The Indian Income Tax department is conducting has launched raids at the offices of the Chinese home appliance company Haier on Friday. The raids were being carried out at the premises of the company in Delhi, Mumbai, Noida, Pune and a few other locations.
Category Archives: Financial
Swan UK takeover
Sutton Venture Group (SVG) has become the sole shareholder of Swan Products Limited, a small domestic appliances and housewares brand with a strong British heritage dating back to the 1920s.
Swan will be integrated into SVG’s trading division RKW, where it will benefit from the group’s centralised services and global infrastructure.
SVG Chairman Rob Sutton commented, “I am delighted to welcome Swan into the RKW family of Great British brands. RKW has been a key partner for Swan and the acquisition fits perfectly with our strategy of building British brands into major Global players through our international network of supply partners and customers.”
Arçelik – Whirlpool
Just a post on Linkedin in which Oguz Sulek is “happy to share” his new position as Executive Director – Integration at Arçelik Global. He will be the manager of the financial aspects of the inclusion in the Arçelik perimeter of 38 subsidiaries and 9 factories which will be added to the 25 European subsidiaries of Arçelik, mainly in the name of Beko, and two factories.
Sulek graduated in Law in Marmara and Economics in Istanbul to then specialize in the ‘private’ university of the Koç group of which Arçelik is part and previously followed the Enterprise Risk Management. Before that, he was the financial director of Voltas Beko, a joint venture between the Turkish group and the Indian giant Tata Group.
Elica results
Elica Spa has approved the results for the first half of 2023 – prepared in accordance with the IFRS international accounting standards. Revenues fell 12% from 290 to 254.5 million. EBITDA has also fallen in line, which continues to represent almost 10% of turnover. Preserving gross margins has been an important success for the group, achieved thanks to strategic initiatives implemented in recent years, such as constant cost control, flexibility deriving from the new production footprint and the “Supply Chain Finance Solution” project for better management of circulating. Margin expansion, with a significant increase of 80 basis points between the prior first and second quarters, confirms the commitment to sustained profitability and operational excellence.Profit fell 38% from nearly $14 million to $8.5 million The Cooking division, which represents 76% of total turnover, recorded a drop of -15%. Also in the second quarter, own brand production partially compensated for a strong reduction in demand in the OEM area
The Engines division, which represents 24% of total turnover, shows the first signs of a slowdown, showing a slight contraction in sales equal to -2.8%. The “ heating ” and “ ventilation ” areas , and in particular the heat pump segment, continue to represent segments with high profitability and significant diversification opportunities. Sales in EMEA, which represents 80% of total revenues, recorded a decrease of -10.9%, thus aligning Elica’s performance with that of the market.
“In a difficult macroeconomic context, the whole group has demonstrated its ability to face challenges with great speed, managing to defend margins and not slow down on strategic projects. We will also face the next few months with the usual passion, being ready to accelerate when the recovery occurs. I am sure that the team, the completion path of the cooking product range and the opportunities of the engine division will support growth in the long term and will continue to create value for shareholders and our stakeholders” . declared Francesco Casoli
LG results
LG Electronics Inc. (LG) today announced second-quarter 2023 consolidated revenue of KRW 20 trillion with operating profit of KRW 741.9 billion. The company recorded the highest second-quarter revenues in company history.The LG Home Appliance & Air Solution Company generated second-quarter revenues of KRW 7.99 trillion and an operating profit of KRW 600.1 billion. Despite intensified market conditions, the business unit recorded strong profitability on the back of increased sales of high-demand products such as air conditioners and energy efficient heat pump-enabled products
Whirlpool profit slides
Whirlpool Corp (WHR.N) reported a 29.5% slide in quarterly profit on Monday as persistent inflation hit consumer spending, weakening demand for its washing machines and kitchen appliances.Net sales fell to $4.79 billion from $5.10 billion for the second quarter, missing analysts’ average estimate of $4.82 billion.
The Michigan-based company also reaffirmed its annual net sales and profit forecast.
V-Zug’s turnover falls in the first half year
The first half of 2023, the V-Zug Group achieved net sales of 298 million Swiss francs, down by 1.6% compared to the same period of the previous year (303.0 million). The operating result (EBIT) was 5.1 million francs (better than last year’s 4.3 million francs). In the first half of the year purchase prices remained at high levels. To counteract the market-related decline in volumes, further promotional measures and extensive cost-saving measures are being implemented.
