Samsung Electronics has made public its forecasts for the second quarter of 2023. The resilience of large household appliances can do nothing compared to the weakness in demand for smartphones and above all for chips.
Compared to the previous quarter, the decline is only 6% in sales and 6.4% in profits
In the April-June period, the Korean giant estimates that it had a turnover of 60 thousand billion won (42 billion euros) with a very small profit (1%) of 600 billion won. In the corresponding period of 2022, Samsung Electronics had a turnover of 77,200 billion won (54 billion euros) with a profit of 14 trillion won (almost 10 billion euros). As a result, sales fell 22% year over year and profits fell 95
Category Archives: Financial
Hairer investment India
Haier India has invested Rs 400 crore for the expansion of its Greater Noida plant.
The phase II expansion of the plant is scheduled to begin this month and will be completed by November 2024. The company will add 44,890 sq m to the 3,05,726 sq m plant.
Haier India can currently produce one million air-conditioners, 1.5 million washing machines, and 3 million refrigerators annually at its plants in Greater Noida and Pune.
โWith enhanced manufacturing capabilities and increased backward integration, we are confident in our ability to deliver exceptional productsย
the phase one expansion of the Greater Noida plant, the company had invested Rs 1,600 crore to create a manufacturing unit for air-conditioners, washing machines, and refrigerators.
Haier India also targets Rs 10,000 crore turnover by the end of 2024. BusinessLine had earlier reported that the targeted turnover is in line with the expected revenue growth of 40 per cent and 30 per cent in 2023 and 2024, respectively.
Glen Dimplex profit increase
The main business of Glen Dimplex, the Irish-headquartered heating, cooling and appliance giant, nearly quadrupled its profits last year as the company substantially concluded a period of restructuring.
Newly filed accounts for Glen Dimplex European Holdings, which makes up about 60pc of group operations, showed the business made a profit of โฌ42.8m in the year to September 30, 2022, up from just โฌ11m in the previous year.
Glen Dimplex increased turnover by just 4pc in the period to โฌ944m, with growth coming mainly from the groupโs energy efficient heating and ventilation products, which are in high demand in the EU because of public policy initiatives.
โEncouragingly, the strong profit growth experienced in the 2021/22 financial year has continued into the early part of the 2022/23 financial year and the outlook remains positive driven by strong underlying demand trends, a supportive policy environment and fiscal supports for end users,โ the accounts stated.The company, which is owned by the Louth-based Naughton family, has been undergoing a transformation in recent years to focus more on sustainability and the electrification of energy, increasingly via smart tech.The firm sold the well-known consumer appliance business Morphy Richards to long-term Chinese manufacturing partner Xinbao for โฌ185m. Glen Dimplex retained the rights to distribute the brand in Ireland, New Zealand and Australia for 10 years as part of the deal.The shift has seen Glen Dimplex become very busy in terms of mergers, acquisitions and disposals, with the company an active buyer of heating and ventilation businesses
Currys & Frasers
Currys boss Alex Baldock has warned price increases are set to continue as the electricals retailer looks to safeguard its profit margin.Discussions about a possible tie-up with shareholder Frasers, which widened its stake in the business to 10.4% last week.โThis is a potentially interesting partnership,โ he said, โThere are a number of avenues that weโre exploring.โ
Bulgaria Antitrust fines Miele for RPM
Bulgariaโs antitrust watchdog has ordered the local subsidiary of German domestic appliance maker Miele to pay a โฌ820,000 fine for breaching resale price maintenance laws
Currys results
This morning Currys PLC have announcedย Full Year results for FY22/23, with group adjusted profit at the top end of guidance. Alex Baldock, Group CEO: โWeโve had a very mixed year. Our strengthening UK&I performance shows our long-term strategy is working well. But our long track record of success in the Nordics was brought to an abrupt halt. Iโm proud of how our colleagues rose to this challenge, continuing to bring the benefits of technology within easy reach of millions of customers. Our long-term confidence is undimmed, with a business well set to benefit from an eventual macro recovery.โ
Strix AGM
Strix Group Plc , the AIM quoted global leader in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components, provides an update ahead of its Annual General Meeting
At the meeting, Mark Bartlett, Chief Executive Officer of Strix, will make the following statement:
We are pleased to report an improved trading performance and can confirm that profit after tax for the full year remains in line with market expectations*.
