FY 2022 Financial Highlights

Elica grows in a negative market and strengthens margins and profit, despite 60 million cost inflation: Adj Ebit at euro 33.0 million (+2.4%)

"Over the last two years, we have doubled margins and cash generation, despite the uncertain economic environment, inflationary pressures and the continually critical geopolitical environment. We have delivered on all our promises: from the execution of strategic projects, to the growth of the Elica brand and of the Motors Division, to the strengthening of margins. Our 2022 net profit grew 37%, allowing us to keep our further commitment of proposing a dividend, which increased 16.5% on the previous year" stated Giulio Cocci, Chief Executive Officer of Elica. "2023 will be a year of two halves: a first half even more challenging than the second half of 2022, with demand contracting sharply, and a recovering H2. However, the flexibility of our new production footprint in Europe, the extension of the Cooking range with new product lines, together with the opportunities opening up for the Motors Division - which plays an increasingly central role in the energy transition - shall allow us to rise to this challenge”.
FY 2022 Financial Highlights
548.6 M€
Consolidated Revenue
Revenue: Euro 548.6 million, +1.3% on previous year (+1.6% at constant scope and exchange rates), thanks to own brand sales growth, a correct price-mix and motors division development.
33.0 M€
Adjusted EBIT
Adjusted EBIT of Euro 33.0 million, increasing on the previous year (Euro 32.3 million in 2021), with a margin on revenue of 6.0% in line with 2021 (6.0% in 2021), despite the contraction in demand and higher than expected inflation.
22.5 M€
Adjusted Net Profit
Adjusted Net Profit of Euro 22.5 million (Euro 21.3 million in 2021). Adjusted Group Net Profit of Euro 21.0 million was up significantly (+31.5%) on Euro 15.9 million in 2021 (Euro 2.6 million in 2020).
Performance
By Business Area
The Cooking segment, which accounts for 77.0% of total revenue, reports a decrease of 6.6% (-2.2% at constant scope and exchange rates)

Own brand sales saw organic growth of +9.5% on 2021, accounting for 58% in 2022 in the Cooking segment. This was mainly due to ongoing growth across all strategic product families. The NikolaTesla aspiration hobs range, which now accounts for approx. 16% of Cooking revenue, grew 24% on 2021. OEM revenues followed a different trajectory, down -12.9% (-16.5% at constant scope and exchange rates) on the previous year due to destocking measures and a sudden slump in demand in the latter part of the year. Despite the uncertain macroeconomic environment, organic own brand sales growth offset the drop in OEM demand and protected profitability.

Motors segment revenue of Euro 125.7 million was significantly up (+42.3%) in 2022 (+20.9% organic), driven mainly by the “heating” and “ventilation” areas.

The Motors segment, accounting for 23.0% of total revenue, reported double-digit growth at +42.3% (+20.9% at constant scope and exchange rates), confirming the Group’s electric motors and fans leadership. The growth of the segment was driven, in particular by the heating area and by the consolidation of E.M.C. and CPS, now merged into EMC Fime s.r.l., acquired at the beginning of July 2021.

Elica S.p.A. Analysts Presentation Q4 2022 and Preliminary FY2022 Results click
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