Electrolux Professional’s international headquarters in Stockholm, Sweden, has reported that its overall group financials have been positive in 2021.
The catering equipment manufacturer stated that the recovery of the hospitality industry has been faster than anticipated with its sales growing by 10% and its profit by 50%. This represents a net sales total of SEK7,862m (£635.3m).
60% of global net sales were from the food and beverage segment, with the remaining 40% from laundry. By region, 69% of net sales were from Europe, 16% from the Americas and 15 from Asia-Pacific, Middle East and Africa.
Category Archives: Financial
Small Domestic Appliances market to expand at CAGR of 5.8% from 2020 to 2030
Transparency Market Research repprts the global small domestic appliances market is estimated to reach €61.8 billion by 2030, developing at a CAGR of 5.8% during the forecast period from 2020 to 2030, according to new research.
The research firm says factors such as expanding middle class population, discretionary money, and better goods are likely to drive the global small domestic appliances market in the years to come.
Anurag Singh, CEO at Transparency Market Research, says urbanisation and rapid industrialisation play an important role in boosting economic growth all over the world
The trend of adopting multifunctional appliances to replace conventional appliances is likely to support the growth of the global small domestic appliances market,” said Mr Singh.
“With the development of artificial intelligence in floor care applications, the small home appliance industry is undergoing substantial transformation. AI recognises typical robot trapping barriers and the smart robot technology in vacuum cleaners allows users to clean floors with fewer concerns than before.”
Mr Singh added that cold-pressed juices are becoming increasingly popular among millennials, and they are one of the main growth drivers for the global small domestic appliances market.
“As a result, small domestic appliance manufacturers are beefing up their R&D capabilities in order to provide strong engines in juicers that save energy.”
Bpifrance Announces Acquisition of a Stake in Groupe SEB, World Leader in Small Domestic Appliances
By acquiring a stake in Groupe SEB (Paris:SK), Lac1 fund, managed by Bpifrance on behalf of French and international investors, is making its fifth investment since its creation in 2020.
This investment in a family-owned company that embodies the French industrial know-how is fully in line with the Lac1 fund’s investment strategy: to support French listed world leaders that offer strong value creation potential while addressing today’s environmental and societal challenges. With this investment, Lac1 asserts its commitment to the Group’s strategy.
Groupe SEB is the leading global player in small domestic appliances with solid market positions in kitchen appliances. This family-owned company with over 150 years of history has become a French champion with a worldwide presence in more than 150 countries, thanks to a global and competitive industrial tool, a broad portfolio of 31 local and international brands offering more than 30,000 products, and strong innovation capabilities based on a thorough knowledge of consumers. In 2021, the group achieved a turnover of 8.1 billion euros and employs more than 33,000 people.
Currys close HQ
Currys plc is permanently closing the doors of its west London HQ after signing a deal with flexible office space group WeWork, allowing its 1,400 staff to work from 50 locations across the country.
With its workforce steering away from the “old normal” way of working, the retailer is looking to shift to a more creative, agile workplace strategy that provides greater flexibility.
The deal is one of the first times that a major company has permanently closed its headquarters and switched entirely to a flexible office provider.
Currys take over?
Shares in the FTSE 250 Currys the electronics retailer jumped 8 per cent, or 7.45p, to 100.3p after financial news blog Betaville suggested a mystery buyer, possibly private equity, was circling the group.Currys shares have fallen by around a third over the last 12 months, meaning the firm could potentially be eyed as a cut-price acquisition opportunity.
Fhiaba new factory
Fhiaba, Italian producer of high-quality refrigerators, freezers and wine cabinets, has taken a new factory into use next to its existing factory, so that it can meet the enormously increased demand for its products! Fhiaba, Italian producer of high-quality refrigerator, freezer and wine cabinets, has opened a new factory next to its existing factory, so that it can meet the enormously increased demand for its products! This allows them to still deliver within 8-10 weeks, ” says Peter Schutte enthusiastically.
Fhiaba offers so many different models that an unlimited amount of combinations is possible. By placing different cooling devices next to each other, you can compose your ideal cooling wall yourself.
The refrigerators and wine cabinets are made in the northeast of Italy and are made of very high quality stainless steel (AISI 304).
LG investment into whitegoods production
LG Electronics which have become the world’s top white goods supplier will make investments nearly $700 million to increase white goods production this year.
According to LG Electronics’ annual report released Wednesday, it churned out more than 10 million units of each fridges, washers, and air-conditioners in 2021, the record high output for each. Their mixed sales last year recorded 20.9 trillion won ($17.1 billion), more than 3.7 trillion won from a year ago.
