FY 2023 Financial Highlights

Results in line with expectations and solid fundamentala in a sharply contracting market

The 2023 operating and financial results confirm that this company has changed. In 2018, with a similar level of revenue and in the absence of the major headwind of inflation witnessed over the last two years, Elica reported a loss of one million, the Company now brings home more than Euro 10 million in Net Profit. We have managed to defend margins and cash, thanks to the flexibility of our industrial structure and the capability to contain costs, but above all thanks to the profound change delivered by an exceptional team over the past three years. Despite an expectation of continued weak market demand for both the Cooking and Motor segments, we will continue to bet on ourselves, investing in expanding our product offerings, in the opportunities that will come with the energy transition, in expanding our distribution network, and in our brand identity. The recent sponsorship signed with Ducati fits perfectly with this strategy, as highlighting our focus on excellence, quality, performance, technology and our Italian identity - factors which have always set us apart.” stated Giulio Cocci, Chief Executive Officer of Elica.
 
FY 2023 Financial Highlights
473,2 M€
Consolidated Revenue
The Result is due to the persistent decline in demand, mainly stemming from the uncertainty generated by the economic slowdown, worsened by the high cost of money and the ongoing geopolitical tensions. This situation has significantly impacted both the Cooking and Motor segments. Americas revenue saw organic growth of +9.6% in Q4 2023, thanks to the entry of new OEM channel customers, but also as a result of the consolidation of the new own brand distribution companies: AG International for Canada and SouthEast Appliance Inc (SEA) for a section of North America.
24,3 M€
Adjusted EBIT
Despite weak industry dynamics and declining volumes, the flexibility of the production footprint has ensured a solid operating margin. Margin on revenues of 5.1%.
10,6 M€
Adjusted Group Net Profit
Euro 11.9 million, compared to Euro 20.9 million in 2022. The Minorities profit was Euro 1.5 million.
Performance
By Business Area
The Cooking division, which accounts for 77% of total revenue, reports a contraction of -13.7% (-12.8% at constant scope and exchange rates), slightly improving on the first nine months of the year

Continued weak market demand compared to the previous year, together with significant promotional activity and reduced consumer purchasing power, has led to a declining price mix, which has impacted the Own Brands area. We have however seen in the last quarter OEM and NAR Own Brand business growth, thanks to the distribution strategy and the new commercial agreements.

The Motors division, which accounts for 23% of total revenue, reports a contraction of -14.5% (-14.6% at constant scope and exchange rates).

The sales numbers are considered in view of the significant heating segment slowdown emerging in the third quarter, which impacted also Q4. This follows the changes to the incentive rules and the effect of the announcement of the legislation, together with the OEM customer stock reduction measures.

Analysts Presentation FY 2023 Results click
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