FY2024 Financial Highlights
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
“In a still difficult market environment, we have confirmed our leadership in aspiration systems and electric motors, while continuing the company's transformation process. The medium-term priorities are what will guide our choices in the short term. We expect a 2025 characterised by a still weak demand, but we will continue to invest in distribution, both in Europe and North America, and in the path of positioning in Cooking; we know that this is the right direction, and the interest shown by our customers in the distribution of LHOV confirms it’. Stated Giulio Cocci, CEO of Elica.
FY 2024 Financial Highlights
451.2 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. Q4 revenue was Euro 110.5 million, in line with the same period of 2023 (-2.2%, -1.8% organic).
8.1 M€
Adjusted EBIT
Margin on revenues of 1.8% (5.1% in 2023). In a market environment that continues to feature intense promotional activity, margins are also impacted by costs incurred to support growth, in products and for the cooking transformation project.
9.4 M€
Net Profit
at Euro 9.4 million, compared to Euro 11.3 million in 2023 also thanks to the contribution of the sale of the Indian share and the benefit of the patent box. Net financial 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 valuation of the remaining 1.59% stake at the reporting date. Net of the income from the above transactions concerning the Indian investment, net financial expense of approx. Euro 8.0 million is reported for 2024.
Performance
By Business Area
The Cooking division, which accounts for approx. 78% of total revenue, reports a contraction of 3.4% (2.9% organic)
in line with the general market. While growth in North America continues, +3.3% (+3.9% organic vs FY 2023), thanks to the new distribution strategy in the region, demand in EMEA remains weak, although partially offset by OEM (third-party brand channel) sales, which were up 1.4% on FY 2023.
The Motors division, accounting for 22% of total revenues, saw sales contract 7.9% (8.0% organic)
The revenue reduction was lesser than the still weak general heating market, and with a recovery therefore of European market share.
Analysts Presentation Q4 & preliminary FY 2024 Results click.
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