De’Longhi, positive Q1

During the first quarter 2021, De’ Longhi net revenues reached 678.7 million euro, up by 72.6%. Adjusted Ebitda, instead, recorded 128.6 million euro, up 205.3% and equal to 18.9% of revenues, with an improvement of 8.2% compared to the previous year. Ebit was of € 108.2 million euro, up by 516.3% and equal to 15.9% of revenues and net profit of 80.9 million euro, up 636.2%, equal to 11.9% of revenues. Morevoer the Group recorded a positive net financial position of 318.2 million euro, improving by 86.2 million euro in the quarter.

The extraordinary results achieved – commented De’Longhi CEO Massimo Garavaglia – further consolidate De’Longhi’s position among the leaders of the industry. The Group has been able to seize all the opportunities offered by the market in these months of great uncertainty, thanks not only to its brands and products portfolio but also to the great production flexibility and the adaptability of teams and organization. I take this opportunity to thank all the employees of the Group for the dedication, commitment and professionalism shown in recent months, without which we would not have been able to achieve these goals.

Looking at the next future – added garavaglia – the continuation of the development trend of coffee and kitchen, strengthened by the increased attention of consumers towards the home environment, support our positive expectations for the coming quarters. In particular, the signals that we receive from the markets in these first weeks of the second quarter reasonably suggest, for the remaining months of the year, a very robust and more sustained sales trend than initially expected; in light of this, therefore, we revise upwards our guidance for the current year and for the new perimeter including Capital Brands, now forecasting revenues growing at constant exchange rates at a pace between 28% and 33% (i.e. in the range 18 % – 22% on a like-for-like basis) and an adjusted Ebitda in line with 2020 as a percentage of revenues. This expected dynamic will allow us to continue the previously announced strategy of increasing investments in marketing and communication, in support of our brands and products, thus fueling a virtuous circle aimed at medium-long term growth strategy.

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