Slide 1: H1 2017 Results
H1 2017 Results Milan | 26th July, 2017
Slide 2: Disclaimer
Disclaimer The information contained herein and other material discussed during the conference call, 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 uncertaintie
Slide 3: Q2 & H1 2017 Key takeaways
Q2 & H1 2017 Key takeaways Strong momentum continues Continued sustained growth (Q2 2017: +12.4%1; H1 2017: +13.4%1) Robust organic growth Increasing contribution from M&A Balanced growth across Regions Strong comparable basis Outpacing the global hearing aids retail market Leadership consolidation
Slide 4: Q2 2017 Financial highlights
Q2 2017 Financial highlights Solid execution delivering another strong quarter Another quarter of double-digit top-line growth Data in €m Q2 2017 Q2 2016 Δ% (+12.4% at constant FX) REVENUES 327.7 289.7 +13.1% 14th consecutive quarter of solid organic growth Organic growth +5.6% despite lower trading
Slide 5: H1 2017 Financial highlights
H1 2017 Financial highlights Excellent half-year results: double-digit growth and profitability expansion Strong sales in all Regions Data in €m H1 2017 H1 2016 Δ% Stellar performance in EMEA: +15.0%1 REVENUES 623.8 544.2 +14.6% Continued strong momentum in Americas: +11.3%1 Organic growth +7.2% Sol
Slide 6: Revenue roadmap by Region
Revenue roadmap by Region Consistent above-market growth H1 2017: +13.4%1 Organic growth2: +7.2% Acquisitions: +6.2% FX: +1.2% Q2 2017: +12.4%1 Organic growth2: +5.6% Acquisitions: +6.8% FX: +0.7% AMERICAS EMEA APAC 18.7% of H1 2017 Revenues 67.1% of H1 2017 Revenues 14.1% of H1 2017 Revenues H1 201
Slide 7: Financial results by Region
Financial results by Region EMEA: strong top-line growth driving profitability Overall performance well above market reference Data in €m H1 2017 H1 2016 Δ% Outstanding revenue growth REVENUES 418.5 366.2 +14.3% Solid organic growth boosted by accelerated M&A Organic growth +7.0% Strong H1 2016 comp
Slide 8: Integrated platforms for media planning and creative communication in EMEA
Integrated platforms for media planning and creative communication in EMEA Strategic lever to grow and guide change in the industry LOLA, 4th most creative agency in the CARAT, world’s 1st media agency2, part of Profile world1, part of MullenLowe Group Dentsu Aegis Network Selected in March as inter
Slide 9: Financial results by Region
Financial results by Region AMERICAS: back to profitability improvement supported by a robust top-line Outstanding performance, well above market reference Data in €m H1 2017 H1 2016 Δ% Strong performance in the US REVENUES 116.5 101.5 +14.8% Double-digit growth of Miracle-Ear and AHHC, both Organic
Slide 10: Financial results by Region
Financial results by Region APAC: solid trading performance Solid revenue growth of 8.7% in LC Data in €m H1 2017 H1 2016 Δ% Softer organic growth in Q2 2017 REVENUES 88.0 76.1 +15.7% Negative impact of 2 average trading days less vs. Q2 2016 in Organic growth +6.7% both Australia and New Zealand St
Slide 11: Q2 2017 Financial results
Q2 2017 Financial results Delivering strong results Recurring Reported Data in €m (unless specified) Q2 2017 Q2 2016 Δ% Q2 2017 Q2 2016 Δ% REVENUES 327.7 289.7 +13.1% 327.7 289.7 +13.1% EBITDA1 62.5 54.0 +15.8% 60.0 51.5 +16.5% Margin % 19.1% 18.6% - 18.3% 17.8% - D&A (15.6) (13.2) +18.3% (15.6) (13
Slide 12: H1 2017 Financial results
H1 2017 Financial results Continued improvement in all profitability lines, net profit also benefitting from lower tax rate Recurring Reported Data in €m (unless specified) H1 2017 H1 2016 Δ% H1 2017 H1 2016 Δ% REVENUES 623.8 544.2 +14.6% 623.8 544.2 +14.6% EBITDA1 103.4 88.0 +17.5% 100.9 85.5 +18.0
Slide 13: H1 2017 Financial results
H1 2017 Financial results Cash flow sustained higher Capex, primarily for openings & cash-out for acquisitions Data in €m H1 20171 H1 20162 Δ Operating cash flow (a) 61.3 40.8 +20.5 Capex (b) (29.5) (21.2) (8.3) Disposals (b) 0.8 0.4 +0.4 Free cash flow (a+b) 32.5 20.0 +12.5 Acquisitions (c) (75.3)
Slide 14: H1 2017 Financial results
H1 2017 Financial results Solid capital structure to sustain future growth opportunities Data in €m 30/06/2017 31/12/2016 Cash (115.6) (183.8) Short-term debt 35.8 28.7 Medium/long-term debt 380.3 379.6 Net debt 300.5 224.4 Equity 560.4 557.7 Net debt/EBITDA 1.46x 1.17x Net debt/total equity 0.54x 0
Slide 15: 2017 Outlook
2017 Outlook Positive momentum to persist Entering H2 2017 with a strong H1 behind Strong momentum is expected to continue in H2 2017 Top-line growth above market reference and with healthy mix Contribution from all Regions Solid organic growth Continued strong contribution from acquisitions Robust
Slide 16: Investor Relations Contacts
Investor Relations Contacts FRANCESCA RAMBAUDI AMANDA HART GIRALDI PAOLA BEZZI OLGA LEPECHKINA Director Specialist Junior specialist Assistant Tel: +39 02 5747 2261 Tel: +39 02 5747 2317 Tel: +39 02 5747 2310 Tel: +39 02 5747 2542 francesca.rambaudi@amplifon.com amanda.giraldi@amplifon.com paola.bez