we receive e we publish the following press release issued by Dexelance.
Il Board of Directors di Dexelance SpA (DEX.MI), a diversified industrial group among the Italian leaders in high-end design, lighting and furniture (the “Company” or the “Group”), today approved the periodic financial information as of June 30, 2024.
Dexelance's first half 2024 results
The Group has recorded revenues equal to Euro 151,0 million, up 9,2% compared to Full revenues in the first half of 2023, with a slightly negative organic change (-4,3%).
The 2024 semester was characterised by a challenging market context, in which the Group recorded a good performance in residential sector (Furniture, Lighting, Kitchen&Systems areas), with a growth of 16,4%, driven by the good performance of the Kitchen&Systems area and the entry into the scope of the companies acquired in the second half of 2023, Axolight and Turri.
The area Luxury Contract instead recorded a temporary negative performance (-8,7% compared to 2023), essentially due to the postponement of some important orders in the second part of the year.
The incidence of exports was 73%, in line with the previous year. Europe confirmed its position as the first outlet market, even if the slowdown in France and Germany was evident, but well offset by sales in the Middle East and Africa, confirming the increasingly strong international positioning of the Group. Performances in North America, the third export market and an area in which Dexelance continued to invest by strengthening the commercial branch and opening new spaces, were still good.
It should be noted that, on the occasion of the NYCxDESIGN Festival held in May, Gervasoni inaugurated a new flagship store in New York, located on the first floor of the space on Lexington Avenue where Meridiani and Davide Groppi had already opened their single-brand stores in October 2023.
THEEBITDA is equal to Euro 18,5 million (compared to Euro 21,6 million in 2023). Adjusted EBITDA is equal to Euro 19,1 million, down 22,2% compared to the Full Adjusted 2023 figure. The reduction in the percentage margin, equal to 12,6% of revenues, is largely due to the continuation of the investment program, particularly in marketing and sales, aimed at driving the growth of the distribution network and the positioning of the Group's brands, as well as to the progressive further organizational strengthening of the companies.
The semester ended with a Net income equal to Euro 1,0 million (compared to Euro 5,8 million in 2023). Adjusted Net Profit is equal to Euro 6,8 million, also down compared to the figure of Fully Adjusted Net Income of Euro 12,3 million as of June 30, 2023.
Net banking position as of June 30, 2024 is equal to Euro 12,0 million. The cash generation in the half-year was driven by a good performance of working capital and low capex, in line with the Group's business model. Also considering the debtsfor earnouts and purchase of minority interests through the exercise of put&call options, the net financial position is equal to Euro 81,6 million, mainly medium-term. During the second quarter of 2024, the Group paid earnouts for a total amount of Euro 7,0 million. Considering the debts deriving from the application of the IFRS 16 accounting principle, equal to Euro 35,1 million, the net financial position amounts to Euro 116,7 million.
The semester was characterized by the participation of the Group companies in various festivals and trade fairs dedicated to the world of furniture and design. In particular, all seven brands of the Furniture and Binova area participated in the Salone del Mobile in April, both through the presentation of new products at the fair and with specific installations and events linked to the Fuorisalone circuit. Gervasoni, Meridiani and Davide Groppi participated in the NYCxDESIGN Festival, during which an event dedicated to the community of designers and architects was held at the Lexington Avenue spaces, organized in collaboration with Dezeen, a renowned international design and architecture magazine. Furthermore, Meridiani and Saba took part in the “3daysofdesign” initiative, held in June in Copenhagen, during which Saba exhibited its “Cime” and “Vela” collections inside the city’s Soho House and Meridiani inaugurated the first international “Meridiani House”, a new retail concept presented in Milan on the occasion of the Salone.
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Today's Board of Directors also approved the shareholder dialogue policy and the other stakeholders relevant to the Company, available on the Company’s website (www.dexelance.com) in the section “Investors/Governance/Documents and procedures”.
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Dexelance management will present periodic financial information to the financial community today at 18.00:XNUMX CET. Supporting documentation will be made available at the section
“Investors/Financial-Results-and-Documents” on the Company’s website (www.dexelance.com).
To follow the event in streaming you can register at the following link.
The President and Chief Executive Officer, Andrea Sasso, and the Manager in charge of preparing the company's accounting documents, Alberto Bortolin, declare pursuant to paragraph 2 of article 154 bis of Legislative Decree no. 58/1998 (Consolidated Finance Act) that the accounting information contained in this press release, as well as in the tables in Annex 1, corresponds to the documentary evidence, books and accounting records.
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This press release is available on the Company's website and distributed via the 1Info SDIR system (www.1info.it).
The consolidated economic, financial and equity information has been prepared in accordance with the International Accounting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”) and approved by the European Union.
Please note that the data as of June 30, 2024 included in the press release are not marked as “Reported” or “Full” as, since there were no changes in the scope of consolidation during the half-year commented on, the two data coincide. These data are shown in detail in Attachment 1.
The relative changes were calculated with respect to the “Full” data at 30 June 2023 (also shown in detail in Annex 1), calculated by including the results of Cubo Design in the consolidation scope as if the acquisition of the company had taken place on 1 January 2023 (transaction completed on 31 January 2023).
In this document, in addition to the financial amounts provided for by the International Financial Reporting Standards (IFRS), some quantities derived from the latter are presented, even though they are not provided for by the IFRS (Non-GAAP Measures) in line with the ESMA guidelines on Alternative Performance Indicators (ESMA Guidelines/2015/1415, adopted by Consob with Communication no. 92543 of 3 December 2015) published on 5 October 2015. These quantities are presented in order to allow a better assessment of the performance of the group's management and must not be considered alternatives to those provided for by the IFRS.
