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Elica Earnings Release 2024
4217_10-k_2025-02-13_404be7fe-5f90-4526-8357-ff9b8b79c0e1.pdf
Earnings Release
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IR Elica S.p.A.:
Francesca Cocco Lerxi ConsulFng – Investor RelaFons TEL: +39 (0)732 610 4205 E-mail: [email protected]
Elica S.p.A.:
Alice Casadio Corporate & Internal CommunicaFon E-mail: [email protected]
Press Office: Havas PR
ValenFna Burlando M +39 335.6182360 [email protected] Giulia Bertelli M +39 340.1453906 [email protected]
ELICA BOD APPROVES Q4 2024 RESULTS AND 2024 PRELIMINARY CONSOLIDATED RESULTS
TURNOVER IN LINE WITH YEAR-END GUIDANCE: EURO 452.1 MILLION (-4.5% VS FY 2023) AGAINST A BACKDROP OF A PERSISTENT DOWNTURN IN DEMAND
COOKING GROWTH IN NORTH AMERICA DRIVEN BY DIRECT DISTRIBUTION STRATEGY AND PRODUCT RANGE EXPANSION
INCREASE IN SHARE ON MAJOR ACCOUNTS AND NEW PROJECTS ENABLE THE MOTORS DIVISION TO OUTPERFORM THE REFERENCE MARKET
MARGINS IN LINE WITH 9M, FOCUS IN Q4 ON MARKETING AND COMMUNICATION INVESTMENT TO SUPPORT COOKING TRANSFORMATION PROJECT AND LHOV LAUNCH
ADJUSTED EBITDA OF EURO 31.4 MILLION (EURO 48.1 MILLION IN FY 2023), MARGIN ON REVENUES AT 7.0% (10.2% IN FY 2023). ADJUSTED EBITDA OF EURO 6.8 MILLION IN Q4 2024 (10.6 IN Q4 2023), MARGIN ON REVENUE AT 6.2% (9.4% IN Q4 2023).
STABLE NET FINANCIAL POSITION COMPARED TO FIRST NINE MONTHS SUPPORTED BY EFFECTIVE WORKING CAPITAL MANAGEMENT
NET PROFIT OF EURO 9.4 MILLION THANKS TO THE BENEFIT OF PATENT BOX AND THE SALE OF 4.78% OF THE INDIAN SHAREHOLDING
***
Fabriano, February 13, 2025 – The Board of Directors of Elica S.p.A. has approved the Q4 2024 results, prepared according to IFRS and has reviewed the 2024 preliminary consolidated results.
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Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy TEL. +39 0732 6101 FAX +39 0732 610249 CerFfied 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 goal for 2024 was to begin a path of evolu=on from aspira=on leader to a major player in the global Cooking market through significant product innova=ons, the launch of LHOV, a new brand iden=ty, and increasing investment in marke=ng and communica=on. Today we are star=ng to see the first results of this journey with our new cooking products listed in the catalogues of the major Italian and European kitchen suppliers. In a general context that is s=ll uncertain and with many geopoli=cal knots to unravel, this represents a great opportunity for growth in the medium term.' Said Francesco Casoli, ExecuZve Chairman of Elica.
"In a s=ll difficult market environment, we have confirmed our leadership in aspira=on systems and electric motors, while con=nuing the company's transforma=on process. The medium-term priori=es are what will guide our choices in the short term. We expect a 2025 characterised by a s=ll weak demand, but we will con=nue to invest in distribu=on, both in Europe and North America, and in the path of posi=oning in Cooking; we know that this is the right direc=on, and the interest shown by our customers in the distribu=on of LHOV confirms it'. Stated Giulio Cocci, CEO of Elica.
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2024 Consolidated Financial Highlights
Revenue: Euro 452.1 million; Adjusted EBITDA1: Euro 31.4 million (7.0% margin on revenues); Adjusted EBIT2: Euro 8.1 million (1.8% margin on revenues); Net Profit3: Euro 9.4 million; Group Net Profit: Euro 7.9 million. The MinoriSes profit was Euro 1.5 million; Adjusted Net Financial PosiZon4: net debt of Euro 46.8 million (excluding IFRS 16 effect for Euro 10.2 million).
