2002 sales: +20%

25/03/03 - 2002 Operating income: +30%

 

2002 sales: up 20.3%to EUR 42 million

 

For 2002 as a whole, Audika generated sales of EUR 42 million, an increase of over 20% on the previous year. Like-for-like, growth stood at +8.2%.

 

In EUR millions	2001	2002	Change
Sales	34.96	42.05	20%
Operating income	4.99	6.48	30%
Operating margin	14.3%	15.4%
Group net income before goodwill	3.0	3.88	29%
Group net margin before goodwill	8.6%	9.2%
Group net income after goodwill	2.79	3.58	28%
Group net margin after goodwill	8.0%	8.5%

 

 

25 centers acquired in 2002

 

Throughout the year, Audika Group pursued an aggressive growth strategy. All told, the company acquired 25 existing centers and set up 4 new centers, thus actively reinforcing its nationwide network.

 

 

Operating margin of 15.4% in 2002

 

Ever-faithful to its development model combining dynamic growth with profitability, Audika enjoyed a marked improvement in results in 2002.

 

In line with targets, operating income increased by over 30% to EUR 6.48 million. All in all, operating profitability stood at 15.4% of total sales. Group net income before goodwill totaled EUR 3.88 million (+29%), thus generating a net margin of 9.2%.

 

 

Acquisition of a second center in the Landes

 

In a bid to further strengthen its nationwide network, Audika has heightened its presence in the Landes region with the acquisition of a new center in Mimizan. This acquisition is fully in line with the Group’s strategy implemented in 2002 to complete its coverage of the Aquitaine region. Audika now has 9 centers in this region.

 

Over a full year, this center should generate sales of EUR 0.25 million. It will be consolidated over 8 months in 2003.

 

 

Integration of 8 franchised centers

 

In line with its strategy to gradually repurchase its franchised entities, Audika has integrated eight centers from its branch network. This strategy has the dual advantage of affording the Group a better control over its network and enabling it to optimize its operations.

 

The integration of these centers, which are located in the western Pyrenees region, should generate a further EUR 0.83 million in sales for the Group over a full year. The centers will be consolidated as of April 1, 2003.

 

 

110 centers acquired since 1998

 

Since the beginning of 2003, Audika has already acquired 24 centers (including the integration of 12 franchised centers).

 

Overall, since its IPO in 1998, Audika has acquired a total of 110 centers (including the integration of 19 franchised centers).

 

 

Objectives for 2003: sustained growth, improvement in profitability

 

The Group’s new advertising campaign which is centered on a prominent personality in France (Robert Hossein) continues to bear its fruits. In fact, by the end of February, the campaign had led to a marked increase in the number of queries prompted by the Group’s advertising (+60%).

 

Overall, the upturn in organic growth triggered by the Group’s acquisitions should enable Audika to realize sales of at least EUR 51 million (new acquisitions excluded) in 2003 and enjoy a further improvement in profitability.

 

In line with its strategy, and given that the Group enjoys excellent visibility as to its future acquisitions, Audika intends to continue to build on its nationwide network in 2003 and beyond.

 

 

About Audika:

 

With some 250 centers in 71 different regions and an 11% market share, Audika is the number one network offering hearing correction consulting and solutions in France. Positioned on the market for hearing correction solutions for senior citizens, which is not affected by changes in the economic situation, Audika aims to consolidate its leadership in a sector that remains very highly fragmented.

 

Audika is listed on the Nextprime, MidCAC and Second Marché indexes.

 

If you would like to receive all financial information regarding Audika by e-mail, please access the following web site addresses: www.equityinfos.com or www.audika.com



Audika contact: Alain Tonnard on +33 1 55 37 30 30

Equity Conseil contact: Laurence Marquézy on +33 1 45 22 22 30



Euroclear 6375, Reuters DIKA.PA, Bloomberg ADI, Number of shares: 3,150,000



25/03/03

Equity Conseil / DDB Group