9M 2024 Financial Highlights
Against and ongoing market contraction Q3 Revenue of Euro 104.2 million (-1.1% organic vs Q3 2023)
”The results for the first nine months were in line with expectations, despite an even weaker-than-expected market. Our priorities do not change as they are medium/long-term in nature: cooking transformation, expanded direct distribution in North America and Europe - including through M&A’s - and growing the market share of both our Cooking and Motors OEM customers. All this while ensuring financial stability amid slowly recovering demand”.stated Giulio Cocci, Chief Executive Officer of Elica.
9M 2024 Financial Highlights
341.6 M€
Consolidated Revenue
with a sequential Q/Q improvement, thanks to growth in North America, driven particularly by the successful new distribution strategy and growth on the EMEA OEM segment. Q3 revenue was Euro 104.2 million, in line with the same period of 2023 (-1.3%, -1.1% organic). The substantial EMEA demand weakness continued, particularly in the Cooking division.
7.4 M€
Adjusted EBIT
Margin on revenues of 2.2% (5.4% in 9M 2023). A negative price mix impacted the first nine months of the year, in addition to a marketplace featuring a significant degree of promotional activity. In addition, the costs incurred by Elica to support product growth and rebranding impacted the result, and were only partially offset by SG&A cost controls and the reduction of raw material costs.
2.2 M€
Adjusted Net Profit
at Euro 2.2 million, compared to Euro 11.6 million in 9M 2023. Net financial expense at 1.7 million euros, compared with -4.3 million euros in the same period of the previous year. Financial income included approximately 7.7 millions euro 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. Net of the proceeds related to this sale, financial items as of September 30, 2024 amounted to -6.0 million euros.
Performance
By Business Area
The Cooking division, accounting for 78% of total revenue, contracted 4.0% (-3.6% organic)
with EMEA own brand sales particularly affected (-8.0% at constant exchange rates) compared to the first nine months of 2023, in line with general market developments, in particular in France and Germany. OEM sales (third party brands channel) however saw growth of +8% on 9M 2023, thanks to the entry of new customers, while slightly declining in Q3. Finally, North American business growth continued (+6% vs 9M 2023), thanks to the launch of new products, the new distribution strategy implemented and the entry of new OEM customers.
The Motors division, which accounts for 22% of total revenue, saw sales contract 9% (-8.8% organic) in the first nine months of the year
while up +9.0% (+9.1% organic) in the quarter thanks to the strategic partner market share growth, particularly in the EMEA region.
Analysts Presentation 9M 2024 Results click.
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