The Assembly of Amplifier gave the green light to the budget 2023 and to the distribution of a dividend at 0,29 euros per share. Furthermore, important decisions have been made regarding the nominated and company policies, including compensation for the Board of Statutory Auditors and directors. Finally, a was authorized buyback plan which allows the company to hold up to 10% of its shares to support incentive plans and extraordinary operations.
In Piazza Affari, today the title travels in positive territory: it gains 0,77% to 31,57 euros per share around 9:40 am.
Amplifon numbers for 2023
During 2023, i revenues consolidated sales reached the figure of 2.260,1 million euros, marking an increase of 10,2% at constant exchange rates and 6,7% at current exchange rates compared to the previous year. This increase was driven by organic growth of 8% and strategic acquisitions – mainly in France, Germany, China and North America – which contributed 2,2% of total revenues, but the negative currency effect currency accounted for 3,5%. L'Net income on a recurring basis it is equal to 165,8 million euros compared to 183,3 million euros recorded in 2022 following higher amortization and the increase in financial charges, despite the majority of the medium-long term debt being at a fixed rate . The net result as reported, which reflects the non-recurring expenses mentioned above for 10,7 million euros, is 155,1 million euros, with a tax rate that stands at 26,1%, a reduction of 60 basis points compared to 2022. Adjusted net earnings per share (adjusted EPS) stood at 91,3 euro cents compared to the 97,7 euro cents reported in 2022.
THEebitda on a recurring basis it amounted to 541,6 million euros, recording an increase of 3,1% compared to the previous year. However, recurring revenue margin narrowed to 24%, down 80 basis points from 2022 due to investments in staff and challenges in the EMEA market. L'ebitda as reported stands at 526,8 million euros, after non-recurring costs of 14,7 million euros mainly attributable to the application of the accounting standard Ifrs 2 following the share assignment plan communicated on 5 January 2023.
In 2023, Amplifon generated a free cash flow of 160,2 million euros in 2023 and thefinancial debt netto it stood at 852,1 million euros, with financial leverage decreasing to 1,50x despite net investments for Capex, M&A and dividends of approximately 314 million euros.
La group leader Amplifon Spa recorded revenues of 480,5 million euros in 2023, but with a net profit of 90,6 million, lower than the 117,7 million euros of the previous year due to higher depreciation and financial charges.
OK to the dividend of 0,29 euros per share
The Shareholders' Meeting resolved the distribution of a dividend established at 0,29 euros per share for a total of approximately 65 million euros, with coupon no. 16 detachment on 20 May 2024 and payment starting from 22 May 2024. It was also decided to allocate the remaining operating profit , at approximately 25 million euros, in retained earnings.
The amount of the overall dividend and the consequent allocation to retained earnings for the undistributed part will vary according to the number of shares with regular dividend rights on the day the dividend is paid, net of treasury shares held by the company.
New Appointments and compensation
They were nominated noovi members of the Board of Statutory Auditors for the three-year period 2024-2026 and the remuneration of the directors for the 2024 financial year was approved.
The new components are:
- Actual mayors: Patrizia Arienti and Alfredo Malguzzi, elected from the list presented by the shareholder Ampliter Srl., owner of 42,06% of the share capital of Amplifon Spa, and Gabriella Chersicla (president of the Board of Statutory Auditors) elected from the list presented by some minority shareholders, overall owners of 1,4% of Amplifon shares.
- Alternate auditors: Mario Stella Richter and Riccardo Foglia Taverna elected respectively from the majority and minority lists.
The Assembly resolved, upon proposal of the shareholder Ampliter, to assign to the Board of Statutory Auditors a compensation for the three-year period 2024-2026 equal to 55 thousand euros per year for each standing auditor and equal to 82.500 euros for the president. While the overall compensation to the directors was confirmed, for a total of approximately 1,37 million euros, for the 2024 financial year, unchanged compared to the compensation paid in 2023.
New buyback plan
The Assembly authorized a new plan for the purchase and disposal of treasury shares. This plan, valid for 18 months, allows the company to hold up to 10% of its shares. The objective is to use these shares to support incentive plans for employees and directors or for extraordinary operations such as acquisitions of other companies. The purchase price will be established based on the market price, with a maximum variation of 10%.
