Copenhagen, 2013-08-14 08:03 CEST (GLOBE NEWSWIRE) --
- GN Store Nord delivered 15% organic growth, the strongest growth by the group in more than seven years. Both businesses delivered significant EBITA improvement and, excluding non-recurring items, group EBITA ended at DKK 291 million – 57% up compared to Q2 2012
- GN ReSound accelerated the organic growth to 13% driven by the leading technological positions in both Hearing Instruments and GN Otometrics. The EBITA margin, excluding SMART restructuring costs, was lifted to 19.2% leading to an EBITA improvement of 84% from DKK 109 million in Q2 2012 to DKK 201 million in Q2 2013
- The SMART restructuring program in GN ReSound is fully on track to bring the GN ReSound EBITA margin to “around 20%” for the year. The final restructuring costs have been booked in Q2 and no restructuring costs will be booked in the second half of the year
- GN Netcom delivered very strong organic growth of 20% driven by attractive growth in Unified Communications (UC) headsets and the Mobile Business
- GN Netcom generated EBITA of DKK 111 million corresponding to an improvement of 28% from DKK 87 million in Q2 2012. The EBITA margin increased two percentage points to 17.2%
- EBITA in Other in GN Store Nord includes, as required by IFRS accounting regulation, a DKK 51 million reversal of a write-down of a non-current asset made in 2011. The EBITA guidance for Other is changed from DKK (35) - (45) million to DKK (30) - (35) million
- On July 29, 2013, GN ReSound increased its guidance for 2013 based on the strong growth momentum driven by GN ReSound’s innovations and technological leadership position. The organic revenue growth guidance was upgraded from previously “4 - 6%” to “more than 7%”. The EBITA guidance was increased from previously “DKK 775 - 825 million” to “more than DKK 825 million”, corresponding to “around 20% EBITA margin”. GN Netcom confirms its guidance for 2013 as communicated in the Annual Report 2012
- Based on the continued growth in revenue and profits and the announced intention to take net interest-bearing debt to around one time EBITDA by the end of 2014, the Board of Directors has decided to initiate a new DKK 300 million share buyback program starting today
- In Q2 2013, GN ReSound booked unrealized losses related to foreign exchange adjustment of balance sheet items and fair value adjustments of certain financial assets under Financial items. The guidance on Financial items incl. Gain (loss) on divestments is consequently changed from previously DKK (25) - (45) million to DKK (70) - (90) million
Quotes from the Executive Management
Lars Viksmoen, CEO of GN ReSound: “The second quarter of 2013 was strong in many ways. ReSound Verso™ proved its strength and unique characteristics driving double-digit revenue growth. The SMART restructuring program had significant impact on the earnings enabling an 84% EBITA improvement. We are firmly on track to deliver around 20% EBITA margin for the year.”
Mogens Elsberg, CEO of GN Netcom: “In Q2 we delivered another quarter with 20% organic growth. The organization has done a great job in driving revenue growth and has established a solid foundation to address the sustainable market growth in the Unified Communications segment.”
Teleconference
GN Store Nord hosts a teleconference at 11.30 a.m. CET today. Please visit www.gn.com to access the teleconference. Presentation material will be available on the website approximately an hour prior to the start of the teleconference.
For further information, please contact:
Michael Bjergby
Director – IR, Communications, CSR & Treasury
GN Store Nord A/S
Tel: +45 45 75 02 92
