INDEX

PREFACE 4
INTERIM MANAGEMENT REPORT AS AT 30 JUNE 2020 5
HIGHLIGHTS 6
MAIN ECONOMIC AND FINANCIAL FIGURES 10
INDICATORS12
SHAREHOLDER INFORMATION 14
RECLASSIFIED CONSOLIDATED INCOME STATEMENT 16
RECLASSIFIED CONSOLIDATED BALANCE SHEET 19
CONDENSED RECLASSIFIED CONSOLIDATED CASH FLOW STATEMENT21
INCOME STATEMENT REVIEW 22
BALANCE SHEET REVIEW42
ACQUISITION OF COMPANIES AND BUSINESSES 53
OUTLOOK 54
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT 30 JUNE 2020 57
CONSOLIDATED STATEMENT OF FINANCIAL POSITION57
CONSOLIDATED INCOME STATEMENT 59
STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME 60
STATEMENT OF CHANGES IN CONSOLIDATED EQUITY61
STATEMENT OF CONSOLIDATED CASH FLOWS 63
SUPPLEMENTARY INFORMATION TO THE STATEMENT OF CONSOLIDATED CASH FLOWS 64
NOTES65

1.	General Information65
2.	Impacts of COVID-19 emergency on the Group's performance and financial position,
	measures adopted, risks and areas of uncertainty66
3.	Acquisitions and goodwill 70
4.	Intangible fixed assets with finite useful life73
5.	Tangible fixed assets 74
6.	Right-of-use assets75
7.	Share capital76
8.	Net financial position 77
9.	Financial liabilities79
10.	Lease liabilities 82
11.	Revenues from sales and services83
12.	Income taxes83
13.	Non-recurring significant events84
14.	Earnings (loss) per share 84
15.	Transactions with parents and other related parties 85
16.	Financial risk management 86
17.	Contingent liabilities 86
18.	Translation of foreign companies' financial statements87
19.	Segment reporting 88
20.	Accounting policies 93
21.	Subsequent events97
ANNEXES	98

	Consolidation scope98
	Declaration of the Executive Responsible for Corporate Accounting Information pursuant
	to Article 154-bis of Legislative Decree 58/1998 (Consolidated Finance Act)102

	INDEPENDENT AUDITOR'S REPORT ON REVIEW OF CONDENSED INTERIM CONSOLIDATED
	FINANCIAL STATEMENTS AS AT 30 JUNE 2020	103

Disclaimer

This report contains forward looking statements ("Outlook") relating to future events and the Amplifon Group's operating, economic and financial results. These forecasts, by definition, contain elements of risk and uncertainty, insofar as they are linked to the occurrence of future events and developments. The actual results may be very different with respect to the original forecast due to a number of factors, the majority of which are out of the Group's control.

PREFACE

This Interim Financial Report was prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) endorsed by the European Union with the exception of the amendment to IFRS 16 "Leases Covid-19 - Related Rent Concessions" approved by the IASB on 28 May 2020 which, despite the favorable opinions of both the EFRAG and the European Council, has yet to be endorsed by the European Union. However, this amendment was applied in this interim financial report in order to provide a more accurate and complete representation of the half-year results. This amendment introduces a practical expedient based on which any concessions obtained as a result of Covid-19 related renegotiations such as a reduction in lease payments for the period through 30 June 2021, are not viewed as lease modifications, but as variable lease payments, which positively impacts the income statement.

This Interim Financial Report should be read together with the Group's consolidated financial statements as at and for the year ended 31 December 2019 that includes additional information on the risks and uncertainties that could impact the Group's operating results or its financial position.

INTERIM MANAGEMENT REPORT

AS AT 30 JUNE 2020

HIGHLIGHTS

The Covid-19 health crisis, which had a material impact beginning in March and peaked in April, interrupted the positive growth trend the Group had recorded since 2014 which was also confirmed in the first two months of the year when double-digit growth was recorded. Even though hearing care services were categorized as essential services by the authorities in the majority of the countries in which Amplifon operates and the stores could, therefore, continue to operate, the severe lockdown measures adopted caused a generalized, significant drop in traffic and the stores' hours of operation. Revenue, consequently, fell by 26.2% in the first half of the year as a result of the sharp 43.1% contraction recorded in the second quarter during which revenue in April, the most difficult month, plummeted by 65%. In subsequent months, as the lockdown measures were eased, sales showed marked recovery with an encouraging trend that even exceeded initial expectations, with a rapid acceleration in sales that brought the difference against the prior year to around -45% in May,-20% in June and, finally, to growth in July with respect to the same month of 2019.

In order to offset the pandemic's impact on financial and economic results, the Group immediately adopted a timely plan of action, beginning in March, in order to reduce costs, generate cash and safeguard its net financial position, which was already solid. Amplifon further strengthened its financial structure by completing important refinancing at market rates in order to guarantee ample headroom (over €650 million in cash on balance sheet and undrawn committed revolving credit facilities) which, in addition to helping during the difficult economic situation, particularly in the second quarter, provides the Group with a safety net in the event of further lockdown measures should the pandemic worsen again.

The measures implemented to contain and optimize costs include those relative to the cost of labor (activation of government social schemes, voluntary salary reduction by management, hiring freeze), marketing costs (cancellation of most activities and planned investments) and other costs (suspension of discretionary costs and renegotiation of different contracts, including leases). The Group also limited investments to essential capex (approximately 20-25% of the average annual capex) and temporarily suspended all M&A. Lastly, but just as important, the entire profit for 2019 was allocated to retained earnings and dividends were not distributed to shareholders.

Along with the actions aimed at safeguarding the Group's economic-financial results, important measures were also adopted to protect the health of its employees and guarantee the full safety of its customers. More in detail, thanks to the collaboration of expert virologists and in compliance with the mandatory restrictions in the different countries, new protocols were developed and adopted not only for the Group's sales network, but also at headquarters in preparation for the gradual return of back office personnel to the workplace.

The effective and timely implementation of the measures described above made it possible for the Group to significantly limit the impact that the strong contraction in sales had on profitability, posting a recurring EBITDA of €131,299 thousand in the first six months of the year with an EBITDA margin of 21.4%, a drop of just 1 p.p. against the first half of 2019. The result

also benefitted from the Covid-19-related concessions (discounts or exemption from payment) obtained by Amplifon when renegotiating the leases for its distribution network which amounted to €7,042 thousand.

