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Elica
Earnings Release • Mar 25, 2025
4217_10-k_2025-03-25_10fd4a91-a970-4e59-b769-14a54e7d2936.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]
2024 ANNUAL FINANCIAL REPORT APPROVED AND SHAREHOLDERS' MEETING CALLED
REVENUE OF EURO 452.1 MILLION (-4.5% VS FY 2023) IN A CONTEXT 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
STRONG INVESTMENT IN THE ELICA BRAND AND THE TRANSFORMATION INTO A COOKING COMPANY: ADJUSTED EBITDA OF 31.4 MILLION EUROS, MARGIN ON REVENUE AT 6.9%
STABLE NET FINANCIAL POSITION SUPPORTED BY EFFECTIVE WORKING CAPITAL MANAGEMENT
GROUP NET PROFIT OF EURO 7.9 MILLION, PROPOSED DIVIDEND OF EURO 0.04 PER SHARE
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Fabriano, March 25, 2025 – The Board of Directors of Elica S.p.A. has approved the consolidated results at December 31, 2024 and the statutory financial statements at December 31, 2024, prepared in accordance with IFRS, in addiIon to the Directors' Report.
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 Consolidated Financial Highlights
Revenue: Euro 452.1 million;
Adjusted EBITDA1: Euro 31.4 million (6.9% margin on revenues);
Adjusted EBIT2: Euro 8.1 million (1.8% margin on revenues);
Net Profit3: Euro 9.3 million;
Group Net Profit: Euro 7.9 million. The MinoriIes 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).
ResoluZons regarding the allocaIon of the annual result, with a proposed dividend of Euro 0.04 per share, and the allocaIon of the remaining amount to the extraordinary reserve;
Call of the shareholders' meeZng;
Approval of the Corporate Governance and Ownership Structure Report, the RemuneraIon Policy Report and compensaIon paid pursuant to ArIcle 123-ter of LegislaIve Decree 58/98, and the consolidated Sustainability Report.
Approval of the Board of Directors' Report concerning the proposal for the purchase and disposal of treasury shares.
***
Elica Group FY2024 Opera;ng Performance
Revenue at Euro 452.1 million (-4.5% vs FY 2023, -4.1% organic), with a sequenIal Q/Q improvement, thanks to growth in North America, driven parIcularly by the successful new distribuIon strategy and growth on the EMEA OEM segment.
The Cooking division, which accounts for approx. 78% of total revenue, reports a contracIon of 3.4% (2.9% organic), in line with the general market. While growth in North America conInues, +3.3% (+3.9% organic vs FY 2023), thanks to the new distribuIon strategy in the region, demand in EMEA remains weak, although parIally offset by OEM (third-party brand channel) sales, which were up 1.4% on FY 2023.
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 Motors division, accounIng for 22% of total revenues, saw sales contract 7.9% (8.0% organic). The revenue reducIon was lesser than the sIll weak general heaIng 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 6.9% (10.2% in 2023). In a market environment that conInues to feature intense promoIonal acIvity, margins are also impacted by costs incurred to support growth, in products and for the cooking transformaIon 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).
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 valuaIon of the remaining 1.59% stake at the reporIng date. Net of the income from the above transacIons concerning the Indian investment, net financial expense of approx. Euro 8.0 million is reported for 2024.
Net Profit at Euro 9.3 million, compared to Euro 11.3 million in 2023 also thanks to the contribuIon of the sale of the Indian share and the benefit of the patent box.
