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Elica
Earnings Release • May 9, 2024
4217_rns_2024-05-09_8005cd68-3d74-48e9-8ab0-75eed9fcdf73.pdf
Earnings Release
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IR Elica S.p.A.:
Francesca Cocco Lerxi ConsulEng – Investor RelaEons Tel: +39 (0)732 610 4205 E-mail: [email protected]
Elica S.p.A.:
Michela Popazzi Corporate & Internal CommunicaEon Specialist Mob: +39 345 6130420 E-mail: [email protected]
Press Office: Havas PR
ValenEna Burlando M +39 335.6182360 [email protected] Giulia Bertelli M +39 340.1453906 [email protected]
ELICA BOD APPROVES Q1 2024 RESULTS
GREAT INTEREST AND MEDIA RESPONSE TO ELICA'S NEW "EXTRAORDINARY COOKING" BRAND STRATEGY AND MAJOR PRODUCT RANGE EXPANSION: OVER 30,000 VISITORS TO ELICA'S SPACE AT THE FURNITURE FAIR
WITHIN A STILL SIGNIFICANTLY WEAK MARKETPLACE, REVENUES IN LINE WITH EXPECTATIONS AND ONGOING Q/Q RECOVERY TO EURO 117.2 MILLION (-8.5% VS Q1 2023, ORGANIC), DRIVEN BY NORTH AMERICAN GROWTH (+6.9%), THANKS TO NEW OEM CUSTOMERS AND DIRECT DISTRIBUTION PRESENCE STRATEGY
SHRINKING MARGINS CHARACTERISED BY SIGNIFICANT INVESTMENTS TO SUPPORT GROWTH AND A NEGATIVE PRICE MIX IN A HIGHLY COMPETITIVE MARKET ENVIRONMENT ADJUSTED EBITDA AT 7.6 MLN EURO (-39.7% VS 1Q 2023)
SOLID NET FINANCIAL POSITION DUE TO EFFICIENT MANAGEMENT OF MANAGERIAL WORKING CAPITAL
NEW EURO 70 MILLION LOAN AGREED TO SUPPORT MEDIUM-TERM GROWTH STRATEGY
GROUP'S MEDIUM-TERM VISION ANNOUNCED:
- FORECAST REVENUES > Euro 500 million
- ADJUSTED EBIT MARGIN > 6%
- LEVERAGE AT < 0.5X
Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy Tel. +39 0732 6101 Fax +39 0732 610249 CerEfied e-mail [email protected] SDI Code - Y1NM1XC
COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN
Fabriano, May 9, 2024 – The Board of Directors of Elica S.p.A. has approved the 2024 First Quarter results, prepared in accordance with IFRS accounDng standards.
***
"In a very challenging 8me for our sector, we once again decided to think outside of the box. Elica has set an ambi8ous strategy and the goal of becoming a major cooking market player, with an investment of over Euro 40 million over 3 years. The massive aHendance at Eurocucina, where we welcomed more than 30,000 visitors from all over the world to a stand that went beyond the tradi8onal concept of product presenta8on, transforming into a truly contemporary architecture, is an example of how mo8vated our organisa8on is to see this transforma8on through". stated Francesco Casoli, Chairperson of Elica S.p.A.
"The results for the first quarter are in line with our expecta8ons. Amidst a s8ll weak Industry backdrop in both Europe and North America, we are successfully defending market share and have seen a sequen8al increase in sales quarter over quarter, proving that we are on the right path. Margins are under significant pressure, although we are aware that 2024 will be a year of inves8ng in our future and we remain confident in the solidity of our strategy. The North America performance - where we are growing against a backdrop of sharply declining demand, thanks to new OEM customers and the direct distribu8on strategy introduced in 2023 - is a key leveraging point to fully benefit from the opportuni8es that will come from a recovery in demand. The focus remains on suppor8ng growth in both business segments. On the one hand, we will con8nue to transform and posi8on ourselves on the Cooking segment, and on the other will remain focused on sustainable innova8on and boos8ng market share in the Motors segment" stated Giulio Cocci, Chief Execubve Officer of Elica.
