[PDF] ANNUAL REPORT 2020 demand for PPE made of

View - Download ANNUAL REPORT 2020

Previous PDF

Next PDF

ANNUAL

REPORT

2020

03ANNUAL REPORT 202003

INDEX 06

Summary data

08

Corporate boards

09

Executive statement

10

Who we are and what we do

12

The Group by numbers

14

Global vision, local action

16

Our history

18

2020 highlights

20

Our brands

22

Director"s report on operations

24

Reference framework

26

Market and business performance

31

Covid-19

33
reclassifications and alternative performance indicators 34

Operating results

36

Statement of financial position

38

Reconciliation of the consolidated financial

statements with the financial statements of the parent company 38

Human resources

39

Investments, new products,

Research and development

41

Main non recurring and/or unusual transactions

41

Significant events after the reporting period

and business outlook 42

Main risks and uncertainties to which

Ariston Thermo Group is exposed

and governance system 45

Transactions between Group companies

and related parties 45

Treasury stocks and investments

in controlling companies 46

Other information

48

Consolidated financial statements

50

Consolidated financial statements

51

Consolidated statement of comprehensive income

52

Statement of financial position

53

Liabilities and equity

54

Consolidated statement of cash flows

55

Consolidated statement of changes in equity

56

Notes to the consolidated

financial statements 126

Report of the board

of statutory auditors 135

Report of the independent auditors

140

Addresses

05ANNUAL REPORT 202005

SUSTAINABLE COMFORT FOR EVERYONESINCE 1930

2020
** cash flows from EBnITDA and operating anctivities, net of Capexn

Net financial posiwtion/Free Cash Floww**

(mln €)

201220132014201520172018201920163080130

-20 -70 -12023 730
-98 -10 -1672020 -144 -170 111
36
69
67
78
75
91
23186

108Free Cash-Flow

PFN 47
2020
149

Adjusted EBITDA & adjusted EBIT

(value / %) (mln €) 169
14.7% 244
10.2% 7.3%

7.9%8.7%9.3%9.4%9.4%

* only includes in.dustrial investmen.ts and capitalised. development cos.ts. 2012

CAPEX*

(mln €)

2013201420152017201820192016

2020
10 020

30405060708090

07ANNUAL REPORT 2020

SUMMARY DATA

Statement of financial position

(mln €)

2012 2013 2014 2015 2016 2017 2018* 2019 2020

Trade receivables

192 194 185 179 191 213 206 238 228

Inventories

163 172 175 205 215 248 269 276 265

Trade payables

-231 -246 -245 -269 -282 -327 -297 -331 -364 Net working capital 124 120 116 115 124 135 177 182 129

Fixed assets

361 369 457 498 535 592 675 781 733

Other assets and liabilities

-232 -230 -254 -276 -299 -290 -290 -274 -272

Total net capital employed

253 259 319 337 360 437 562 689 590

Net financial debt

-108 -47 -23 -7 -30 10 98** 167 144 Shareholders' equity 361 306 342 344 391 427 464 522 447 Total debt and shareholders' equity 253 259 319 337 360 437 562 689 590

HEADCOUNT

(n°)

6.407 6.565 6.623 6.734 6.892 6.993 6.856 7.519 7.415

* with the adoption of IFRS15-IFRS16 ** 34 mln, not considering the IFRS16's effect

Income statement

(mln €)

2012 2013 2014 2015 2016 2017 2018* 2019 2020

Revenue

1.324 1.335 1.342 1.433 1.429 1.570 1.612 1.710 1.664

Adjusted EBITDA 131 141 154 174 178 192 202 223 244

EBITDA 120 135 147 159 172 178 195 209 227

Adjusted EBIT 96 105 117 133 134 147 134 149 169

EBIT 85 99 110 118 128 133 127 134 149

EBT 73 87 102 104 110 109 111 126 132

Net result

50 62 73 80 83 83 82 89 97

09ANNUAL REPORT 202009

2021

AFTER A YEAR FULL OF CHALLENGES,

OUR COMMITMENT TO PEOPLE, DIGITAL

TRANSFORMATION AND SUSTAINABILITY

IS EVEN STRONGER

Paolo Merloni, Executive Chairman

2020 will be remembered for its unprecedented impact on

society, on health systems, on global economies and on each of us, at a personal and professional level. The Covid-19 pandemic crisis has deeply challenged the way we live, work and relate to each other. At Ariston Thermo we navigated this uncharted territory building on our core values of entrepreneurship, team work and long-term orientation, complementing them with a commitment to act quickly, to anticipate proactively new emerging challenges and issues, to continuously adapt

In 2020 we delivered a

significant growth on EBITDA and a double-digit growth of EBIT adjusted compared to

2019, exceeding our budget target and maintaining steady

revenues. Moreover, 2020 was our best year so far on cash generation.

Last year also marked the 90

th anniversary of Ariston Thermo. We chose to celebrate this special milestone by donating a gold coin to each of our employees around the world: a symbol of gratitude, esteem and good luck to the people of the company

There are several remarkable

achievements to celebrate this year. "People come first" was one of 2020"s mantras. We put in place safety measures for our staff in our offices and plants, often anticipating many governments" decisions. At the same time, we ensured the continuity of our supply chain and our activities, to guarantee a high level of service to our customers. In Italy and Europe, in March, when personal protective equipment was almost unavailable, the Group - leveraging its supply chain - donated over 200,000 masks to hospitals, healthcare facilities and other entities, as well as to all employees, Technical Assistance Centres and customers. In China, Vietnam, Tunisia, Indonesia, Nigeria and Romania, the company provided support to hospitals and people on the front line of the fight against the pandemic, through product donations and fundraising. "Agility for the future" was a second mantra. In 2020 we

confirmed all the key projects with a long-term orientation and impact. We reviewed many elements of our organization

model to better absorb the relevant growth of the past years and prepare for new developments and we strengthen our commitment to digital transformation, focusing on manyquotesdbs_dbs50.pdfusesText_50

[PDF] bac 2015

[PDF] bac 2015 1ere es

[PDF] bac 2015 1ere stmg

[PDF] bac 2015 1es

[PDF] bac 2015 2eme groupe

[PDF] bac 2015 33

[PDF] bac 2015 3as

[PDF] bac 2015 3g

[PDF] bac 2015 3olom

[PDF] bac 2015 5 iunie

[PDF] bac 2015 76

[PDF] bac 2015 77

[PDF] bac 2015 8 juin

[PDF] bac 2015 87

[PDF] bac 2015 93 ans