Amplifon Spa · MIL:AMP

Amplifon Spa — Q1 2010 Earnings Presentation

17 slides from Amplifon Spa's earnings presentation, Apr 30, 2010

  1. Slide 1: AMPLIFON Q1 2010 Results

    AMPLIFON Q1 2010 Results Milan, April 30th 2010 Conference Call

  2. Slide 2: Q1 2010 Financial Results

    » Q1 2010 Financial Results

  3. Slide 3: Q1 2010 Highlights

    Q1 2010 Highlights ¾ In Q1 2010, a seasonally low quarter, Amplifon Business confirmed the sound and consistent growth of sales and profitability, proving once more the value of a long term strategy able to capture growth potential; ¾ Q1 2010 revenue at € 158,9 mln grew by +6,5% vs PY thanks to the

  4. Slide 4: Financial Highlights

    Financial Highlights Euro thousands Q1 2010 Q1 2009 Δ% Revenue 158.947 100,0% 149.294 100,0% 6,5% Cogs -39.625 -24,9% -36.901 -24,7% 7,4% Gross Margin 119.322 75,1% 112.393 75,3% 6,2% Labour Costs -49.018 -30,8% -44.763 -30,0% 9,5% Cost of services, of which: -54.459 -34,3% -52.563 -35,2% 3,6% - Mar

  5. Slide 5: Amplifon Revenue Breakdown

    Amplifon Revenue Breakdown thousands Euro Q1 2010 % Q1 2009 % Δ% Δ FX OG% Amplifon Italy 45.624 28,7% 39.669 26,6% 15,0% 15,0% Amplifon France 22.856 14,4% 21.957 14,7% 4,1% 4,6% Beter Horen The Netherlands 19.711 12,4% 19.672 13,2% 0,2% -1,2% Amplifon Germany 7.607 4,8% 9.677 6,5% -21,4% -21,4% Amp

  6. Slide 6: Amplifon Continental Europe

    Amplifon Continental Europe Sound and consistent business growth and consolidation Euro mln Q1 2010 % Q1 2009 % Δ% Revenue 117,3 100% 106,7 100% 10,0% EBITDA 14,9 12,7% 16,6 15,6% -10,3% EBIT 9,9 8,4% 11,9 11,2% -17,0% ¾ Q1 revenue increased by +10%, of which +4,5% organically, +5,3% driven by acqui

  7. Slide 7: Highlights by Country (1/3)

    Highlights by Country (1/3) Amplifon Italy Strong sales growth and positive trials backlog Strong Q1 2010 revenue growth by +15% driven by the commercial strategy focused on product mix improvements and by the positive returns from TV campaigns. The positive trials backlog at the end of Q1-2010 and

  8. Slide 8: Highlights by Country (2/3)

    Highlights by Country (2/3) Amplifon Germany New IT system go- live (CAPI) negatively impacted on sales Q1 2010 revenue drecreased by 21,4% vs PY due to selling process significantly slowed by the go-live in February of the standard front office system already implemented in other European Countries

  9. Slide 9: Highlights by Country (3/3)

    Highlights by Country (3/3) Amplifon Iberica Holding ground in a difficult economic environment In Q1 2010 positive sales growth by +2,3% vs PY driven by acquisitions. Profitability in line vs last year. Amplifon Belgium Positive contribution to Group results Q1 2010 sales contributed with € 5,0 mln

  10. Slide 10: Amplifon UK

    Amplifon UK Continuous sales recovery and improvements in profitability Euro mln Q1 2010 % Q1 2009 % Δ% Revenue 9,0 100% 7,8 100% 15,4% EBITDA -1,2 -13,5% -1,8 -23,2% 33,1% EBIT -2,2 -24,3% -2,8 -36,1% 22,2% £ mln Q1 2010 % Q1 2009 % Δ% Revenue 8,0 100% 7,1 100% 12,7% EBITDA -1,1 -13,5% -1,6 -23,2%

  11. Slide 11: Amplifon USA

    Amplifon USA Significant improvement in profitability and Business model transformation on going Euro mln Q1 2010 % Q1 2009 % Δ% Revenue 32,2 100% 34,5 100% -6,6% EBITDA 2,3 7,3% 0,2 0,6% 953,3% EBIT 1,2 3,8% -1,2 -3,6% N/A $ mln Q1 2010 % Q1 2009 % Δ% Revenue 44,5 100% 44,9 100% -0,9% EBITDA 3,2 7,

  12. Slide 12: Q1 2010 Cash Flow

    Q1 2010 Cash Flow Thousands Euro 1Q 2010 1Q 2009 EBIT 8.978 7.901 D&A 7.139 7.168 Other non cash adjustments and gains/losses on sale 1.815 2.978 Net financials -3.181 -4.678 Taxes paid 587 -568 Changes in working capital -18.706 -10.170 Operating Cash Flow (A) -3.368 2.631 Net capital expenditures

  13. Slide 13: Capital Structure

    Capital Structure Euro mln Net Debt to Equity (31/03/2010) Net Debt (31/03/2010) 161,9 Ne t de bt Tota l Equity 181,6 161,9 64,0 226,9 (83,7) 31/03/2010 Long-term Short-term Cash Net debt debt debt ¾ At 31.03.2010 the company had approx. Euro 105 mln of undrawn credit lines of which Euro 35 mln are

  14. Slide 14: Debt Maturity and Liquidity Margin as of 31/03/2010

    Debt Maturity and Liquidity Margin as of 31/03/2010 Private Bank Bank Gross Overdrafts Cash Debt Placement Loans Euro mln 55,2 67,1 19,5 245,6 3,8 20,9 14,0 15,2 4,0 5,2 28,0 11,6 -11,6 -28,0 -4,0 -5,2 -14,0 -1,4 Cash - 83,7 d bt 0 0 0 1 1 an 12 13 16 /1 /1 /1 /1 /1 e em D 6 9 2 3 2 20 20 20 /0 /0 /

  15. Slide 15: Q1 2010 Income Statement

    Q1 2010 Income Statement Q1 2010 Q1 2009 Δ% Thousands Euro 000 € % on Sales 000 € % on Sales Revenue 158.947 100,0% 149.294 100,0% 6,5% COGS (39.625) -24,9% (36.901) -24,7% 7,4% Labour Costs (49.018) -30,8% (44.763) -30,0% 9,5% Cost of services (54.459) -34,3% (52.563) -35,2% 3,6% Other operating re

  16. Slide 16: Balance Sheet at 31/03/2010

    Balance Sheet at 31/03/2010 Thousands Euro 31/03/2010 31/12/2009 Thousands Euro 31/03/2010 31/12/2009 Trade payables -89.202 -95.912 Goodwill 254.510 249.916 Other payables -99.726 -103.438 Cust. lists, non comp. agreem., Provisions for contingency and 50.304 51.927 -1.086 -647 trademarks and loc. r

  17. Slide 17: Disclaimer

    Disclaimer ƒ The information contained herein and other material discussed during the analysts presentation, particularly the ones regarding any possible or assumed future performance of the Amplifon Group, are or may be forward looking statements and in this respect they involve some risks and unce

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