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Demant fastholder nedjusteret forventning i 3. kvartalsopdatering

Bruno Japp

mandag 18. november 2019 kl. 8:20

Uddrag fra Demants 3. kvartalsopdatering:

Recovery in hearing aid wholesale is progressing as planned and growth momentum is building up
Hearing aid retail business has normalised during November
Continued strong momentum in Hearing Implants and Diagnostics – both unaffected by IT incident
Maintaining outlook for EBIT of DKK 2.0-2.3bn, we expect share buy-backs of DKK 1.0bn in 2019

 

As a result of the negative impact of the IT incident, we now expect to generate organic sales growth in line with the market growth rate in 2019 (previously above market level). Based on exchange rates as of 15 November 2019 and including the impact of exchange rate hedging, we continue to expect a positive exchange rate effect of 1% on revenue in 2019. As previously communicated, we guide for an EBIT of DKK 2,000-2,300 million, corresponding to an EBIT of DKK 2,650-2,850 million before the IT incident.

When excluding the positive impact of IFRS 16, we now expect growth in our cash flow from operating activities (CFFO) to be negative (previously substantial growth) as a result of the IT incident. As of today, we will resume our share buy-backs, and we expect total buy-backs for the year to amount to around DKK 1.0 billion (previously minimum DKK 1.2 billion).

As a direct consequence of the IT incident, we expect that at the end of the year our gearing multiple will temporarily exceed our target range of 1.7-2.2 measured as net interest-bearing debt (NIBD), excluding lease liabilities, relative to EBITDA before depreciation related to leased assets (i.e. adjusted for the impact of IFRS 16).

 

Looking back at an extremely hectic period for the Group, I’m satisfied that we’ve now recovered our IT infrastructure and that our business recovery is progressing fast. For the past couple of months, we’ve done our utmost to reduce the impact of the incident and normalise our operations, and our commitment to delivering innovative products is intact. Despite the past few months’ challenges due to cybercrime, we’ve seen impressive growth in Diagnostics and Hearing Implants, and although our growth in hearing aid retail has been impacted, I’m glad to note that we’re back to normal operations. Our hearing aid wholesale business was severely impacted by the incident, and we’re working hard and dedicatedly to execute our growth activities and to support our customers by delivering on the strong demand for new hearing aid technology,” says Søren Nielsen, President & CEO of Demant.

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