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De' Longhi closes revenues 2022 down by 2%

Accounts weighed down by the bad performance of Europe

De' Longhi, a group listed on Euronext Milan and active in the small appliance sector dedicated to the world of coffee, cooking, air conditioning and home care, closed 2022 with consolidated revenues of 3,158 million euros, down by 2% (-5.9% at constant exchange rates) compared to 2021. The company explained that the result was due also to the 4% decrease (-7% at constant exchange rates) recorded in the last three months of the year.

CEO Fabio De' Longhi said he believes that "the result obtained on the revenue front in 2022 should be evaluated positively in the light of the numerous challenges and growing difficulties that the Group has found itself facing". He quotes, for example, "the dramatic geopolitical evolution and the inflation dynamics which inevitably deteriorated consumers' confidence and spending power. The fourth quarter performance has been better than initial expectations, together with the effects of the actions implemented to reduce inventories and control costs. This is a prelude to a possible trend in margins for the year just closed, in line with the high part of our guidance, which estimated an adjusted Ebitda in the range of 320-340 million Euros".

In fact, 2022 was positive in the first part of the year, supported by a brilliant performance of coffee, showing later on a generalized decline in turnover in the following quarters at a mid-single digit rate. The change of scenario is attributable to various factors, explains the company, such as the complex geopolitical situation and the unfavorable inflation dynamics, as well as a challenging comparison with the extraordinary growth achieved in 2021.

These factors temporarily weakened the demand for goods in the European area, while in the other geographical areas the group was able to maintain the sales trend in positive territory. Europe closed the 12 months down by 9.8% at 1,873 million euros (-10.9% at 629.3 million in the last quarter). America (+10.8% to 624 million), MEIA (+7.9% to 197 million) and Asia (+15.9% to 464 million) rose.

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EFA News - European Food Agency