Bringing Sound. Life

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1 Annual Report 2012

2

3 Bringing Sound to Life Our commitment is to restore a fully active life and joie de vivre to people with hearing difficulties by achieving complete satisfaction in auditive communication in all listening situations.

4 TRANSLATION FROM THE ORIGINAL TEXT The CEO s Message to the Shareholders Highlights 6 Company Profile 12 Positioning 12 Business Sectors 12 Strenghts 13 The History of the Group 15 The Group s Brands 16 Organisational Structure 18 Index Annual Report 2012 The Business 20 The Market 20 Amplifon s Strategy 22 A Dual Role 22 Added Value Service 22 Amplifon s Stores 25 The Sales Network 26 Corporate Governance and People 30 The Code of Ethics 30 Corporate Bodies 31 The Board of Diretors 32 Human Resources 36 Corporate Social Responsibility 42 The Mission s Social Aims 42 Working with the Medical Profession 43 Playing our Role in Society 45 Shareholder Information 50 Borsa Italiana Listing 50 Main Shareholders 50 Share Performance, Volume Traded and Market Capitalisation 50 Internal Dealing 51 Relations with the Financial Markets 51 Brokers Coverage 53 Financial Calendar

5 Report on Operations at 31 December Comments on the Financial Results 55 Statement of Changes in Net Equity and the results for the period of the Parent Company Amplifon S.p.A. and the Group Net Equity and results for the period in question as at 31 December Risk Management 110 Treasury Shares 118 Research and Development 118 Transactions between Group Companies and with Related Parties 118 Contingent Liabilities 119 Subsequent Events after 31 December Outlook 120 Corporate Governance Report 121 Comments on the Financial Results of Amplifon S.p.A. 134 Consolidated Financial Statements at 31 December Consolidated Statement of Financial Position 150 Consolidated Income Statement 152 Statement of Comprehensive Income 153 Statement of changes in Consolidated Net Equity 154 Consolidated Cash Flow Statement 156 Supplementary Information to the Financial Statements 157 Explanatory Notes 158 Annexe I Consolidation Area 234 Annexe II Information pursuant to 149-duodecies of Consob Issuers Regulations 236 Annexe III Declaration in respect of the Consolidated Financial Statements pursuant to 154-bis of Legislative Decree 58/ Independent Auditor s Report at 31 December Amplifon Annual Report 2012

6 The CEO s Message to the Shareholders Dear Shareholders, 2012 was a particularly challenging year, from which we emerged strengthened, thanks to the solidity of our global leadership and the continuing validity of our strategy of geographical diversification of the business, achieving positive results in terms of both financial structure and profits despite the difficulties in the economic environment. The Amplifon Group continued to benefit from its diversified international presence, succeeding in offsetting the criticalities that characterised the Dutch market and those caused by the changes in legislation in Switzerland with outstanding growth in North America and Asia-Pacific and a positive performance in the main countries of Europe. In 2012 we once again achieved positive results, slightly up on 2011, when the result was the best in the history of the Group. Total revenue reached million - an increase of 2.3% over 2011 due not least to external growth and favourable trends in exchange rates. EBITDA was million, an increase of 0.5% over 2011, thanks to a significant improvement in profits in the US and to break-even being broadly achieved in the UK. These results offset the performance in Continental Europe, which was adversely affected by the mentioned problems in the Netherlands and Switzerland, while profitability in the Asia-Pacific area was once more the highest in the Group. Net profit was 43.2 million slightly up on 2011 (+1.1%): this is extremely significant, since it was achieved against the background of difficult economic conditions. 4

7 The CEO s Message to the Shareholders In 2012 we continued to: focus strongly on cost optimisation and an effective reduction in our debt in order to optimise our financial structure and reaffirm our ability to generate significant cash flow without renouncing our vocation to grow internationally; invest significant resources - thanks to the cash flow generated by operations - in projects designed to sustain and develop the business and consolidate our world leadership, while at the same time laying the foundations for even sounder growth in the future; maintain our brand s strength and the excellence of our service by investing in marketing, training and information systems, increasing the coverage of our specialist points of sale, improving our market share in the countries where we operate and at the same time increasing the Group s presence in high-potential markets with interesting growth opportunities. In 2012 we entered the Turkish and Polish markets, but above all we extended our geographical coverage in India where we are now the largest retail chain in the country following the acquisition made during the year. The results we achieved in 2012, the undoubted strength of our leadership in an industry with enormous growth potential in the short, medium and long term, together with the equally strong ambition to grow which marks us out, best positions the Amplifon Group to continue along the path of solid and stable growth in sales and profits. Striving for operational excellence, a firm focus on the customer s needs, our people s high professional standards and expertise and our unique global business model have enabled us to achieve important results by offering a personalised, advanced solution to the increasing demand for hearing care. These strengths will continue to be the fulcrum of our strategies and the basis for further strengthening of our global leadership. On behalf of the Board of Directors CEO Franco Moscetti 5 Amplifon Annual Report 2012

