De' Longhi, revenue growing during 1HY
Revenue of over than 1,44 billion net earnings at 71,7 million
De 'Longhi closed the first half of 2022 with revenues of over € 1.44 billion, an increase of 0.9% compared to the first six months of 2021. EBITDA stood at € 149.1 million, equal to 10,3% of revenues and down from 17.6% on 2021. Net profit is 71.7 million, equal to 5% of revenues, down compared to 171.9 million in the first half of 2021. The position is increasing net financial, positive for 55.4 million euros.
The second quarter saw revenues down by 5.8% and an adjusted EBITDA of € 49 million (to 6.9% of revenues, from 16.3% in the second quarter of 2021). The board of directors appointed the vice president Fabio de 'Longhi as chief executive officer with effect from 1 September 2022. De' Longhi also approved the Group's sustainability report for the year 2021 and the sustainability plan and the related ESG objectives.
"We are experiencing a historical moment of great uncertainty that tests the structure of the entire macroeconomic system - explains CEO Massimo Garavaglia -. The positive signs highlighted in the first months of the year gradually diluted in coincidence with the evolution of the Russian-Ukrainian conflict and the consequent impacts on consumer sentiment, already undermined by recent inflationary pressures in consumer goods of primary necessity'.
'We intend to continue defending prices and boosting investments in innovation and communication, as the main levers that can guarantee sustainable development - adds Garavaglia -. In this 2022, we foresee a persistent weakness of the markets and demand also in the second half of the year and we estimate therefore to be able to close the year with revenues down at a mid-single-digit rate and an adjusted EBITDA in the range of 320-340 million Euros'.
EFA News - European Food Agency