“At our full year results, we highlighted that, following a period of uncertainty across a number of Strix’s key export markets, sales data in 2023 indicated some green shoots were appearing. I can report that this trend has continued with Group performance in Q2 improving versus Q1. We are continuing to receive increased frequency of orders from customers, albeit with smaller quantities as they manage their cash balances prudently.
“We also continue to make successful progress on the integration of Billi which is in line and remains on track with our plan for the full year. This is another step that will propel Strix into a new growth phase, further diversifying away from the core Kettle Controls business.
Alongside this, we are continuing to implement a range of strategic initiatives across the business which include a functional streamlining programme to minimise the impact of the ongoing headwinds Strix is facing.
We will prioritise debt reduction with a clear plan to get net debt / EBITDA to below 2.0x during 2023 and to below 1.5x during 2024. As capital allocation decisions prioritise this, the Board, as previously announced, has decided after reviewing the level of net debt to propose a final dividend of 3.25p per share which would represent a total dividend of 6.00p per share.”
Current profit after tax consensus for year ended 31 December 2023 is ยฃ25.8m
Groupe SEB announces the acquisition of FORGE ADOUR
Groupe SEB announces the acquisition of FORGE ADOUR and becomes a european leader in planchas Established in 1978, FORGE ADOUR is a French family-owned company that specializes in the design, manufacture and marketing of planchas, accessories and outdoor kitchens for the Consumer market. With a presence mainly in France, the iconic Basque brand which this year celebrates its 45th anniversary ๐, has also gained a foothold in Spain ๐ช๐ธ, Germany ๐ฉ๐ช, Switzerland ๐จ๐ญ and the Benelux region in recent years, opening up opportunities for business development. ” ๐ช๐ต๐ช๐ฐ๐ฏ ๐ฐ๐ง ๐๐๐๐๐ ๐๐๐๐๐ ๐ธ๐ฉ๐ช๐ค๐ฉ ๐ฆ๐ฏ๐ข๐ฃ๐ญ๐ฆ๐ด ๐๐ณ๐ฐ๐ถ๐ฑ๐ฆ ๐๐๐ ๐ต๐ฐ ๐ฃ๐ฆ๐ค๐ฐ๐ฎ๐ฆ ๐ข ๐๐ถ๐ณ๐ฐ๐ฑ๐ฆ๐ข๐ฏ ๐ญ๐ฆ๐ข ๐ฆ๐ณ ๐ช๐ฏ ๐ฑ๐ญ๐ข๐ฏ๐ค๐ฉ๐ข๐ด, ๐ข๐ด ๐ธ๐ฆ๐ญ๐ญ ๐ข๐ด ๐ต๐ฐ ๐ฆ๐น๐ฑ๐ข๐ฏ๐ฅ ๐ช๐ต๐ด ๐ณ๐ข๐ฏ๐จ๐ฆ ๐ฐ๐ง ๐ฐ๐ถ๐ต๐ฅ๐ฐ๐ฐ๐ณ ๐ฑ๐ณ๐ฐ๐ฅ๐ถ๐ค๐ต๐ด ๐ข๐ฏ๐ฅ ๐ข ๐ค๐ค๐ฆ๐ด๐ด ๐ฏ๐ฆ๐ธ ๐ฅ๐ช๐ด๐ต๐ณ๐ช๐ฃ๐ถ๐ต๐ช๐ฐ๐ฏ ๐ค๐ฉ๐ข๐ฏ๐ฏ๐ฆ๐ญ๐ด. ๐ ๐ฎ๐ถ๐ด๐ต-๐ฉ๐ข๐ท๐ฆ ๐ด๐ถ๐ฎ๐ฎ๐ฆ๐ณ ๐ค๐ฐ๐ฐ๐ฌ๐ช๐ฏ๐จ ๐ข๐ฑ๐ฑ๐ญ๐ช๐ข๐ฏ๐ค๐ฆ, ๐ฑ๐ญ๐ข๐ฏ๐ค๐ฉ๐ข๐ด ๐ณ๐ฆ๐ฑ๐ณ๐ฆ๐ด๐ฆ๐ฏ๐ต ๐ข ๐ฃ๐ถ๐ฐ๐บ๐ข๐ฏ๐ต ๐ฎ๐ข๐ณ๐ฌ๐ฆ๐ต. ๐๐ฐ๐ณ๐ฆ๐ฐ๐ท๐ฆ๐ณ, ๐๐๐๐๐ ๐๐๐๐๐ ๐ฑ๐ณ๐ฐ๐ฅ๐ถ๐ค๐ต๐ด ๐ธ๐ช๐ญ ๐ญ ๐ค๐ฐ๐ฎ๐ฑ๐ญ๐ฆ๐ฎ๐ฆ๐ฏ๐ต ๐ต๐ฉ๐ฆ ๐ด๐ต๐ข๐ช๐ฏ๐ญ๐ฆ๐ด๐ด ๐ด๐ต๐ฆ๐ฆ๐ญ ๐ญ๐ข๐ฏ๐ค๐ฉ๐ข ๐ฐ๐ง๐ง๐ฆ๐ณ ๐ฐ๐ง ๐ต๐ฉ๐ฆ ๐๐ณ๐ฆ๐ต๐ฐ๐ฏ ๐ฃ๐ณ๐ข๐ฏ๐ฅ, ๐๐ ๐๐๐๐๐๐ก, ๐ธ๐ฉ๐ช๐ค๐ฉ ๐๐ณ๐ฐ๐ถ๐ฑ๐ฆ ๐๐๐ ๐ข๐ค๐ฒ๐ถ๐ช๐ณ๐ฆ๐ฅ i๐ฏ 2019