Net
Group Net Profit at Euro 7.9 million, compared to Euro 9.8 million in 2023. The MinoriIes profit was approx. Euro 1.5 million.
| In Euro thousands | 2024 | % revenue | 2023 | % revenue | 24 Vs 23% |
|---|---|---|---|---|---|
| Revenue | 452,092 | 473,204 | (4.5%) | ||
| Adjusted EBITDA | 31,418 | 6.9% | 48,058 | 10.2% | (34.6%) |
| EBITDA | 27,979 | 6.2% | 45,388 | 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 | 1,790 | 0.4% | (3,872) | (0.8%) | 146.2% |
| Profit from conKnuing operaKons | 9,326 | 2.1% | 11,271 | 2.4% | (17.3%) |
| Adjusted Net Profit | 2,594 | 0.6% | 13,371 | 2.8% | (80.6%) |
| Net profit | 9,326 | 2.1% | 11,271 | 2.4% | (17.3%) |
| Adjusted Group Net Profit | 1,135 | 0.3% | 11,875 | 2.5% | (90.4%) |
| Group Net Profit | 7,868 | 1.7% | 9,775 | 2.1% | (19.5%) |
| Basic earnings/(loss) per share on conKnuing | |||||
| operaKons and disconKnued operaKons | |||||
| (Euro/cents) | 13.23 | 15.71 | (15.8%) | ||
| Diluted earnings (loss) per share on conKnuing | |||||
| operaKons and disconKnued operaKons | |||||
| (Euro/cents) | 13.23 | 15.71 | (15.8%) |
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 posiIon at December 31, 2024 were from:
posiIve impact from the sale of the 4.78% stake in Elica PB to Whirlpool of India Limited;
Working Capital opImisaIon through effecIve working capital and stock reducIon acIviIes;
Euro -5.3 million buyback including the purchase of shares worth approx. Euro 4.0 million on the basis of withdrawal rights following the introducIon of mulI-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 of 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 PosiOon | (46,767) | (41,300) | (5,467) |
| Lease liabiliKes IFRS 16 (current) | (3,817) | (4,240) | 423 |
| Lease liabiliKes IFRS 16 (non-current) | (6,386) | (7,944) | 1,558 |
| Adjusted Net Financial PosiOon - Including IFRS 16 | |||
| impact | (56,970) | (53,484) | (3,487) |
| Impact of amorKsed cost on loans | 453 | - | 453 |
| Other payables for purchase of investments | (551) | (1,000) | 449 |
| Net Financial PosiOon | (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/liabiliKes | (5,796) | 446 | (6,242) |
| Net Working Capital | 2,301 | 11,026 | (8,725) |
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 as of December 31 and Subsequent to 2024
For details of the significant events as of December 31, 2024, and thereajer, please refer to the press release of February 13, 2025, regarding the 4Q Consolidated Results and preliminary FY2024, available at the following link: hkps://investors.elica.com/files/press\_release/en/elica-spa\_pr\_q4-and-fy-2024 results.pdf.
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Outlook
The general Cooking segment conInued to contract in 2024, amid a negaIve price mix and significant promoIonal acIvity. This already complex situaIon was accompanied by the decline in the Motors' segment, mainly as a result of slowing residenIal demand and the regulatory uncertainty stemming from the energy transiIon. In this environment, the Group remained focused on growing market share thanks to new projects and customers and the success of the distribuIon strategy introduced in North America and Canada for own brands.
Finally, thanks to the brand investment strategy and the transformaIon of the Cooking segment, the extension of the product range, the direct distribuIon policy in North America and Canada and the energy transiIon-related opportuniIes for the Motors division, such as the sale of heat pumps, in addiIon to the launch of new products, the Group is laying the foundaIons for a recovery of revenue and margin growth over the medium-term.
Outlook FY2025:
- Flat YoY market, potenIal recovery in the laker part of the year;
- Medium-term opportuniIes 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 distribuIon to tap into market opportuniIes;
- Strategy focused on medium to long-term prioriIes:
- o Extraordinary Cooking transformaIon
- o Direct distribuIon 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 posiIon 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
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
***
Resolu;ons regarding the alloca;on of the annual result
The proposed resoluIon, considering the 2024 financial results, concerns the distribuIon of a dividend in the amount of Euro 0.04 per share for each of the 63,322,800 outstanding ordinary shares, net of treasury shares to be held on the ex-dividend date and gross of legal withholdings. The Company has proposed the ex-dividend date (coupon n. 13) as July 7, 2025, the record date as July 8, 2025, and the payment date as July 9, 2025.
The report on this maker, along with the financial documentaIon, will be made available to the public at the registered office, as well as on the authorized storage mechanism , at , and will be available on the Company's website from March 28, 2025.
The Board of Directors has also resolved on the following:
Call of the Extraordinary and Ordinary Shareholders' MeeZng
The Board of Directors of Elica S.p.A. has resolved to convene the Extraordinary and Ordinary Shareholders' MeeIng, with the possibility of parIcipaIon also (or exclusively) through remote communicaIon means and through the exclusive parIcipaIon of the designated representaIve, on April 29, 2025, at 9:00 AM, in a single call. The noIce of meeIng, along with proxy forms and voIng instrucIons, will be made available to the public in accordance with legal requirements from March 27, 2025.
Corporate Governance and Ownership Structure Report, RemuneraZon Policy Report and CompensaZon Paid pursuant to ArZcle 123-ter, LegislaZve Decree 58/98, and consolidated Sustainability Report as of December 31, 2024
Today, the Board of Directors of Elica S.p.A. approved the Corporate Governance and Ownership Structure Report for the 2024 financial year and the RemuneraIon Policy and compensaIon paid report. The Board also approved the consolidated Sustainability Report as of December 31, 2024, prepared pursuant to LegislaIve Decree 125/2024 in accordance with the new European Sustainability ReporIng Standards (ESRS), which transpose the European Corporate Sustainability ReporIng DirecIve (CSRD). These documents will be available, along with the financial documentaIon, in accordance with legal requirements from March 27, 2025.
Approval of the Board of Directors' Report to the Extraordinary Shareholders' MeeZng for the amendment of ArZcle 26 of the Corporate Bylaws
Today, the Board of Directors of Elica S.p.A. approved the explanatory report to the Shareholders' MeeIng for the amendment of ArIcle 26 of the Corporate Bylaws to introduce the possibility of appoinIng a manager responsible for sustainability reporIng, separate from the manager responsible for preparing
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 company's financial statements. This report will be made available to the public at the registered office, as well as on the authorized storage mechanism , at , and will be available on the Company's website from March 27, 2025.
Board of Directors' Report to the Shareholders' MeeZng regarding the proposal for the purchase and disposal of treasury shares
Today, the Board of Directors also approved the Board of Directors' Report to the Shareholders' MeeIng regarding the proposal for the authorizaIon to purchase treasury shares and perform acts of disposal on them.
The main reasons for requesIng the Shareholders' MeeIng to authorize the purchase and disposal of treasury shares, and thereby provide the Company with an important tool for management and strategic flexibility, can be summarized as follows: a) execute potenIal future stock incenIve plans that may be authorized for directors and/or employees and/or collaborators of the Company and/or its subsidiaries, in compliance with legal and regulatory provisions; b) close agreements with individual directors, employees, and/or collaborators of the Company or its subsidiaries, which do not fall under the free share allocaIon plans governed by ArIcle 114-bis of the Consolidated Finance Act (T.U.F.); c) intervene, where necessary and in compliance with current provisions (including those in market pracIce), directly or through authorized intermediaries, to contain abnormal movements in the Company's stock price and/or to regulate trading acIviIes; d) make investments in treasury shares to pursue the Company's strategic lines (e.g., using them as consideraIon, including in share swaps, for the acquisiIon of equity interests or in acquisiIons of other companies), where market condiIons make these operaIons economically advantageous; e) use treasury shares in transacIons such as sales, contribuIons, assignments, exchanges, or other disposals in agreements with strategic partners or in extraordinary financial operaIons (e.g., converIble loans); f) use treasury shares as collateral for financing.
The proposal formulated by the Board of Directors concerns the purchase of the Company's ordinary shares up to a maximum limit of 20% of the share capital, equal to 12,664,560 ordinary shares.
The authorizaIon for the purchase of treasury shares is requested for a period of 18 months starIng from the date the Shareholders' MeeIng adopts the related resoluIon. The Board of Directors proposes that the purchase price per ordinary share be set at an amount: (a) not lower than 95% of the official price registered by the stock in the meeIng preceding each individual operaIon, and (b) not exceeding (i) EUR 7 and (ii) 105% of the official price registered by the stock in the meeIng preceding each individual operaIon.