8 2012 Highlights Despite economic weakness, particularly in Europe, the Amplifon Group continued to grow in 2012, while maintaining its strong focus on debt reduction and cost control. TURNOVER Turnover reached million, an increase of 2.3% over The company continued to benefit from the international diversification of its business by achieving outstanding growth in North America (+5.4% in US dollar terms) and Asia-Pacific (+5.0% in AU dollar terms), which offset a fall seen in Continental Europe (-2.9%), mainly due to changes in regulations in The Netherlands and Switzerland, while UK revenues were stable in sterling terms (-0.8% in GBP). The favourable trends in the exchange rate contributed as to 2.9% to the overall growth of the Group s revenues. Ugo Giorcelli (CFO) EBITDA Group EBITDA reached the record level of million, a slight increase of 0.5%, or 0.7 million, and the EBITDA margin was 17.1% - a contraction of 0.4% from NET PROFIT Group net profit was 43.2 million, a slight increase of 0.5 million (+1.1%) over 42.7 million in NET FINANCIAL INDEBTEDNESS At 31 December 2012 net financial indebtedness was million, a reduction of 46.0 million from the end 2011 figure of million. This once again indicates the Group s ability to generate significant cash flow, which inter alia financed capital expenditure of 35.4 million, acquisitions worth 12.6 million, interest payments and other net finance cost totalling 22.1 million and dividends to the shareholders of 8 million. 6

9 2012 Highlights Sales by Region FY 2012 ( million) Asia Pacific Africa North America UK and Ireland Continental Europe EBITDA by Region FY 2012 ( million) Asia Pacific Africa North America Continental Europe UK and Ireland -0.7 Growth and Profitability ( million) SALES CAGR : +8.0% EBITDA CAGR : +11.4% % % % % % % % % % % % CAGR: Compound Annual Growth Rate: the weighted growth rate for the period considered. 7 Amplifon Annual Report 2012

10 MAIN ECONOMIC AND FINANCIAL DATA ( thousands) FY 2012 FY 2011 Change Economic data: Revenues from sales and services 846, % 827, % 2.3% Gross operating margin (EBITDA) 145, % 144, % 0.5% Operating result before the amortisation and impairment of customers lists, trademarks, non-competition agreements and goodwill arising from business combinations (EBITA) 114, % 116, % -1.7% Operating income (EBIT) 97, % 100, % -2.4% Profit (loss) before income taxes 72, % 72, % -0.1% Group net income (loss) 43, % 42, % 1.1% ( thousands) 31/12/ /12/2011 Change Financial data: Fixed Assets 829, , % Net Invested Capital 735, , % Total Net Equity 430, , % Total Net Financial Indebtedness 305, , % 31/12/ /12/2011 Net Financial Indebtedness/Group Net Equity Financial Indebtedness /Net Equity Financial Indebtedness /EBITDA

11 Highlights 2012 EBITDA is the operating result (earnings) before depreciation, amortisation and impairment of tangible and intangible assets. EBITA is the operating result before the amortisation and impairment of customer lists, trademarks, non-competition agreements and goodwill arising from business combinations. EBIT is the operating result before financial income and charges and taxes. Free cash flow is the cash flow from operations and investment activities before cash flows used for acquisitions and payment of dividends. The Net financial indebtedness/group Net Equity indicator is the ratio of net financial indebtedness to the Group s net equity. The Net financial indebtedness/net Equity indicator is the ratio of net debt to total net equity. The Net Debt/EBITDA indicator is the ratio of net debt to EBITDA for the last four quarters (determined with reference only to recurring operations and on a pro forma basis in case of significant changes in the Group Structure). 9 Amplifon Annual Report 2012

