De'Longhi, strong growth in the half year
Net profit 181 million (+ 320%), to which acquisitions also contributed
De' Longhi reported net revenues of € 1.43 billion in the first six months of 2021, up 59.7% (65.4% at constant exchange rates) compared to the first half of 2020. Adjusted EBITDA was equal to 251.4 million euros (230 million on a like-for-like basis), up by 124.9% and equal to 17.6% of revenues. Net profit was 180.8 million euros, up 319.5%, equal to 12.6% of revenues (140.4 million on a like-for-like basis).
"For this 2021 we now see the revenues of the group (including Capital Brands) grow at constant exchange rates at a rate that is in the upper part of the range previously communicated (28% -33%) and an improved EBITDA compared to last year, both in value and as a percentage of revenues" - commented CEO Massimo Garavaglia - Furthermore, the consolidation of Eversys will bring about a further 2 percentage points of revenue growth and an adjusted EBITDA, as a percentage of revenue, in line with the rest of the group".
At 30 June, the net financial position of the group was positive for 217.9 million euros (286.7 million on a like-for-like basis). In the first six months of the year, the cash flow before dividends and acquisitions was positive for 196.2 million euros.
The coffee segment was well supported by an important expansion of all the main categories, with a trend in the sector that showed a growth rate above the group average in both quarters, driven in particular by the expansion of machines. super-automatic.
The cooking and food preparation sector also closed the half year with significant double-digit growth, substantially in continuity between the first and second quarters of the year. In particular, in the last few quarters, the greater attention of consumers towards products linked to the “home experience” has supported the expansion of the business in all the main geographic areas.
EFA News - European Food Agency