***
Q1 2024 preliminary consolidated highlights
Revenue: Euro 117.2 million;
Adjusted EBITDA1: Euro 7.6 million (6.5% margin on revenues);
Adjusted EBIT2: Euro 1.8 million (1.5% margin on revenues);
Adjusted Net Profit3: Euro 0.4 million;
Adjusted Group Net Profit: breakeven. The MinoriDes profit was Euro 0.4 million;
Adjusted Net Financial Posibon4: Euro -43.2 million (excluding IFRS 16 effect of Euro 11.8 million and debt for acquisiDon of investments for Euro 1 million);
Tel. +39 0732 6101 Fax +39 0732 610249 CerEfied e-mail [email protected] SDI Code - Y1NM1XC
COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN
1 The value was adjusted considering the extraordinary positive effects from the reorganisation and rightsizing toalling Euro 0.2 million, and the negative effects from the implementation costs for the new brand identity for Euro 0.2 million and other services expenses for Euro 0.1 million.
2 The value was adjusted considering the extraordinary effects in line with EBITDA.
3 The indicated value was adjusted for the extraordinary effects in line with EBITDA and EBIT, in addition to the tax effect.
4 The value indicated is net of the IFRS 16 effect and of the payables for investment acquisitions, as outlined in the NFP table.
Elica Group Opera;ng Performance
| Revenue | Euro 117.2 million (-9.2% vs Q1 2023, -8.5% net of currency effect), in view of the persistent downturn in demand, both in the Cooking and Motors segments. Q1 2024 saw 4% growth over Q4 2023, driven by North America on the back of the newly implemented distribuDon strategy, despite market declines in EMEA in both the Cooking and Motors segments. The Cooking division, which accounts for 77% of total revenue, reports a contracDon of 6.2% (-5.3% at constant scope and exchange rates). ConDnued weak market demand, together with significant promoDonal acDvity and reduced consumer purchasing power, has led to a declining price mix, in support of market share, which has impacted the Own Brands area. OEM business growth however accelerated in Q1 from Q4 2023, thanks to the winning of new customers and North America Own Brand business growth, in the wake of the distribuDon strategy introduced and the new commercial agreements. Americas revenue saw organic growth of 10% in the first quarter of the year, thanks to the entry of new OEM channel customers and the consolidaDon of the new own brand distribuDon companies: AG InternaDonal for Canada and Southeast Appliance Inc (SEA) for a secDon of North America. The Motors division, which accounts for 23% of total revenue, reports a contracDon of 18% (-18.2% at constant scope and exchange rates). A sequenDal improvement quarter-over-quarter is however reported. The sales numbers are considered in view of the significant heaDng segment slowdown emerging in the third quarter of 2023. This follows the changes to the incenDve rules and the effect of the announcement of the legislaDon, together with the OEM customer stock reducDon measures. Finally, we highlight that the winning of new market share in the heaDng and venDlaDon sector parDally offset the weak market environment. |
|---|---|
| Adjusted EBITDA | Euro 7.6 million (-39.7% vs Q1 2023), compared to Euro 12.6 million in the previous year. In the first quarter of 2024, significant costs were incurred by Elica to support growth, in terms of product, rebranding, posiDoning and Eurocucina. The margin on revenue was 6.5% (9.7% in Q1 2023). |
| Adjusted EBIT | Euro 1.8 million (Euro -4.9 million in Q1 2023), with a margin on revenue of 1.5% (5.2% in Q1 2023). Mainly a`ributable to the effects on EBITDA. |
Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy Tel. +39 0732 6101 Fax +39 0732 610249 CerEfied e-mail [email protected] SDI Code - Y1NM1XC
COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN
| Net financial expense | Euro -1.7 million compared with Euro -1.1 million in the same period of the previous year. The increase is related both to currency movements and higher financial expenses. |
