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Americas & Asia
The Americas & Asia segment includes the businesses in Latin America, Asia and the United States. In Latin America, GrandVision operates leading optical retail banners in Argentina, Chile, Colombia, Mexico and Uruguay. Most regions in the Americas & Asia segment have the lowest level of maturity in the GrandVision group. These optical retail markets have been growing faster on average than the more developed markets. GrandVision is market leader in Latin America with number one positions in Argentina, Chile, Colombia and Uruguay. In Asia, GrandVision is well positioned in China, India, Russia and Turkey.
The store network increased by 308 to 1,678 in 2016 due to acquisitions in Mexico and Uruguay as well as continued network expansion, particularly in Colombia, Mexico and Turkey.
In the Americas & Asia segment, revenue grew by 24.3% to €440 million in 2016 (2015: €354 million) or 36.2% at constant exchange rates. Organic growth was 13.0% and the acquisitions in the United States, Mexico and Uruguay contributed 23.2% to revenue growth. Comparable growth was 7.4% with a strong contribution from Mexico and Turkey and a weaker performance in Brazil, Peru and Uruguay.
Adjusted EBITDA increased by 29.2% to €11 million in 2016 (2015: €8 million), or 41.6% at constant exchange rates. Organic adjusted EBITDA growth was 119%, while acquisitions had a negative impact of 78%. Organic growth was achieved through better operating leverage enabled by the growing store footprint, and roll-out of our global capabilities.