Schiphol, the Netherlands - 20 February 2017. GrandVision NV (EURONEXT: GVNV) publishes Full Year and Fourth Quarter 2016 results.

2016 Highlights
Revenue grew by 3.5%, or 6.5% at constant exchange rates to €3,316 million (FY15: €3,205 million)with comparable growth of 2.2%
Adjusted EBITDA (i.e. EBITDA before non-recurring items) increased by 6.7% at constant exchange rates to €537 million (FY15: €512 million)
The adjusted EBITDA margin increased by 24 bps to 16.2%. Excluding acquisitions the EBITDA margin would have increased by 80 bps to 16.8%
Net result attributable to equity holders rose by 8.8% to €231 million (FY15: €213 million)
Adjusted EPS grew by 11.3% to €0.96 (FY15: €0.87), reported EPS was €0.92 (FY15: €0.84)
The total number of stores expanded by 406 to 6,516 (FY15: 6,110)
GrandVision's Supervisory Board proposes a dividend of €0.31 per share, subject to shareholder approval. The shares will trade ex-coupon as of 4 May 2017
GrandVision will host an analyst call on 20 February at 9am CET. Dial-in details are available at investors.grandvision.com and at the bottom of this press release.

2016 Dividend
GrandVision's Supervisory Board proposes a dividend of €0.31 per share for the fiscal year 2016, subject to shareholder approval.
If approved, the shares will trade ex-coupon as of 4 May 2017 and dividends will be payable as from 11 May 2017. The record date will be 5 May 2017. The dividend represents a payout of 33.9% of net income attributable to equity holders.

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 high single digit annual adjusted EBITDA growth 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

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