LU-VE: 2018 RESULTS

2019-03-25 Source: coowor.com Collect Reading Volume: 14799
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LU-VE Group Board of Directors approved the draft budget and the consolidated financial statements as of December 31, 2017: 
- Consolidated turnover 2018: € 306.9 million (€270.0 million in 2017; +13,6%); - EBITDA Adjusted: €38.4 million (€ 31,0 million in 2017; +24,0%); - Net profit for the year €16.1 million (€6.3 million in 2017; +156.3%); - Orderbook in constant growth in 2018 (+11.4%); - Proposed dividend increase to € 0.25 per share (+ 13.6%). The president of LU-VE Group Iginio Liberali declared: “This year we have carried out some important strategic operations: the acquisition in the USA, the doubling of the plant in Poland and the relocation and expansion of the China plant. To this I would add the excellent performance of our Indian subsidiary and an order portfolio steadily at record levels. Finally, the signing of the agreement for the acquisition of the Alfa Laval "Air" division which will make LU-VE the third largest world player in the segment of ventilated products. The general structure and the operations in progress make us look with confidence to 2019, which started in a very positive way".


LU-VE Group Board of Directors approved the draft budget and the consolidated financial statements as of December 31, 2017:

• Consolidated turnover 2018: € 306.9 million (€ 270.0 million in 2017; + 13.6%)
• EBITDA adjusted : € 38.4 million (€ 31.0 million in 2017; + 24.0%);
• Net profit: € 16.1 million (€ 6.3 million in 2017; + 156.3%);
• Negative net financial position of € 63.6 million, an improvement compared to the figure as at 30/6/18 (€ 75.7 million) - (€ 35.3 million at 12/31/17);
• Proposed increase in the dividend to € 0.25 per share (+ 13.6%).

For the first time, consolidated turnover exceeded the threshold of 300 million: € 306.9 (+ 13.6%; + 11.7% on a like-for-like basis). Adjusted EBITDA reached € 38.4 million (12.5%) of sales, up approximately 24% compared to € 31.0 million in 2017 (11.5%). Net income is € 16.1 million, approximately € 10.0 million more than in the previous year.

The president of LU-VE Group Iginio Liberali declared: “This year we have carried out some important strategic operations: the acquisition in the USA, the doubling of the plant in Poland and the relocation and expansion of the China plant. To this I would add the excellent performance of our Indian subsidiary and an order portfolio steadily at record levels. Finally, the signing of the agreement for the acquisition of the Alfa Laval "Air" division which will make LU-VE the third largest world player in the segment of ventilated products. The general structure and the operations in progress make us look with confidence to 2019, which started in a very positive way".

In June, the acquisition of 100% of the company Zyklus (Jacksonville, Texas) was completed. The operation is the culmination of a strategic project aimed at entering the world's largest refrigeration and air conditioning market: the first indispensable step in a medium-term plan for growth in the North American continent.

In December a preliminary agreement was signed for the acquisition of the "Air" division of the Swedish multinational Alfa Laval, by far the most important operation in the history of the Group: it will make LU-VE the third largest world player (according to in Europe) in the segment of ventilated appliances;
The projects for doubling the Polish plant and relocating and expanding the Chinese production site have continued in compliance with the deadlines and costs.

Editor: Nina Li