Model portefeuille
Rendement portefeulle
+12.035 %

Rendement AEX
+33.325 %

Startdatum
01-01-2009

Startwaarde portefeuille € 74082.37

Startwaarde AEX
€ 245.94


Laatste update:
29-01-2010

GrandVision reports 2017 Revenue growth of 5.6% and adj. EBITDA of €552 million

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Algemeen advies 28/02/2018 07:05
Schiphol, the Netherlands – 28 February 2018. GrandVision NV (EURONEXT: GVNV) publishes Full Year
and Fourth Quarter 2017 results.
2017 Highlights
• Revenue increased by 5.6% at constant exchange rates to €3,450 million (FY16: €3,316 million) with
organic and comparable growth of 3.5% and 1.8%, respectively
• Adjusted EBITDA (i.e. EBITDA before non-recurring items) increased by 4.0% at constant exchange rates
to €552 million (FY16: €537 million)
• The adjusted EBITDA margin decreased by 21 bps to 16.0% mainly due to the margin dilutive effect of
integration charges in the United States
• Adjusted EPS grew slightly to €0.97 (FY16: €0.96)
• The total number of stores expanded by 485, or 7%, to 7,001 (FY16: 6,516)
• GrandVision's Supervisory Board proposes a dividend of €0.32 per share, subject to shareholder
approval. The shares will trade ex-dividend as of 30 April 2018
GrandVision will host an analyst call on 28 February at 9am CET. Dial-in details are available at
investors.grandvision.com and at the bottom of this press release.

FY17 and 4Q17 Key Figures
in millions of EUR
(unless stated otherwise) FY17 FY16
Change vs. prior year Change at constant FX Organic growth Growth from acquisitions
Revenue 3,450 3,316 4.0% 5.6% 3.5% 2.1%
Comparable growth (%) 1.8% 2.2%
Adjusted EBITDA 552 537 2.7% 4.0% 2.0% 2.0%
Adjusted EBITDA margin (%) 16.0% 16.2% -21bps
Net result 249 252 -1.2%
Net result attributable to equity holders 228 231 -1.5%
Adjusted earnings per share, basic (in €) 0.97 0.96 0.0%
Earnings per share, basic (in €) 0.90 0.92 -1.7%
Number of stores (#) 7,001 6,516 7.4%
System wide sales 3,784 3,657 3.5%

in millions of EUR
(unless stated otherwise) 4Q17 4Q16
Change vs. prior year Change at constant FX Organic growth Growth from acquisitions
Revenue 871 821 6.1% 8.1% 1.6% 6.5%
Comparable growth (%) -0.8% 3.8%
Adjusted EBITDA 129 126 2.6% 2.7% -4.6% 7.3%
Adjusted EBITDA margin (%) 14.8% 15.3% -50bps

2017 Dividend
GrandVision’s Supervisory Board proposes a dividend of €0.32 per share for the fiscal year 2017, subject to shareholder approval at the Annual General Meeting on 26 April 2018. The dividend represents a payout of 35.6% of net income attributable to equity holders, compared to 33.9% for 2016.
GrandVision intends to pay an ordinary dividend annually in line with our medium to long term financial
performance, and expect to increase the dividend-per-share over time. As a result of this policy, we are targeting a dividend pay-out ratio of 25-50%.
If approved, the shares will trade ex-dividend as of 30 April 2018 and dividends will be payable as from 4 May 2018. The record date will be 2 May 2018. The dividend represents a payout of 35.6% of net income attributable to equity holders.

Outlook and medium term financial objectives
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.
However, the first quarter will be negatively impacted by higher prior year comparables and the timing of the Easter school holidays particularly in important Northern European markets, which together will reduce adjusted EBITDA growth. GrandVision expects momentum to build as the year progresses.

zie and read more on
http://hugin.info/167729/R/2172042/837152.pdf



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