Schiphol, the Netherlands - 5 August 2016. GrandVision N.V. publishes Half Year and Second Quarter 2016 results.
Highlights
HY16 Revenue grew by 3.7% or 6.7% at constant exchange rates (2Q16: 4.8%; 8.4%) to €1,670 million (2Q16: €867 million)
Comparable growth of 2.3% (2Q16: 3.6%)
Adjusted EBITDA (i.e. EBITDA before non-recurring items) increased by 5.3% or 6.5% at constant exchange rates (2Q16: 9.8%; 11.7%) to €272 million (2Q16: €150 million)
The adjusted EBITDA margin improved by 26 bps to 16.3% (2Q16: +80 bps to 17.3%)
Net result attributable to equity holders rose by 7.9% to €117 million
Earnings per share grew by 8.0% to €0.46
Total number of stores grew to 6,211 (6,110 at year-end 2015)
The Half Year 2016 Financial Report is available at www.grandvision.com
GrandVision will host an analyst call on 5 August at 9:00 am CET. Dial-in details are available at www.grandvision.com and at the bottom of this press release

Key figures
in millions of EUR (unless stated otherwise) HY16 HY15
Change versus prior year Change at constant FX Organic growth
Growth from acquisitions
Revenue 1,670 1,611 3.7% 6.7% 3.5% 3.2%
Comparable growth (%) 2.3% 5.2%
Adjusted EBITDA 272 259 5.3% 6.5% 5.7% 0.8%
Adjusted EBITDA margin (%) 16.3% 16.1% 26bps
Net result 127 118 7.3%
Net result attributable to equity holders 117 109 7.9%
Earnings per share (in €) 0.46 0.43 8.0%
Number of stores (#) 6,211 5,871
System wide sales 1,840 1,783 3.2%

in millions of EUR (unless stated otherwise) 2Q16 2Q15
Change versus prior year Change at constant FX Organic growth
Growth from acquisitions
Revenue 867 827 4.8% 8.4% 5.3% 3.2%
Comparable growth (%) 3.6% 4.8%
Adjusted EBITDA 150 136 9.8% 11.7% 10.7% 1.0%
Adjusted EBITDA margin (%) 17.3% 16.5% 80bps
System wide sales 954 914 4.4%

Group financial review
Consolidated Income Statement in millions of EUR HY16 HY15
Revenue 1,670 1,611
Cost of sales and direct related expenses - 457 - 442
Gross profit 1,213 1,168
Selling and marketing costs - 839 - 811
General and administrative costs - 187 - 180
Share of result of associates 2 3
Operating result 189 180
Financial income 3 4
Financial costs - 9 - 12
Net financial result - 6 - 8
Result before tax 182 172
Income tax - 56 - 54
Result for the period 127 118
Attributable to:
Equity holders 117 109
Non-controlling interests 10 9 127 118

Revenue
Revenue increased by 3.7% to €1,670 million in HY16 (€1,611 million in HY15) or 6.7% at constant exchange rates. Organic revenue growth of 3.5% came primarily from comparable growth of 2.3% (5.2% in HY15).
In 2Q16, revenue increased by 4.8%, or 8.4% at constant exchange rates. The comparable growth rate of 3.6% was driven by growth in all three segments and benefited from more selling days than in the previous year mainly related to the timing of Easter.

Adjusted EBITDA
Adjusted EBITDA (i.e. EBITDA before non-recurring items) increased by 5.3% to €272 million in HY16 (€259 million in HY15) or 6.5% at constant exchange rates.
The adjusted EBITDA margin increased by 26 bps to 16.3% in HY16 (16.1% in HY15) with improvements in all three segments. Excluding the dilutive effect from acquisitions, the adjusted EBITDA margin would have improved by 65 bps to 16.7%.
Non-recurring items of -€6 million in HY16 (-€3 million in HY15) are mainly related to acquisition costs for recently acquired businesses and integration costs following the merger of the Italian business as well as one-off adjustments of inventory and insurance income.
In 2Q16, adjusted EBITDA grew by 9.8% or 11.7% at constant exchange rates, with an organic growth of 10.7%. The adjusted EBITDA margin increased by 80 bps to 17.3% (16.5% in 2Q15), driven by a higher proportion of Exclusive Brand frames in the sales mix and efficiency gains, particularly in the G4 segment.

A reconciliation from adjusted EBITDA to operating result for HY16 is presented in the table below:
in millions of EUR HY16 HY15
Adjusted EBITDA 272 259
Non-recurring items - 6 - 3
EBITDA 267 255
Depreciation and amortization of software - 63 - 59
EBITA 204 196
Amortization and impairments - 15 - 16
Operating result 189 180

Financial result
The financial result was -€6 million in HY16 (-€8 million in HY15). This improvement was mainly due to lower financing cost as a result of lower debt levels and interest rates, lower bank fees and an option valuation gain. This overall positive variance is more than offsetting foreign currency gains in HY15, which did not re-occur in HY16.

Income tax
Income tax increased by €2 to €56 million in HY16 (€54 million in HY15). The effective tax rate decreased to 30.5% (31.4% in HY15), mainly due to one-time tax effects in some countries.

Net result for the period
Net result for the period increased by 7.3% to €127 million in HY16 (€118 million in HY15). Net result attributable to equity holders increased by 7.9% to €117 million (€109 million in HY15).

Earnings per share
Earnings per share (basic and diluted) increased by 8.0% to €0.46 per outstanding share in HY16 (€0.43 in HY15).

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tijd 09.04
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