Elica Group FY2024 Opera;ng Performance
Revenue at Euro 452.1 million (-4.5% vs FY 2023, -4.1% organic), with a sequenSal Q/Q improvement, thanks to growth in North America, driven parScularly by the successful new distribuSon strategy and growth on the EMEA OEM segment. Q4 revenue was Euro 110.5 million, in line with the same period of 2023 (-2.2%, -1.8% organic).
TEL. +39 0732 6101 FAX +39 0732 610249 CerFfied 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 indicated value was adjusted for the extraordinary negative effects from the reorganisation transactions and SG&A costs for Euro 2.0 million, the costs incurred for the Cooking brand transformation activities for Euro 1.2 million and other accessory charges, principally concerning the sale of the stake in Elica India PB for Euro 0.3 million.
2 The value was adjusted considering the extraordinary effects in line with EBITDA.
3 The indicated value includes the net posiKve impacts, for Euro 6.4 million, from the sale by Elica of the 4.78% stake held in Elica PB India to Whirlpool of India Limited and, for Euro 2.7 million, the valuaKon of the remaining 1.59% share sKll held by Elica.
4 The value indicated is net of the IFRS 16 effect, of the impact of the measurement at amortised cost under IFRS 9 on Bank loans and borrowings as presented in the balance sheet and of the payables for the purchase of investments, as outlined in the NFP table.
The Cooking division, which accounts for approx. 78% of total revenue, reports a contracSon of 3.4% (2.9% organic), in line with the general market. While growth in North America conSnues, +3.3% (+3.9% organic vs FY 2023), thanks to the new distribuSon strategy in the region, demand in EMEA remains weak, although parSally offset by OEM (third-party brand channel) sales, which were up 1.4% on FY 2023.
The Motors division, accounSng for 22% of total revenues, saw sales contract 7.9% (8.0% organic). The revenue reducSon was lesser than the sSll weak general heaSng market, and with a recovery therefore of European market share.
Adjusted EBITDA at Euro 31.4 million (Euro 48.1 million in FY 2023), with a margin on revenues of 7.0% (10.2% in 2023). In a market environment that conSnues to feature intense promoSonal acSvity, margins are also impacted by costs incurred to support growth, in products and for the cooking transformaSon project.
Adjusted EBIT at Euro 8.1 million (Euro 24.3 million in FY 2023), with a margin on revenues of 1.8% (5.1% in 2023).
Net financial income/ (expense) at Euro 2.9 million compared with Euro -6.4 million in the same period of the previous year. Financial income included approx. Euro 7.7 million from the sale of 4.78% of the share capital of the Indian investee ELICA PB Whirlpool Kitchen Appliances Private Limited to Whirlpool of India Limited, and Euro 3.1 million from the valuaSon of the remaining 1.59% stake at the reporSng date. Net of the income from the above transacSons concerning the Indian investment, net financial expense of approx. Euro 8.0 million is reported for 2024. Net Profit at Euro 9.4 million, compared to Euro 11.3 million in 2023 also thanks to the
Group Net Profit at Euro 7.9 million, compared to Euro 9.8 million in 2023. The MinoriSes profit was approx. Euro 1.5 million.
contribuSon of the sale of the Indian share and the benefit of the patent box.
Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy
TEL. +39 0732 6101 FAX +39 0732 610249 CerFfied e-mail [email protected] SDI Code - Y1NM1XC
COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN
| 2024 | % | 2023 | % | 24 Vs | |
|---|---|---|---|---|---|
| In Euro thousands | revenue | revenue | 23% | ||
| Revenue | 452,092 | 473,204 | (4.5%) | ||
| Adjusted EBITDA | 31,418 | 7.0% | 48,059 | 10.2% | (34.6%) |
| EBITDA | 27,979 | 6.2% | 45,389 | 9.6% | (38.4%) |
| Adjusted EBIT | 8,111 | 1.8% | 24,264 | 5.1% | (66.6%) |
| EBIT | 4,672 | 1.0% | 21,523 | 4.5% | (78.3%) |
| Net financial expense | 2,864 | 0.6% | (6,380) | (1.3%) | 144.9% |
| Income taxes | 1,859 | 0.4% | (3,872) | (0.8%) | 148.0% |
| Profit from continuing operations | 9,395 | 2.1% | 11,271 | 2.4% | (16.6%) |
| Adjusted Net Profit | 2,663 | 0.6% | 13,371 | 2.8% | (80.1%) |
| Net profit | 9,395 | 2.1% | 11,271 | 2.4% | (16.6%) |
| Adjusted Group Net Profit | 1,204 | 0.3% | 11,875 | 2.5% | (89.9%) |
| Group Net Profit | 7,937 | 1.8% | 9,775 | 2.1% | (18.8%) |
| Basic earnings/(loss) per share on continuing | |||||
| operations and discontinued operations | |||||
| (Euro/cents) | 13.34 | 15.71 | (15.1%) | ||
| Diluted earnings (loss) per share on | |||||
| continuing operations and discontinued | |||||
| operations (Euro/cents) | 13.34 | 15.71 | (15.1%) | ||
| In Euro thousands | Q4 2024 | % | Q4 2023 | % | 24 Vs |
|---|---|---|---|---|---|
| revenue | revenue | 23% | |||
| Revenue | 110,519 | 113,050 | (2.2%) | ||
| Adjusted EBITDA | 6,798 | 6.2% | 10,609 | 9.4% | (35.9%) |
| EBITDA | 5,132 | 4.6% | 9,231 | 8.2% | (44.4%) |
| Adjusted EBIT | 696 | 0.6% | 4,866 | 4.3% | (85.7%) |
| EBIT | (970) | (0.9%) | 3,418 | 3.0% | (128.4%) |
| Net financial expense | 1,157 | 1.0% | (2,101) | (1.9%) | 155.1% |
| Income taxes | 1,798 | 1.6% | (719) | (0.6%) | 350.1% |
| Profit from continuing operations | 1,985 | 1.8% | 598 | 0.5% | 231.9% |
| Adjusted Net Profit | 483 | 0.4% | 1,716 | 1.5% | (71.8%) |
| Net profit | 1,985 | 1.8% | 598 | 0.5% | 231.9% |
| Adjusted Group Net Profit | 65 | 0.1% | 1,311 | 1.2% | (95.0%) |
| Group Net Profit | 1,567 | 1.4% | 193 | 0.2% | 711.9% |
| Earnings/(loss) per share on continuing | |||||
| operations and discontinued operations | |||||
| (Euro/cents) | 3.02 | 0.36 | 745.1% | ||
| Diluted earnings/(loss) per share on | |||||
| continuing operations and discontinued | |||||
| operations (Euro/cents) | 3.02 | 0.36 | 745.1% |
Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy
TEL. +39 0732 6101 FAX +39 0732 610249 CerFfied 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 Group Equity and Financial Performance Analysis at December 31, 2024
Adjusted Net Financial PosiZon Euro -46.8 million at December 31, 2024 (excluding the IFRS 16 effect of Euro 10.2 million), decreasing 13.2% on 2023.
The main impacts on the net financial posiSon at December 31, 2024 were from:
-
posiSve impact from the sale of the 4.78% stake in Elica PB to Whirlpool of India Limited;
-
Working Capital opSmisaSon through effecSve working capital and stock reducSon acSviSes;
-
Euro -5.3 million buyback including the purchase of shares worth approx. Euro 4.0 million on the basis of withdrawal rights following the introducSon of mulS-vote shares.
Leverage was 1.5x (0.9x in 2023), despite the EBITDA Margin pressure related to the above-outlined market dynamics. The financial posiZon highlights the solidity of the Group's medium-term strategic plan.
