AMP Limited

Good afternoon. This is the Coral School Conference Operator. Welcome and thank you for joining the Amplifon Full Year 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 full year 2021 results. Before we start, a few logistic comments. This morning we issued a press release related to our results and this presentation is posted on our website. The call can be accessed also via website, 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 that in light of the wind down of ELITE completed and effective in Q4 2021 and treated as discontinued operations following IFRS 5 application, ELITE P&L is excluded from full year 21 consolidated results, as well as from full year 2020 and full year 2019, which have been fully restated up to the line profit from continuing operations. In addition, in light of the relevant impact of the COVID-19 pandemic on 2020 financials, this presentation also reports 2019 income statement data for greater comparability purpose. With that, I am now pleased to turn the call over to Amplifon CEO, Enrico Vita.

Thank you, Francesca. Good afternoon, everyone, and thank you for joining us. Today I'm pleased to comment with you another very successful year for our company. In 2021 we achieved excellent financial results and also we initiated and delivered many important projects and initiatives. I'm very pleased about what we have achieved in 2021 also because I know very well that behind all these accomplishments, there was a massive amount of work done by the whole team. So I would like to start by going over some of the key achievements for the year. First, the acquisition of Bay Audio, another key milestone in our growth story that allowed us to gain a clear leadership in one of the key markets in our industry. I'm also happy to share that since the closing of the deal, our teams have been working well together to exploit the full potential of the new combined business. Then we progressed perfectly in line with our plan with the rollout of the Amplifon product experience, finally implementing it in an important market such as buying. Finally, I will talk later during the presentation about the acceleration of our sustainability and innovation plans. So let's look now at our main numbers for the year. 2021 was an excellent year across all the key financial metrics. Revenues were up by nearly 20% at cost and exchange rates versus 2019. And once again, the composition of the growth was very healthy. In fact, the organic growth was double digit at 12%. Regarding the EBITDA recurring, we delivered 483 million euro, thanks to a material step change in profitability, which increased by 190 basis points versus 2019 at 24.8%. we posted an all-time high net profit recurring of 175 million euros, increasing by a remarkable 50% versus 2019. Finally, the net profit as reported was 150 million euros, allowing us to propose a dividend increase of nearly 20% at the next shareholders meeting. to 26 euro cents from the 22 euro cents of the previous year. With this, I now hand over to Gabriele to give you more colors about our financials.