|---|---|
| Adjusted Net Profit | Euro 0.4 million, compared to Euro 4.2 million in Q1 2023. |
| Adjusted Group Net Profit |
Breakeven, compared to Euro 3.9 million in Q1 2023. The MinoriDes profit was Euro 0.4 million. |
| Q1 2024 | % | Q1 2023 | % | Changes % |
|---|---|---|---|---|
| revenue | revenue | |||
| 117,209 | 129,027 | (9.2%) | ||
| 7,573 | 6.5% | 12,562 | 9.7% | (39.7%) |
| 7,487 | 6.4% | 11,942 | 9.3% | (37.3%) |
| 1,789 | 1.5% | 6,665 | 5.2% | (73.2%) |
| 1,703 | 1.5% | 6,045 | 4.7% | (71.8%) |
| (1,680) | (1.4%) | (1,074) | (0.8%) | (56.4%) |
| 417 | 0.4% | (1,213) | (0.9%) | 134.4% |
| 440 | 0.4% | 3,758 | 2.9% | (88.3%) |
| 364 | 0.3% | 4,229 | 3.3% | (91.4%) |
| 440 | 0.4% | 3,758 | 2.9% | (88.3%) |
| (47) | (0.0%) | 3,878 | 3.0% | (101.2%) |
| 29 | 0.0% | 3,407 | 2.6% | (99.2%) |
| 0.05 | 5.44 | (99.1%) | ||
| 0.05 | 5.44 | (99.1%) | ||
Elica Group Equity and Financial Performance Analysis
| Adjusted Net | Euro -43.2 million at March 31, 2024 (net of the IFRS 16 effect of Euro -11.8 |
|---|---|
| Financial Posibon | million). |
| The main impacts on the net financial posiDon at March 31, 2024 were from: | |
| - adequate working capital management through strategic iniDaDves, |
|
| including the "Supply Chain Finance SoluDon" programme; | |
| - Capex for Euro -3.1 million (excluding IRFS 16 effect), substanDally |
|
in line with Q1 2023 as the result of a proper balance between financial management and investments focused on innovaDon and product development;
- the execuDon of the share buy-back plan for approx. Euro -0.4 million;
Tel. +39 0732 6101 Fax +39 0732 610249 CerEfied e-mail [email protected] SDI Code - Y1NM1XC
COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN
-
the cash out related to dividends to minoriDes and other financial items of Euro -2.4 million;
-
the cash out for the compleDon of the reorganisaDon of the Italian industrial footprint and other non-recurring costs for Euro -2.5 million.
The leverage of 1.0x is substanbally in line with December 31, 2023 (0.9x). The solidity of the net financial posibon is a key factor supporbng the Group's strategic plan.
Operabng FCF Euro 3.5 million, reducing on Euro 9.0 million in Q1 2023. The percentage on revenues decreased from 1.7% to 0.7%.
| In Euro thousands | 31/03/2024 | 31/12/2023 | 31/03/2023 |
|---|---|---|---|
| Cash | 58,251 | 39,403 | 53,175 |
| Bank loans and borrowings (current) | (55,200) | (43,467) | (31,361) |
| Bank loans and borrowings (non-current) | (46,299) | (37,236) | (54,771) |
| Adjusted Net Financial PosiPon | (43,248) | (41,300) | (32,957) |
| Lease liabiliVes (current) | (4,042) | (4,240) | (4,015) |
| Lease liabiliVes (non-current) | (7,775) | (7,944) | (9,606) |
| Adjusted Net Financial PosiPon - Including IFRS 16 | |||
| impact | (55,065) | (53,484) | (46,578) |
| Other payables for purchase of investments | (1,000) | (1,000) | (1,475) |
| Net Financial PosiPon | (56,065) | (54,484) | (48,053) |
Managerial Working Capital
The percentage on annualised revenue was 2.3% in Q1 2024, compared to 2.2% in Q1 2023, confirming that working capital is under control thanks to the acDons implemented.
| In Euro thousands | 31/03/2024 | 31/12/2023 | 31/03/2023 |
|---|---|---|---|
| Trade receivables | 39,598 | 26,731 | 46,106 |
| Inventories | 90,788 | 90,874 | 106,842 |
| Trade payables | (119,411) | (107,025) | (139,547) |
| Managerial Working Capital | 10,975 | 10,580 | 13,401 |
| % annualised revenue | 2.30% | 2.20% | 2.60% |
| Other net assets/liabiliVes | 1,190 | 444 | (6,295) |
| Net Working Capital | 12,165 | 11,024 | 7,106 |
***
On May 9, 2024, a medium-term cash line for up to Euro 70 million was agreed, with final maturity of five years from the signing date, with a syndicate of four banks - BNL BNP Paribas as coordinaDng bank and agent bank, Intesa Sanpaolo S.p.A. (IMI-CIB Division), BNL BNP Paribas, Crédit Agricole Italia S.p.A. and UniCredit S.p.A. as mandated lead arrangers.
