De Longhi approves the 2020 financial statements
The year ended with revenues up by 11.9%
The shareholders 'meeting of De' Longhi SpA, which met today in ordinary session, approved the 2020 financial statements, thus confirming the data approved by the board of directors on 11 March 2021. "2020 was a year of high complexity and important changes in the market, both on the production and commercial fronts, to which the De 'Longhi group was able to adapt with great flexibility and reactivity, thanks above all to the extraordinary commitment of all its employees and also to the strength of its brands, investments in the digital world and the continuous innovation process that has always characterized the Group", says a press release.
In the twelve months, the Group achieved normalized net revenues of € 2,368.1 million, an increase of 12.4% (14.3% at the organic level); a normalized adjusted Ebitda of € 383.3 million, up by 27.6% and equal to 16.2% of revenues, with an improvement of 1.9 percentage points compared to the previous year; a normalized operating result (Ebit) of € 278.8 million, up by 29.1% and equal to 11.8% of revenues; a net profit of € 200.1 million, up by 24.3%, equal to 8.5% of revenues; an active net financial position of € 232 million, or € 561.3 million before the acquisition of Capital Brands Holdings. Net of the Capital Brands transaction and dividends distributed (€ 80.8 million), the Group generated a cash flow of € 364.3 million. The shareholders' meeting approved a dividend of € 0.54 per share for a total amount of € 80.8 million, payable starting from May 26, 2021, with coupon detachment on May 24 and with the so-called record date pursuant to art. 83-terdecies of Legislative Decree no. 58/98 as of May 25, equal to a pay-out ratio of 40.4% of the consolidated net profit of the Group, the shareholders approved the remuneration policy for the year 2021 and expressed a favorable opinion on the remuneration paid in financial year 2020; finally, it renewed the authorization to purchase and dispose of own shares.
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