Monday 04 December 2023

DE’LONGHI – Revenues up 6.8% in 2014 to € 1.7 billion

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The Shareholders’ general meeting of De’Longhi SpA, held April 14th 2015 in Treviso (Italy), approved the consolidated 2014 results; approved a dividend of € 0.41 per share; renewed the authorization to purchase and dispose of the Company’s shares; gave a positive opinion on the Remuneration Policy for the year 2015.


  • over the 12 months, revenues increased by 6.8% to € 1,726.7 million (+9.7% at constant exchange rates);
  • net industrial margin stood at € 815.7 million, up by +3.5%;
  • Ebitda before non-recurring items at € 260.1 million (15.1% margin on revenues), a 7.7% increase;
  • Ebit reached € 212.7 million (12.3% margin on revenues), up by +9.5%;
  • Net income pertaining to the Group was € 126.5 million (up from € 116.9 million), up by 8.2%;
  • the net financial position is positive by € 89.0 million, a € 98.0 million improvement from December 31st 2013.

The 2014 results: the Group

During the 2014 fiscal year the Group went ahead with its growth and investment policies, which represent the pillar to the results achieved in terms of margins and cash generation.

The 2014 fiscal year was particularly important for the Group also because the integration of the Braun Household brand was successfully completed; the Braun brand achieved significant commercial success, supported by the progressive renewal of its products’ portfolio, whose benefits have still to be fully reaped.

With regards to the markets, global demand in 2014 had an uneven behavior; West Europe, USA, Middle-East, Africa, Asia and Latin America were growing, while Oceania and East Europe had a negative performance, with the latter negatively affected by the geo-political uncertainties and by the related foreign exchange impacts.

In fact, Russian Ruble and Ukraine’s Hrivnia were responsible for the bulk of the negative impact both on Group’s revenues and margins.

More in general, the Group closed FY 2014 with a confirmation of the robustness of its industrial and commercial strategies, moving towards new expansion and strengthening targets.

The 12 months – revenues

FY 2014 revenues reached € 1,726.7 million, up by 6.8% (+9.7% at constant exchange rates). By geography, Europe grew +8.5%, thanks to a particularly strong contribution of North-East Europe (+16.9%), driven by UK, Russia (up double digit despite a material Ruble devaluation) as well as by other Eastern European countries.

Positive contribution also from South-West Europe area (+3.8%), thanks to higher sales in France, Iberia, Switzerland, Turkey and, although to a lower extent, Italy and Germany.

The MEIA area (Middle East, India, Africa) was up +9.0%, thanks to a particularly strong performance of Saudi Arabia. Revenues of the APA area (Asia, Pacific, Americas) increased slightly (+0.7%) following a muted performance of the main reference markets: higher revenues in China, South Korea, USA and Mexico were balanced by lower sales in Australia, New Zealand and Canada.

Looking at revenues by product family, the Group recorded a strong growth of cooking and food preparation appliances, driven by Kenwood-branded kitchen machines, by fryers (thanks to the successful launch of the new De’Longhi-branded Multifry) as well as by blenders, toasters and kettles.

Also coffee makers revenues increased significantly, led by internally manufactured appliances, such as fully-automatic coffee makers, traditional espresso machines and by Nespresso “Lattissima” and DolceGusto “Jovia” capsule machines.

Ironing recorded a positive performance, up double digit particularly thanks to the contribution of Braun-branded products.

Finally, the comfort segment recorded a muted performance, with mobile air conditioning growing slightly, partially offsetting a small decrease of the portable heating segment

Net industrial margin

Thanks to an improved mix and higher volumes, the net industrial margin increased from € 788.2 million in 2013 to € 815.7 million in 2014, despite a negative FX impact worth €-45.5 million.


Ebitda before non-recurring itemsincreased by 7.7% to € 260.1 million (15.1% of revenues) up from € 241.6 million (14.9% of revenues).

At constant exchange rates and excluding hedging, EBITDA before non-recurring items would have been equal to € 288.1 million (16.3% margin).

The negative FX and hedging impact was negative by € -35.7 million in 2014.

The non-recurring items were negative by € -0.6 million, compared to € -2.6 million in 2013. EBITDA after non-recurring items reached € 259.6 million, increasing +8.6% from € 239.0 million in 2013, and improving also as a percentage of revenues to 15.0% (from 14.8% in 2013).


Ebit was equal to € 212.7 million (12.3% of revenues), a 9.5% increase versus the previous year, despite higher D&A (increasing by € 2.2 million from 2013) linked to the industrial investments made by the Group.

Net Income

After net financial charges worth € 41.7 million (up from € 37.4 million in 2013 due to higher FX and hedging costs worth € 5.0 million), net income pertaining to the Group reached € 126.5 million (€ 116.9 million in 2013.

Net financial position

Net financial position asof December 31st 2014 is positive by € 89.0 million, compared to € -9.0 million at the end of FY 2013; as a consequence, over the 12-month period the net financial position improved by € 98.0 million, despite the cash outlays related to capital expenditures (€ 60.8 million, of which € 25.7 million are non-recurring, since they are related to the new industrial structures) and to dividends paid (€ 59.8 million).

Net financial position versus banks and third-party lenders (which excludes the accounting entries relating to the potential earn-out linked to the Braun deal, the fair value of derivatives and options and the residual commitments linked to the UK pension plan) as of December 31st 2014 was positive.

Net working capital

Net working capital increased by € 9.5 million, improving, as a percentage of revenues, from 14.0% in 2013 to 13.7% as of December 31st 2014.


The Shareholders’s Annual General Meeting approved a dividend per share of € 0.41, which will be payable from April 22nd 2015, with ex-dividend date (dividend no. 15) on April 20th 2015, and record date ex art. 83-terdecies of D. Lgs. n. 58/98 as of April 21st 2015; the pay-out ratio is about 48%.

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