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02-11-2017 06:45:14

Interim Report Q3 2017: Continued solid organic revenue growth drives strong EBITA growth

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  • GN Store Nord delivered 7% organic revenue growth in Q3 2017. Revenue growth was 8% including impact from development in foreign exchange rates and M&A

  • EBITA increased 14% in Q3 2017. The EBITA margin increased 0.9%p reflecting solid revenue growth 

  • EPS increased 36% and reached DKK 2.05. EPS has increased 23% year to date

  • Continued strong cash conversion at 88% in Q3 2017

  • GN Audio’s organic growth guidance for 2017 is upgraded to “more than 7%” from “more than 6%” following strong performance year to date. The financial guidance  for GN Hearing is unchanged  

  • GN Hearing delivered 6% organic revenue growth in Q3 2017. Revenue growth was 3% including impact from development in foreign exchange rates and M&A

  • The positive momentum generated by ReSound LiNX 3D following the launch in Q2 2017 continued in Q3 and bodes well for rest of 2017. During the quarter, ReSound LiNX 3D Rechargeable and ReSound ENZO 3D super power hearing aids were added to the ReSound LiNX 3D product family

  • EBITA increased 8% to DKK 257 million. The EBITA margin reached 19.4%

  • Free cash flow excl. M&A was DKK 253 million in Q3 2017, in line with Q3 2016. Cash conversion at 98% 

  • GN Audio delivered 9% organic revenue growth in Q3 2017. Revenue growth was 15% including impact from development in foreign exchange rates and M&A

  • The continued strong momentum was driven by the Jabra Evolve and Jabra Speak series as well as the Jabra Elite Sport true wireless earbuds

  • In Q3 2017, EBITA increased 29% to DKK 179 million. Year to date, EBITA has increased 31%. The EBITA margin in Q3 2017 increased 2.0%p to 18.7% reflecting favorable product mix 

  • Free cash flow excl. M&A was DKK 164 million in Q3 2017, an increase of DKK 36 million compared to Q3 2016. Cash conversion at 92%

Quotes from the executive management

Anders Hedegaard, CEO of GN Hearing: “During Q3 2017, we have focused on executing the launch of ReSound LiNX 3D, which clearly differentiates us from competition. Just like five years ago with the introduction of the 2.4 GHz technology in hearing aids, we have again demonstrated that we take the innovative lead by going our own way and not in the footsteps of others. Our customers and users of our products appreciate the rich choices in personalizing their hearing care experience that we provide with this full product family and the added new rechargeable and super power products.”

René Svendsen-Tune, CEO of GN Audio: “In Q3 2017, we continued to build on our strong momentum while we expanded our product portfolio in the popular Evolve family. Our strong momentum is the result of our relentless focus on innovation, commercialization and people excellence. I am very pleased to see that our hard work yet again has resulted in strong revenue growth – surpassing the ambitious target we set at the start of year – as well as a strong earnings increase.”

Teleconference

GN will host a teleconference at 11.00 am CEST today. Please visit www.gn.com/investor to access the teleconference. Presentation material will be available on the website approximately one hour prior to the teleconference.

For further information please contact:

Peter Justesen

VP – Investor Relations & Treasury

GN Store Nord A/S

Tel: +45 45 75 87 16

or

Rune Sandager

Treasury Manager – Investor Relations & Treasury

GN Store Nord A/S

Tel: +45 45 75 92 57

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