The International Accounting Standards Board (IASB) approved an amendment to IFRS 16 which provides a practical expedient based on which any concessions obtained as a result of Covid-19 related renegotiations such as a reduction in leases owed for the period through 30 June 2021, are not viewed as lease modifications but as variable lease payments which positively impacts the income statement. While this amendment has not yet been endorsed by the European Union, the Group applied it anyway in order to better represent the results for the reporting period.

If the practical expedient had not been applied, Amplifon would have reported an EBITDA of €124,256 thousand in the first half of the year, with an EBITDA margin of 20.2%, down 2.2 p.p. against the recurring margin posted in the first half of 2019.

Despite the strong drop in revenues, the second quarter was positively impacted by the Group's actions on costs and closed with an EBITDA of €66,444 thousand and a margin of 26.5%, 2.0 p.p. higher than in second quarter of 2019 on a recurring basis. If the amendment described above had not been applied, EBITDA would have reached €59,402 thousand in the quarter, with an EBITDA margin of 23.7%, just 0.8 p.p. less than in the second quarter of 2019 on a recurring basis.

In the different markets in which it operates, the Group also sought to access the subsidies and benefits made available by the different governmental authorities and other public bodies as a result of the unfavorable economic situation caused by the pandemic. These benefits, relating mainly to subsidies for the cost of labor and business relief, had a positive impact on the income statement of around €30.7 million while the renegotiated leases recognized pursuant to the IFRS 16 amendment approved by IASB on 28 May 2020 had a positive impact of €7 million. On the other hand, the Group incurred a series of costs totaling around €5.9 million related directly to the Covid-19 outbreak which relate to the cost of personal protective equipment for personnel and customers, sanitization costs, the cost of personnel at stores closed during the lockdown not covered by social plans, expenses for consultants and logistics costs for sales and remote repairs, as well as the cancellation of planned events and programs and advertising/communication expenses relating specifically to the consequences of Covid-19. In terms of cash flows, while cash outflows were up by roughly €6.2 million due to the pandemic, the group benefitted from approximately €77.8 million in government subsidies for the cost of labor and business relief, delayed tax and pension payments, as well as lower leases due to the renegotiation of leases.

Performance in the different geographic areas in which the Group operates varied based on the timing of the outbreak, as well as the gradual adoption of the different restrictive measures adopted by the governmental authorities in each country. In EMEA, specifically, Italy was the first country to be affected by Covid-19 and the relative containment measures, followed by Spain and France and the other markets, with the exception of Germany.

In the United States, the situation varied noticeably including as a result of measures that, at least initially, differed from state to state. In most of the USA hearing care is considered an essential service but, at the same time, the restrictive measures adopted as of the end of March caused business to slow. Subsequently, in the latter part of the first half of the year, thanks to the easing of the restrictions, sales in the US market showed the strongest speed of recovery. In Canada and Latin America, where the pandemic materialized later in the second quarter, the recovery in still slow.

Lastly, APAC was the first to be impacted by the negative effects of the pandemic. In China, after a first quarter that was strongly impacted by the lockdown measures, business returned to growth in the second quarter. New Zealand suffered a clear contraction in business due to the mandatory closure of network stores beginning in March through mid-May, but then showed strong recovery as the restrictive measures were eased. Australia reported the least affected performance thanks to less severe restrictive measures and despite the negative impact of the bushfires in the first quarter.

The first six months of the year closed with:

turnover of €613,899 thousand, a drop of 26.2% compared to the same period of the prior year (-26.0% at constant exchange rates) with negative organic growth of €231,258 thousand (-27,8%). This decline is concentrated in the second quarter when revenues fell by 43.1% against the comparison period;
a gross operating margin (EBITDA) of €131,299 thousand, 29.6% lower on a recurring basis compared to the first six months of 2019, with an EBITDA margin of 21.4% (-1.0 p.p. against the comparison period). If the IFRS 16 amendment had not been applied, EBITDA would have amounted to €124,256 thousand with an EBITDA margin of 20.2%, 2.2 p.p. lower on a recurring basis than in first half 2019;
Group net profit of €12,577 thousand, 78.8% lower than the recurring net profit recorded in first half 2019, due to the significant drop in sales and the increase in depreciation, amortization and financial expenses. Net profit as reported was 76.9% lower than in the first half of 2019.

Net financial indebtedness, excluding lease liabilities, was €765,345 thousand, showing an improvement compared to both the €786,698 thousand recorded at 31 December 2019 and the €790,744 thousand posted at 31 March 2020, confirming not only the Group's solidity, in an unprecedented economic situation, but also the efficacy of the actions taken to contain costs and maximize cash generation. Free cash flow, thanks also to the quick use of tax relief and benefits), reached a positive €72,075 thousand (compared to €57,852 thousand in the first six months of the prior year) after absorbing net capital expenditure of €21,804 thousand (€41,966 thousand in the comparison period). Cash outflows for acquisitions amounted to €41,815 thousand and refer mainly to the acquisition of Attune Hearing Pty Ltd (Australia) in the first quarter (€27,747 thousand in the first half of 2019).

Lastly, at the beginning of February, Amplifon began refinancing the next debt financial maturities well in advance and successfully completed the placement of a €350 million sevenyear Eurobond. Furthermore, when the first signs of the pandemic materialized, new long-term

borrowings (term loan and revolving facilities), totaling €343 million expiring between 2023 and 2025 were secured at excellent conditions in order to protect the Group. €180 million in existing bilateral loans were renegotiated and the maturities extended to 2024-2025 and the expiration of €60 million in revolving credit facilities was extended to 2025. The Group, therefore, further strengthened its financial structure by extending the average maturity to around four and a half years and ensuring significant liquidity with cash on balance sheet of €427 million and undrawn irrevocable credit lines of €235 million.