The cash line made available by the lending banks is mainly to support medium/long-term needs, in addiDon to the investment plan for 2024 and 2025 of Elica S.p.A. and its subsidiaries, with several
Tel. +39 0732 6101 Fax +39 0732 610249 CerEfied e-mail [email protected] SDI Code - Y1NM1XC
COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN
drawdowns by December 31, 2025 and deferred half-yearly instalments, with the first due on 09/05/2026, and a final balloon payment equal to 20% of the capital.
The Financial Covenants sDpulated in the loan contract regard the raDo between NFP/EBITDA, EBITDA/Net Financial Charges and NFP/Shareholders' Equity, tested half-yearly on an LTM basis on the Group's consolidated figures.
With this transacbon, the Group confirms the solidity of its business model, its ability to access ordinary sources of funding even in an uncertain general economic environment and its commitment to opbmising its debt structure.
***
Significant events in Q1 2024
January 30, 2024 - sponsorship signed with DucaD's Corse team, ahead of the start of the 2024 Moto GP world championship. Elica officially debuted with DucaD Corse at the Qatar Grand Prix. February 13, 2024 - the Board of Directors of Elica S.p.A. approved the addiDonal periodic disclosure for
the fourth quarter of 2023, prepared according to IFRS and the 2023 preliminary consolidated results. March 14, 2024 - the Board of Directors of Elica S.p.A. approved the consolidated results at December 31, 2023 and the statutory financial statements at December 31, 2023, prepared in accordance with IFRS, in addiDon to the Directors' Report.
March 21, 2024 - Elica and Cooking: new posiDoning unveiled, driven by innovaDon, creaDvity and design. Elica marked an important milestone in its evoluDon with a new posiDoning, revoluDonary products and
a completely revamped brand idenDty, presented at Eurocucina 2024.
April 3, 2024 - second part of the Elica ordinary share Buyback plan concludes, announced to the market on October 26, 2023 and beginning on November 6, 2023, in execuDon of the Shareholders' MeeDng resoluDon of April 27, 2023 (the "Buyback Plan"), according to the condiDons previously announced to the market. In the period between November 6, 2023 and April 3, 2024, Elica acquired 350,000 ordinary shares (equal to 0.55% of the share capital), with a total value of Euro 720,504 and a volume-weighted average price of Euro 2.06. As a result of the purchases made, Elica holds a total of 1,326,173 treasury shares, equal to 2.09% of the share capital.
On April 24, 2024 - the Shareholders' MeeDng of Elica S.p.A., meeDng in ordinary session, approved the 2023 Annual Accounts of Elica S.p.A., the Directors' Report, the Non-Financial Report and viewed the Board of Statutory Auditors' Report and the Independent Auditors' Report. The Shareholders' MeeDng also noted the consolidated results for 2023. On the same date, the members of the Board of Directors and Board of Statutory Auditors were appointed to serve unDl the approval of the 2026 Annual Accounts. Purchase and disposal of treasury shares authorised.
April 24, 2024 - Elica S.p.A. announces that on April 24, 2024 the third tranche of the Elica ordinary share Buyback plan concluded, announced to the market on March 14, 2024 and launched on April 2, 2024, in execuDon of the Shareholders' MeeDng resoluDon of April 27, 2023.
In the period between April 4, 2024 and April 19, 2024, Elica acquired 45,546 ordinary shares (equal to 0.07% of the share capital), with a total value of Euro 85,934 and a volume-weighted average price of Euro 1.89.
Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy
Tel. +39 0732 6101 Fax +39 0732 610249 CerEfied e-mail [email protected] SDI Code - Y1NM1XC
COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN
As a result of the purchases made, Elica holds a total of 1,371,719 treasury shares, equal to 2.17% of the share capital.
The Company also announced the launch from April 26, 2024 of a new treasury share buyback programme authorised by the Shareholders' MeeDng of April 24, 2024 (the "Buyback Plan") according to the terms previously disclosed to the market. In execuDon of this Shareholders' MeeDng resoluDon, from April 26, 2024 and unDl the Shareholders' MeeDng called to approve the 2024 financial statements, a Buyback Plan was launched, for a maximum 1,000,000 treasury shares (represenDng approx. 1.6% of the subscribed and paid-in share capital).
