- Schiphol, the Netherlands - 10 November 2015. GrandVision N.V. publishes the Nine Months and Third Quarter 2015 trading update.
Highlights
9M15 revenue increased by 15.5% or 14.7% at constant exchange rates (3Q15: 12.7% and 13.2%, respectively) to €2,419 million (3Q15: €808 million)
Comparable growth in 9M15 was 4.7% (3Q15: 3.7%)
Adjusted EBITDA (i.e. EBITDA before non-recurring items) grew by 16.7% or 15.4% at constant exchange rates (3Q15: 15.7% and 14.9%, respectively) to €400 million in 9M15 (3Q15: €142 million)
The adjusted EBITDA margin improved by 18 bps to 16.5% (3Q15: +46bps to 17.5%)
Total number of stores grew to 5,922 (5,814 at year-end 2014)

Group financial review
Revenue
Revenue rose by 15.5% to €2,419 million in 9M15 (€2,095 million in 9M14) or 14.7% at constant exchange rates. Organic revenue growth of 6.0% came primarily from comparable growth of 4.7% (3.8% in 9M14).

Acquisitions had an impact on revenue of 8.7%.
In 3Q15, revenue increased by 12.7% to €808 million, or 13.2% at constant exchange rates. Organic growth during 3Q15 was 4.9%. The comparable growth rate was 3.7%, as strong comparable growth in the Other Europe and Latin America and Asia segments was partially reduced by lower comparable growth in the G4 segment.

Adjusted EBITDA
Adjusted EBITDA (i.e. EBITDA before non-recurring items) increased by 16.7% to €400 million in 9M15 (€343 million in 9M14) or 15.4% at constant exchange rates with organic adjusted EBITDA growth of 10.6% and a 4.8% contribution from acquisitions. The adjusted EBITDA margin increased by 18 bps to 16.5% in
9M15 (16.4% in 9M14).

Non-recurring items of -€5 million in 9M15 were mainly related to legal and regulatory provisions, pension arrangements in the Netherlands as well as costs related to the initial public offering in February, including the effect on the valuation of the long-term incentive plans.
In 3Q15, adjusted EBITDA grew by 15.7% or 14.9% at constant exchange rates to €142 million. The improvement resulted primarily from organic adjusted EBITDA growth of 8.7%, which benefited from comparable growth in combination with improved operating efficiencies. Acquisitions had a positive effect
of 6.2% on adjusted EBITDA. The adjusted EBITDA margin increased by 46 bps to 17.5% (17.1% in 3Q14).

Revenue in the G4 segment grew by 9.2% to €1,492 million in 9M15 and by 6.6% at constant exchange rates. Organic revenue growth and comparable growth were 5.4% and 4.5%, respectively. Reported revenue growth benefited from the strengthening British pound.
In 3Q15, revenue in the G4 grew by 6.2%, or 4.0% at constant exchange rates. Organic and comparable growth reached 2.9% and 1.9%, respectively. After strong commercial activities earlier in the year, comparable growth in Germany and Austria was flat against a double digit progression in the prior year, while the other countries grew by low to mid-single digits.
Adjusted EBITDA in the G4 segment increased by 11.3% to €308 million in 9M15 and the adjusted EBITDA margin increased by 39bps to 20.6% in 9M15 (20.3% in 9M14).
In 3Q15, adjusted EBITDA in the G4 segment grew by 5.5% with organic adjusted EBITDA growth of 2.5%.
The adjusted EBITDA margin decreased by 14bps to 20.5% mainly due to the timing of commercial activities.

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