(€ thousands)	First Half 2020				First Half 2019
	Recurring	Non recurring	Total	% on recurring	Recurring	Non recurring	Total	% on recurring	Change % on recurring
Economic figures:
Revenues from sales and services	613,899	-	613,899	100.0%	832,035	-	832,035	100.0%	-26.2%
Gross operating profit (loss) (EBITDA)	131,299	-	131,299	21.4%	186,565	(5,805)	180,760	22.4%	-29.6%
Operating profit (loss) before the depreciation and amortization of PPA related assets (EBITA)	51,103	-	51,103	8.3%	113,896	(5,805)	108,091	13.7%	-56.0%
Operating profit (loss) (EBIT)	31,526	-	31,526	5.1%	95,373	(5,870)	89,503	11.5%	-66.9%
Profit (loss) before tax	17,783	-	17,783	2.9%	82,557	(5,870)	76,687	9.9%	-78.5%
Group net profit (loss)	12,577	-	12,577	2.0%	59,363	(4,871)	54,492	7.1%	-78.8%

MAIN ECONOMIC AND FINANCIAL FIGURES

(€ thousands)	06/30/2020	12/31/2019	Change
Financial figures:
Non-current assets	2,277,648	2,275,196	2,452
Net invested capital	1,908,088	1,907,438	650
Group net equity	699,166	695,031	4,135
Total net equity	700,044	696,115	3,929
Net financial indebtedness	765,345	786,698	(21,353)
Lease liabilities	442,699	424,625	18,074
Total lease liabilities and net financial indebtedness	1,208,044	1,211,323	(3,279)

(€ thousands)	First Half 2020	First Half 2019
Free cash flow	72,075	57,852
Cash flow generated from (absorbed by) business combinations	(41,816)	(27,747)
(Purchase) sale of other investments and securities	-	-
Cash flow provided by (used in) financing activities	(7,658)	(29,659)
Net cash flow from the period	22,601	446
Effect of discontinued operations on the net financial position	-	-
Effect of exchange rate fluctuations on the net financial position	(1,248)	(657)
Net cash flow from the period with changes for exchange rate fluctuations and discontinued operations	21,353	(211)

EBITDA is the operating result before charging amortization, depreciation, impairment of both tangible and intangible fixed assets and the right of use depreciation.

EBITA is the operating result before amortization and impairment of customer lists, trademarks, non-competition agreements and other fixed assets arising from business combinations.
EBIT is the operating result before financial income and charges and taxes.
Free cash flow represents the cash flow of operating and investing activities before the cash flows used in acquisitions and payment of dividends and the cash flows from or used in other financing activities.

INDICATORS

	06/30/2020	12/31/2019	06/30/2019
Net financial indebtedness (€ thousands)	765,345	786,698	841,067
Lease liabilities	442,699	424,625	435,964
Total lease liabilities & net financial indebtedness	1,208,044	1,211,323	1,277,031
Net equity (€ thousands)	700,044	696,115	625,546
Group Net Equity (€ thousands)	699,166	695,031	624,417
Net financial indebtedness/Net Equity	1.10	1.13	1.34
Net financial indebtedness/Group Net Equity	1.10	1.13	1.35
Net financial indebtedness/EBITDA	2.18	1.90	2.23
EBITDA/Net financial expenses	22.55	28.81	25.88
Earnings per share (EPS) (€)	0.05634	0.48979	0.24665
Diluted EPS (€)	0.05564	0.48135	0.24180
EPS (€) adjusted for non-recurring transactions and amortization/depreciation related to purchase price allocations to tangible and intangible assets	0.12079	0.70691	0.32978
Group Net Equity per share (€)	3.132	3.115	2.808
Period-end price (€)	23.710	25.640	20.560
Highest price in period (€)	30.400	26.800	22.120
Lowest price in period (€)	14.830	13.610	13.610
Share price/net equity per share	7.570	8.231	7.322
Market capitalization (€ millions)	5,301.48	5,720.78	4,571.84
Number of shares outstanding	223,596,726	223,119,533	222,365,750

Net financial indebtedness/net equity is the ratio of net financial indebtedness to total net equity.
Net financial indebtedness/Group net equity is the ratio of the net financial indebtedness to the Group's net equity.
Net financial indebtedness/EBITDA is the ratio of net financial indebtedness to EBITDA for the last four quarters (determined with reference to recurring operations only, based on pro forma figures in case of significant changes to the structure of the Group).
EBITDA/net financial expenses ratio is the ratio of EBITDA for the last four quarters (determined with reference to recurring operations only, based on restated figures in case of significant changes to the structure of the Group) to net interest payable and receivable of the same last four quarters.
Earnings per share (EPS) (€) is the net profit for the period attributable to the parent's ordinary shareholders divided by the weighted average number of shares outstanding during the period, considering purchases and sales of treasury shares as cancellations or issues of shares, respectively.
Diluted earnings per share (EPS) (€) is the net profit for the period attributable to the parent's ordinary shareholders divided by the weighted average number of shares outstanding during the period adjusted for the dilution effect of potential shares. In the calculation of outstanding shares, purchases and sales of treasury shares are considered as cancellations and issues of shares, respectively.
Earnings per share (EPS) adjusted for non-recurring transactions and amortization/depreciation related to purchase price allocations to tangible and intangible assets (€) is the profit for the year from recurring operations attributable to the parent's ordinary shareholders divided by the weighted average number of outstanding shares in the period adjusted to reflect the amortization of purchase price allocations. When calculating the number of outstanding shares, the purchases and sales of treasury shares are considered cancellations and share issues, respectively.
Net Equity per share (€) is the ratio of Group equity to the number of outstanding shares.
Period-end price (€) is the closing price on the last stock exchange trading day of the period.
Highest price (€) and lowest price (€) are the highest and lowest prices from 1 January to the end of the period.
Share price/Net equity per share is the ratio of the share closing price on the last stock exchange trading day of the period to net equity per share.
Market capitalization is the closing price on the last stock exchange trading day of the period multiplied by the number of outstanding shares.
The number of shares outstanding is the number of shares issued less treasury shares.

SHAREHOLDER INFORMATION

Main Shareholders

The main Shareholders of Amplifon S.p.A. as at 30 June 2020 are:

Shareholder	No. of ordinary shares	% held	% of the total share capital in voting rights
Ampliter S.r.l.	101,715,003	44.93%	61.92%
Treasury shares	2,791,894	1.23%	0.85%
Market	121,881,723	53.84%	37.23%
Total	226,388,620 (*)	100.00%	100.00%

(*) Number of shares related to the share capital registered with the Company registrar on 30 June 2020.

Pursuant to article 2497 of the Italian Civil Code, Amplifon S.p.A. is not subject to management and coordination either by its direct parent Ampliter S.r.l. or its indirect parent.

The shares of the parent Amplifon S.p.A. have been listed on the screen-based stock market Mercato Telematico Azionario (MTA) since 27 June 2001 and since 10 September 2008 in the STAR segment. Amplifon is also included in the FTSE MIB index and in the Stoxx Europe 600 index.

The chart shows the performance of the Amplifon share price and its trading volumes from 2 January 2020 to 30 June 2020.

As at 30 June 2020 market capitalization was €5,301.48 million.