12 A Global Business Environment Hearing loss is increasing constantly throughout the world 20 % Average penetration rate in industrialised countries: 20% Average social cost of hearing impairment: circa 6,600 per person (source: Shields, 2003)

13 The facts and the numbers underpin our potential Hearing loss is a pathology that affects people of all ages and may have very serious consequences in everyday life, above all in learning and interpersonal relationships. In the world over 650 million people have hearing problems (source: WHO). Amplifon s business is such that its mission is bound up with socio-economic factors like the acceleration of demographic growth around the world, higher life expectation, increasing urbanisation and idustrialisation - causing an increase in the level of noise pollution - and low awareness of hearing impairment and its implications. These conditions are in turn involved with an increasingly widespread welfare and health culture, continuous technological innovation and growth in per capita income in emerging economies. These are decisive drivers for our Group s business development.

14 Company Profile The Amplifon Group is world leader in the distribution, application and customisation of hearing solutions. Its ability to innovate, the extensive market coverage and its unique and ground-breaking business model have enabled the Company - founded in Italy in to grow continuously over the years and to consolidate its leadership around the world. Positioning The Group has a 9% share of the world market and operates in Italy, France, the Netherlands, Germany, Spain, Portugal, Switzerland, Belgium, Luxembourg, Hungary, Turkey, Poland, the UK, Ireland, the US, Canada, Australia, New Zealand, India and Egypt. More than 10,000 people work in Amplifon around the world: in over 3,200 stores, 2,400 service centres, 1,665 affiliated stores and in back-office units. 10,390 people 3,237 stores 2,401 service centres 1,665 affiliated stores Business Sectors The Group s business is divided into three areas: 1. the sale of hearing solutions and related application and customisation services (87%); 2. the sale of accessories such as batteries, consumables and spare parts (12%); 3. the distribution of biomedical equipment (1%). Revenues by Segment Other related Products and Services 12% 1% Biomedical 87% Hearing Aids 12

15 Company Profile Strengths The Group s ability to fulfill its Mission, by providing a personalised and always advanced response to the growing demand for hearing solutions is based on a number of distinctive strengths. Its unique and innovative global business model that combines the best medical-retail skills with a thoroughgoing focus on the needs of the customer. Highly professional international know-how with a full range of skills and best practices acquired in over 60 years of experience. The widespread geographical coverage of its distribution network and a forward-looking strategy of internationalisation which has enabled Amplifon to attain and consolidate its global leadership and to strengthen the Group s financial structure and solidity. The qualified relationship with the medical community and the support provided for the development of new ways of treating hearing loss. These are made possible by the work of the Group s Centre for Research and Studies (CRS) and have enabled Amplifon to become a specialised partner and an international authority in the audiological and otorhinolaryngological fields. The high quality and professionalism of Amplifon s people, and their ability to take the growth and development opportunities that the Company offers them. 13 Amplifon Annual Report 2012

16 2012 Market Shares Country Brand Market Share Position Italy Amplifon 41% # 1 France Amplifon 11% # 2 The Netherlands Beter Horen 32% # 1 Germany Amplifon 4% # 3 Spain Amplifon 10% # 2 Portugal Amplifon 8% # 4 Switzerland Amplifon 21% # 1 Belgium & Luxembourg Amplifon 19% # 2 Hungary Amplifon 14% # 1 Turkey Maxtone N/A # 4 Poland Amplifon N/A - UK & Ireland Amplifon 14% # 2 USA Miracle Ear/ Elite/ Sonus 10% # 1 Canada Sonus 1% - Australia NHC 23% # 2 New Zealand Bay Audiology/ NHC +50% # 1 India Amplifon N/A - Egypt Amplifon 30% # 1 Markets of Operation** 14% # 1 Global market ** 9% # 1 (*) These figures refer to the private sector only, excluding the National Health Service. (**) Source: National Trade Associations and figures provided by insurance brokers. Amplifon market shares are calculated by local Management based on information received from the suppliers. There is no official certified data source for the volumes sold. Since our average selling price is in the upper market range, it is reasonable to expect that market shares calculated on revenue will exceed those based on volumes Revenues from Sales and Services ( thousands) FY 2012 FY 2011 Change Italy 224, , % France 98,325 96, % The Netherlands 89,807 97, % Germany 41,762 42, % Spain & Portugal 31,967 32, % Switzerland 25,995 41, % Belgium & Luxembourg 21,461 21, % Hungary 6,014 4, % Turkey 1,402 0 N/A Eliminations Continental Europe 541, , % UK & Ireland 41,825 39, % USA & Canada 130, , % Australia 91,827 78, % New Zealand 37,904 35, % India 1, % Asia - Pacific 130, , % Africa (Egypt) 2,483 1, % Eliminations 0 0 Total Group 846, , % 14

