LU-VE Group: in the first nine months of 2022 turnover grows by 30.5% adjusted EBITDA grows by 37.2%


LU-VE Group: in the first nine months of 2022 turnover grows by 30.5% adjusted EBITDA grows by 37.2%

In the first nine months of 2022, the group achieved:
  • sales of €467.7 million, with growth of 30.5% compared to the same period in 2021
  • order backlog of €196.4 million with growth of 27.6 percent (on a like-for-like basis, growth was 15.7 percent)
  • adjusted EBITDA of €62.0 million, or 13.3% with growth of 37.2%
  • net income of €44.6 million compared to €17.5 million in the same period of 2021
Net financial position as of September 30, 2022 amounted to €171.3 million, with an increase of €49.4 million, mainly due to an increase in net working capital.

Uboldo (Varese), 13 October 2022 - The Board of Directors of LU-VE S.p.A. (‘LUVE’ or the ‘Company’), which met today, has approved the results as of 30 September 2022.

Revenues Turnover at the end of September was €467.7 million, up 30.5%, while the third quarter recorded a 14.3% increase in sales, closing with an order backlog of €196.4 million, up 27.6 percent from the corresponding period in 2021.
Product and application segments Both Business Units "Components" and "Cooling Systems" were confirmed to be growing again at the end of September by 36.1% (€266.8 million sales) and 21.6% (€189.9 million sales) respectively, despite the slowdown in demand in some application segments (particularly in products for the food retail trade and the household appliance market). On the other hand, the demand for heat exchangers for the heat pump market remains particularly buoyant, whose growth prospects in the months ahead remain extremely positive, although there is some uncertainty on the part of manufacturers as to whether they will be able to cope with the soaring demand on the one hand due to the difficulties in finding electronic components on the market and on the other hand due to the shortage of qualified personnel for field installation. The analysis of sales by applications highlights the strong growth in air conditioning attributable not only to the segment related to heat pumps (+159%), but also the good performance in both the world of chillers and applications related to datacentres. Finally, a special mention for the refrigerated transport segment (+52%) thanks to the acquisition of new projects combined with the growth in overall demand.
Geographical markets Geographically in the face of the inevitable sharp contraction (over 30%) in sales in Russia, Ukraine, and Belarus (4.2% of total sales) all other geographical areas show significant growth with the American continent almost doubling the value of sales in the first nine months of the year. Italy, up more than 37%, accounts for just over 20% of total sales.
Profitability EBITDA was €59.6 million (12.7% of revenues) compared to €45.2 million (12.6% of revenues) in the first 9 months of 2021. In the income statement, €2.4 million of costs not falling under ordinary management were registered, including €0.7 million for consultancy related to the acquisition of Refrion S.r.l. and €1.7 million related to the extraordinary bonus paid to LU-VE Group employees. Net of the impact of the aforementioned costs not falling under ordinary management, adjusted EBITDA would have been €62.0 million (no impact of costs not falling under ordinary management in 2021). The change in adjusted EBITDA compared to EBITDA in the first nine months of 2021 (+€16.8 million) is generated by €14.0 million from the contribution on additional volumes and €68.1 million from the increase in selling prices net of €65.3 million in increases in raw materials costs and other production costs.
Net income for the period amounted to €45.5 million (9.7% of revenues), compared to €18.2 million for the first 9 months of 2021 (5.1% of revenues). Applying the tax effect to costs outside ordinary management (€2.4 million), gains from equity investments (€9.5 million), and the net effect of the positive change in the fair value of derivatives and the impact of amortized cost (€9.0 million), the net income for the first 9 months of 2022 ("Adjusted net income for the period") would have been €31.2 million (6.7% of revenues).
Net financial position and cash generation The net financial position was a negative €171.3 million (€121.9 million as of December 31, 2021) with a difference of €49.4 million mainly due for €25.2 million to capital expenditures, €8.2 million to dividend distribution, €74.9 million to the increase in operating working capital (adjusted by the values of Tecnair LV S.p.A. and the Refrion Group), €12.6 million to the acquisition and sale of equity investments, net of €18.8 million related to changes in other payables and receivables and derivatives, and approximately €52.7 million in positive cash flow from operations. Normalizing the net financial position, considering the impact of operating working capital on sales in the last 12 months, the figure as of September 30, 2022 would have been negative 131.7 million euros. The net financial position as of September 30, 2021 was €137.8 million. For the period October 1, 2021 to September 30, 2022, cash flow from operations adjusted for nonoperating items was approximately 33.9 million euros.

The value of the order book at the end of September makes it possible to imagine a performance in the fourth quarter of 2022 substantially in line with the trend for the year despite the already commented on slowdowns in some application segments mainly due to geopolitical uncertainty and inflation issues. The usual means of transferring cost changes to selling prices make the goal of defending average margins reasonable in the latter part of the year as well. Tension on electronic component supplies continues, although the diversification of supply sources, the production flexibility achieved, and the use of increased safety stocks have allowed and will allow for important mitigation of the impact on production capacity. The Group closely monitors the progress of the crisis between Russia and Ukraine. The important geographical diversification of sales means that as of September 30, 2022, the Group's exposure in this area was approximately 4.2 percent in terms of sales and 3.1 percent in terms of order backlog. In October, Eurovent certification was obtained for carbon dioxide gas coolers.

The results as of 30 September 2022 will be illustrated tomorrow, 15 September 2022, at 14.00 (CET) during a conference call to the financial community, which will also be the subject of a webcast in listen-only mode on

* * *

The Financial Reporting Officer, Eligio Macchi, declares that, pursuant to paragraph 2, Article 154-bis of Legislative Decree 58/1998 (Consolidated Financial Act), the accounting information contained in this press release corresponds to the Company’s records, books and accounting entries.

This document contains forward-looking statements relating to future events and future operating, economic and financial results of the LU-VE group. By their nature, forward-looking statements involve risk and uncertainty because they depend on the occurrence of future events and circumstances. Actual results may therefore differ materially from those forecast as a result of a variety of reasons, most of which are beyond the LU-VE group’s control.



LU-VE wins for the third time in the "Top Investors" category: the only compan...


The ITQF – L’Istituto Tedesco di Qualità e Finanza (the German Institute for Qua...

Kontakt dla mediów

LU-VE S.p.a

Via Caduti della Liberazione, 53

21040 Uboldo - Varese - Italy

Tel: +39 02 96716.1

Fax: +39 02 96780560