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De’Longhi Revenue Up in First Half
Aug 30, 2013
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The board of Italian small appliance maker De'Longhi S.p.A. approved consolidated first-half 2013 results, showing that revenues reached EUR 670.8 million, up by 4.1%. Revenues were up 5.9% at constant currency exchange rates.

EBITDA was EUR 82.9 million, or 12.4% of revenues, and was up from EUR 74.2 million, or 11.5% of sales in the previous year's first half.

Net income was down slightly to EUR 31.3 million, compared to EUR 32.4 million in the first half of 2012.

In the second quarter of 2013 revenues were up 7.2% to EUR 350.3 million. EBITDA before non-recurring items were EUR 38.8 million, down slightly from EUR 39.4 million, and was down as a percentage of revenues from 12.0% to 11.1%.

De'Longhi said the first six months of 2013 were characterized by a continually uncertain consumption scenario, and said demand remained "remarkably volatile."

De'Longhi said that, in the first six months of 2013,
Italy's performance was good--a good sign after a few difficult quarters.

The company also saw overall positive performance from other European countries, including Germany, Benelux, and Scandinavia, which helped compensate for the slowdown of other markets--Russia, Switzerland, and the United Kingdom.

The MEIA division (Middle East, India, Africa) was the fastest growing area in the first half of 2013, with sales up 50.6% compared to the first half of 2012. The APA region (Asia, Pacific, Americas) was down, also due to adverse currency exchange effects.

Emerging markets share of total De'Longhi revenues increased from 34.6% in the first half of 2012 to 36.0% in the first half of 2013.

Food preparation appliances and coffee makers, the company's core driving products, continued to increase as a percentage of total company revenues.

Looking at revenues by product, the company saw good performance for its kitchen machines (including Kenwood brand) and of hand blenders, which benefitted from the contribution of the new Braun products.

Coffee maker sales were down slightly in the first half of 2013 compared to the first half of 2012, and this decrease was blamed on a market slowdown and different promotional initiatives than in 2012.

Sales from the comfort appliances division, producing portable heaters and air-conditioners, were down.

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