Outlook
The weak overall market again in the iniDal part of 2024 has been compounded by increasingly aggressive promoDonal acDviDes. We add to this already complicated situaDon the sharp decline in the Motors' segment, mainly as a result of slowing residenDal demand and the regulatory uncertainty stemming from the energy transiDon. The Group however remains commi`ed to protecDng market share, also thanks to a complete AspiraDon segment range and the extension of the Cooking segment range - such as for example "LHOV" - and the opportuniDes emerging in the Motors segment, such as the sale of heat pumps, in addiDon to the launch of new products and the reposiDoning of the brand presented at Eurocucina. This lays the groundwork for the resumpDon of sales growth in the second half of the year.
Outlook FY2024:
- Revenues in the Euro 465 to 475 million range are forecast, in line with market expectaDons, despite the conDnued challenging market condiDons in a number of European countries in the Cooking segment and customer overstocking in the Motors segment.
- Margins are expected to decline as a result of the impact of product, markeDng, rebranding and communicaDons capex to support the growth of the Cooking transformaDon project and to defend market share
- Net Financial PosiDon expected to be in line with FY2023.
Medium-term outlook in a flat market environment vs 2023
- Revenues (organic) > Euro 500 million, driven by:
- Product range expansion and new Cooking brand strategy
- Motors growth driven by energy transiDon (heat pumps and hydrogen)
- Development of distribuDon in North America and Canada
- Direct presence on key European markets
- Worldwide OEM customer growth
- ConDnued focus on sustainable innovaDon and design
- Adjusted EBIT Margin > of 6%
- Leverage < 0.5X
Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy
Tel. +39 0732 6101 Fax +39 0732 610249 CerEfied e-mail [email protected] SDI Code - Y1NM1XC
COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN
***
Elica is an Italian company that sits at the forefront of the design and producVon of home appliances for cooking. It boasts over 50 years of history and global leadership in kitchen extractor systems. It is the European benchmark in electric motors for home appliances and boilers. It employs around 2,600 staff between its headquarters in Fabriano and seven faciliVes in Italy, Poland, Mexico and China. These are the figures that tell the story of Elica, which is constantly guided by Chairperson Francesco Casoli. The company's results are inspired by values that have always guided every one of its projects, products, and acVviVes: design that combines aestheVcs and performance for an extraordinary cooking experience, art as a model for creaVve processes and working methods, and innovaVon for technology that brings out the very best in product funcVonality.
Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy Tel. +39 0732 6101 Fax +39 0732 610249 CerEfied e-mail [email protected] SDI Code - Y1NM1XC
COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN
Definitions and reconciliations
Definitions
EBITDA is the operating result (EBIT) plus amortisation and depreciation and any impairment losses on Goodwill, brands and other tangible and intangible assets.
EBIT is the operating result as reported in the consolidated Income Statement.
Adjusted EBITDA is EBITDA net of the relative adjustment items.
Adjusted EBIT is EBIT net of the relative adjustment items.
Net financial income/(expense) is the sum of the Share of profit/(loss) from Group companies, Financial income, Financial Charges and Exchange rate gains and losses.
The adjusted result is the result for the period, as published in the Consolidated Income Statement, net of the relative adjustment items.
The adjusted Group result is the result for the period attributable to the owners of the Parent, as published in the Consolidated Income Statement, net of the relative adjustment items.
Adjustment items: earnings items are considered for adjustment where they: (i) derive from non-recurring events and operations or from operations or events which do not occur frequently; (ii) derive from events and operations not considered as in the normal course of business operations, as is the case for impairments, disputes considered atypical in terms of frequency and amount and restructuring charges, of the costs for M&A's, whether executed or not, and any rightsizing costs.
The Earnings per Share for Q1 2024 and Q1 2023 was calculated by dividing the Group Net Profit as defined in the Consolidated Income Statement, by the number of outstanding shares at the respective reporting dates. The number of shares outstanding at period-end differs from that at December 31, 2023 and March 31, 2023 due to the launch of the treasury share buy-back plan. The earnings (loss) per share so calculated does not match the earnings (loss) per share as per the consolidated Income Statement, which is calculated as per IAS 33, based on the average weighted number of shares outstanding.
Managerial Working Capital is the sum of Trade receivables with Inventories, net of Trade payables, as presented in the Consolidated Statement of Financial Position.