17 Company Profile The History of the Group 1950 In Milan, Charles A. Holland sets up Amplifon S.p.A., specialising in distribution of hearing aids. 1960s Starting in the 1960s the Company grows and consolidates its leadership in the Italian market, opening new shops in all regions. 1990s The process of international expansion begins with entry into the Spanish and Portuguese markets in Between 1998 and 2000 the Group makes more and more acquisitions throughout Europe and lays the foundations for entry to the North American market. The New Millennium On 27 June 2001 the Company s share is listed on the Borsa Italiana, the Italian stock exchange. The internationalisation strategy is pursued in the following years, in which the Amplifon Group strengthens its position in key markets like the US, The Netherlands and France and expands into Canada, Hungary, Egypt, Germany, the UK and Ireland, Belgium and Luxembourg Thanks to the acquisition of NHC (National Hearing Care) and its stores in Australia, New Zealand and India, Amplifon enters Oceania and Asia for the first time, thus extending its presence to all five continents. In 2012 the Group acquires 38 stores in India, increasing its coverage of the country and becoming market leader. In the same year, Amplifon enters the Turkish market through the acquisition of 51% of Maxtone and by setting up Amplifon Poland extends its coverage to a total of twenty countries. 15 Amplifon Annual Report 2012

18 The Group s Brands The Amplifon Group s international growth strategy initiated in the 1990s was implemented by means of acquisition of a number of local firms with a strong well-known brand of their own. 16

19 Company Profile Amplifon, created in Italy in 1950 and now used in 14 countries, an expression of attention to the customer, professionalism and service excellence. Beter Horen, a Dutch brand with over 100 years of history, acquired in 2003: it has been kept within the Amplifon brand image by virtue of its being highly recognisable and widely available in the local market. Miracle Ear, the brand of the franchisee network market leader in the US. Sonus, the brand of a chain of clinics acquired in the US in 2002: this is an up-market brand with a strongly medical identity. In the recent years the Sonus brand has been repositioned in terms of its business model, which changed from a direct-channel to an indirect-channel franchise model. National Hearing Care (NHC), is a highly recognisable brand with a consolidated position in Australia and New Zealand, which entered the Group in Bay Audiology, the long-standing market leader in New Zealand, acquired in 2010 together with NHC. İŞİTME MERKEZİ Maxtone, the brand of the largest retail chain in the Turkish market; a guarantee of high-quality service and clear customer orientation. 17 Amplifon Annual Report 2012

20 Organisational Structure The Group is organised in four Regions, each of which is responsible for the full implementation of the Group s strategic guidelines while coordinating operations in its markets. The Management of each Country is responsible for the development of the Group s business, with a specific focus on sales and marketing. NORTH AMERICA USA Canada EUROPE Italy France The Netherlands Germany Spain Portugal Switzerland Belgium Luxembourg Hungary Poland Turkey United Kingdom Ireland ASIA-PACIFIC Australia New Zealand India REST OF THE WORLD Egypt 18

21 Company Profile The Executive Leadership Team Group strategy and international steering and control functions - strategic planning and business development, marketing and institutional communication, finance and control, investor relations, information systems, coordination of human resources management, acquisition management and legal support, supply and procurement strategy, research support and quality control - are the responsibility of the Executive Leadership Team. Franco Moscetti Chief Executive Officer Gilbert Ferraroli Europe Regional Market Director Alberto Baroli Chief Innovation & Development Officer Enrico Bortesi Chief Supply Chain & Purchasing Officer Giovanni Caruso Chief Human Resources Officer Ugo Giorcelli Chief Financial Officer Massimiliano Gerli Chief Information Officer Paul Mirabelle APAC Regional Market Director Heinz Ruch North America Regional Market Director 19 Amplifon Annual Report 2012

