“I am very satisfied with how the Group was able to react in the face of the extraordinarily challenging and complex scenario that arose in 2022 and that affected our entire industrial sector.
The Group has maintained a turnover well in excess of 3 billion Euros, also thanks to the strategic decision to give continuity to investments in communication, in particular with regards to the global campaign on coffee featuring Brad Pitt as De’ Longhi’s brand ambassador for coffee.
Year 2023 begins in a context not very dissimilar from the last part of 2022, which allows us to forecast a progressive improvement in the economic and consumptions’ climate in the second half of the year.” commented CEO Fabio de’ Longhi.
In the 12 months:
• revenues of € 3,158.4 million, slightly down by -2% (-5.9% at constant exchange rates);
Ebitda at € 362 million, equal to 11.5% of revenues (compared to 16% in 2021);
• net profit3 of € 177.4 million, equal to 5.6% of revenues (compared to 9.7% in 2021);
• positive net financial position of € 298.8 million, down by € 126 million compared to the end of 2021,
but strongly recovering in the fourth quarter with a positive cash flow of €270 million.
In the fourth quarter:
• revenues down by 3.9% to € 1,029.8 million (-7% at constant exchange rates);
• adjusted Ebitda at € 150 million and equal to 14.6% of revenues (compared to 14.7% in 2021);
• net profit of € 78 million, equal to 7.6% of revenues (compared to 7.3% in 2021).
The Board of Directors has proposed the distribution of a dividend of € 0.48 per share, equal to a pay out ratio of 41% in line with the Group’s dividend policy.