The utilization rate at its fridge factory recorded 126.1 percent after the manufacturing unit produced more than eleven million units, above its initial annual production capacity of 9,137,000 units. The utilization rate of its washer and air-conditioner factories reached 106.8 percent and 110.4 percent, respectively.
The factories stayed overworked despite more than one challenges such as chip shortages and higher raw material prices.
Although the corporation published a record-high of 74.7 trillion won in sales last year, its operating profit diminished 1.1 percent on year to 3.86 trillion won due to the higher costs in logistics and raw materials, including steel, resin, and copper that make up core materials in appliance production.
To meet the strong demand for the refrigerators, washers and air-conditioners, LG Electronics will invest 851.9 billion won in its home appliance & air solution (H&A) division to ramp up output, as well as 688.1 billion won and 313.1 billion won in home entertainment (HE) division and vehicle component solutions (VS) division, respectively.
Elica record growth
Elica BoD approved 2021 Consolidated Results.
“For Elica, 2021 was a record year with an important growth. We are ready to build an exciting future”.
Commented Stefania Santarelli – Elica CFO.
https://www.elica.com/corporation/en/investor-relations/financial-press-releases
Miele increase turnover
Even with ongoing difficulties caused by the pandemic, Miele grew significantly with a 7.5% increase in turnover in the 2021 business year. In total, sales of EUR 4.84 bn were reached. With our particularly durable and energy-efficient appliances, our entry into the processing of green steel and CO2 neutrality on balance across all sites, Miele is at the same time further strengthening its efforts towards meeting Paris climate targets.
However, due to the geopolitical situation and resulting uncertainties, Miele has suspended the supply of appliances to Russia entirely, above and beyond EU sanctions. This applies with immediate effect and until further notice.
V-ZUG financial report
The V-ZUG Group continued its growth trajectory in the 2021 financial year. Net sales once again saw a significant jump of 9.5% (CHF 623.7 million; previous year CHF 569.4 million), as did the operating result with +27.5% (CHF 62.7 million; previous year CHF 49.2 million). Thanks to these record sales, the medium-term double-digit EBIT margin target was achieved ahead of schedule in the year under review. This gratifying result was driven above all by continued high demand in the Swiss Market and strong growth in international business. The second half of the year was marred for the V-ZUG Group, as it was for the entire industrial environment, by the challenges posed by the intensifying supply chain situation and the associated increase in purchase prices for materials and logistics services.
The V-ZUG Group is still expecting a positive sales performance in excess of +6% for the 2022 financial year, thanks to full order books in Switzerland and across our International Markets. For the latter, sustained sales growth in excess of 10% per year is expected over the next few years. Major uncertainties persist in relation to the war in Ukraine and to developments in supply chains and purchase prices, whereby the latter is not expected to ease much before the end of 2022. Accordingly, the EBIT margin in the first half of 2022 is expected to be within the realm of that of the second half of 2021. Subject to any relevant and lasting geopolitical upheavals, the Group is aiming for an EBIT margin of 10% for the full 2022 financial year, given the high sales and revenue expectations and effective cost control.
Another significant rise in operating result
V-ZUG Group’s net sales rose compared with the previous year, standing at CHF 623.7 million (previous year CHF 569.4 million), with both the Swiss Market (+5.4%) and strong growth in the International Markets (+40.5%) contributing to this. Internationally, both the own-brand business (+26.5%) and the OEM business (+91.9%) performed exceptionally well. Furthermore, for the first time in its history, V-ZUG delivered more than 500,000 appliances to its customers in a single calendar year.
At CHF 62.7 million, the operating result (EBIT) was 27.5% higher than the previous year’s figure of CHF 49.2 million. With an EBIT margin of 10.0% (previous year 8.6%), the V-ZUG Group reached its medium-term target of a double-digit EBIT margin as announced as part of its stock market listing for the first time. Operational productivity as measured by the EBITDA margin increased to 15.2% (previous year 14.0%). As mentioned in the 2021 Half-Year Report, rising materials prices and supply shortages – particularly of microprocessors – resulted in a significant drop in the EBIT margin from 12.4% in the first half of 2021 to 7.7% in the second half of the year, particularly as sales price increases did not take effect until the fourth quarter of 2021.
In the 2021 financial year, the V-ZUG Group’s cash flow from operating activities totalled CHF 63.5 million (previous year CHF 99.4 million), and free cash flow (after investment activities) totalled CHF 9.0 million (previous year CHF 42.0 million). The difference from the previous year is primarily due to higher stock levels and tax payments alongside continuing high levels of investment.
As at 31 December 2021, the balance sheet of the V-ZUG Group showed a strong equity ratio of 72.9% (previous year 70.9%) and cash and cash equivalents incl. securities of CHF 117.3 million (previous year CHF 107.8 million).
WHITEGOODSNOW 