Amplifon announced its First Quarter Q1 2022 financial statement with highlights listed below.
Revenue growth of around 16% at current exchange rates and of 14% at constant exchange rates compared to the first quarter of 2021, supported by an excellent organic growth, above the reference market.
Strong increase in recurring profitability, with EBITDA margin 40 basis points higher than in the first quarter of 2021, even after significant investments in the business.
Strong cash generation and improvement in the net financial position over December 2021, despite seasonality and after significant investments in capex, M&A and share buyback.
Network expansion fueled by strong M&A activity in core markets: China, France, and Germany.
Confirmed 2022 guidance previously issued to the market.
MAIN RESULTS FOR AMPLIFON Q1 2022 FINANCIAL STATEMENT
- Consolidated revenues of 495.8 million euros (USD $522.6 million), an increase at current exchange rates of 15.7% and of 14% at constant exchange rates compared to the first quarter of 2021;
- Recurring EBITDA amounted to 112.9 million euros (USD $119 million), an increase of 17.7% compared to the same period of 2021, with the margin rising 40 basis points to 22.8%;
- Recurring net profit was 32.8 million euros (USD $34.6 million), 34.3% higher than in the same period of 2021;
- Free cash flow amounted to 53.4 million euros (USD $56.3 million), higher than in the first quarter of 2021;
- Net financial debt was 868.6 million euros (USD $915.6 million), lower than the 871.2 million (USD $918.3 million) euros posted at December 31, 2021, despite seasonality and after Capex of 21.1 million euros (USD $22.2 million), net cash-out for M&A of 23.8 million euros (USD $25 million) and share buyback of 29.7 million euros (USD $31.3 million), with financial leverage slightly down to 1.64x at March 31, 2022.
“We have once again begun the year very positively, with revenues and profitability rising sharply compared to the same period of 2021,” said CEO Enrico Vita. “We outpaced the market, further consolidating our leadership and gaining market share in core countries, a trend we expect will continue for all 2022. The prospects for the hearing care market are positive and the outstanding results achieved in this quarter allow us to look ahead with optimism to both the rest of the year and our Company’s medium-term growth prospects.”