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Interim Report Q3 2018: Continued strong double digit organic revenue growth. 20% organic revenue growth in GN Audio

  • GN Store Nord delivered 12% organic revenue growth in Q3 2018. Revenue growth was 12% including around (1)% impact from the development in foreign exchange rates and 1% impact from M&A
  • EBITA margin increased to 18.0% in Q3 2018 as a function of strong operational execution
  • EPS increased 10% compared to Q3 2017  
  • Continued strong cash conversion at 76% in Q3 2018
  • The financial guidance for 2018 is confirmed
  • GN Hearing delivered 6% organic revenue growth in Q3 2018 driven by continued strong growth in the independent market. Revenue growth was 5% including around (2)% impact from the development in foreign exchange rates and 1% impact from M&A
  • Encouraging initial launch feedback regarding ReSound LiNX Quattro™, the world’s first Premium-Plus hearing aid
  • EBITA increased 5% to DKK 269 million. The EBITA margin reached 19.3%, in line with Q3 2017, reflecting a strong gross margin increase, but off-set by the development in foreign exchange rates as well as some launch costs
  • Free cash flow excl. M&A was DKK 182 million in Q3 2018, translating into a cash conversion of 68%
  • GN Audio delivered an exceptionally strong 20% organic revenue growth in Q3 2018 reflecting strong, broad based performance across businesses, geographies and channels. Revenue growth was 22% including around 1% impact from the development in foreign exchange rates and 1% impact from M&A
  • New product launches support GN Audio's strong current momentum and fortifies its position as innovation leader
  • EBITA increased 25% to DKK 224 million. The EBITA margin increased 0.5 percentage points vs Q3 2017 and reached 19.2%
  • Free cash flow excl. M&A was DKK 226 million in Q3 2018 compared to DKK 164 million in Q3 2017. Cash conversion was 101%

Quotes from the executive management

Marcus Desimoni, Interim CEO of GN Hearing: “In Q3, we launched our new Premium-Plus hearing aid ReSound LiNX Quattro, which was very positively received by audiologists and users. Also, in the quarter we continued our strong performance in the important independent market. With this, together with strong demand for our ReSound LiNX 3D product family, we are well on track to deliver on our objectives for 2018.”

René Svendsen-Tune, CEO of GN Audio: “Q3 2018 was yet another very strong quarter for GN Audio with strong, broad-based organic revenue growth. I’m very pleased with the strong execution and performance across the entire organization. Our CC&O business continued to deliver market leading double digit organic revenue growth, and our consumer business continued its recent momentum and delivered strong organic revenue growth.”

Teleconference

GN will host a teleconference at 11.00 am CET 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

Senior Investor Relations Manager

GN Store Nord A/S

Tel: +45 45 75 92 57

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