AMP Limited

Good afternoon, this is the Coral School conference operator. Welcome and thank you for joining the Amplifon third quarter 2021 results conference call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Ms. Francesca Rambaudi, Investor Relations and Sustainability Senior Director of Amplifon. Please go ahead, madam.

Thank you. Good afternoon and welcome to Amplifon's conference call on Q3 and first nine-month 2021 results. Before we start, a few logistic comments. This morning, we issued a press release that related to our results, and this presentation is posted on our website in the investor section. The call can be accessed also via webcast, and dial-in details are on Amplifont's website as well as on our press release. I have to bring your attention to the disclaimer on slide two, as some of the statements made during this call may be considered forward-looking statements. Please also let me drive your attention to the fact that this year we are also reporting 2019 income statement data for greater comparability purposes, given the relevant impact of the pandemic on 2020. In addition, in light of companies' decision to seize the elite business, selected P&L data for both Q3 and 9 March 2021 as well as for comparative years, are also restated without a lead contribution. The following commentary is, therefore, primarily based on these figures. With that, I am now pleased to turn the call over to Antifontio Enrico Vita.

Thank you, Francesca, and good afternoon, everyone, and welcome to our quarterly conference call for the Q3 results. Today, I'm glad to comment with you on our excellent quarter results and on our progress on some of our key strategic initiatives. Regarding our results for the quarter, I can anticipate you that all the KPIs were very positive. In fact, in comparison with Q3 2019, despite a definitely more challenging comparison base, our revenues increased by over 21% at constant exchange rates. The organic component of the growth was also excellent at circa 14%. Although this growth was again very well balanced across all core markets, I cannot avoid highlighting our performance in North America, and in particular in the U.S., where our growth, led by Miracle Year, was exceptional. More than 60% of constant exchange rates versus 2019, and nearly twice than the growth of the market, only from a pure organic viewpoint. In my opinion, these results prove that our new strategy in the U.S. is working and our direction is right. On a global level, I believe that also during this quarter, our revenues have led us to significant market share gains in all major markets. An excellent quarter also in terms of profitability, as we continue to reap the benefits of all the work done on our cost base since the pandemic beginning. Increasing profitability of 180 basis points It's the net result of improved efficiencies and increased operating leverage and significant reinvestments in the business. The operating cash flow was also very strong at circa 220 million in the quarter, up more than 70% versus 2019, allowing us to achieve a very healthy net financial position at 617 million. Then, In addition to the financial results, I'm happy to give you some highlights about the most important ongoing initiatives. In Australia, we have already started to work on the integration of Bay. And what I can tell you is that I'm very happy about how our teams are working together, showing the right spirit of collaboration. In Spain, perfectly in line with our original plan, we are now launching the Amplifon product experience, and I expect strong results here like in all other markets before. Lastly, also the elite wind-down is progressing according to plan, and we expect to terminate the business by the year-end. With this, I now hand over to Gabriele to give you more colors about our financial performance.