Consolidated revenue totalled DKK 10,665 million, matching a growth rate of 14% or 7% in local currencies of which organic growth accounted for more than half.
Driven by the successful launch of Oticon’s Inium Sense platform, the Group saw an 8% organic growth rate in the wholesale of hearing aids in the second half-year, thereby exceeding the market growth rate.
The reported operating profit (EBIT) increased by 7% to DKK 1,878 million. The underlying profit increased by 8%, corresponding to an EBIT margin of 19.4% or an increase of 0.5 percentage point.
Cash flow from operating activities (CFFO) increased by 6% to DKK 1,592 million, corresponding to a continued high cash conversion ratio of 85% (CFFO/EBIT). Free cash flow grew by 8%, amounting to DKK 1,129 million.
At the end of the second quarter of 2016, Oticon will reach a landmark with the introduction of the first-ever dual-radio hearing aid, combining the audiological advantages of our new near field magnetic induction system for fast and ultra-low-power ear-to-ear communication and a 2.4 GHz system for streamer-free connectivity and programming. The completely new audiological platform delivers new groundbreaking technology and unmatched end-user benefits. The global launch will impact sales in the second half of the year.
In 2016, we expect to generate growth in all our business activities. We are guiding for an operating profit (EBIT) in the range of DKK 2.0-2.3 billion.
