First Quarter 2019 highlights

Revenue in 1Q19 grew by 7.5% at constant exchange rates. Comparable growth was 5.0%
Adj. EBITDA (i.e. EBITDA before non-recurring items and IFRS16) increased by 2.5% at constant exchange rates to €138 million (€136 million in 1Q18)
The adj. EBITDA margin declined by 70 bps to 14.2% in 1Q19 mainly due to higher central expenses related to digital capabilities
Following the implementation of IFRS16 Leases, adjusted EBITDA was €231 million in 1Q19
GrandVision's store network increased to 7,216 stores vs. 7,095 at year-end 2018, mainly due to the acquisition of Opticas2000 in Spain of 108 stores.
Dial-in details for the analyst call at 9:00 am CET are available at the end of this press release.

All comments in the press release are pre-IFRS 16, unless otherwise stated.

First Quarter 2019 key figures
Pre-IFRS 16 in millions of EUR (unless stated otherwise) Reported
1Q19 1Q19 1Q18 Change vs. prior year Change at constant FX Organic growth Growth from acquisitions
Revenue 974 974 913 6.7% 7.5% 5.7% 1.8%
Comparable growth (%) 5.0% 5.0% 1.9%
Adjusted EBITDA 231 138 136 1.7% 2.5% 1.1% 1.4%
Adjusted EBITDA margin (%) 23.7% 14.2% 14.9% -70bps
Adjusted EBITA 107 99 99 0.2% 1.2% -0.3% 1.6%
Adjusted EBITA margin (%) 11.0% 10.2% 10.9% -66bps
System wide sales 1,063 1,063 1,000 6.4%
Number of stores (#) 7,216 7,216 6,980 3.4%

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Schiphol, the Netherlands - 26 April 2019. 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 2018 as drawn up by the Management Board and signed by the Managing Directors and the Supervisory Directors on 26 February 2018
Adoption of the 2018 Dividend distribution proposal
Discharge of Managing Directors for their management during the financial year 2018
Discharge of Supervisory Directors for their supervision of management during the financial year 2018
Re-appointment of Mr. M.F. Groot as Supervisory Director
Appointment of Ms. R. Meijerman as Supervisory Director
Remuneration for all individual Supervisory Directors
Appointment of PricewaterhouseCoopers Accountants N.V. as external auditor for financial year 2020
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.