It is understood that purchases must be made at price condiIons in accordance with ArIcle 5 of RegulaIon No. 596/2014 of April 16, 2014, and in compliance with current regulaIons and condiIons set by Consob regarding market pracIces, where applicable.
The Board of Directors must conduct each purchase operaIon in compliance with the condiIons set for the market pracIce related to treasury share purchases allowed by Consob, as well as with other applicable legal and regulatory provisions, including the provisions of RegulaIon No. 596/2014, Delegated RegulaIon 2016/1052, and related implementaIon rules, both EU and naIonal, and in parIcular in accordance with the provisions of ArIcle 132 of the TUF, ArIcle 144-bis, first paragraph, leker b), of the Issuers' RegulaIon, and RegulaIon No. 596/2014 of April 16, 2014, in addiIon to applicable regulaIons to ensure equal treatment among shareholders.
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
As of today, the Company holds 1,806,698 treasury shares. The approval of the proposal is subject to the revocaIon of the authorizaIon granted on April 24, 2024, for any unuIlized porIons. The Board of Directors' Report regarding the proposal for the purchase and disposal of treasury shares will be made available to the public at the registered office, as well as on the authorized storage mechanism , at , and will be available on the Company's website from March 27, 2025.
Board of Directors' Report to the Shareholders' MeeZng regarding the remaining agenda items
Today, the Board of Directors of Elica S.p.A. approved the explanatory report to the Shareholders' MeeIng on the remaining items on the agenda, in parIcular the approval of the financial statements as of December 31, 2024; the remuneraIon report; and the amendment of the shareholders' meeIng regulaIons for the relevant adjustment. This report will be made available to the public at the registered office, as well as on the authorized storage mechanism , at , and will be available on the Company's website from March 27, 2025.
Independence assessment of the Directors and Statutory Auditors pursuant to ArZcles 6 and 9 of the Corporate Governance Code
The Board of Directors of Elica S.p.A. has assessed the independence requirements pursuant to the TUF and the Corporate Governance Code for the Directors Elio Cosimo Catania, Angelo Catapano, Susanna Zucchelli, and Alice Acciarri. Regarding Director Catania, the Board has evaluated the conInued independence of judgment and behavior, also considering the value of his acquired competencies, professional qualiIes, ethical standards, and his sImulaIng attude in the Board's discussions, despite his confirmaIon as director of the company for more than nine years in the last twelve fiscal years.
The Board also acknowledged the evaluaIon conducted by the Board of Statutory Auditors regarding the independence requirements for the Chairman of the Board of Statutory Auditors, Giovanni Frezzot, and the effecIve auditors, Simona Romagnoli and Paolo Massinissa Magini, considering them independent under the TUF and the Corporate Governance Code.
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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 ArIcle 154-bis, second paragraph, of LegislaIve Decree No. 58/98, that the accounIng informaIon contained in this press release corresponds to the documented results, books and accounIng records.
***
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
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
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 operaIng result (EBIT) plus amorIsaIon and depreciaIon and any impairment losses on Goodwill, brands and other tangible and intangible assets.
EBIT is the operaIng result as reported in the consolidated Income Statement.
Adjusted EBITDA is EBITDA net of the relaIve adjustment items.
Adjusted EBIT is EBIT net of the relaIve 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 relaIve adjustment items.
The adjusted Group result is the result for the period akributable to the owners of the Parent, as published in the Consolidated Income Statement, net of the relaIve adjustment items.
Adjustment items: earnings items are considered for adjustment where they: (i) derive from non-recurring events and operaIons or from operaIons or events which do not occur frequently; (ii) derive from events and operaIons not considered as in the normal course of business operaIons, 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 akributable to the Group, as defined in the Consolidated Income Statement, by the number of outstanding shares at the respecIve reporIng 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.