22 The Business Amplifon is a provider of a personalised and highly qualified service whereby exclusive and technologically advanced solutions for the fitting of hearing aids manufactured by outside entities are offered. This is the Group s core business: it enables millions of people around the world to improve their hearing ability in every listening situation. The Market Amplifon s business is directed at all those who suffer from some form of hearing impairment: this is more frequently the case in senior citizens, but may occur at any age, from childhood to adulthood. Currently in the industrialised countries only one-fifth of those who could benefit from a hearing aid use one. This is due to a combination of factors, including social stigma, psychological barriers and the still persistent belief that hearing aids are difficult to use and ineffective. It follows that this industry still has enormous growth potential. First, world demographic trends and increased noise pollution will cause the incidence of hearing loss to rise. Additionally, technology and scientific advances have practically eliminated the problems linked to the appearance and the efficiency of hearing aids: together with a more universal culture of wellbeing and health, this should enable greater penetration of the hearing aid market. Lastly, rapid development in emerging economies, the increase in per capita income, industrialisation and urbanisation will be supposedly further drivers of the business. 20

23 The Business Hearing Loss Hearing impairment afflicts some 10% of the population of the industrialised countries but is perhaps one of the least properly treated problems. The origin of hearing difficulties cannot always be clearly defined; though generally it can be always attributed to injury to or congenital or acquired malformation of one or more parts of the ear. Congenital hearing impairments are often linked to heredity or pathologies occurring during pregnancy and childbirth. These forms are however rare and are becoming more so thanks to public health policies encouraging neonatal prevention and treatment. Acquired hearing impairments are often associated with ageing or other external agents such as: accidental injury; infections (e.g. scarlet fever, German measles or meningitis); untreated otitis; otosclerosis, which impairs the mobility of the midear ossicles; consumption of substances such as medicines, alcohol or smoking; noise pollution in its various forms. Various types of hearing loss may result from these causes: - conductive hearing loss, when the conductive apparatus is compromised, i.e. the outer or middle ear (the auricle, the external ear canal, the tympanic membrane, the ossicles that deliver sound vibrations to the inner ear); - sensorineural hearing loss, where the problem lies in the inner ear (cochlea, auditory nerve, central auditory paths) which becomes unable to transform sound vibrations into nerve impulses; - mixed hearing loss, where the above two problems are combined; - central hearing loss, where the problem lies in the cerebral cortex. These hearing problems, whatever the origin or the site, may occur with varying intensity and thus varying seriousness. Hearing loss is usually classified as mild, medium-mild, moderate, moderately severe, severe or profound, according to the minimum sound intensity perceived by the patient. The commonest form of hearing loss is sensorineural, which constitutes almost 90% of cases. Hearing aids, implants and cochlear implants are designed to compensate for and correct sensorineural, conductive and mixed hearing loss, and are in practice the only remedies. 21 Amplifon Annual Report 2012

24 Amplifon s Strategy Within this market scenario, Amplifon constantly strives to improve and diversify its product and solution offering, using direct communication to educate its users on the importance of obtaining highly personalised service hearing care and wellbeing. Our business model has evolved into an optimal combination of medical and retail skills, closer to the needs of existing and potential customers, giving particular attention to the baby-boomers, who in the coming years will be the population with the highest potential. The customer - no longer just a patient - is at the centre of all our corporate decisions, plans, strategies and operations. A Dual Role Hearing impairment or loss bears strongly on questions of integration, equal opportunities and the right to quality of life. This is why Amplifon s mission includes - together with its business objectives - significant social aims, by offering solutions that enable people to use their sense of hearing to the full and enjoy a better life. Guaranteeing maximum satisfaction in daily auditory communication is an objective that the Company pursues indirectly as well through the adoption of a holistic approach which is directed not only at end users but also the medical profession and the scientific and academic communities. Our constant commitment to our mission has meant that Amplifon has become the most important hearing loss expert in the world, by virtue of its leadership not only in the market but also in cultural terms, and that the name of the company is identified with a certain type of product as well as being a synonym for the care and well-being of people s hearing. Added Value Service Amplifon s over 5,000 Audiologists working around the world strive to be close to their customers, by listening carefully to them and interpreting their physical needs as well as the psychological problems relating to the acceptance of their hearing impairment. Within this confidential relationship, the service of personalised fitting of a hearing aid is central and highly rewarding: improving hearing and communication where there is hearing impairment depends not only on the efficiency and intrinsic quality of the aid that has been chosen, but above all on the ability and skill of those charged with fitting the device and exploiting its characteristics to the full in line with the customer s needs. For example: two people with a similar form of hearing loss may need two different hearing solutions in line with their life style, the recurrent sounds that they hear, their aesthetic preferences or particular physical or psychological conditions. The type of fitting required may also depend on whether it is a first fitting of the hearing aid or a repurchase after an initial use. Therefore Amplifon s thinking is that the product is an essential element, but the added value comes from the service that makes it possible to satisfy the personal needs of the customer. 22

