AMP Limited

Good afternoon. This is the Corusco conference operator. Welcome and thank you for joining the Amplifon first quarter 2022 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 the first quarter 2022 results. Before we start, a few logistic comments. Earlier today, we issued a press release related to our results, and this presentation is posted on our website. The call can be accessed also via webcast and dial-in details, which are on Amplifon's website as well as on our press release. The call can be accessed also via webcast and dial-in details, which are on Amplifon's website as well as on our press release. Please also let me drive your attention that in light of the wind down of ELITE, which was completed in Q421 and treated as discontinued operations following IFRS 5 application, ELITE P&L is excluded from Q1 2021 comparative period, which has been restated up to the line profit from continuing operations. With that, I am now pleased to turn the call over to Amplifont CEO Enrico Vita.

Thank you, Francesca. Good afternoon, everyone, and thank you for joining us today. Today, I'm pleased to comment on another quarter of very strong results. A quarter of remarkable results in absolute terms, and even more remarkable considering that in January, in many markets, we still saw some impact of the last COVID-19 wave of infections. which also protracted through most parts of the quarter in Australia and New Zealand. So let's start by going over some of the key numbers and achievements of the quarter. Revenues were up almost 16% at current exchange rates and 14% at constant exchange rates. Once again, the composition of the growth was very healthy. And in fact, the organic growth was close to 9%, a value we estimate well above the growth of the market. Regarding the EBITDA recurring, we delivered around 113 million euros, and the margin increased by 40 basis points to 22.8%, perfectly in line with our full-year targets on profitability. Then we posted a net profit recurring of 32.8 million euros, increasing by a remarkable 34% versus 2021. The net financial position was at 868.6 million, slightly reducing versus year-end, despite the lower seasonality of our business in Q1. Finally, Amongst the achievements of the quarter, I would like to mention our third acquisition in China, 20 stores located primarily in the Hubei province. With this last acquisition, our network is getting sizable and now consists of circa 140 stores. I now hand over to Gabriele to give you more color about our financials. Please, Gabriele.