt 620.5 633.7 Lease liabilities 426.5 422.8 Total financial debt & lease liabilities 1,047.0 1,05
Slide 18: 2021 Outlook
2021 Outlook Upgrading our full-year 2021 guidance to reflect higher organic growth Revenues, in € million +60 ~1,990 (60) ~1,930 ~1,930 1,930 2021 Guidance Guidance 2021 Upgraded Elite 2021 Upgraded Guidance issued on April 29th, 2021 Upgrade (organic) Guidance wind-down post-Elite wind-down (not i
Slide 19: Investor Relations and Sustainability Contacts
Investor Relations and Sustainability Contacts FRANCESCA RAMBAUDI AMANDA HART GIRALDI FRANCESCO ROMEO OLGA LEPECHKINA Investor Relations Director Investor Relations Manager Sustainability Manager Assistant Tel: +39 02 5747 2261 Tel: +39 02 5747 2317 Tel: +39 344 2723 416 Tel: +39 02 5747 2542 france