Net Working Capital is the amount of Managerial Working Capital and Other net receivables/payables.
Other net receivables/payables comprise the current portion of Other receivables and Tax Receivables, net of the current portion of Provisions for risks and charges, Other payables and Tax payables, as presented in the Consolidated Statement of Financial Position.
The Adjusted Net Financial Position is the sum of Cash and Cash equivalents, less Current and Non-current bank loans and borrowings, as reported in the Statement of Financial Position.
The Adjusted Net Financial Position - Including IFRS 16 Impact is the sum of the Adjusted Net Financial Position and current and non-current lease payables from application of IFRS 16, as reported in the Consolidated Statement of Financial Position.
The Net Financial Position is the sum of the Adjusted Net Financial Position - Including IFRS 16 Impact and of the liabilities included among other payables arising in relation to the acquisition of the new companies, belonging to the consolidation scope or of additional shares in existing subsidiaries. The result coincides with the Consob definition of the Net Financial Position
Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy
Tel. +39 0732 6101 Fax +39 0732 610249 CerEfied e-mail [email protected] SDI Code - Y1NM1XC
COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN
Reconciliations
| in Euro thousands | Q1 2024 | Q1 2023 |
|---|---|---|
| OperaPng profit – EBIT | 1,703 | 6,045 |
| (Impairment losses on Tangible and Intangible assets) | - | - |
| (AmorVsaVon & DepreciaVon) | 5,784 | 5,897 |
| EBITDA | 7,487 | 11,942 |
| Realised and unrealised M&A's | 54 | 88 |
| Services | 54 | 88 |
| Other operaVng expenses and accruals | ||
| Other reorganisa5ons and Rightsizing | (161) | 474 |
| Changes in inventories finished/semi-finished goods | 45 | |
| Raw materials and consumables | 51 | |
| Services | 18 | 107 |
| Personnel expense | 46 | |
| Other operaVng expenses and accruals | (592) | |
| Restructuring charges | 367 | 271 |
| New Cooking Vision | 165 | |
| Raw materials and consumables | 151 | |
| Services | 14 | |
| Others | 29 | 57 |
| Services | 16 | 57 |
| Other operaVng expenses and accruals | 13 | |
| EBITDA adjustment items | 86 | 620 |
| Adjusted EBITDA | 7,573 | 12,562 |
| in Euro thousands | Q1 2024 | Q1 2023 |
| OperaPng profit – EBIT | 1,703 | 6,045 |
| EBITDA adjustment items | 86 | 620 |
| EBIT adjustment items | 86 | 620 |
| Adjusted EBIT | 1,789 | 6,665 |
Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy Tel. +39 0732 6101 Fax +39 0732 610249 CerEfied e-mail [email protected] SDI Code - Y1NM1XC
COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN
| in Euro thousands | Q1 2024 | Q1 2023 | |
|---|---|---|---|
| Net Profit for the period | 440 | 3,758 | |
| EBIT adjustment items | 86 | 620 | |
| Income taxes on adjusted items | (163) | (149) | |
| Adjusted Net Profit for the period | 364 | 4,229 | |
| (Profit aZributable to non-controlling interests) (Adjustments to non-controlling interests) |
(411) | (351) - |
|
| Adjusted Group Net Profit | (47) | 3,878 | |
| In Euro thousands | Q1 2024 | Q1 2023 | |
| Group Net Profit (in Euro thousands) | 29 | 3,407 | |
| Outstanding shares at year-end | 62,027,726 | 62,672,800 | |
| Earnings per share (Euro/cents) | 0.05 | 5.44 | |
| In Euro thousands | 31/03/2024 | 31/12/2023 | 31/03/2023 |
| Other current assets | 7,078 | 5,773 | 7,437 |
| Tax assets (current) | 22,003 | 23,153 | 18,908 |
| Provision for risks and charges (current) | (4,603) | (5,815) | (8,675) |
| Other current liabiliVes | (17,792) | (16,710) | (19,217) |
| Current tax payables | (5,496) | (5,957) | (4,747) |
| Other net assets/liabiliPes | 1,190 | 444 | (6,295) |
Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy Tel. +39 0732 6101 Fax +39 0732 610249 CerEfied e-mail [email protected] SDI Code - Y1NM1XC
COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN