HAL: AudioNova acquires full control of GEERS Hörakustik

market

Dr Volker Geers

GEERS Horakustik, a hearing aid retailer in Germany, Poland, Hungary, Russia and Switzerland is now under the full control of AudioNova International following the sale of the final 25% of their shares by the Geers family.

In March 2010, HAL's hearing aid retail subsidiary AudioNova International B.V. acquired a 75.25% stake in GEERS Hörakustik with the obligation to acquire the remaining 24.75% during the period 2014-2016. This obligation was recorded as a liability in the financial statements. Today, AudioNova acquired the remaining 24.75% which resulted in a release of a part of this financial liability to the income statement (€ 29 million). This release will be recorded in the results for the first half of 2015.

GEERS ― founded in 1952 ― has 500 shops in Germany and 100 shops in Poland, Hungary, Russia, Switzerland. AudioNova International B.V. is a Netherlands-based retail company that employs 2,611 FTE’s and operates 1,303 stores (2013: 1,272) in twelve European countries. Revenues for 2014 increased by 8.5% to € 333 million (2013: € 307 million). The same store sales increased by 7.3% (2013: decrease of 14.7%). In 2013 the same store sales were negatively affected by changes in the reimbursement schemes in the Netherlands and Denmark. Operating income for 2014 amounted to € 35 million (2013: € 9 million). This increase is primarily due to higher sales in Germany and the Netherlands

Source: 4-traders.com

V.A.