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GN Store Nord A/S: Interim Report Q2 2020: GN Audio +32%, GN Hearing -54%, GN at -13% organic growth, and EBITA of DKK +25 million

·6-min read

GN Store Nord A/S / Key word(s): Half Year Results
GN Store Nord A/S: Interim Report Q2 2020: GN Audio +32%, GN Hearing -54%, GN at -13% organic growth, and EBITA of DKK +25 million

19-Aug-2020 / 07:32 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


- - GN Store Nord


- - GN Hearing


- - GN Audio


Quotes from executive management
Gitte Aabo, CEO of GN Hearing, comments: "Needless to say our Q2 financial results are not a pretty story. However, amidst the COVID-19 situation our employees have done a great job in ensuring our company gets through COVID-19 stronger than ever focusing on fundamentals and on bringing ReSound ONE to market as an entirely new class of hearing aids. With this exciting launch we deliver on our strategy of bringing individualized customer experience to market - something I am excited and optimistic about."

René Svendsen-Tune, CEO of GN Audio, comments: "Albeit partly on the somber background of the COVID-19 pandemic, our global team and leading product portfolio have performed outstandingly in helping both existing and many new customers preserving their employees' productivity when working from home. We see this very strong current demand continue into Q3, and in the mid-term we expect a more normalized - but still strong - demand in line with our mid-term financial targets."

Marcus Desimoni, CFO of GN Store Nord, comments: "In an extremely challenging COVID-19 market situation for GN Hearing, we are very pleased to be able to deliver a positive EPS for the quarter. With our continued sound balance sheet and access to ample sources of liquidity this is a testimony to the resilience of the company."

Financial overview Q2 2020



Teleconference
GN Store Nord will host a teleconference at 11.00 a.m. CEST 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

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.




 

19-Aug-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

 

GN Hearing

GN Audio

GN Store Nord

DKK million

Q2 2020

Q2 2019

Growth

Q2 2020

Q2 2019

Growth

Q2 2020

Q2 2019

Growth

Revenue

715

1,585

-55%

1,944

1,466

33%

2,659

3,051

-13%

Organic growth

-54%

8%

 

32%

26%

 

-13%

16%

 

Gross profit

332

1,090

-70%

1,009

745

35%

1,341

1,835

-27%

Gross margin

46.4%

68.8%

-22.4%p

51.9%

50.8%

+1.1%p

50.4%

60.1%

-9.7%p

EBITA

-336

299

-212%

408

268

52%

25

523

-95%

EBITA margin

-47.0%

18.9%

-65.9%p

21.0%

18.3%

+2.7%p

0.9%

17.1%

-16.2%p

Earnings per share (EPS) - DKK

 

 

 

 

 

 

0.06

2.29

-97%

Free cash flow excl. M&A

-117

290

-407

579

232

347

517

472

45

 

GN Hearing

GN Audio

GN Store Nord

DKK million

Q2 2020

Q2 2019

Growth

Q2 2020

Q2 2019

Growth

Q2 2020

Q2 2019

Growth

Revenue

715

1,585

-55%

1,944

1,466

33%

2,659

3,051

-13%

Organic growth

-54%

8%

 

32%

26%

 

-13%

16%

 

Gross profit

332

1,090

-70%

1,009

745

35%

1,341

1,835

-27%

Gross margin

46.4%

68.8%

-22.4%p

51.9%

50.8%

+1.1%p

50.4%

60.1%

-9.7%p

EBITA

-336

299

-212%

408

268

52%

25

523

-95%

EBITA margin

-47.0%

18.9%

-65.9%p

21.0%

18.3%

+2.7%p

0.9%

17.1%

-16.2%p

Earnings per share (EPS) - DKK

 

 

 

 

 

 

0.06

2.29

-97%

Free cash flow excl. M&A

-117

290

-407

579

232

347

517

472

45

Language:

English

Company:

GN Store Nord A/S

Lautrupbjerg 7

2750 Ballerup

Denmark

Phone:

+45 457 50000

E-mail:

investor@gn.com

Internet:

www.gn.com

ISIN:

DK0010272632

WKN:

854734

Listed:

Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart, Tradegate Exchange

EQS News ID:

1120361


 

End of Announcement

DGAP News Service

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