we receive e we publish the following press release from Smartitaly.
The Board of Directors of Dexelance SpA (DEX.MI), a diversified industrial group among the Italian leaders in high-end design, lighting and furnishings (the “Company” or the “Group”), today approved the draft annual financial report as of December 31, 2024 to be submitted to the shareholders' meeting scheduled for April 16, 2025, in a single call.
As is known, the reference market, due to the persistence of unfavorable general macroeconomic conditions, as well as the effect of the normalization phase undertaken after the two-year post-pandemic period, has recorded a negative trend. According to preliminary data from Federlegno Arredo, the Italian Furniture Macrosystem has undergone a downsizing in the order of -2,5%. The forecast of closure of the world market of High quality design furniture & homeware, instead, stands at a decline of between -3 and -1%.
The Dexelance Group has registered revenues equal to Euro 324,1 million, with a constant perimeter growth of 4,3% compared to Full 2023 revenues.
The Company has recorded growth both in the residential sector (areas Furniture, Lighting, Kitchen&Systems), which ended the financial year with revenues of Euro 232,9 million and a growth of 3,2%, both in the area Luxury Contract, which had record revenues of Euro 91,3 million, up 7,2%. The performance was overall driven by the projects channel, in which the Group confirms an important presence with an overall incidence equal to 47% of revenues.
The incidence of exports remained stable at 74%, with a substantial stability in the Europe area which, although remaining the Group's primary outlet market, continues to show a slowdown in important markets such as France and Germany, and good growth in the remaining areas - in particular North America and the Middle East - which more than offset this trend. The domestic market demonstrated resilience, closing with slightly higher revenues compared to 2023.
THEEBITDA was Euro 50,0 million (compared to Euro 52,1 million in 2023). Adjusted EBITDA was Euro 50,9 million, down 6,3% compared to the Full Adjusted 2023 figure. The percentage margin, equal to 15,7% of revenues, is the result of the progressive improvement recorded in the second half of the year thanks to a lower seasonality of expenses and a more sustained growth in revenues, despite having absorbed increases in costs related to significant investments in personnel, marketing and sales, carried out with a strategic perspective and future value creation.
The 2024 financial year closed with a Net income of Euro 17,9 million (compared to Euro 28,1 million in 2023). Adjusted Net Profit was equal to Euro 23,2 million, comparable to the Full Adjusted Net Profit figure at 31 December 2023 of Euro 25,6 million, with an incidence equal to 7,2%.
La net banking position at 31 December 2024 it was Euro -5,2 million (credit position towards credit institutions), a figure that has improved significantly compared to 31 December 2023 due to an operating cash generation higher than 50% of EBITDA. Also considering the debts for earnout, purchase of minority shares through the exercise of options put&call and other minor debts, the net financial position was Euro 61,7 million, mainly medium-long term. Considering the debts arising from the application of the IFRS 16 accounting principle, of Euro 35,9 million, the net financial position amounted to Euro 97,6 million.
It is recalled that, during 2024, the Group paid earnout for a total amount of Euro 8,0 million and which, in the third quarter of 2024, completed the acquisition of a 49,0% share of Axo Light Srl, reaching 100,0% of the capital and with an outlay of Euro 1,2 million.
Furthermore, during the last quarter of 2024, the Board of Directors approved amendments, subsequently finalised by the end of the financial year, to the earnout e put&call relating to Gamma Arredamenti SpA and Turri Srl. In particular, the term of the exercise of the options put&call for the purchase of the minority stake in Gamma Arredamenti SpA has been extended to the approval of the financial statements for the 2026 financial year, and the reference period for the calculation of theearnout, foreseen during the acquisition operation of 51,0% of the capital of Turri Srl, has been extended to the 2023-2024-2025-2026 financial years.
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Dexelance's further growth in 2024 confirms the solidity of its business model, capable of effectively combining operational performance, business ethics and collaboration with all stakeholders, which pursues its objectives of growth and international development.
During 2024, the Group continued to strengthen investments in the commercial, digital and communication fields, in order to decisively support, especially in a complex market context, the positioning of the Group's brands and the consolidation of relationships with the distribution network, to which actions were dedicated to qualifying exhibition spaces, renewing and improving sales tools and co-marketing and co-branding initiatives. The interventions carried out for organizational strengthening were also fundamental, such as the inclusion of new top-level talents for the development of new skills and synergies between the Group's companies.
Furthermore, over the course of the year, Dexelance has worked to progressively integrate sustainability into the corporate strategy, developing a set of ESG guidelines aimed at guiding an action plan that, over the coming years, will allow for the incorporation of increasingly more environmental and social aspects into the governance and operational management of all companies.
In this context, this year too the Group has quantified and certified the inventory of GHG emissions generated by its operations according to the ISO 14064-1 standard. This quantification has allowed us to fully offset the emissions through the purchase and withdrawal of credits on the voluntary carbon market, contributing to the financing of projects for the production of electricity from renewable sources. In particular, the purchased credits derive from a project to install plants for the generation of electricity through renewable solar energy located in various states in India, which will be connected to the electricity generation of the Indian grid, mainly dominated by plants based on fossil and thermal fuels.
At the beginning of 2025, the context remains complex and difficult to read, for well-known reasons. The reference market is expected to be substantially stable, but the Group believes it can continue to grow and create value, continuing the investments undertaken and increasingly establishing itself as a reference interlocutor for "creating a system" in the fragmented sector of Italian design, lighting and furniture.
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The Board of Directors today also:
– resolved to approve the annual report on corporate governance and ownership structures and the report on the remuneration policy and compensation paid, as well as the proposed remuneration policy of the Company;
– proceeded to verify the independence requirements of the directors and to examine the annual self-assessment document of the Board of Statutory Auditors;
– resolved to call the ordinary shareholders' meeting for 16 April 2025, in a single call, as well as to approve the related explanatory reports;
– resolved to propose to the Shareholders' Meeting the following allocation of the operating profit, equal to Euro 6.781.870:
- legal reserve, for Euro 339.094
- retained earnings, for Euro 6.442.776.
The documentation relating to these resolutions will be published, in compliance with the provisions and terms of the law, on the Company's website (www.dexelance.com).
