(Alliance News) - The board of directors of Elica Spa on Tuesday approved its results for the fourth quarter of 2023 and reviewed its preliminary consolidated results for 2023, a year that ended with normalized net income of EUR13.4 million, down from EUR22.5 million in 2022.

Annual revenues amounted to EUR473.2 million from EUR548.6 million, down about 14 percent due to "persistent downturn in demand, mainly due to the uncertainty generated by the economic slowdown, amplified by the high cost of money and persistent geopolitical tensions," the company specified in a note.

Ebitda amounted to EUR45.4 million from EUR50.8 million in 2022 and normalized Ebitda was EUR48.1 million down from EUR56.6 million in the previous year.

Ebit of EUR21.5 million compares with EUR27.3 million in the previous year while normalized Ebit is EUR24.3 million from EUR33 million in 2022.

Net financial position is negative EUR41.3 million as of December 31, 2023 from negative EUR28.9 million as of December 31, 2022.

In the fourth quarter, revenues amounted to EUR113.0 million from EUR129.5 million in the same period 2022.

Ebitda of EUR9.2 million in the fourth quarter of 2023 compares with EUR11.0 million in the same period of 2022 while normalized Ebitda increases to EUR10.6 million from EUR13.3 million.

Ebit is EUR3.4 million from about EUR5.2 million, with normalized Ebit increasing to EUR4.9 million from EUR7.4 million in the last quarter of 2022.

Normalized net income is EUR1.7 million from EUR5.4 million in the fourth quarter of 2022.

"The 2023 results confirm the group's strength and speed of action, despite the fact that the global scenario is still very complex, where demand has been strongly affected by the high cost of money and persistent geopolitical tensions," said Francesco Casoli, Elica chairman.

"The 2023 economic and financial results confirm that this company has changed. In 2018, with a similar level of turnover and in the absence of the heavy negative impact of inflation in the last two years, Elica was losing a million, today it brings home over EUR10 million in Net Profit - said Giulio Cocci, CEO of Elica - We have managed to defend margins and cash, thanks to the flexibility of our industrial structure and the ability to contain costs, but above all thanks to the profound change achieved by an exceptional team in the last three years."

"Despite an expected still weak market demand, both in the Cooking and Motor segments, we will continue to bet on ourselves, investing in the expansion of our product offerings, the opportunities coming from the energy transition, the expansion of our distribution network and our brand identity. The recent sponsorship signed with Ducati fits perfectly into this strategy, aimed at enhancing excellence, quality, performance, technology and Italian character, which have always distinguished us," the CEO concluded.

Elica's share price drops 0.8 percent to EUR1.95 per share.

By Chiara Bruschi, Alliance News reporter

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