OperaZng FCF Euro 14.1 million, compared to Euro 18.8 million at December 31, 2023. The percentage on revenues decreased from 4.0% at December 31, 2023 to 3.1% at December 31, 2024.
| In Euro thousands | Dec 31, 24 | Dec 31, 23 | Change |
|---|---|---|---|
| Cash | 40,761 | 39,403 | 1,358 |
| Bank loans and borrowings (current) | (46,202) | (43,467) | (2,735) |
| Bank loans and borrowings (non-current) | (41,326) | (37,236) | (4,090) |
| Adjusted Net Financial Position | (46,767) | (41,300) | (5,467) |
| Lease liabilities IFRS 16 (current) | (3,817) | (4,240) | 423 |
| Lease liabilities IFRS 16 (non-current) | (6,386) | (7,944) | 1,558 |
| Adjusted Net Financial Position - Including | |||
| IFRS 16 impact | (56,970) | (53,484) | (3,487) |
| Impact of amortised cost on loans | 453 | - | 453 |
| Other payables for purchase of investments | (551) | (1,000) | 449 |
| Net Financial Position | (57,068) | (54,484) | (2,584) |
Managerial Working Capital The percentage on annualised revenue was 1.8% in 2024, decreasing on 2.2% at December 31, 2023.
| In Euro thousands | 31/12/2024 | 31/12/2023 | Change |
|---|---|---|---|
| Trade receivables | 34,831 | 26,731 | 8,100 |
| Inventories | 86,059 | 90,874 | (4,815) |
| Trade payables | (112,793) | (107,025) | (5,768) |
| Managerial Working Capital | 8,097 | 10,580 | (2,483) |
| % annualised revenue | 1.8% | 2.2% | |
| Other net assets/liabilities | (5,804) | 446 | (6,250) |
| Net Working Capital | 2,293 | 11,026 | (8,733) |
Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy
TEL. +39 0732 6101 FAX +39 0732 610249 CerFfied e-mail [email protected] SDI Code - Y1NM1XC
COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN
Significant Events in 2024
January 30, 2024 - sponsorship signed with DucaS's Corse team, ahead of the start of the 2024 Moto GP world championship. Elica officially debuted with DucaS Corse at the Qatar Grand Prix.
February 13, 2024 - the Board of Directors of Elica S.p.A. approved the addiSonal 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 addiSon to the Directors' Report.
March 21, 2024 - Elica and Cooking: new posiSoning unveiled, driven by innovaSon, creaSvity and design. Elica marked an important milestone in its evoluSon with a new posiSoning, revoluSonary products and
a completely revamped brand idenSty, 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 execuSon of the Shareholders' MeeSng resoluSon of April 27, 2023 (the "Buyback Plan"), according to the condiSons 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.
April 24, 2024 - the Shareholders' MeeSng of Elica S.p.A., meeSng 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' MeeSng 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 unSl 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 execuSon of the Shareholders' MeeSng resoluSon 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.
As a result of the purchases made, Elica held 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' MeeSng of April 24, 2024 (the "Buyback Plan") according to the terms previously disclosed to the market. In execuSon of this Shareholders' MeeSng resoluSon, from April 26, 2024 and unSl the Shareholders' MeeSng called to approve the 2024 financial statements, a Buyback Plan was launched, for a maximum 1,000,000 treasury shares (represenSng approx. 1.6% of the subscribed and paid-in share capital).
Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy
TEL. +39 0732 6101 FAX +39 0732 610249 CerFfied e-mail [email protected] SDI Code - Y1NM1XC
COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN
May 9, 2024 - the parent company Elica Spa signs with a syndicate of four banks - BNL BNP Paribas as coordinaSng 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, agreed a medium-term cash line for up to Euro 70 million, with final maturity of five years from the signing date. The cash line made available by the lending banks is mainly to support medium/long-term needs, in addiSon to the investment plan for 2024 and 2025 of Elica S.p.A. and its subsidiaries.
June 20, 2024 - Lhov, Elica's kitchen soluSon, was awarded the "Compasso D'Oro", an internaSonal design award in its 28th ediSon.
July 30 – The Board of Directors of Elica S.p.A. approves the H1 2024 results, prepared in accordance with IFRS accounSng standards.
September 19 - The Shareholders' MeeSng of Elica S.p.A., meeSng in extraordinary session, approved an amendment to the By-Laws and, in parScular, the amendment of ArScle 8 of the By-Laws to introduce ordinary and strengthened mulS-share votes.
