ELICA S.p.A. BoD APPROVES H1 2019 CONSOLIDATED RESULTS:
OWN BRAND PRODUCT SALES GROW FURTHER CONFIRMED MARGIN AND NET FINANCIAL POSITION IMPROVEMENT
H1 2019 Consolidated Financial Highlights:
- Revenue: Euro 238.7 million (Euro 243.2 million in H1 2018), -1.9% on the same period of the previous year (-3.1% net of the currency effect). Cooking segment improves slightly on H1 2018, Motors segment continues to be impacted by slower European and Turkish demand;
- Own brand product sales, mainly the Elica brand (+12.7%), continue to grow with revenue up 8.7%, picking up further in the second quarter, bringing to approx. 51% the contribution of own brand products to total Cooking revenue in H1 2019;
- OEM revenue, mainly in EMEA and North America, again impacted by forecast lower market demand in the area and sales numbers of some of the main segment customers;
- Adjusted EBITDA: Euro 21.2 million, up 5.9% on Euro 20.1 million in H1 2018; revenue margin rises to 8.9% from 8.2% in the same period of the previous year;
- Adjusted EBIT: Euro 8.8 million (Euro 10.2 million in H1 2018), with 3.7% revenue margin due to higher amortisation and depreciation with the full implementation of the investment plan supporting the development of the new product range launched in 2018;
- Profit: Euro 3.1 million, up 31% compared to Euro 2.4 million for the same period of 2018;
- Net Financial Position: Euro -62.7 million (Euro -69.9 million in H1 2018), compared to Euro -56.3 million at December 31, 2018, featuring increased inventory in support of B2C segment development, reduced Capex and business seasonality;
- 2019-2025 Phantom Stock & Voluntary Co-investment Plan launched
- On July 8, 2019, the BoD of Elica appointed Mauro Sacchetto as the new Chief Executive Officer;
- On July 26, 2019, Tamburi Investment Partners held 14.582% of the share capital of Elica S.p.A..
Milan, July 30, 2019 – The Board of Directors of Elica S.p.A., the parent of a Group that is the leading manufacturer of kitchen range hoods, meeting today in Milan approved the Half-Year Report at June 30, 2019, prepared in accordance with IFRS.
 The value indicated for the first half of 2019 includes the IFRS 16 effect, as explained in the reconciliation tables (the adjusted EBITDA is equal to 8.3% of net revenues excluding IFRS 16). The normalization of the 2019 result refers to the extraordinary provision linked to the replacement of the Chief Executive Officer, equal to about 1.3 million euros, and to a lesser extent to other restructuring costs, for a total of Euro 2.0 million. The adjustment of the 2018 result referred to the first provision of Euro 4.0 million determined by the insolvency situation of the former German subsidiary Exklusiv-Hauben Gutmann GmbH.
 The H1 2019 figure is net of the IFRS 16 effect, as outlined in the reconciliation tables
The Elica Group has been present in the cooker hood market since the 1970’s, is chaired by Francesco Casoli and led by Antonio Recinella and today is the world leader in terms of units sold. It is also a European leader in the design, manufacture and sale of motors for central heating boilers. With over 3,800 employees
and an annual output of approx. 21 million units, the Elica Group has seven plants, including in Italy, Poland, Mexico, India and China. With many years’ experience in the sector, Elica has combined meticulous care in design, judicious choice of materials and cutting edge technology guaranteeing maximum efficiency and reducing consumption, making Elica the prominent market figure it is today. The company has revolutionized the traditional image of the kitchen cooker hood: it is no longer seen as simple accessory but as a design object which improves quality of life.