GrandVision NV (EURONEXT: GVNV) publishes Full Year and Fourth Quarter 2015 results.
2015 Highlights
Revenue grew by 13.8%, or 13.2% at constant exchange rates to €3,205 million (FY14: €2,817 million) with comparable growth of 4.1%
Adjusted EBITDA (i.e. EBITDA before non-recurring items) increased by 13.8% to €512 million (FY14: €449 million)
The adjusted EBITDA margin remained constant at 16.0%. Excluding acquisitions the EBITDA margin would have increased by 64 bps to 16.6%
Net result attributable to equity holders rose by 32.0% to €213 million (FY14: €161 million)
EPS grew by 31.7% to €0.84 (FY14: €0.64)
The total number of stores expanded by 296 to 6,110 (FY14: 5,814)
The average number of full-time equivalent employees was 27,510 in FY15 (FY14: 25,776)
GrandVision's Supervisory Board proposes a final dividend of 0.14 EUR per share in addition to the interim dividend of 0.14 EUR per share paid in September 2015 and subject to shareholder approval at the AGM on 29 April 2016. The shares will trade ex-coupon as of 3 May 2016
GrandVision will host an analyst call on 16 March at 9am CET. Dial in details are available at www.grandvision.com and at the bottom of this press release.

FY15 and 4Q15 Key Figures
in millions of EUR (unless stated otherwise) FY15 FY14
Change versus prior year Change at constant FX Organic growth Growth from
acquisitions
Revenue 3,205 2,817 13.8% 13.2% 5.3% 7.9%
Comparable growth (%) 4.1% 4.3%
Adjusted EBITDA 512 449 13.8% 12.8% 9.2% 3.6%
Adjusted EBITDA margin (%) 16.0% 16.0% 0bps
Net result 231 175 32.3%
Net result attributable to equity holders 213 161 32.0%
Earnings per share (in €) 0.84 0.64 31.7%
Number of stores (#) 6,110 5,814
System wide sales 3,541 3,145 12.6%
in millions of EUR
(unless stated otherwise) 4Q15 4Q14
Changeversus prior year Change at constant FX Organic growth Growth from
acquisitions
Revenue 786 722 8.8% 8.8% 3.4% 5.4%
Comparable growth (%) 2.2% 6.1%
Adjusted EBITDA 111 106 4.6% 4.5% 4.7% -0.3%
Adjusted EBITDA margin (%) 14.2% 14.7% -57bps

Dividend
For the financial year 2015, GrandVision intends to pay a final dividend of €0.14 per share, subject to shareholder approval at the AGM on 29 April 2016. If approved, the shares will trade ex-coupon as of 3 May 2016 and dividends will be payable as from 11 May 2016. The record date will be 4 May 2016. When combined with the interim dividend of €0.14 EUR per share paid in September 2015, the total dividend for the fiscal year 2015 would be €0.28, representing a payout of 33.2% of net income attributable to equity holders.
As of 2016, GrandVision intends to pay an ordinary dividend once per year.

Medium term financial objectives
GrandVision's medium term financial objectives are to achieve annual revenue growth of at least 5%, excluding large scale acquisitions, as well as annual adjusted EBITDA growth in the high single digits, at constant exchange rates.
The targeted net debt/adj. EBITDA ratio remains at a maximum of 2.0x and we expect our cash flow generation to enable us to make further acquisitions without significantly altering our capital structure.

see and read more on
http://hugin.info/167729/R/1994623/734565.pdf

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