The extraordinary shareholders' meeSng approved the amendments to the By-Laws regarding mainly the following mapers: 1) the allocaSon of two votes to each share held by the vote-holder for a conSnuous period of twenty-four months from the date of their inclusion on the special list; 2) the allocaSon of one addiSonal vote at the end of the twelve month period following the expiry of the twenty-four month period referred to in the point above, to each share held by the same person on the special list, up to a maximum total of three votes per share (including the increase referred to in the point above). For further details, please refer to the Shareholders' MeeSng documents at the following link Shareholders' MeeSng | Elica Corporate, to the related press releases issued in accordance with law and to the following link MulS-Vote Shares | Elica Corporate.
September 20 - Closing for the sale to Whirlpool of India Limited of 4.78% of the share capital of the Indian investee ELICA PB Whirlpool Kitchen Appliances Private Limited ("Elica PB India") for approx. Euro 8.2 million. Concurrently with Whirlpool of India Ltd.'s purchase of the shareholding, Elica PB India renewed a Trademark & Technical License Agreement with Elica S.p.A., which provides for the exclusive use of the Elica trademark in India and non-exclusively in Nepal and Bangladesh for the markeSng of kitchen & cooking sector products, with an iniSal duraSon of fourteen years and which includes guaranteed minimum royalSes which increase over Sme.
October 30 - Elica announces the final results of the exercise of the right of withdrawal by shareholders resulSng from the By-Law amendment introduced on September 19. The company announces that the right of withdrawal was exercised for 2,082,176 shares, represenSng 3.2882% of the share capital, for a total value of Euro 3,975,706.85. It also informs that the terminaSon condiSons that would have caused the offer to lapse have not occurred, or the Company has waived such and that, therefore, the amendment to the By-Laws regarding mulS-share voSng is effecSve. Finally, it announces that where any shares remain at the end of the opSon and pre-empSon offer period, the Company will directly purchase them without any prior placement on the market.
December 4 - Elica announces the results of the opSon and pre-empSon offer announced on October 30, as a result of which 3,159 shares were purchased, of which 2,722 as part of the exercise of the opSon right and 437 as part of the exercise of the pre-empSon right. It also announces that the payment of the equivalent value of the shares subject to withdrawal and the transfer of the shares purchased under the opSon and pre-empSon offer would take place on December 9, using available reserves.
Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy
TEL. +39 0732 6101 FAX +39 0732 610249 CerFfied e-mail [email protected] SDI Code - Y1NM1XC
COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN
December 16 - Elica announces the full acquisiSon of its Dutch distributor aXiair, which becomes Elica Nederland and expands the Group's presence in Europe through a directly controlled subsidiary in the Netherlands, Europe's second-largest market for the aspiraSng hob category.
Following the purchases made and the result of the rights offer on the shares subject to withdrawal, as of December 31, 2024 Elica held a total of 3,845,374 treasury shares, or 6.07% of the share capital.
Outlook
The general Cooking segment conSnued to contract in 2024, amid a negaSve price mix and significant promoSonal acSvity. This already complex situaSon was accompanied by the decline in the Motors' segment, mainly as a result of slowing residenSal demand and the regulatory uncertainty stemming from the energy transiSon. In this environment, the Group remained focused on growing market share thanks to new projects and customers and the success of the distribuSon strategy introduced in North America and Canada for own brands.
Finally, thanks to the brand investment strategy and the transformaSon of the Cooking segment, the extension of the product range, the direct distribuSon policy in North America and Canada and the energy transiSon-related opportuniSes for the Motors division, such as the sale of heat pumps, in addiSon to the launch of new products, the Group is laying the foundaSons for a recovery of revenue and margin growth over the medium-term.
Outlook FY2025:
- Flat YoY market, potenSal recovery in the laper part of the year;
- Medium-term opportuniSes in the "new homes" real estate segment in both North America and Europe, thanks to lower interest rates and an improving economic environment;
- Elica's focus on the Product, brand and distribuSon to tap into market opportuniSes;
- Strategy focused on medium to long-term prioriSes:
- o Extraordinary Cooking transformaSon
- o Direct distribuSon in North America and Europe
- o Growth of Motors and OEM segment market share
- o Ensuring the financial sustainability of the medium to long term trajectory
- Turnover and margins in line with the previous year, but with an improvement in the financial posiSon through a further streamlining of working capital.
