de cotation: Italian
activities are the production and distribution of hearing systems
aids) and their fitting and personalisation to the needs of
patients. It operates also in the development, production and
of biomedical equipment. The Group operates in Italy, the United
Canada, France, Holland, Switzerland, Iberian Peninsula, Austria and
The Group has a distribution network of more than 2,600 specialised
of sale, 3,000 authorised centres, 2,500 affiliated shops and more than
3,000 hearing-aid specialists.
28.04.2014 AMPLIFON S.P.A.: THE
BOARD OF DIRECTORS
APPROVES THE INTERIM FINANCIAL REPORT AS AT MARCH 31ST, 2014
THE GROUP CLOSES THE FIRST THREE MONTHS OF THE YEAR WITH SALES UP 2.4%
AT CONSTANT EXCHANGE RATES AND DOWN 0.5% AT CURRENT EXCHANGE RATES.
CLEAR SIGNS OF RECOVERY IN EUROPE, WHILE THE REST OF EMEA AND
ASIA-PACIFIC POST ROBUST GROWTH.
AMERICAS OFF TO A WEAK START DUE TO THE ADVERSE WEATHER CONDITIONS
REGISTERED IN THE QUARTER.
PROFITABILITY IMPROVES OVERALL AND – NET OF THE EXCHANGE EFFECT AND THE
POSTED IN THE COMPARISON PERIOD – SHOWS GROWTH BOTH IN ABSOLUTE TERMS
AND IN MARGINS.
The main results:
• Consolidated REVENUE as at March 31st, 2014 amounted to Euro 188.3
million, up 2.4% at
constant exchange rates and down 0.5% at current exchange rates. Europe
showed clear signs
of recovery in the quarter (+1.8% at constant exchange rates) with the
rest of EMEA (+28.8% at
constant exchange rates) and ASIA-PACIFIC (+11.6% in AUD) making a
positive contribution to this result, while AMERICAS was off to a weak
start due to the adverse weather conditions
(-0.7% in USD).
• EBITDA amounted to Euro 18.6 million, an increase of 5.0% with
respect to the same period of
the prior year. Net of the non-recurring costs incurred in the
comparison period and the
exchange effect, growth in profitability reached 8.6%. Good results
were posted in EMEA
(+5.8% net of the exchange effect and non-recurring costs), as well as
ASIA-PACIFIC (+24.8% in
AUD). AMERICAS held, recording a minor downturn of 1.1% in USD.
• EBIT amounted to Euro 7.9 million, an increase of 28.6% against the
Euro 6.2 million posted in
the prior year. NET PROFIT came to Euro 10 million versus a loss of
Euro 2.1 million in the
same period of last year. In addition to the increase in operating
profit, the figure benefitted
from a tax income of Euro 10.3 million following the Australian tax
authority’s recognition of
the deductibility for tax purposes of part of the assets acquired in
• NET FINANCIAL DEBT amounted to Euro 287.9 million, a slight increase
with respect to the
Euro 275.4 million reported as at December 31st, 2013, as a result of
the seasonality of working
capital, nonetheless an improvement of Euro 31 million against the same
period of the prior