ELICA S.p.A. BoD

ASSESSED THE MEASURES ADOPTED FOR THE CURRENT HEALTH EMERGENCY AND APPROVED 2019 CONSOLIDATED RESULTS AND 2019 SEPARATE FINANCIAL STATEMENTS

 

OWN BRAND SALES GROWTH CONTINUES

MARGIN GROWTH ALONGSIDE SUBSTANTIAL IMPROVEMENT IN NET FINANCIAL POSITION 

 

OWN BRAND SALES AND MOTOR SEGMENT GROWTH CONFIRMED IN THE FIRST TWO MONTHS OF 2020

 

2019 consolidated financial highlights:

  • Revenue: Euro 480 million (+5.8% in Q4 2019 to Euro 124.1 million), +1.6% on 2018 (+0.3% net of the currency effect).  Cooking segment growth continues at 2.5% (+4.2% in Q4 2019). Motors segment significantly expands in Q4 (+17.5%). The overall contraction on 2018 (-4.4%) is however impacted by the poor performance in the first half of the year and particularly on the Turkish market;
  • Own brand sales growth continues, up 10% (+11.7% in Q4 2019), driven particularly by the EMEA market.  Own brand revenue for FY 2019 accounts for 52% (vs 49% in 2018). Despite signs of recovery in the second half of the year in the EMEA region, in 2019 the poor North American market performance continued to have an impact on OEM revenue; 
  • Adjusted EBITDA[1]: Euro 45 million (including IFRS 16 effect for Euro 3.4 million), up 12.7% over Euro 40 million for 2018; margin on revenue rises to 9.4% from 8.5% for the same period of the previous year. 
  • Adjusted EBIT1: Euro 19.6 million (Euro 19.8 million in 2018), with a margin on revenue of 4.1% (4.2% in 2018).
  • Net Profit attributable to the Group (net of minorities of Euro 4.4 million) was Euro 3.0[2] million, significantly improving on the loss of Euro 0.96 million in 2018;
  • Net Financial Position[3]: Euro – 47.2 million (excluding the IFRS 16 effect for Euro -11.8 million) compared to Euro -56.3 million in 2018, improving thanks to the cash generation and the containment of investment.
  • Update on Covid-19:
  • Although it is difficult to make reliable predictions on impacts and duration of the Covid-19 emergency, the company informs that it has registered low single digit growth in the first two months of the year compared to the same period of 2019, driven by Own brand sales and Motors division positive trend consistent with Q4 2019.
  • The company confirms, for the time being, regular operation of the Italian, Polish and Chinese production plant.
  • Resolutions on the allocation of the net result;
  • Calling of the Shareholders’ Meeting and approval of the illustrative reports on matters on the Agenda;
  • Closing of the Second Cycle of the 2016-2022 Phantom Stock & Voluntary Co-investment Plan;
  • Composition of the Board Internal Committees.

[1] The figure was adjusted for the extraordinary charge for the replacement of the Chief Executive Officer and for other restructuring costs, for a total of Euro 2.6 million. The adjustment of the 2018 result concerned the extraordinary accrual of Euro 11.3 million (of which Euro 10.2 million EBITDA effect and Euro 8.3 million net of the tax effect), considered necessary in view of the settlement stipulating mutual positions on the insolvency declaration of Exklusiv-Hauben Gutmann GmbH, in full and final settlement of all claims.

[2] Euro 3.2 million, excluding IFRS 16 effect of Euro – 0.2 million

[3] The value indicated is net of the IFRS 16 effect, as outlined in the reconciliation tables

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The Elica Group has been active in the kitchen hood and stoves market since the 1970’s. Chaired by Francesco Casoli and led by Mauro Sacchetto, today it 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 approx. 3,700 employees, 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.