Dealings in Amplifon shares in the screen-based stock market Mercato Telematico Azionario during the period 2 January 2020 – 30 June 2020, showed:

average daily value: €22,332,127.33;
average daily volume: 952,834 shares;
total volume traded of 120,057,110 shares, or 53.7% of the total number of shares comprising the share capital, net of treasury shares.

RECLASSIFIED CONSOLIDATED INCOME STATEMENT

(€ thousands)		First Half 2020			First Half 2019
	Recurring	Non recurring (*)	Total	% on recurring	Recurring	Non recurring (*)	Total	% on recurring	Change % on recurring
Revenues from sales and services	613,899	-	613,899	100.0%	832,035	-	832,035	100.0%	-26.2%
Operating costs	(493,696)	-	(493,696)	-80.4%	(646,294)	(5,805)	(652,099)	-77.7%	23.6%
Other income and costs	11,096	-	11,096	1.8%	824	-	824	0.1%	1,246.6%
Gross operating profit (loss) (EBITDA)	131,299	-	131,299	21.4%	186,565	(5,805)	180,760	22.4%	-29.6%
Depreciation, amortization and impairment losses on non-current assets	(34,231)	-	(34,231)	-5.6%	(29,894)	-	(29,894)	-3.6%	-14.5%
Right-of-use depreciation	(45,965)	-	(45,965)	-7.5%	(42,775)	-	(42,775)	-5.1%	-7.5%
Operating result before the amortization and impairment of PPA related assets (EBITA)	51,103	-	51,103	8.3%	113,896	(5,805)	108,091	13.7%	-55.1%
PPA related depreciation, amortization and impairment	(19,577)	-	(19,577)	-3.2%	(18,523)	(65)	(18,588)	-2.2%	-5.7%
Operating profit (loss) (EBIT)	31,526	-	31,526	5.1%	95,373	(5,870)	89,503	11.5%	-66.9%
Income, expenses, valuation and adjustments of financial assets	(256)	-	(256)	0.0%	193	-	193	0.0%	-232.6%
Net financial expenses	(14,219)	-	(14,219)	-2.3%	(13,121)	-	(13,121)	-1.6%	-8.4%
Exchange differences and non-hedge accounting instruments	732	-	732	0.1%	112	-	112	0.0%	553.6%
Profit (loss) before tax	17,783	-	17,783	2.9%	82,557	(5,870)	76,687	9.9%	-78.5%
Tax	(5,323)	-	(5,323)	-0.9%	(23,199)	999	(22,200)	-2.8%	77.1%
Net profit (loss)	12,460	-	12,460	2.0%	59,358	(4,871)	54,487	7.1%	-79.0%
Profit (loss) of minority interests	(117)	-	(117)	0.0%	(5)	-	(5)	0.0%	-2,240.0%
Net profit (loss) attributable to the Group	12,577	-	12,577	2.0%	59,363	(4,871)	54,492	7.1%	-78.8%

(*) See table at page 18 for details of non-recurring transactions.

Interim Financial Report as at 30 June 2020 > Interim Management Report

(€ thousands)		Second Quarter 2020			Second Quarter 2019
	Recurring	Non recurring (*)	Total	% on recurring	Recurring	Non recurring (*)	Total	% on recurring	Change % on recurring
Revenues from sales and services	250,423	-	250,423	100.0%	440,062	-	440,062	100.0%	-43.1%
Operating costs	(193,794)	-	(193,794)	-77.4%	(332,960)	(4,380)	(337,340)	-75.6%	41.8%
Other income and costs	9,815	-	9,815	3.9%	521	-	521	0.1%	1,783.9%
Gross operating profit (loss) (EBITDA)	66,444	-	66,444	26.5%	107,623	(4,380)	103,243	24.5%	-38.3%
Depreciation, amortization and impairment losses on non-current assets	(17,046)	-	(17,046)	-6.7%	(15,679)	-	(15,679)	-3.6%	-8.7%
Right-of-use depreciation	(22,461)	-	(22,461)	-9.0%	(21,580)	-	(21,580)	-4.9%	-4.1%
Operating result before the amortization and impairment of PPA related assets (EBITA)	26,937	-	26,937	10.8%	70,364	(4,380)	65,984	16.0%	-61.7%
PPA related depreciation, amortization and impairment	(9,901)	-	(9,901)	-4.0%	(9,289)	(65)	(9,354)	-2.1%	-6.6%
Operating profit (loss) (EBIT)	17,036	-	17,036	6.8%	61,075	(4,445)	56,630	13.9%	-72.1%
Income, expenses, valuation and adjustments of financial assets	(280)	-	(280)	-0.1%	121	-	121	0.0%	-331.4%
Net financial expenses	(7,459)	-	(7,459)	-3.0%	(6,627)	-	(6,627)	-1.5%	-12.6%
Exchange differences and non-hedge accounting instruments	987	-	987	0.4%	272	-	272	0.1%	262.9%
Profit (loss) before tax	10,284	-	10,284	4.1%	54,841	(4,445)	50,396	12.5%	-81.2%
Tax	(2,895)	-	(2,895)	-1.1%	(14,281)	635	(13,646)	-3.3%	79.7%
Net profit (loss)	7,389	-	7,389	3.0%	40,560	(3,810)	36,750	9.2%	-81.8%
Profit (loss) of minority interests	(45)	-	(45)	0.0%	(20)	-	(20)	0.0%	-850.0%
Net profit (loss) attributable to the Group	7,434	-	7,434	3.0%	40,580	(3,810)	36,770	9.2%	-81.7%

(*) See table at page 18 for details of non-recurring transactions.

The details of the non-recurring transactions included in the previous tables are shown below:

(€ thousands)	H1 2020	H1 2019
Costs related to GAES integration	-	(5,805)
Impact of the non-recurring items on EBITDA	-	(5,805)
Impairment of GAES intangible asset	-	(65)
Impact of the non-recurring items on EBIT	-	(5,870)
Impact of the non-recurring items on profit before tax	-	(5,870)
Impact of the above items on the tax burden of the period	-	999
Impact of the non-recurring items on net profit	-	(4,871)

(€ thousands)	Q2 2020	Q2 2019
Costs related to GAES integration	-	(4,380)
Impact of the non-recurring items on EBITDA	-	(4,380)
Impairment of GAES intangible asset	-	(65)
Impact of the non-recurring items on EBIT	-	(4,445)
Impact of the non-recurring items on profit before tax	-	(4,445)
Impact of the above items on the tax burden of the period	-	635
Impact of the non-recurring items on net profit	-	(3,810)

RECLASSIFIED CONSOLIDATED BALANCE SHEET

The reclassified Consolidated Balance Sheet aggregates assets and liabilities according to operating functionality criteria, subdivided by convention into the following three key functions: investments, operations and finance.

