- -
- GN delivered strong 46% organic revenue growth in Q1 2021
- EBITA reached
DKK 753 million corresponding to an EBITA margin of 18.3% compared to 10.1% in Q1 2020, reflecting strong execution across the company - Free cash flow excl. M&A was
DKK -22 million in Q1 2021, reflecting the strong earnings but offset by traditional seasonality leading to leverage of 1.6x by the end of Q1 2021 - New share buyback program to be initiated today, with the intention to buy back shares worth
DKK 2.5 billion untilMarch 8, 2022 - The financial guidance, upgraded on
April 14, 2021 , is confirmed. Due to the COVID-19 situation, it must be stressed that the basic assumptions behind the guidance remain significantly more uncertain than normal
- - GN Hearing
- GN Hearing delivered positive organic revenue growth of 1% in Q1 2021 in a market continuously impacted by the ongoing COVID-19 pandemic. Signs of market recovery towards the end of the quarter, especially in US and
UK - EBITA was
DKK 98 million in Q1 2021 compared toDKK 55 million in Q1 2020 supported by the sustainable quarterly cost savings and prudent cost management on top of investments into R&D and IT infrastructure - Free cash flow excl. M&A was
DKK -204 million in Q1 2021 compared toDKK -66 million in Q1 2020, mainly driven by traditional seasonality and a negative development in net working capital
- - GN Audio
- GN Audio continued the exceptionally strong momentum going into 2021 and delivered outstanding 82% organic revenue growth in Q1 2021, driven by strong double-digit growth in both the enterprise and the consumer segment
- EBITA increased by 148% to
DKK 714 million in Q1 2021 corresponding to an EBITA margin of 24.8%. The EBITA margin development primarily reflects the strong topline development and phasing of OPEX - Free cash flow excl. M&A was
DKK 438 million in Q1 2021 compared toDKK -67 million in Q1 2020, reflecting the strong growth in revenue and EBITA - GN Audio continue to work closely with suppliers of components to address immediate and future demand
Quotes from executive management
Financial overview Q1 2021
GN Hearing | GN Audio | ||||||||
DKK million | Q1 2021 | Q1 2020 | Growth | Q1 2021 | Q1 2020 | Growth | Q1 2021 | Q1 2020 | Growth |
Revenue | 1,234 | 1,314 | -6% | 2,876 | 1,653 | 74% | 4,110 | 2,967 | 39% |
Organic growth | 1% | -14% | 82% | 22% | 46% | 3% | |||
Gross profit | 769 | 841 | -9% | 1,480 | 827 | 79% | 2,249 | 1,668 | 35% |
Gross margin | 62.3% | 64.0% | -1.7%p | 51.5% | 50.0% | +1.5%p | 54.7% | 56.2% | -1.5%p |
EBITA | 98 | 55 | 78% | 714 | 288 | 148% | 753 | 300 | 151% |
EBITA margin | 7.9% | 4.2% | +3.7%p | 24.8% | 17.4% | +7.4%p | 18.3% | 10.1% | +8.2%p |
Earnings per share (EPS) - DKK | 3.66 | 0.78 | 369% | ||||||
Free cash flow excl. M&A | -204 | -66 | -138 | 438 | -67 | 505 | -22 | -160 | 138 |
Cash conversion | -208% | -120% | -88%p | 61% | -23% | +84%p | -3% | -53% | +50%p |
* Including "Other" |
Teleconference
For further information, please contact:
Investors and analysts
Henriette Wennicke
Vice President – Investor Relations &
Tel: +45 45 75 03 33
Or
Director – Investor Relations & Treasury
Tel: +45 45 75 92 57
Press and the media
Head of Media Relations & Corporate Public Affairs
Tel: +45 45 75 02 55
About
150 years ago, GN was founded with a truly innovative and global mindset. Today, we honor that legacy with world-leading expertise in the human ear, sound and video processing, wireless technology, miniaturization and collaborations with leading technology partners. GN's solutions are marketed by the brands ReSound, Beltone, Interton, Jabra, BlueParrott and FalCom in 100 countries. Founded in 1869, the
Visit our homepage GN.com - and connect with us on LinkedIn, Facebook and Twitter.
Attachments
- GNSN - Interim Report Q1 2021
- Interim Report Q1 2021 cover note
© OMX, source