Managerial Working Capital is the sum of Trade receivables with Inventories, net of Trade payables, as presented in the Consolidated Statement of Financial PosiIon.
Net Working Capital is the amount of Managerial Working Capital and Other net receivables/payables.
Other net assets/liabiliIes comprise the current porIon of Other assets and Tax Assets, net of the current porIon of Provisions for risks and charges, Other payables and Tax payables, as presented in the Consolidated Statement of Financial PosiIon.
The Adjusted Net Financial PosiIon 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 amorIsed cost as per IFRS 9 on Bank loans and borrowings, as reported in the Statement of Financial PosiIon.
The Adjusted Net Financial PosiIon - Including IFRS 16 Impact is the sum of the Adjusted Net Financial PosiIon and current and non-current lease payables from applicaIon of IFRS 16, as reported in the Consolidated Statement of Financial PosiIon.
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 Net Financial PosiIon is the sum of the Adjusted Net Financial PosiIon - Including IFRS 16 Impact, the impact of the amorIsed cost as per IFRS 9 on Bank loans and borrowings, as reported in the Statement of Financial PosiIon, and of the liabiliIesincluded among other payables arising in relaIon to the acquisiIon of the new companies, belonging to the consolidaIon scope or of addiIonal shares in exisIng subsidiaries. The result coincides with the Consob definiIon of the Net Financial PosiIon
Reconciliations
| in Euro thousands | 2024 | 2023 | 4Q 2024 | 4Q 2023 |
|---|---|---|---|---|
| OperaOng profit – EBIT | 4,672 | 21,523 | (970) | 3,418 |
| (Impairment losses on Tangible and Intangible assets) | 303 | 139 | 303 | 0 |
| (AmorKsaKon & DepreciaKon) | 23,004 | 23,727 | 5,799 | 5,742 |
| EBITDA | 27,979 | 45,389 | 5,132 | 9,231 |
| Cooking produc-on reorganisa-on | 4 | 385 | 136 | |
| Changes in inventories finished/semi-finished goods | 45 | |||
| Raw materials and consumables | 126 | 58 | ||
| Services | 4 | 214 | 78 | |
| Personnel expenses | ||||
| Other operaKng expenses and accruals | ||||
| Restructuring charges | ||||
| Realised and unrealised M&A's | 238 | 274 | 106 | 180 |
| Services | 238 | 274 | 106 | 180 |
| Other operaKng expenses and accruals | ||||
| Other reorganisa-ons 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 operaKng expenses and accruals | 93 | |||
| Others | 499 | 221 | 407 | 149 |
| Services | 484 | 195 | 407 | 132 |
| Other operaKng 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 |
| in Euro thousands | 2024 | 2023 | 4Q 2024 | 4Q 2023 |
| OperaOng 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 |
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 |
|---|---|---|---|---|
| Net Profit | 9,325 | 11,271 | 1,916 | 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 | 414 | 1,716 |
| (Profit a[ributable 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 | (4) | 1,311 |
| In Euro thousands | 2024 | 2023 | ||
| Group Net Profit (In Euro thousands) 7,868 |
9,775 | |||
| Number of ordinary shares net of treasury shares at the reporKng date 59,476,676 |
62,239,361 | |||
| Earnings/(loss) per share (Euro/cents) 13.23 |
15.71 | |||
| 4Q 2024 | 4Q 2023 | |||
| FY Earnings (loss) per share (Euro/cents) | 13.23 | 15.71 | ||
| 9M Earnings (loss) per share (Euro/cents) | 10.33 | 15.35 | ||
| 2.90 | 0.36 | |||
| In Euro thousands | 31/12/2024 | 31/12/2023 | Change | |
| Other current receivables | 17,988 | 26,096 | (8,108) | |
| Tax assets (current) | 3,918 | 2,832 | 1,086 | |
| Provision for risks and charges (current) | (4,919) | (5,815) | 896 | |
| Other current payables | (20,974) | (21,870) | 896 | |
| Current tax payables | (809) | (797) | (12) | |
| Other net assets/liabiliOes | (5,796) | 446 | (6,242) | |
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