25 The Business Improving hearing: a complex and structured process It is commonly thought that to solve a hearing problem it is sufficient to fit a hearing aid. In reality this is only one step of a complex process involving several meetings whereby customers are helped to reach a satisfactory hearing level for their needs and their way of life. In simplified terms the process whereby hearing is restored comprises four key stages: 1) Interview: the Audiologist becomes acquainted with the specific case by gathering information on the patient s history and her or his expectations and motivation and performing a prosthetic audiometry following the indications of the referring doctor if any. The ability to hear sounds is visualised in an audiogram. db HL 0 Right ear Left ear Hearing loss degree z v d n m ng e l u i o a r P h g ch sh K th Mild Moderate Severe 80 Profound k 1.5k 2k 3k 4k 6k 8k Hz 2) Solution selection: having analysed all the data available the Audiologist proposes the most suitable solution for the customer, bearing in mind the non-auditory aspects such as aesthetic preferences and manual dexterity as well as psychological aspects and all the features of the customer s life style. 3) Fitting and personalisation: the selected device is personalised according to the patient s auditory needs using computerised systems which adapt the hearing aid to the wearer s listening ability. 4) Assessment and follow up: sophisticated instruments are used to measure the improvements and advantages that the new hearing solution brings to the customer s life. These data are the basis for a follow up plan, i.e. consolidation of the results in the short, medium and long term. In all the stages of this process, Amplifon gives the customer - for whom it is usually the first encounter with hearing aids and accessories - great human and psychological support, both to come to terms with the hearing impairment and to have an accurate perception of the progress made during the fitting. Amplifon also offers an exclusive portfolio of high value-added services which are fundamental to give each customer excellent results and complete satisfaction in all listening situations. These include free regulation checks, cleaning, home visits and international assistance in the 20 countries in which the Group operates. 23 Amplifon Annual Report 2012

26 Amplifon contacts both potential customers or users - who usually do not perceive their problem or, believing it to be a handicap, have difficulty in taking it on board - and the so-called influencers, i.e.: the customer s family and friends, who may help her or him to become aware of her or his problem and take concrete action; the family doctor, who directs the patient to a specialist for an examination; the specialist, since the rules and regulations in most of Amplifon s countries of operation require a doctor s prescription for the fitting of a hearing aid. With the aim of maximising the satisfaction of the customer s needs and expectations, the Amplifon Group also contributes to the development of examination and rehabilitation methodologies by providing doctors with the indispensable tools, assistance and know-how for otologic diagnosis and for computerised and integrated management of audiological systems. Hearing Aids Hearing aids are one of the various elements of the solution provided: the most up-to-date models are miniaturised electronic instruments, which receive, analyse, process and amplify the sounds of the environment, differentiating and selecting them over many frequencies, in order to relay them to the ear in a clear, controlled and comfortable manner. They can deal with all the various hearing impairments, from mild loss through to profound deafness, since they are able to: identify background noise and tone it down, while picking out and emphasising speech; recognise and reduce loud, annoying or sudden sounds in order to maintain a natural listening experience; reduce disturbing wind noises. Thanks to Bluetooth TM and other wireless technologies it is possible to synchronise the signals of all electronic appliances (television, telephone, mp3 player, computer, etc.) wirelessly and without headphones, to listen to music, watch films or talk over the telephone without intereference from surrounding noise sources. With specific regard to technology, one of our main challenges will be to give an appropriate response to the so-called baby-boomers, who - for reasons of age and life style - will soon enter our market: they have a decidedly greater familiarity with technology than the previous generation and will have much more sophisticated and specific needs in terms of personal wellbeing; this will require specific customised solutions and should improve market penetration rates in the future. 24

The 1960s and 1970s. The 1990s 1998-2000 2002-2006 2007-2008. 2009 By means of the significant acquisition of Dialogue we entered the Belgian market.

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