(€ thousands)	06/30/2020	12/31/2019	Change
Goodwill	1,242,099	1,215,511	26,588
Customer lists, non-compete agreements, trademarks and location rights	262,863	270,307	(7,444)
Software, licenses, other int.ass., wip and advances	95,315	97,201	(1,886)
Tangible assets	185,216	196,579	(11,363)
Right of use assets	423,757	418,429	5,328
Fixed financial assets (1)	39,446	44,887	(5,441)
Other non-current financial assets (1)	28,952	32,282	(3,330)
Total fixed assets	2,277,648	2,275,196	2,452
Inventories	67,130	64,592	2,538
Trade receivables	132,997	205,219	(72,222)
Other receivables	76,889	75,998	891
Current assets (A)	277,016	345,809	(68,793)
Total assets	2,554,664	2,621,005	(66,341)
Trade payables	(139,939)	(177,390)	37,451
Other payables (2)	(282,757)	(284,827)	2,070
Provisions for risks (current portion)	(3,996)	(4,242)	246
Short term liabilities (B)	(426,692)	(466,459)	39,767
Net working capital (A) - (B)	(149,676)	(120,650)	(29,026)
Derivative instruments (3)	(4,510)	(8,763)	4,253
Deferred tax assets	77,497	81,427	(3,930)
Deferred tax liabilities	(97,615)	(102,111)	4,496
Provisions for risks (non-current portion)	(47,084)	(50,290)	3,206
Employee benefits (non-current portion)	(23,861)	(25,281)	1,420
Loan fees (4)	9,396	1,611	7,785
Other long-term payables	(133,707)	(143,701)	9,994
NET INVESTED CAPITAL	1,908,088	1,907,438	650
Shareholders' equity	699,166	695,031	4,135
Third parties' equity	878	1,084	(206)
Net equity	700,044	696,115	3,929
Long term net financial debt (4)	1,126,173	752,648	373,525
Short term net financial debt (4)	(360,828)	34,050	(394,878)
Total net financial debt	765,345	786,698	(21,353)
Lease liabilities	442,699	424,625	18,074
Total lease liabilities & net financial debt	1,208,044	1,211,323	(3,279)
NET EQUITY, LEASE LIABILITIES AND NET FINANCIAL DEBT	1,908,088	1,907,438	650

Notes for reconciling the condensed balance sheet with the statutory balance sheet:

(1) "Financial fixed assets" and "Other non-current financial assets" include equity interests valued by using the net equity method, financial assets at fair value through profit and loss and other non-current assets;

(2) "Other payables" includes other liabilities, accrued liabilities and deferred income, current portion of liabilities for employees' benefits and tax liabilities;
(3) "Derivatives instruments" includes cash flow hedging instruments not included in the item "Net medium and long-term financial indebtedness";
(4) The item "loan fees" is presented in the balance sheet as a direct reduction of the short-term and medium/longterm components of the items "financial payables" and "financial liabilities" for the short-term and long-term portions, respectively.

CONDENSED RECLASSIFIED CONSOLIDATED CASH FLOW STATEMENT

The condensed consolidated cash flow statement is a summarized version of the reclassified statement of cash flows set out in the following pages and its purpose is, starting from the EBIT, to detail the cash flows from or used in operating, investing and financing activities.

(€ thousands)	First Half 2020	First Half 2019
Operating profit (loss) (EBIT)	31,526	89,503
Amortization, depreciation and write down	99,773	91,257
Provisions, other non-monetary items and gain/losses from disposals	475	12,908
Net financial expenses	(12,336)	(11,098)
Taxes paid	(808)	(17,035)
Changes in net working capital	2,932	(26,062)
Cash flow provided by (used in) operating activities before repayment of lease liabilities	121,562	139,473
Repayment of lease liabilities	(27,683)	(39,655)
Cash flow provided by (used in) operating activities (A)	93,879	99,818
Cash flow provided by (used in) operating investing activities (B)	(21,804)	(41,966)
Free Cash Flow (A) + (B)	72,075	57,852
Net cash flow provided by (used in) acquisitions (C)	(41,816)	(27,747)
(Purchase) sale of other investment and securities (D)	-	-
Cash flow provided by (used in) investing activities (B+C+D)	(63,620)	(69,713)
Cash flow provided by (used in) operating activities and investing activities	30,259	30,105
Dividends	-	(30,939)
Fees paid on medium/long-term financing	(7,374)	-
Capital increases, third parties' contributions and dividends paid by subsidiaries to third parties	-	(38)
Hedging instruments and other changes in non-current assets	(284)	1,318
Net cash flow from the period	22,601	446
Net financial indebtedness as of period opening date	(786,698)	(840,856)
Effect of exchange rate fluctuations on financial position	(1,248)	(657)
Change in net financial position	22,601	446
Net financial indebtedness as of period closing date	(765,345)	(841,067)

The impact of non-recurring transactions on free cash flow in the period is shown in the following table.

(€ thousands)	First Half 2020	First Half 2019
Free cash flow	72,075	57,852
Free cash flow generated by non-recurring transactions (see page 54 for details)	(812)	(6,981)
Free cash flow generated by recurring transactions	72,887	64,833

INCOME STATEMENT REVIEW

**Consolidated income statement by segment and geographic area (*)**

(€ thousands)	First Half 2020
	EMEA	Americas	Asia Pacific	Corporate	Total
Revenues from sales and services	437,470	104,601	71,828	-	613,899
Operating costs	(342,808)	(82,820)	(50,839)	(17,229)	(493,696)
Other income and costs	8,204	925	1,667	300	11,096
Gross operating profit (loss) (EBITDA)	102,866	22,706	22,656	(16,929)	131,299
Depreciation, amortization and impairment of non-current assets	(20,048)	(3,638)	(6,007)	(4,538)	(34,231)
Right-of-use depreciation	(38,239)	(1,969)	(5,541)	(216)	(45,965)
Operating profit (loss) before the depreciation and amortization of PPA related assets (EBITA)	44,579	17,099	11,108	(21,683)	51,103
PPA related depreciation, amortization and impairment	(15,780)	(658)	(3,139)	-	(19,577)
Operating profit (loss) (EBIT)	28,799	16,441	7,969	(21,683)	31,526
Income, expenses, revaluation and adjustments of financial assets					(256)
Net financial expenses					(14,219)
Exchange differences and non-hedge accounting instruments					732
Profit (loss) before tax					17,783
Tax					(5,323)
Net profit (loss)					12,460
Profit (loss) of minority interests					(117)
Net profit (loss) attributable to the Group					12,577

