Category Archives: Financial

Glen Dimplex turnover increase

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Revenues at Glen Dimplex electrical group have started to rebound quickly, according to accounts for one of the main cogs in the group.

Dublin-registered Glen Dimplex Europe Holdings, which captures the majority of the group’s global business, recorded a 17 per cent rise in turnover last year to more than €930 million,
The accounts, which cover the 12 months to the end of last September, show a return to profit after losses incurred at the height of the pandemic.

The unit recorded an operating profit of €16.3 million, compared with an operating loss of €10.2 million the prior year. After adjustments, the profit before tax was €11 million, compared with a loss of €42.6 million in 2020.

A note by the directors, who include chief executive Fergal Leamy, attributes the financial turnaround to Glen Dimplex reaping the fruits of a €180 million investment and restructuring programme.

The company is retooling its operations to seek growth primarily in the heating and ventilation and flame divisions. The flame division includes decorative fake fires that sit in hearths.

The directors highlighted that they expect growth in future to be driven by Government grants for less environmentally damaging heating systems. It said last year’s growth had continued into 2022.

Glen Dimplex Europe Holdings invested more than €29 million in research and development last year, the accounts suggest. It employed close to 4,400 staff. Covid wage subsidies received fell to €1 million from €8 million.

The management team at the business shared a pay pot of €7.4 million, up from €6.6 million. A Naughton family-controlled entity in the Isle of Man that owns the business was paid dividends of €2.45 million, while €2.5 million was paid to the Naughton Foundation, a charity established by the company’s founder, industrialist Martin Naughton.

Glen Dimplex, which also operates a consumer appliances division, recently agreed to sell its Morphy Richards home appliances brand to a Chinese company, in a deal believed to be worth between €175 million and €200 million

Elica to purchase Air Force

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Elica SpA, leader of the Group that produces cooker hoods and extractor hobs, has entered into an agreement which provides for the purchase from Urbano Urbani, minority shareholder of the subsidiary Air Force SpA, of 40% of the latter’s share capital. This operation will allow Elica to take over Air Force SpA to 100% Air Force is a company of the Group that manufactures high quality cooker hoods and hobs, characterized by a high level of customization and uniqueness. The offer is aimed at a specific market niche and is able to satisfy the customer’s needs for product customization, moving away from the mass market.

Air Force SpA was established in 1997, its mission has always been the continuous innovation of extractor hoods and induction hobs. All through study and innovation, accompanied by the desire to launch a style, to propose a Made in Italy even more focused and advanced on the selection processes, where high quality is expressed with functionality and reliability, design and innovation.

Experience, design, flexibility and innovation made in Fabriano are the characteristics that fit perfectly into the development and growth of the Elica Group.

In numbers, the Air Force achieved a turnover of approximately 31.0 million euros in 2021 and an Ebitda of approximately 1.6 million euros with a cash balance of 5.4 million euros.

CEO of De’Longhi, Massimo Garavaglia,

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CEO of De’Longhi, Massimo Garavaglia, leaves his position “for personal reasons”The resignation will be effective from 31 August next and the company has started the procedures for the succession. “In any case”, the press release points out, “the chairman Giuseppe De’Longhi holds the same powers of ordinary and extraordinary administration that are vested in the chief executive officer, the same powers of the vice chairman Fabio De’Longhi in case of absence or impossibility of the chief executive officer “.

Midea to remain in appliance industry

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Midea partially confirms the rumors that were circulating. It will proceed with disposals, plant closures and layoffs but not in the household appliances sector which remains one of the 5 divisions on which the Chinese giant (165,000 employees, 51 billion dollars in sales) intends to focus its future. The shareholders’ meeting on May 20, President Paul Fang announced that the company has decided to keep the home appliance business and to give up the categories of products for mom and baby and for pets.

The group is concentrating investments on B2B sectors with a higher technological content such as robots and industrial automation, batteries, technologies for construction

Gorenje Growth

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Gorenje is now the largest exporter in Slovenia.
They now lead in export value for the first time, In the extremely difficult business environment of 2021, with the covid epidemic, heavily disrupted supply chains, and the soaring cost of logistics, energy, and raw materials, we adapted, persevered, and conquered. In 2021, the manufacturer of white goods Gorenje exported 1.97 billion euros of its products

De Longhi financial

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The Board of Directors of De’ Longhi SpA approved today the consolidated results of the first
quarter of 2022: We are very satisfied with the results of this first quarter, even more significant in light of the difficult comparison with last year. Our group is responding with determination to the numerous challenges posed by a complex and evolving macroeconomic and geopolitical scenario, however, we remain convinced that the strategy of focusing on the core categories, of geographical development and of constant investment in products and our brands, remains the winning strategy for the creation of value in the long term” commented CEO, Massimo Garavaglia.

revenues up 8.4% to € 735.5 million (+ 5.5% on a like-for-like basis1); an adjusted2 Ebitda of € 100.1 million, equal to 13.6% of revenues, comparing with 18.9%
of Q1-2021 (but improving vs. the 10.7% of 2020);
an Ebit of € 69.1 million, equal to 9.4% of revenues compared to 14.9% of the previous
year 3;
a net profit of € 50.6 million, equal to 6.9% of revenues;
a positive net financial position of € 274.6 million, resulting from the contribution of the
12 months free cash flow (before dividends and acquisitions) of € 170.7 million.