Medium-long term Outlook in a flat market environment confirmed:
- Revenues (organic) > Euro 500 million
- Adjusted EBIT Margin > 6%
- Leverage < 0.5X
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Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy TEL. +39 0732 6101 FAX +39 0732 610249 CerFfied e-mail [email protected] SDI Code - Y1NM1XC
COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN
Declara;on pursuant to Ar;cle 154-bis, paragraph two, T.U.F.
The Manager in charge of preparing the company's financial reports, Mr. Emilio Silvi, declares, pursuant to ArScle 154-bis, second paragraph, of LegislaSve Decree No. 58/98, that the accounSng informaSon contained in this press release corresponds to the documented results, books and accounSng records.
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Elica is an Italian company that sits at the forefront of the design and producKon 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 faciliKes 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 acKviKes: design that combines aestheKcs and performance for an extraordinary cooking experience, art as a model for creaKve processes and working methods, and innovaKon for technology that brings out the very best in product funcKonality.
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Definitions and reconciliations
Definitions
EBITDA is the operaSng result (EBIT) plus amorSsaSon and depreciaSon and any impairment losses on Goodwill, brands and other tangible and intangible assets.
EBIT is the operaSng result as reported in the consolidated Income Statement.
Adjusted EBITDA is EBITDA net of the relaSve adjustment items.
Adjusted EBIT is EBIT net of the relaSve 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 relaSve adjustment items.
The adjusted Group result is the result for the period apributable to the owners of the Parent, as published in the Consolidated Income Statement, net of the relaSve adjustment items.
Adjustment items: earnings items are considered for adjustment where they: (i) derive from non-recurring events and operaSons or from operaSons or events which do not occur frequently; (ii) derive from events and operaSons not considered as in the normal course of business operaSons, 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 2023 and 2022 was calculated by dividing the Profit apributable to the Group, as defined in the Consolidated Income Statement, by the number of outstanding shares at the respecSve reporSng dates. The number of shares outstanding at period-end differs from that at December 31, 2022 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.
Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy
TEL. +39 0732 6101 FAX +39 0732 610249 CerFfied e-mail [email protected] SDI Code - Y1NM1XC
COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN
Managerial Working Capital is the sum of Trade receivables with Inventories, net of Trade payables, as presented in the Consolidated Statement of Financial PosiSon.
Net Working Capital is the amount of Managerial Working Capital and Other net receivables/payables.
Other net assets/liabiliSes comprise the current porSon of Other assets and Tax Assets, net of the current porSon of Provisions for risks and charges, Other payables and Tax payables, as presented in the Consolidated Statement of Financial PosiSon.
The Adjusted Net Financial PosiSon is the sum of Cash and Cash equivalents, less Current and Non-current bank loans and borrowings at their nominal value, excluding the impact of the amorSsed cost as per IFRS 9 on Bank loans and borrowings, as reported in the Statement of Financial PosiSon.
The Adjusted Net Financial PosiSon - Including IFRS 16 Impact is the sum of the Adjusted Net Financial PosiSon and current and non-current lease payables from applicaSon of IFRS 16, as reported in the Consolidated Statement of Financial PosiSon.
