Schiphol, the Netherlands – 26 April 2018. GrandVision N.V. publishes the First Quarter 2018 trading update.
Highlights
• First Quarter revenue grew by 10.9% at constant exchange rates to €913 million driven by organic growth of 3.3% and a 7.6% contribution from acquisitions
• Comparable growth of 1.9% (4.1% in 1Q17) benefited from strong growth of 9.8% in the Americas & Asia segment, 1.0% growth in the G4 and 0.1% in the Other Europe segment despite the high prior year comparables related to the timing of the Easter holidays and poor weather in Europe
• Adjusted EBITDA (i.e. EBITDA before non-recurring items) increased by 1.0% at constant exchange rates to €136 million as strong adj. EBITDA growth in the Americas & Asia segment was partially offset by lower comparable growth in the significant Northern European countries and integration and
rebranding costs of recent acquisitions
• GrandVision's first Capital Markets Day will take place on 20 September 2018
GrandVision will host an analyst call on 26 April at 9am CET. Dial-in details are available at investors.grandvision.com and at the bottom of this press release.
First Quarter 2018 key figures
in millions of EUR (unless stated otherwise) 1Q18 1Q17
Change versus prior year Change at constant FX Organic growth Growth from
acquisitions
Revenue 913 845 8.0% 10.9% 3.3% 7.6%
Comparable growth (%) 1.9% 4.1%
Adjusted EBITDA 136 136 -0.2% 1.0% -0.2% 1.1%
Adjusted EBITDA margin (%) 14.9% 16.1% -122bps
System wide sales 1,000 931 7.3%
Number of stores (#) 6,980 6,551

Management comments
Stephan Borchert, GrandVision's CEO said: "We are pleased that we started the year with solid comparable growth despite the difficult comparable base of the previous year, and some calendar headwinds as well as
adverse weather conditions in parts of Europe.
As expected, adjusted EBITDA growth in the quarter was subdued due to the weaker performance of the important Northern European markets, as well as the consolidation and rebranding of the newly acquired Tesco Opticians business in the UK. We remain confident in achieving our full year objective of revenu and adjusted EBITDA growth of high single digits at constant exchange rates.
During the quarter, we made good progress in the Americas & Asia segment. The strong operating performance of our businesses in Mexico, Russia and Turkey helped us to significantly enhance our adjusted EBITDA margin. In addition, we have made further steps in building the right platform for growth in the United States and have started to reduce the losses in line with our expectations for the year.
Our businesses in Eastern Europe also showed good results with double digit sales growth and even higher adjusted EBITDA growth.
It is also my pleasure to announce that GrandVision will host its first Capital Markets Day on 20 September.
Having joined GrandVision only a few months ago, I am looking forward to sharing my views on the company's strategy at this forum and to meet our investors and analysts in person."

Outlook and medium term financial objective
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 further acquisitions without significantly altering our capital structure.
For 2018, GrandVision expects improved revenue and adjusted EBITDA growth. Revenue growth is expected to benefit from comparable growth and the addition of the Visilab and Tesco Opticians businesses, leading to high single digit revenue growth for the full year.
GrandVision expects adjusted EBITDA growth in line with revenue growth, supported by lower integration costs in the United States and the continued implementation of our global capabilities and efficiencies.
GrandVision expects the second quarter to benefit from lower prior year comparables and the timing of the
Easter school holidays leading to an improved adjusted EBITDA performance in the quarter compared to the first quarter. GrandVision continues to expect momentum to build as the year progresses.

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GrandVision's Annual General Meeting (AGM) adopts all resolutions


Schiphol, the Netherlands - 26 April 2018. GrandVision N.V. (Euronext: GVNV) announced today that its Annual General Meeting (AGM) has approved all resolutions on the agenda of the AGM. The adopted resolutions are listed below:

· Adoption of the Annual Accounts for the financial year 2017 as drawn up by the Management Board and signed by the Managing Directors and the Supervisory Directors on 27 February 2018
· Adoption of the 2017 Dividend distribution proposal
· Discharge of Managing Directors for their management during the financial year 2017
· Discharge of Supervisory Directors for their supervision of management during the financial year 2017
· Re-appointment of Mr. K. van der Graaf as Supervisory Director and Chairman of the Supervisory Board
· Appointment of PricewaterhouseCoopers Accountants N.V. as external auditor for financial year 2019
· Authorization of Supervisory Board to issue shares or grant rights to acquire shares
· Authorization of Supervisory Board to restrict or exclude pre-emptive rights
· Authorization of Management Board to re-purchase shares.


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