Elica (hoods), positive impact of 4th quarter on numbers for the year
Total revenues 2020 equal to 452.6 million (-5.7%), net profit 8.5 million
The Elica group of Fabriano (Marche Region), leader in the production of hoods and extraction systems for kitchens, presented the main preliminary consolidated results for the year 2020. The group achieved revenues of 452.6 million euros (-5.7% compared to previous year, due to COVID-19 and the lockdown, especially in the second quarter of the year). A note from the company explains that the significant acceleration seen already starting from the third quarter of 2020 was confirmed and consolidated also in the last part of the year (+ 15.8% compared to 4Q 2019, + 19.0% net exchange rate effect), following both the increase in volumes and a positive price-mix effect.
In 2020 the normalized Ebitda was 42.2 million euros, down by -6.3% compared to the 45.0 million euros in 2019; Normalized Ebit of 15.9 million euros (19.6 million euros in 2019) with a margin on revenues of 3.5% (4.1% in 2019). The normalized Net Result is equal to 8.5 million euros, compared to 9.3 million euros in 2019.
“In the fourth quarter we improved the already very positive trend of the previous quarter in all business segments. In particular, the growth path of the Cooking Division continues, both in sales to own brands - driven by the excellent performances in Europe and in the American market - and OEM. The Nicola Tesla product led the development of the high-end range, growing by 49% in the quarter and by 23% on an annual basis. The Motors Division also recorded a further recovery in the last quarter, closing substantially in line with the previous year”, declared Mauro Sacchetto, CEO of Elica. "We continued and work on cost efficiency with a further improvement in margins and by concentrating investments on priority projects and product innovation - despite the effects linked to the ongoing pandemic - we closed with a net financial position in line with the 'last year. All our strategic projects are proceeding in line with expectations, in support of the medium / long-term growth objectives, improvement of margins and cash generation”.
EFA News - European Food Agency