Korean home appliance firms struggle for foothold in China
Samsung and LG have repeatedly been knocking on the door of Chinaโs home appliance market, but progress has been thwarted by intensified rivalry from local brands and escalating tensions between the two countries.
Korean TVs from Samsung Electronics and LG Electronics accounted for a mere 4.1 percent of Chinaโs TV market in 2022, according to market tracker Omdia.
That represents 3 percentage points drop from 2019.In terms of refrigerators, the number of Korean refrigerators imported to China shrunk by 21.8 percent in 2022 year-on-year.
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Neither Samsung nor LG were included in the top 10 refrigerator brands sold in the country last year, according to global market tracker AVC.Haier, a value-for-money Chinese consumer electronics brand, accounted for 32.7 percent of the market taking the lead. Germany’s Siemens was the only foreign brand included in the list.
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Haier inaugurates its European headquarters
Haier Europe has inaugurated the new European headquarters in the Energy Park of Vimercate, on the Green Building Campus. From here Haier Europe directly manages more than 45 commercial subsidiaries in Europe, the Middle East and Africa, for a total of more than 10,000 employees.
The inauguration ceremony of the new headquarters was held in the presence of the Senior Leadership Team of Haier Europe, the Consul General of China in Milan Liu Kan, the Mayor of Vimercate Francesco Cereda, and Alessandro Spada, Alessandro Scarabelli and Gianni Caimi of Assolombarda. The Minister of Enterprise and Made in Italy Adolfo Urso sent a congratulatory video message.
The new headquarters were designed with sustainability and high energy efficiency in mind, in an entirely plastic-free environment and certified according to the highest standards of energy management and environmental resourcesThe new Haier Europe headquarters will also have a dedicated product display area where visitors can discover and experience IoT solutions and connectivity in kitchen, laundry and home scenarios.
