Elica continues to invest in its future but the present, or perhaps it would be better to say the recent past, does not yet reward the courageous efforts of the Fabriano company. In the first half of 2024, turnover fell by 6.3% but on closer inspection the second quarter (- 4%) went better than the first quarter.
What has improved? Production for third parties (OEM) which grew by 9.3% in the second quarter also in the Engines segment thanks to new customers in America and sales of own brand products also in America. The weakness of demand depresses sales and margins especially in Europe and the Middle East where Elica generates 80% of its turnover. In the Cooking division, own brand sales fell by 10% between the first half of 2024 and that of 2023
“In the ventilation sector, market shares have increased. However, the margin declined from 10% in the first half to 7% in the second half. The company attributes this drop to a negative price mix and intense promotional activity, as stated in their press release. Additionally, the accounts for the first half were impacted by significant investments in rebranding, product repositioning, and participation in Eurocucina. Despite these challenges, the EBITDA decreased from 14 million in the first half of 2023 to 5.1 million in 2024. On a positive note, the margin appears to have improved from 1.5% in the first quarter to 2.8% in the second quarter,
De Longhi results
The Group achieved an expansion in turnover of more than 10% also in the second quarter, benefiting both from the consolidation of the professional coffee area and from the continuation of positive trends in the core categories. Over the last few months, we were able to successfully capitalize on structural coffee market growth, further increasing our market share, as well as meeting consumers’ new needs in the nutrition and food preparation segment, also thanks to the recent launches of new products that are increasingly focused on a consumer approach to a healthy diet”, commented CEO Fabio de’ Longhi. revenues of € 1,423.7 million, up by 10.3% (+3.5% on a like-for-like basis and +4.2% on a like for like
basis and constant currencies);
o adjusted2 Ebitda at € 204.7 million, equal to 14.4% of revenues (compared to 12.4% achieved in the first
half of 2023);
o net income pertaining to the Group of € 106.2 million, up by 28.4%;
o free cash flow before dividends and acquisitions of € 74.3 million.
In the second quarter:
o revenues of € 764.9 million, up by 11.0% (+1.5% on a like-for-like basis, with the household business
excluding comfort segment growing by +6.9%);
o Ebitda adjusted at €110.9 million, equal to 14.5% of revenues (marked improvement from 12.5% in 2023);
Net financial position as of June 30, 2024 was positive by € 305.3 million, after the net absorption of € 326.8
million in relation to the closing of the business combination between La Marzocco and Eversys.
BSH new Mexico factory
BSH Opens First Refrigeration Factory in Mexico
State-of-the-art production facility starts operations in Monterrey, Nuevo Leon, after 18 months of construction
Home appliance manufacturer produces large double-door refrigerators for the North American market
BSH is investing around 220 million euros and plans to create around 1,500 skilled jobs in the region with the factory
Europe’s leading home appliance manufacturer, BSH Hausgeräte GmbH, is expanding its global production network and will be manufacturing in Mexico into the future. In Monterrey, in the state of Nuevo Leon, large double-door, so-called French Door Bottom Mount refrigerators are now coming off the production line. The appliances produced under the Bosch and Thermador brands are specially tailored to the needs of consumers in the North American market.
Arcelik profit fall
Shares in Arcelik are down 3.54% after Turkish household appliances manufacturer reported Q2 loss
Arcelik reports Q2 net loss of 432.4 million lira ($13.04 million) compared to profit of 1.61 billion lira year ago
Used appliance business grows in Japan
Japanese shoppers are increasingly turning to used products when shopping for appliances due to the high prices of the latest models. The falling yen has made new iPhones, for example, less affordable for some consumers, leading to a growing secondhand trade in Japan Panasonic sells returned or display models that have been repaired and inspected. They offer a one-year guarantee on home appliances and discounts of up to 20 percent. Additionally, Panasonic leases items through a subscription service and plans to expand the range of products available through this service. The company’s commitment to sustainability is evident in its decision to repurpose products that were previously discarded due to defects, contributing to environmental protection. Similarly, the Hitachi Group and major electronics retailer Yamada Holdings also offer recycled products for sale, with Yamada planning to further expand its offerings by establishing its own repair factory. It’s heartening to see these efforts to promote sustainability and affordability in the consumer electronics market.
Midea Ice Cocoa series mini refrigerator
Midea’s Ice Cocoa series mini refrigerator with a capacity of 116 liters is now available on JD.com. It supports dual-temperature independent freezing areas.The product provides 116 liters of storage space, including 16 litres of freezer spaceAnd 100 liters of ice drink space / dairy space / fresh fruit space. In addition, the product is equipped with an independent storage drawer to effectively block the evaporation of water vapor and reduce the loss of water in fruits.
Change in the Executive Board of Miele
Olaf Bartsch has announced that he will be stepping down as Executive Director Finance & Administration of the Miele Group in the first half of 2025. His role will be assigned to Stefan Koss, most recently CEO and President North America at BSH. Born in 1971 in Langenhagen near Hanover, he began his professional career in 1999 as a trainee and subsequently in Controlling at BSH. This was followed from 2002 by a series of management positions in the Finance/Controlling department at BSH or at the corporate headquarters of Robert Bosch GmbH. Prior to his current position, Stefan Koss was Vice President Corporate Controlling at Robert Bosch.
MIDEA AMERICA EXPANDS U.S. RESEARCH AND DEVELOPMENT CENTER
Midea America, a leading innovator of home appliances, is proud to announce the expansion of its U.S. research and development facility at Blankenbaker Station in Louisville, Kentucky. The expansion project will increase Midea’s footprint in Louisville by approximately 400%.
“We are thrilled to expand our presence and our U.S. R&D capabilities in Louisville,” said John Herrington, president of Midea America Corp. “This new facility emphasizes our commitment to growth and innovation in the United States. With the additional space, we will continue to bring innovative products to market that meet our consumers’ needs. We look forward to further investing in this community and creating new job opportunities
LG profit jump
LG Electronics Inc. (LG) reported revenue of 21.69 trillion won (14.4 billion euros) in the second quarter of 2024, up 8.5% from the second quarter of 2023. Operating profit jumped 61% to 1.2 trillion won (0.8 billion euros)
These figures mark a new record in the company’s history as they are the highest revenue and operating profit ever recorded in the second quarter.
Leading the performance were the home appliances and vehicle components sectors, which achieved their highest quarterly revenues to date.Subscription business, which bundles products and services, is also growing. After its success in Korea, LG is expanding this model internationally. Last year, subscription revenue exceeded KRW 1 trillion, and this year growth is accelerating. As of June, 36.2 percent of major home appliances sold at LG Brand Shops in Korea were subscription-based. This business model will now be introduced to global markets. For example, LG has launched LG Rent-Up in Malaysia, offering subscriptions for nine products, including washing machines, dryers and refrigerators
Ninja SLUSHi
The new Ninja SLUSHi™ Professional Frozen Drink Maker. Now, everyone can enjoy their favorite slushies without leaving home thanks to our advanced RapidChill technology, bringing commercial-grade frozen beverages right to your kitchen.
Over 16 months, the Ninja team worked to create an at-home slushie maker that rivals commercial machines found in resorts, restaurants, movie theaters, and convenience stores. This effort led to a core engineering team becoming experts in AC refrigeration, evolving the prototype through eight transformative builds to develop the Ninja SLUSHi
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