- - GN Store Nord
- - GN Hearing
- - GN Audio
Quotes from executive management
Gitte Aabo, CEO of GN Hearing, comments: “Although we see short term uncertainty due to the recent development in COVID-19 restrictions, we saw encouraging emerging recovery of the hearing aid market in Q3. I am pleased to see audiologists around the world getting their business back. Bringing Resound ONE, as an entirely new class of hearing aids, to the market during these challenging times and receiving such positive reception and encouraging feedback shows us that innovative hearing technology is needed, now more than ever.”
René Svendsen-Tune, CEO of GN Audio, comments: “On the foundation of GN Audio’s distinctly leading product portfolio and our highly scalable business model, our teams and partners in Q3 delivered extraordinarily high sales growth. The demand was of course helped by the work-from-home agenda, but underneath we see a fundamentally sound development in demand for flexible solutions.”
Financial overview Q3 2020
GN Hearing | GN Audio | GN Store Nord* | |||||||
DKK million | Q3 2020 | Q3 2019 | Growth | Q3 2020 | Q3 2019 | Growth | Q3 2020 | Q3 2019 | Growth |
Revenue | 1,318 | 1,537 | -14% | 2,421 | 1,462 | 66% | 3,739 | 2,999 | 25% |
Organic growth | -11% | 8% | 72% | 20% | 29% | 13% | |||
Gross profit | 859 | 1,053 | -18% | 1,239 | 775 | 60% | 2,098 | 1,828 | 15% |
Gross margin | 65.2% | 68.5% | -3.3%p | 51.2% | 53.0% | -1.8%p | 56.1% | 61.0% | -4.9%p |
EBITA | 169 | 283 | -40% | 664** | 290 | 129% | 795** | 538 | 48% |
EBITA margin | 12.8% | 18.4% | -5.6%p | 27.4%** | 19.8% | +7.6%p | 21.3%** | 17.9% | +3.4%p |
Earnings per share (EPS) - DKK | 4.78** | 2.60 | 84% | ||||||
Free cash flow excl. M&A | 47 | 289 | -242 | 592** | 329 | 263 | 612** | 563 | 49 |
* Including "Other" ** Including gain from legal settlements and litigation of DKK 114 million |
Teleconference
GN Store Nord will host a teleconference at 11.00 a.m. CET today. Please visit www.gn.com/investor to access the teleconference. Presentation material will be available on the website prior to the start of the teleconference.
For further information, please contact:
Investors and analysts
Morten P. Toft
Vice President – Investor Relations & Treasury
Tel: +45 45 75 46 07
Or
Henriette Wennicke
Vice President – Investor Relations & Treasury
Tel: +45 45 75 03 33
Or
Rune Sandager
Senior Manager – Investor Relations
Tel: +45 45 75 92 57
Press and the media
Lars Otto Andersen-Lange
Head of Media Relations & Corporate Public Affairs
Tel: +45 45 75 02 55
About GN Group
The GN Group enables people to Hear More, Do More and Be More through its intelligent hearing, audio and video collaboration solutions. Inspired by people and driven by our innovation leadership, we leverage technological synergies between our hearing and audio divisions to deliver unique and increasingly individualized user experiences in our products and solutions.
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 GN Group employs 6,500 people and is listed on Nasdaq Copenhagen (GN.CO).
Visit our homepage GN.com - and connect with us on LinkedIn, Facebook and Twitter.
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