The Board of Amplifon, which met today under the chairmanship of Susan Carol Holland, approved the Draft Financial Statements of the Company at 31 December 2015. “We close the 2015 financial year with the best results in the history of the Group: we have reached the important goal of 1 billion euro in turnover, over 165 million euro in EBITDA and around 90 million in free cash flow. All three geographical areas of the Group contributed to this performance, with strong improvements in terms of revenues and profitability”, he commented Enrico Vita, Chief Executive Officer of Amplifon. “We thus confirm the validity of the choices made: the Company's ability to continue the development path with determination, both organically and through acquisitions, and the ever greater focus of our business model on the customer. Looking ahead, thanks to the positive prospects of the sector, today still heavily underpenetrated and full of opportunities, we believe we can continue with sustainable and profitable growth in the years to come".
I consolidated revenues of the company, which is part of Giovanni Tamburi's TIP team, amounted to 1,03 billion euro, up by 16,1% at current exchange rates and by 11,3% at constant exchange rates compared to 2014. EBITDA, net of the effect of non-recurring expenses, was equal to 167,4 million euros, with an incidence on revenues equal to 16,2%, up by 21,6% compared to the previous year. EBITDA as reported amounted to 165,2 million euros, with an EBITDA margin of 16,0%, up by 20,0% compared to 2014.
The net result, net of non-recurring charges, was instead equal to 52,8 million euros, up by 47,4% compared to 2014. As reported net result was equal to 46,8 million euros, slight increase compared to the previous year. As also underlined by the CEO Vita also the free cash flow was a strong improvement to 89,7 million euro. The board also proposed a dividend of €0,043 per share, in line with the previous year.
During 2015, the group also continued its program of international expansion, both organically and through acquisitions, with the addition to its network of 149 stores and 86 shop-in-shops. The new openings, amounting to 38 stores and 77 shop-in-shops, mainly concerned the Iberian Peninsula, Poland and Australia. Instead, 111 stores and 9 shop-in-shops were acquired, mainly in Germany and France. During the year the Company also completed the acquisition of Dilworth Hearing Limited in New Zealand (previously 40% owned). The total outlay for acquisitions was 41,1 million euro.
2015 was finally marked by the change in company leadership during the month of October with the appointment of Enrico Vita as Chief Executive Officer; transition, as confirmed by the important results achieved, which took place in total continuity. At the beginning of the afternoon, the Amplifon share lost 2% on the Stock Exchange, going against the trend of the Ftse Mib.