The Net Financial PosiSon is the sum of the Adjusted Net Financial PosiSon - Including IFRS 16 Impact, the impact of the amorSsed cost as per IFRS 9 on Bank loans and borrowings, as reported in the Statement of Financial PosiSon, and of the liabiliSesincluded among other payables arising in relaSon to the acquisiSon of the new companies, belonging to the consolidaSon scope or of addiSonal shares in exisSng subsidiaries. The result coincides with the Consob definiSon of the Net Financial PosiSon
Reconciliations
| in Euro thousands | 2024 | 2023 | 4Q 2024 | 4Q 2023 |
|---|---|---|---|---|
| Operating profit – EBIT | 4,672 | 21,523 | (970) | 3,418 |
| (Impairment losses on Tangible and Intangible assets) | 303 | 303 | 0 | |
| (Amortisation & Depreciation) | 23,004 | 23,727 | 5,799 | 5,742 |
| EBITDA | 27,979 | 45,389 | 5,132 | 9,231 |
| Cooking production reorganisation | 4 | 385 | 136 | |
| Changes in inventories finished/semi-finished goods | 45 | |||
| Raw materials and consumables | 126 | 58 | ||
| Services | 4 | 214 | 78 | |
| Personnel expenses | ||||
| Other operating expenses and accruals | ||||
| Restructuring charges | ||||
| Realised and unrealised M&A's | 238 | 274 | 106 | 180 |
| Services | 238 | 274 | 106 | 180 |
| Other operating expenses and accruals | ||||
| Other reorganisations and Rightsizing | 1,238 | 1,511 | 900 | 635 |
| Services | 155 | 113 | ||
| Personnel expenses | 564 | 1,030 | 191 | 607 |
| Restructuring charges | 519 | 481 | 597 | 28 |
| New Cooking Vision | 1,159 | 278 | 243 | 278 |
| Raw materials and consumables | 111 | 39 | ||
| Services | 1,042 | 278 | 204 | 278 |
| Disposal of shareholding in Elica PB WKA pvt Ltd | 301 | 9 | ||
| Services | 208 | 9 | ||
| Other operating expenses and accruals | 93 | |||
| Others | 499 | 221 | 407 | 149 |
| Services | 484 | 195 | 407 | 132 |
| Other operating expenses and accruals | 15 | 26 | 17 | |
| EBITDA adjustment items | 3,439 | 2,669 | 1,666 | 1,378 |
| Adjusted EBITDA | 31,418 | 48,059 | 6,798 | 10,609 |
Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy
TEL. +39 0732 6101 FAX +39 0732 610249 CerFfied 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 | 2024 | 2023 | 4Q 2024 |
4Q 2023 |
|---|---|---|---|---|
| Operating profit – EBIT | 4,672 | 21,523 | (970) | 3,418 |
| EBITDA adjustment items | 3,439 | 2,670 | 1,666 | 1,378 |
| Impairment of Intangible Assets with finite useful life | 71 | 71 | ||
| EBIT adjustment items | 3,439 | 2,741 | 1,666 | 1,449 |
| Adjusted EBIT | 8,111 | 24,264 | 696 | 4,866 |
| in Euro thousands | 2024 | 2023 | 4Q 2024 | 4Q 2023 |
| Net Profit | 9,395 | 11,271 | 1,985 | 598 |
| EBIT adjustment items | 3,439 | 2,741 | 1,666 | 1,448 |
| Income/(Charges) from sale other investments | (10,846) | (3,142) | ||
| Income taxes on adjusted items | 675 | (641) | (25) | (331) |
| Adjusted Net Profit | 2,663 | 13,371 | 483 | 1,716 |
| (Profit attributable to non-controlling interests) | (1,458) | (1,496) | (418) | (405) |
| (Adjustments to non-controlling interests) | (0) | 0 | (0) | 0 |
| Adjusted Group Net Profit | 1,204 | 11,875 | 65 | 1,311 |
| In Euro thousands | 2024 | 2023 | ||
| Group Net Profit (In Euro thousands) | 7,937 | 9,775 | ||
| Number of ordinary shares net of treasury shares at the reporting date | 59,476,676 | 62,239,361 | ||
| Earnings/(loss) per share (Euro/cents) | 13.34 | 15.71 | ||
| 4Q 2024 | 4Q 2023 | |||
| FY Earnings (loss) per share (Euro/cents) | 13.34 | 15.71 | ||
| 9M Earnings (loss) per share (Euro/cents) | 10.33 | 15.35 | ||
| 3.02 | 0.36 | |||
| In Euro thousands | 31/12/2024 | 31/12/2023 | Change | |
| Other current receivables | 17,988 | 26,096 | (8,108) | |
| Tax assets (current) | 3,911 | 2,832 | 1,079 | |
| (6,135) | (5,815) | (320) | ||
| Provision for risks and charges (current) | (21,870) | 1,111 | ||
| Other current payables | (20,759) | |||
| Current tax payables Other net assets/liabilities |
(809) (5,804) |
(797) 446 |
(12) (6,250) |
Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy
TEL. +39 0732 6101 FAX +39 0732 610249 CerFfied e-mail [email protected] SDI Code - Y1NM1XC
COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN