De'longhi S.p.a. · MIL:DLG
De'longhi — Q4 2023 Earnings Presentation
17 slides from De'longhi's earnings presentation, Mar 12, 2024
Slide 1: FY & Q4 2023 Results
| DeLonghi Group FY & Q4 2023 RESULTS
Slide 2: Forward-looking statements disclaimer
This presentation might contain certain forward-looking statements that reflect the company’s current views with respect to future events and financial and operational performance of the company and its subsidiaries. Forward looking statements are based on De' Longhi’s current expectations and proje
Slide 3: In this presentation: definitions
In this presentation: • “Adjusted” stands for before non recurring items and notional cost of the stock option plans • "At constant exchange rates" means excluding the effects of exchange rates' variations and of hedging derivatives • “ForEx” or “FX” stand for Foreign Exchange Rates; • “M” stands fo
Slide 4: Key results: growth, adjusted EBITDA margin, free cash flow, NFP
In the H2 of the year, the Group achieved revenues' growth % -2.6% organic growth at a high single digit rate, showing a significant progression of the underlying trends since Q2 Sound increase in margins as a result of cost reduction, a favourable price-mix, and adjusted Ebitda % margin 14.4% a dec
Slide 5: Revenues trend in 2023
Revenues fell slightly in the first half of 2023, mainly due to a start to the year conditioned by some transitory and extraordinary factors; In the second half of the year, the Group achieved organic growth in the high single digits, showing a significant progression and expansion of underlying
Slide 6: Revenues by region
South-Western Europe saw a partial decline in turnover in the year, however the area achieved high-single digit organic growth in the second half of the year. Germany and France saw turnover in the high teens in the fourth quarter; North-Eastern Europe recorded a substantial positive trend in 20
Slide 7: Regional growth overview
UP double-digit UP single-digit Down 7
Slide 8: Revenues growth by quarters
Q4 & FY 2023 RESULTS REVENUES GROWTH BY QUARTERS — REVENUES GROWTH (REPORTED) — —REVENUES GROWTH (AT CONSTANT FX) 3,3% -0. i 7 Significant improvement in coffee, nutrition and food -2,9% preparation organic trends since the second quarter Start of the year impacted by: - challenging comparison vs la
Slide 9: Growth by product category
UP double-digit UP single-digit Down 9
Slide 10: Net industrial margin and adjusted EBITDA
the net industrial margin stood at €1,504.3 million, which equals 48.9% of revenues, compared to 47.3% in 2022, benefiting from a positive effect of the price mix and an easing of inflationary pressures on product costs; adjusted Ebitda was €444.2 million, or 14.4% of revenues, a substantial inc
Slide 11: EBITDA drivers
among others: flat A&P investments, lower logistic and industrial costs. 11
Slide 12: EBITDA drivers
among others: lower A&P investments, lower logistic and industrial costs. 12
Slide 13: Cash generation and net financial position
After achieving notable cash generation in the fourth quarter, the Group ended the 2023 financial year with a positive Net Financial Position of €663M, up €364M over the course of the year; Free cash flow before dividends and acquisitions totalled €436M over the 12 months; At the level of oper
Slide 14: Net cash flow FY2023
Q4 & FY 2023 RESULTS NET CASH FLOW (FY2023) 16,1 435,9 r T T T T T T T 1 NFP at Dec 31, Operating CF CF fromNWC_ CF from Equity Capex FCF before DVD Dividends NFP at Dec 31, 2022 (other) 2023 DéLonghi Group
Slide 15: Key takeaways
Q4 & FY 2023 RESULTS KEY TAKEAWAYS The Q4 showed a high-single digit organic growth, extending the improved trend already seen from Q2 and consolidating the phase of gradual post-pandemic normalisation. The Group has reaffirmed its commitment to communication and innovation, which has been strengthe
Slide 16: Words from the CEO and guidance
In the words of the C.E.O., Fabio de' Longhi: + *Guidance on revenues and adj Ebitda estimated consolidating the business combination between La Marzocco and Eversys from March 1, 2024. 16
Slide 17: Contacts
Contacts: Investor Relations: Samuele Chiodetto T: +39 0422 4131 e-mail: investor.relations@delonghigroup.com Media relations: T: +39 0422 4131 e-mail: media.relations@delonghigroup.com On the web: www.delonghigroup.com DéLonghi Group