(€ thousands)	First Half 2020 – Only recurring operations
	EMEA	Americas	Asia Pacific	Corporate	Total
Revenues from sales and services	437,470	104,601	71,828	-	613,899
Gross operating profit (loss) (EBITDA)	102,866	22,706	22,656	(16,929)	131,299
Operating profit (loss) before the depreciation and amortization of PPA related assets (EBITA)	44,579	17,099	11,108	(21,683)	51,103
Operating profit (loss) (EBIT)	28,799	16,441	7,969	(21,683)	31,526
Profit (loss) before tax					17,783
Net profit (loss) attributable to the Group					12,577

(*) For the purposes of reporting on income statement figures by geographic area, please note that the Corporate structures are included in EMEA.

(€ thousands)	First Half 2019
	EMEA	Americas	Asia Pacific	Corporate	Total
Revenues from sales and services	607,128	131,884	91,037	1,986	832,035
Operating costs	(466,168)	(103,135)	(63,729)	(19,067)	(652,099)
Other income and costs	531	365	(39)	(33)	824
Gross operating profit (loss) (EBITDA)	141,491	29,114	27,269	(17,114)	180,760
Depreciation, amortization and impairment of non-current assets	(19,210)	(2,618)	(3,963)	(4,103)	(29,894)
Right-of-use depreciation	(36,167)	(1,893)	(4,715)	-	(42,775)
Operating profit (loss) before the depreciation and amortization of PPA related assets (EBITA)	86,114	24,603	18,591	(21,217)	108,091
PPA related depreciation, amortization and impairment	(14,945)	(592)	(2,925)	(126)	(18,588)
Operating profit (loss) (EBIT)	71,169	24,011	15,666	(21,343)	89,503
Income, expenses, revaluation and adjustments of financial assets					193
Net financial expenses					(13,121)
Exchange differences and non-hedge accounting instruments					112
Profit (loss) before tax					76,687
Tax					(22,200)
Net profit (loss)					54,487
Profit (loss) of minority interests					(5)
Net profit (loss) attributable to the Group					54,492

First Half 2019 – Only recurring operations
EMEA	Americas	Asia Pacific	Corporate	Total
607,128	131,884	91,037	1,986	832,035
147,271	29,139	27,269	(17,114)	186,565
91,894	24,628	18,591	(21,217)	113,896
77,014	24,036	15,666	(21,343)	95,373
				82,557
				59,363

(€ thousands)	Second Quarter 2020
	EMEA	Americas	Asia Pacific	Corporate	Total
Revenues from sales and services	179,204	40,246	30,973	-	250,423
Operating costs	(134,206)	(29,853)	(20,169)	(9,566)	(193,794)
Other income and costs	7,347	437	1,742	289	9,815
Gross operating profit (loss) (EBITDA)	52,345	10,830	12,546	(9,277)	66,444
Depreciation, amortization and impairment of non-current assets	(9,799)	(1,738)	(3,183)	(2,326)	(17,046)
Right-of-use depreciation	(18,575)	(933)	(2,844)	(109)	(22,461)
Operating profit (loss) before the depreciation and amortization of PPA related assets (EBITA)	23,971	8,159	6,519	(11,712)	26,937
PPA related depreciation, amortization and impairment	(7,959)	(336)	(1,606)	-	(9,901)
Operating profit (loss) (EBIT)	16,012	7,823	4,913	(11,712)	17,036
Income, expenses, revaluation and adjustments of financial assets					(280)
Net financial expenses					(7,459)
Exchange differences and non-hedge accounting instruments					987
Profit (loss) before tax					10,284
Tax					(2,895)
Net profit (loss)					7,389
Profit (loss) of minority interests					(45)
Net profit (loss) attributable to the Group					7,434

(€ thousands)	Second Quarter 2020 – Only recurring operations
	EMEA	Americas	Asia Pacific	Corporate	Total
Revenues from sales and services	179,204	40,246	30,973	-	250,423
Gross operating profit (loss) (EBITDA)	52,345	10,830	12,546	(9,277)	66,444
Operating profit (loss) before the depreciation and amortization of PPA related assets (EBITA)	23,971	8,159	6,519	(11,712)	26,937
Operating profit (loss) (EBIT)	16,012	7,823	4,913	(11,712)	17,036
Profit (loss) before tax					10,284
Net profit (loss) attributable to the Group					7,434

(*) For the purposes of reporting on income statement figures by geographic area, please note that the Corporate structures are included in EMEA.

(€ thousands)	Second Quarter 2019
	EMEA	Americas	Asia Pacific	Corporate	Total
Revenues from sales and services	323,365	68,782	46,622	1,293	440,062
Operating costs	(242,600)	(52,618)	(33,356)	(8,766)	(337,340)
Other income and costs	275	234	36	(24)	521
Gross operating profit (loss) (EBITDA)	81,040	16,398	13,302	(7,497)	103,243
Depreciation, amortization and impairment of non-current assets	(9,981)	(1,382)	(2,233)	(2,083)	(15,679)
Right-of-use depreciation	(18,205)	(1,026)	(2,349)	-	(21,580)
Operating profit (loss) before the depreciation and amortization of PPA related assets (EBITA)	52,854	13,990	8,720	(9,580)	65,984
PPA related depreciation, amortization and impairment	(7,510)	(325)	(1,455)	(64)	(9,354)
Operating profit (loss) (EBIT)	45,344	13,665	7,265	(9,644)	56,630
Income, expenses, revaluation and adjustments of financial assets					121
Net financial expenses					(6,627)
Exchange differences and non-hedge accounting instruments					272
Profit (loss) before tax					50,396
Tax					(13,646)
Net profit (loss)					36,750
Profit (loss) of minority interests					(20)
Net profit (loss) attributable to the Group					36,770

Second Quarter 2019 – Only recurring transactions
EMEA	Americas	Asia Pacific	Corporate	Total
323,365	68,782	46,622	1,293	440,062
85,395	16,423	13,302	(7,497)	107,623
57,209	14,016	8,720	(9,581)	70,364
49,763	13,691	7,265	(9,644)	61,075
				54,841
				40,580

