GN Store Nord - Earnings Release 2017

News Details

Corporate | 17 August 2017 07:02

GN Store Nord A/S: Interim Report Q2 2017: Another strong quarter with strong launch of ReSound LiNX 3D (news with additional features)

DGAP-News: GN Store Nord A/S / Key word(s): Half Year Results

17.08.2017 / 07:02

The issuer is solely responsible for the content of this announcement.

Interim Report Q2 2017: Another strong quarter with strong launch of ReSound LiNX 3D

– GN Store Nord delivered 15% revenue growth in Q2 2017 driven by strong performance across GN Hearing and GN Audio. Organic growth was 7%

– EBITA increased 15% in Q2 2017. The EBITA margin was stable reflecting product launch costs in both businesses and investments in growth as part of the 2017 – 2019 strategy

– EPS increased 25% and reached DKK 1.92

– Continued strong cash conversion at 89% in Q2 2017

– The financial guidance for 2017 is confirmed

– GN Hearing’s revenue increased 12% in Q2 2017. Organic growth was 5%, on a tough comparison base

– The newly launched ReSound LiNX 3D generating strong momentum. Double digit organic growth since launch

– EBITA increased 7% to DKK 255 million. EBITA margin decreased in the quarter reflecting product launch costs and investments in growth as part of the 2017 – 2019 strategy

– Free cash flow excl. M&A was DKK 267 million in Q2 2017 – an increase of DKK 27 million in H1 2017 compared to H1 2016

– GN Audio delivered 19% revenue growth in Q2 2017. Organic growth was 12%

– The continued strong growth was also in Q2 2017 driven by the Jabra Evolve and Jabra Speak series as well as the Jabra Elite Sport true wireless earbuds. The recently launched products have been received exceptionally well by the market

– EBITA increased 46% and reached DKK 168 million in Q2 2017. EBITA margin increased to 17.2%, driven by favorable product mix and operational leverage

– Free cash flow excl. M&A was DKK 131 million in Q2 2017 – an increase of DKK 20 million in H1 2017 compared to H1 2016

Quotes from the executive management

Anders Hedegaard, CEO of GN Hearing: “End of April, we launched our 5th generation 2.4 GHz hearing aid family, ReSound LiNX 3D. The strong momentum generated by our new products, as well as the excellent user feedback, sets the stage for a strong second half of 2017. I am very pleased that our continuous focus on innovation is paying off for our users, so that they are now able to hear more, do more and be more than what they ever thought possible.”

René Svendsen-Tune, CEO of GN Audio: “In Q2 2017, we continued to deliver strong results across regions and channels, in line with our 2017 – 2019 strategy. Our strong momentum is the result of our tireless efforts to stay on top of competition through focus on innovation, commercialization and people excellence. I am very pleased to see that our focus has led to both strong topline and bottom line growth.”

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

Rune Sandager

Treasury Manager – Investor Relations & Treasury

GN Store Nord A/S

Tel: +45 45 75 92 57

Additional features:

Document: http://n.eqs.com/c/fncls.ssp?u=BGQOAHAELG

Document title: Interim Report Q2

17.08.2017 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.

The issuer is solely responsible for the content of this announcement.

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Language:	English
Company:	GN Store Nord A/S
	Lautrupbjerg 7
	2750 Ballerup
	Denmark
Phone:	+45 457 50000
E-mail:	[email protected]
Internet:	www.gn.com
ISIN:	DK0010272632
WKN:	854734
Listed:	Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange; Open Market (Basic Board) in Frankfurt