Tuesday 04 October 2022

De’ Longhi: Annual General Meeting approves the consolidated 2020 results

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TREVISO, Italy – The Shareholders’ Annual General Meeting of De’ Longhi Spa, held April 21, 2021, in ordinary session approved the consolidated 2020 results, confirming the data approved by the Board of Directors held on March 11, 2021. In the twelve months 2020, the Group achieved:

  • normalized net revenues of € 2,368.1 million, up 12.4% (14.3% at organic 2 level);
  • a normalized adjusted 3 Ebitda of € 383.3 million, up by 27.6% and equal to 16.2% of revenues, with an improvement of 1.9 percentage points compared to the previous year;
  • a normalized Ebit of € 278.8 million, up by 29.1% and equal to 11.8% of revenues;
  • a net profit of € 200.1 million, up by 24.3%, equal to 8.5% of revenues;
  • a positive net financial position4 of € 232 million, or € 561.3 million before the acquisition of Capital Brands Holdings; net of the Capital Brands transaction and dividends distributed (€ 80.8 million), the Group generated a cash flow of € 364.3 million.

Shareholders of De’ Longhi Spa also approved the distribution of a dividend of € 0.54 per share:

The AGM has approved the distribution of a dividend of € 0.54 per share, for a total amount of € 80.8 million, payable starting from May 26, 2021, with coupon detachment on May 24 and with the record date pursuant to art. 83-terdecies of Legislative Decree no. 58/98 on May 25, equal to a pay-out ratio of 40,4% of the consolidated net profit of the Group.

It also approved the Remuneration Policy for the year 2021 and expressed a favorable opinion on the remunerations paid in the year 2020.

Finally, it renewed the authorization to purchase and dispose of treasury shares.

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