Revenues from sales and services

(€ thousands)	First Half 2020	First Half 2019	Change	Change %

Revenues from sales and services	613,899	832,035	(218,136)	-26.2%

(€ thousands)	Second Quarter 2020	Second quarter 2019	Change	Change %

Revenues from sales and services	250,423	440,062	(189,639)	-43.1%

Consolidated revenues from sales and services amounted to €613,899 thousand in the first six months of 2020, a decrease of €218,136 thousand (-26.2%) against the same period of the previous year. This decline is attributable entirely to the Covid-19 outbreak, which started in China at the end of January, and then spread to Italy at the end of February, followed by the other markets in which the Group operates. The containment measures put into place by the governmental authorities resulted in a series of closures/limitations on store hours and, consequently, commercial activities, which caused revenue to fall considerably in March and April. The first half of the year, therefore, closed with organic growth that was down by €231,258 thousand (-27.8%). The acquisitions contributed €14,596 thousand (+1.8%), net of the disposal of Makstone (Turkey) completed in the fourth quarter of 2019, relating mainly to the Attune Hearing Pty Ltd acquisition (Australia). Exchange rate losses amounted to €1,474 thousand (- 0.2%).

In the second quarter alone, consolidated revenues from sales and services amounted to €250,423 thousand, a decrease of €189,639 thousand (-43.1%) against the same period of the previous year attributable entirely to the lockdown measures adopted in the Group's key markets. In the months of May and June, as the Covid-19 containment measures were eased, a gradual and consistent recovery in commercial activities and, therefore, revenue materialized. The second quarter closed with organic growth that was down by €194,014 thousand (-44.1%), while acquisitions contributed €5,651 thousand (+1.3%). Exchange rate losses amounted to €1,276 thousand (-0.3%).

(€ thousands)	H1 2020	% on Total	H1 2019	% on Total	Change	Change %	Exchange diff.	Change % in local currency
EMEA	437,470	71.3%	607,128	73.0%	(169,658)	-27.9%	1,355	-28.1%
Americas	104,601	17.0%	131,884	15.9%	(27,283)	-20.7%	219	-20.9%
Asia Pacific	71,828	11.7%	91,037	10.9%	(19,209)	-21.1%	(3,048)	-17.8%
Corporate	-	0.0%	1,986	0.2%	(1,986)	-100.0%	-	-100.0%
Total	613,899	100.0%	832,035	100.0%	(218,136)	-26.2%	(1,474)	-26.0%

The following table shows the breakdown of revenues from sales and services by segment.

Period (€ thousands)	2020	2019	Change	Change %
I quarter	258,266	283,763	(25,497)	-9.0%
II quarter	179,204	323,365	(144,161)	-44.6%
I Half Year	437,470	607,128	(169,658)	-27.9%

Europe, Middle-East and Africa

Revenues from sales and services amounted to €437,470 thousand in the first six months of 2020, down €169,658 thousand (-27.9%) against the same period of the previous year. The decline is attributable entirely to Covid-19 which, in this area, had already begun to spread at the end of February. The first half of the year closed with organic growth that was down by €179,939 thousand (-29.6%). Acquisitions, made mainly in France and Germany and net of the disposal of Makstone (Turkey) completed in the fourth quarter of 2019, contributed €8,926 thousand (+1.5%) and exchange rate gains amounted to €1,355 thousand (+0.2%).

EMEA was affected by the pandemic beginning at the end of February, initially in Italy and then in the area's other main countries, except for Germany where the restrictions were less severe. As the anti-Covid-19 measures were eased gradually, beginning at the end of April the Group's key markets showed a speedy recovery. A robust recovery in sales was reported in France, reaching basically a flat run rate YoY in June. Italy and Spain, which were initially harder hit by the pandemic and the containment measures, reported a gradual improvement in the last two months of the second quarter.

In the second quarter alone, consolidated revenues from sales and services amounted to €179,204 thousand, a decrease of €144,161 thousand (-44.6%) against the same period of the previous year attributable entirely to Covid-19. The quarter closed with negative organic growth of €147,555 thousand (-45.7%) while acquisitions contributed €3,142 thousand (+1.0%). Exchange rate gains came to €252 thousand (+0.1%).

Americas

Period (€ thousands)	2020	2019	Change	Change %
I quarter	64,355	63,102	1,253	2.0%
II quarter	40,246	68,782	(28,536)	-41.5%
I Half Year	104,601	131,884	(27,283)	-20.7%

Revenues from sales and services amounted to €104,601 thousand in the first six months of 2020, a decrease of €27,283 thousand (-20.7%) against the same period of the previous year attributable entirely to Covid-19 which initially struck the USA at the end of March and, subsequently, Latin America. The quarter closed with negative organic growth of €28,000 thousand (-21.3%). Acquisitions, mainly in Canada, contributed €498 thousand (+0.4%) and exchange rate gains came to €219 thousand (+0.2%).

The United States, while strongly impacted by Covid-19 and store closures in April, reported the Group's fastest pace of recovery in sales to the extent that in June the Miracle-Ear stores reported positive growth. Canada, even though it benefitted initially from the positive contribution of acquisitions, reported a clear decrease in sales in the second part of the half, as did Latin America where, after recording double-digit organic growth in the first quarter, business declined considerably.

In the second quarter alone, consolidated revenues from sales and services amounted to €40,246 thousand, a decrease of €28,536 thousand (-41.5%) comprising negative organic growth of €28,412 thousand (-41.4%) and exchange rate losses of €229 thousand (-0.3%). Acquisitions contributed €105 thousand (+0.2%).

Asia Pacific

Period (€ thousands)	2020	2019	Change	Change %
I quarter	40,855	44,415	(3,560)	-8.0%
II quarter	30,973	46,622	(15,649)	-33.6%
I Half Year	71,828	91,037	(19,209)	-21.1%

Revenues from sales and services amounted to €71,828 thousand in the first six months of the year, down €19,209 thousand (-21.1%) against the same period of the previous year due primarily to Covid-19. The first half of the year closed with organic growth that was down by €21,333 thousand (-23.5%). Acquisitions contributed €5,172 thousand (+5.7%) thanks to the Attune Hearing Pty Ltd (Australia) acquisition completed in the first part of February. Exchange rate losses came to €3,048 thousand (-3.3%).

Revenues in local currency were 17.8% lower than in the first half of the prior year. In Australia the negative performance was attributable to the bushfires, which continued throughout January and were only fully extinguished at the beginning of March, as well as the Covid-19 containment measures enacted at the end of the first quarter which were less stringent than in other markets and did not result in store closures. The containment orders in New Zealand, China and India resulted in the closure of all the network stores, albeit at different times. That said, APAC led the Group's gradual topline recovery which already began in the second quarter, driving China to reach the same level of sales reported in the prior year.

