Tag Archives: de longhi

De Longhi managment

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The management of the De’Longhi group is strengthened . During the Assembly that approved an excellent 2024 budget (revenues up 6.6% at constant perimeter, Ebitda margin going from 14.6 to 16%, net profit + 24% to 311 million).

Silvia De’Longhi, Fabio’s sister, who had been a member of the Board of Directors for a long time, will take on the role of Vice President previously held by Fabio, while her father Giuseppe (who was President and ‘Executive Director’ will probably be appointed Honorary President, a position that was inserted into the statute during the Assembly.   Fabio De’Longhi will hold   both the positions of President and Chief Executive Officer – CEO of the group.

Silvia De’Longhi

De Longhi positive result

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De Longhi 2024 the Group achieved a robust increase in turnover of 14%, accelerating to 18% in the last quarter due to considerable growth on a like-for-like basis, as well as the consolidation of La Marzocco which confirms the positive momentum seen in the year.
The evolution of revenues reaffirmed the structural growth trend in coffee and the renewed interest in the nutrition area for the sixth consecutive quarter, and highlighted growth in the household sector of around 12% over the last three months.
These results once again demonstrate the Group’s ability to seize the opportunities of a structurally expanding market, also thanks to the effectiveness of investments dedicated to innovation and brand communication.” commented CEO Fabio de’ Longhi.

De’Longhi’s revenues and profits grow

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De’Longhi ‘s earnings in 2024 will be even better than expected: the company has raised its guidance for the year, estimating revenue growth in the range of 11%-12% in 2024 versus the previous 9%-11%, with an adjusted EBITDA of between 540-550 million euros versus the 500-530 million previously expected.The group’s net profit for the first nine months was 173.8 million euros, equal to 7.8% of revenues, improving from 7.1% previously and with an increase of 22.2%. In addition, De’ Longhi generated a positive cash flow, before dividends and extraordinary transactions, of 35.6 million euros.

As of September 30, 2024, the Group’s net financial position was positive at 266.1 million euros

De Longhi results

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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.

De’ Longhi: new global coffee machine hub is born

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De’ Longhi has agreed to buy from its parent company a stake in high-end espresso machine manufacturer La Marzocco as it bets on coffee to pep up growth.
Milan-listed De’ Longhi will spend $374 million to acquire 41.2% of La Marzocco from De’ Longhi Industrial, its parent company, as well as from other minority shareholders, to create a hub with its existing Eversys coffee machine-making operation.De’ Longhi will control around 61.4% of the new hub which will see the two companies remain independent, while reaping benefits in terms of savings and chances to cross sell products.

De’Longhi with a profit boom

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De’Longhi Group has approved the consolidated results as of 30 September 2023 which show a third quarter with a return to growth and an Ebitda at record levels. In light of the dynamics of strong recovery in profitability, the Group looks with optimism at the objectives for the year, confirming the revenue estimate.

In particular, the third quarter of the financial year shows:

revenues of €706.6 million , up 3.3% (8.1% at constant exchange rates);
an adjusted2 Ebitda of €105 million , equal to 14.9% of revenues (a marked improvement compared to 9.2% last yearpositive free cash flow of €14.3 million.As of 30 September 2023, the Group’s net financial position was positive by €326 million, an improvement of €27.2 million compared to the €298.8 million of 31 December 2022.

De’Longhi results

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“I am very satisfied with how the Group was able to react in the face of the extraordinarily challenging and complex scenario that arose in 2022 and that affected our entire industrial sector.
The Group has maintained a turnover well in excess of 3 billion Euros, also thanks to the strategic decision to give continuity to investments in communication, in particular with regards to the global campaign on coffee featuring Brad Pitt as De’ Longhi’s brand ambassador for coffee.
Year 2023 begins in a context not very dissimilar from the last part of 2022, which allows us to forecast a progressive improvement in the economic and consumptions’ climate in the second half of the year.” commented CEO Fabio de’ Longhi.

In the 12 months:
• revenues of € 3,158.4 million, slightly down by -2% (-5.9% at constant exchange rates);
• adjusted
Ebitda at € 362 million, equal to 11.5% of revenues (compared to 16% in 2021);
• net profit3 of € 177.4 million, equal to 5.6% of revenues (compared to 9.7% in 2021);
• positive net financial position of € 298.8 million, down by € 126 million compared to the end of 2021,
but strongly recovering in the fourth quarter with a positive cash flow of €270 million.
In the fourth quarter:
• revenues down by 3.9% to € 1,029.8 million (-7% at constant exchange rates);
• adjusted Ebitda at € 150 million and equal to 14.6% of revenues (compared to 14.7% in 2021);
• net profit of € 78 million, equal to 7.6% of revenues (compared to 7.3% in 2021).
The Board of Directors has proposed the distribution of a dividend of € 0.48 per share, equal to a pay out ratio of 41% in line with the Group’s dividend policy.

DE’ LONGHI: -2% TO 3.16 BILLION REVENUES IN 2022,

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Excellent news from America (+11%) and Asia (+16%) but in Europe, where the group generates 60% of its turnover, sales fell by 11% in the fourth quarter and by 10% in the whole of 2022 .De’ Longhi closed 2022 with consolidated revenues of 3.16 million euros, a decrease of 2% compared to 2021. In particular, the bad performance in the fourth quarter (-4%) weighed heavily. At constant exchange rates, i.e. without considering the effect of the euro falling against the dollar and other currencies, 2022 turnover would be 6% lower than that of 2021. De’Longhi, like the whole sector, had a good first semester and then suffered from the weakening of the demand for goods in the European area which represents around 60% of sales. In Europe De’Longhi sold 10% less than in 2021.

All non-European markets performed much better, in particular America (+10.8% to 624 million), the Middle East, India and Africa (+7.9% to 197 million) and the rest of Asia (+15.9% to 464 millions).

“ The fourth quarter performance ”, said the Chief Executive Officer Fabio De’Longhi , “ is a prelude to a possible trend in the margins of the year just closed in line with the high part of our guidance’, which estimated an adjusted EBITDA between 320 and 340 million. For 2023 De’ Longhi sees a year with sales ‘slightly down’, with ‘a second half of a slight recovery’ . The consolidated results will be approved by the board on 13 March.

De Longhi appointment

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The Board of Directors of De’ Longhi SpA has approved the appointment of Nicola Serafin as General Manager, reporting directly to the Chief Executive Officer Fabio de’ Longhi, thus completing the search process for a candidate for the role of Chief Executive Officer.

In the new position, which will take effect from 1 January 2023, Nicola Serafin will have ordinary administration powers for the management of the Group.

Nicola Serafin joined the De’ Longhi Group in 2000 after experiences in Danieli SpA and in the Benetton Group. Graduated with honors in Mechanical Engineering and with an Executive Master in Business Administration at the London Business School, Nicola Serafin held roles with increasing responsibilities in the technical and production fields until his appointment in September 2016 as Chief Operating and Technology Officer, across the entire R&D, supply chain, manufacturing and logistics platform, as well as being a member of the boards of directors of various Group companies. The curriculum vitae of Eng. Nicola Serafin – which as of today holds no. 1,400 De’ Longhi shares – is published on the company’s website