Haier Europe achieves another record turnover and growth in 2021

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The Company’s 2021 global sales revenue reached RMB 227.5 billion, an increase of
15.8% year-on-year
Financial results for 2021 show success of growth strategy for Europe: RMB 19.7
billion in revenue, up 20% year-on-year
Brugherio, April 13, 2022 – Haier Smart Home, the number one Company globally in major appliances, has
released its financial results for 2021 fiscal year, reporting a double-digit growth of 15.8% year-on-year*,
with sales revenue of RMB 227.5 billion. Profitability increased to RMB 13.1 billion, a 47.1% year-on-year
growth.
Business in overseas markets achieved record-high revenue and profitability: revenues reached RMB 113.7
billion, a 13% increase in turnover over 2020.
Haier Europe, which is headquartered in Italy, achieved sales revenue of RMB 19.74 billion in 2021, an
increase of 20% year-on-year. It now represents the #4 home appliance manufacturer in the region with
8.1% market share, while Haier Smart Home remains #1 brand in the world in the large household appliances
sector, confirming its podium position for the thirteenth consecutive year**.
In 2021, the Haier brand continued to grow in price index and constantly outperformed the industry in
market share growth.
Haier Europe is consolidating its leadership in the field of connectivity and IoT with a strategy aimed at
taking the Company to the top three home appliance manufacturers in Europe. The robust revenue and profit
margin growth were attributable to meeting the needs of diverse user groups with the optimization of its
multiple-brand portfolio – Candy, Hoover and Haier. Haier Europe improved user experience with innovative
products, where the proportion of high-end sales in Europe increased by 5 percentage points.
In 2021, the Company completed the construction of two new factories in Romania and Turkey which
specialize in manufacturing respectively refrigerators and tumble dryers, and are designed to shorten the
go-to-market and meet customers’ demand at best. A breakthrough was also made in building scenario-
based ecosystem, with the number of registered users on hOn app reaching 4.5 million.
“Despite all the headwinds, we remained committed to our strategy” – said Yannick Fierling, CEO of Haier
Europe – “I’m proud of how we managed to achieve outstanding growth and positive results, delivering our
vision to be the first consumer choice for smart home solutions. This encourages all of us at Haier Europe to
strengthen even more our mission to drive the future of IoT ecosystems and connected scenarios.”
Haier Smart Home has been once again listed in the Global 500 and World’s Most Admired Companies list
by Fortune Magazine and it has also been the world’s only IoT ecosystem brand being named again as
BrandZ Top 100 Most Valuable Global Brands in 2021.

Arçelik to grant $5 million support to 7,000 entrepreneurs

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Arçelik to grant $5 million support to 7,000 entrepreneurs

Arçelik Garage Innovation Hub, a growing global open innovation platform, has to date interacted with more than 2,000 partners, scouted more than 1,800 startups and developed cooperation with more than 80 startups.

Garage Innovation Hub organized an Open Innovation Day with the participation of a large number of startups, business leaders and investors from around the world in order to contribute to the dissemination of the open innovation culture.

As part of the United Nations Generation Equality Forum commitments, Arçelik plans to reach 7,000 entrepreneurs, 5,000 of whom are women, by 2026, and support them in reaching financial support of approximately $5 million with the Garage Innovation Hub.

Partnering with venture capital funds

“As a growing global innovation platform, together with our nearly 2,000 stakeholders, including mentors, investors, universities, and entrepreneurs from all over the world; we provide business development, access to financial support and mentorship to entrepreneurs, starting from the idea stage,” Arçelik’s chief strategy and digital officer Utku Barış Pazar said.

On the path to becoming one of the leading open innovation platforms on a global scale, Pazar said they have set important goals such as supporting the incorporation of new ideas in many fields like sustainability, artificial intelligence, augmented reality (AR) and virtual reality (VR), marketing and production technologies, and health care, in each of the 146 countries where they operate in the next five years.
Arçelik has over 40,000 employees throughout the world and its global operations include sales and marketing offices in 49 countries, and 28 production facilities in nine countries. It has 12 brands, namely Arçelik, Beko, Grundig, Blomberg, ElektraBregenz, Arctic, Leisure, Flavel, Defy, Altus, Dawlance and Voltas Beko.

It is Europe’s second-largest white goods company by market share, based on volumes. Arçelik reached a consolidated turnover of 6.5 billion euros ($6.85 billion) in 2021.

Arçelik’s 29 R&D and design centers and offices across the globe are home to over 2,000 researchers and hold more than 3,000 international patent applications to date


LG India Eyes 30% Growth in Home Appliances Business in 2022

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LG, which as of now has 33% share of the overall industry in India, is looking at right around 30% this year,The company recently unveiled a new lineup of home appliances, which starts from Rs 15,000 and goes up to Rs 2 lakh. It includes new refrigerators, AI-based washing machines, wearable air purifier, water purifiers and a range of charcoal microwaves.