In the second quarter alone, consolidated revenues from sales and services amounted to €30,973 thousand, a decrease of €15,649 thousand (-33.6%) against the same period of the previous year, which comprised negative organic growth of €16,754 thousand (-36.0%) and exchange rate losses of €1,299 thousand (-2.8%). Acquisitions contributed €2,404 thousand (+5.2%).

Gross operating profit (EBITDA)

(€ thousands)		First Half 2020			First Half 2019
	Recurring	Non recurring	Total	Recurring	Non recurring	Total

Gross operating profit (loss) (EBITDA)	131,299	-	131,299	186,565	(5,805)	180,760
(€ thousands)		Second Quarter 2020			Second Quarter 2019
	Recurring	Non recurring	Total	Recurring	Non recurring	Total

Gross operating profit (loss) (EBITDA)	66,444	-	66,444	107,623	(4,380)	103,243

Gross operating profit (EBITDA) amounted to €131,299 thousand in the first six months of 2020, a drop of €49,461 thousand (-27.4%) with respect to the same period of the previous year with exchange rate losses of €387 thousand. The EBITDA margin came to 21.4%, 0.3 p.p. lower than in the same period of the previous year.

No non-recurring expenses were incurred in the reporting period, while non-recurring expenses relating to the GAES integration of €5,805 thousand were incurred in the first half of the prior year. Net of this item, EBITDA would have been down by €55,266 thousand (-29.6%) in the first six months of the year, with an EBITDA margin 1.0 p.p. lower than in the first six months of 2019.

The performance, despite the heavy impact of Covid-19 emergency, shows an excellent profitability thanks to the timely and effective measures implemented to contain and optimize costs and to the renegotiations of contracts with suppliers and lessors.

In the different markets in which it operates, the Group also accessed the subsidies and benefits made available by the different governmental authorities and other public entities relative to the cost of labor and business relief which had a positive impact of around €30,755 thousand while the renegotiated leases recognized pursuant to the IFRS 16 amendment approved by IASB on 28 May 2020 had a positive impact of €7 million.

On the other hand, the Group incurred a series of costs totaling around €5,945 thousand related directly to the Covid-19 outbreak. Please refer to note 2 of the notes for further details.

If the practical expedient introduced in the IFRS 16 amendment relating to Covid-19 concessions (discounts or exemption from payment) had not been applied, EBITDA would not have benefitted from the savings of €7,042 thousand achieved as a result of the leases renegotiated for the distribution network. EBITDA would have reached €124,256 thousand, a decrease of €56,504 thousand (-31.3%) against the comparison period with the margin at 20.2% (-1,5 p.p. versus the comparison period and -2.2 p.p. on a recurring basis).

In the second quarter alone, gross operating profit (EBITDA) amounted to €66,444 thousand (with an EBITDA margin of 26.5%), a decrease against the same period of the previous year of

€36,799 thousand, but with a noticeable increase in the margin of 3.1 p.p. which, moreover, absorbed the exchange rate losses of €396 thousand.

The result reflects the positive impact of the lease concessions, the Group's actions on cost containment and optimization implemented to defend the business, as well as the higher costs, described in the section on EBITDA in the first half of the year and tied to the economic situation caused by the Covid-19 outbreak.

No non-recurring expenses were incurred in the reporting period, while non-recurring expenses relating to the GAES integration of €4,380 thousand were incurred in the second quarter of the prior year. Net of this item, EBITDA would have been down by €41,179 thousand (-38.3%) in the second quarter of the year, with an EBITDA margin 2.1 p.p. higher than in the comparison period.

If the practical expedient introduced in the IFRS 16 amendment mentioned above had not been applied, EBITDA would have reached €59,402 thousand, a decrease of €43,841 thousand against the same period of the previous year, with the margin at 23.7% (+0.2 p.p. versus the period and -0.8 p.p. on a recurring basis).

(€ thousands)	H1 2020	EBITDA Margin	H1 2019	EBITDA Margin	Change	Change %
EMEA	102,866	23.5%	141,491	23.3%	(38,625)	-27.3%
Americas	22,706	21.7%	29,114	22.1%	(6,408)	-22.0%
Asia Pacific	22,656	31.5%	27,269	30.0%	(4,613)	-16.9%
Corporate (*)	(16,929)	-2.8%	(17,114)	-2.1%	185	1.1%
Total	131,299	21.4%	180,760	21.7%	(49,461)	-27.4%

The following table shows a breakdown of EBITDA by segment.

(€ thousands)	Q2 2020	EBITDA Margin	Q2 2019	EBITDA Margin	Change	Change %
EMEA	52,345	29.2%	81,040	25.1%	(28,695)	-35.4%
Americas	10,830	26.9%	16,398	23.8%	(5,568)	-34.0%
Asia Pacific	12,546	40.5%	13,302	28.5%	(756)	-5.7%
Corporate (*)	(9,277)	-3.7%	(7,497)	-1.7%	(1,780)	-23.7%
Total	66,444	26.5%	103,243	23.5%	(36,799)	-35.6%

(*) Centralized costs are shown as a percentage of the Group's total sales.

The table below shows the breakdown of the EBITDA by segment with reference to the recurring operations.

(€ thousands)	H1 2020	EBITDA Margin	H1 2019	EBITDA Margin	Change	Change %
EMEA	102,866	23.5%	147,271	24.3%	(44,405)	-30.2%
Americas	22,706	21.7%	29,139	22.1%	(6,433)	-22.1%
Asia Pacific	22,656	31.5%	27,269	30.0%	(4,613)	-16.9%
Corporate (*)	(16,929)	-2.8%	(17,114)	-2.1%	185	1.1%
Total	131,299	21.4%	186,565	22.4%	(55,266)	-29.6%

(€ thousands)	Q2 2020	EBITDA Margin	Q2 2019	EBITDA Margin	Change	Change %
EMEA	52,345	29.2%	85,395	26.4%	(33,050)	-38.7%
Americas	10,830	26.9%	16,423	23.9%	(5,593)	-34.1%
Asia Pacific	12,546	40.5%	13,302	28.5%	(756)	-5.7%
Corporate (*)	(9,277)	-3.7%	(7,497)	-1.7%	(1,780)	-23.7%
Total	66,444	26.5%	107,623	24.5%	(41,179)	-38.3%

(*) Centralized costs are shown as a percentage of the Group's total sales.