Turnover on international markets increased overall by 13.0% to 60.8 million francs but lower sales volumes in Switzerland, especially new buildings and renovations, affected the turnover while the sales price increases, implemented gradually in the previous year and in February 2023, could compensate for the high purchase prices.
Electrolux Group focuses on its own brand and AEG, to sell Zanussi brand
After another quarter of losses, Stockholm is preparing to sell plants in Hungary and Memphis, all brands except its own, AEG and Frigidaire, plants in Egypt and South Africa. Objective: to earn 0.9 billion euros The Electrolux Group has commissioned Societè Gènèrale to seek buyers for all its ‘minor’ brands: Zanussi, Zoppas, Ideal, Faure, Zanker, Rosenlew, Elektro-Helios, Olympic Electric and Kwikot, as well as the plants in Egypt and South Africa. Activities that in 2022 generated 7 billion crowns, 610 million euros, i.e. 5% of the group’s total turnover. The Hungarian plant in Nyíregyháza and the US one in Memphis are also up for auction.
Electrolux hopes to raise 10 billion crowns in this way, less than 900 million euros (and just over a year’s turnover of the brands and factories in question).
Electrolux Professional AB interim report Q2 2023
During the second quarter Electrolux professional grew profitably taking another positive step towards our financial targets. Overall market demand has held up well in the quarter, and our order stock remains at a good level”, says CEO Alberto Zanata on the Q2/2023 report.EBITA in the second quarter of last year, excluding items affecting comparability of SEK -35m, amounted to SEK 268m, corresponding to a margin of 9.8%.
Operating income amounted to SEK 345m (196), corresponding to a margin of 10.9% (7.2).
Income for the period amounted to SEK 257m (132), and earnings per share was SEK 0.89 (0.46).
Operating cash flow after investments amounted to SEK 462m (88).Contact & head office
Electrolux Professional AB interim report Q2 2023
July 21, 2023
Interim reports – Press releases
Regulatory
Second quarter, April-June 2023
Net sales amounted to SEK 3,153m (2,731). Sales increased by 15.5%. Organically sales increased by 8.3%. Currency had an effect of 7.5%. The divestment of the Russian operations in 2022 had a negative effect of 0.3%.
EBITA amounted to SEK 385m (233), corresponding to a margin of 12.2% (8.5). EBITA in the second quarter of last year, excluding items affecting comparability of SEK -35m, amounted to SEK 268m, corresponding to a margin of 9.8%.
Operating income amounted to SEK 345m (196), corresponding to a margin of 10.9% (7.2).
Income for the period amounted to SEK 257m (132), and earnings per share was SEK 0.89 (0.46).
Operating cash flow after investments amounted to SEK 462m (88).
Alberto Zanata, President and CEO:
“Another positive step towards our financial targets
During the second quarter we grew profitably taking another positive step towards our financial targets. Sales increased organically by 8.3% compared to last year, and EBITA improved significantly to SEK 385m (233) with a corresponding margin of 12.2% (8.5). The higher EBITA was driven by price, and volume growth in Laundry.
Food and Beverage grew organically by 0.5% compared to last year with an EBITA margin of 12.2% (10.0) Sales grew in Europe, but declined in Americas and in Asia-Pacific. Business in China has not taken off as expected after the postpandemic re-opening. Sales declined in the US, mainly driven by a significant drop in our distribution sales of refrigerators due to destocking among customers. Order intake for the Food & Beverage segment remained at a good level overall despite somewhat softer demand in the US.
Laundry achieved an organic sales growth of 28.5% with particular strength in Europe and the US. The EBITA margin improved to 16.4% (10.4) due to volume and price, while the corresponding quarter of last year was impacted by component shortages. Order intake for Laundry was good.
Haier Appliances India joins forces with Maharashtra government
Haier Appliances India, a global provider of home appliances, has entered into a Memorandum of Understanding (MOU) with the Department of Skills, Employment, Entrepreneurship and Innovation of the Government of Maharashtra. The partnership is geared towards fostering skill development and empowering the youth in the region
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