03/10/22
LU-VE Group: first exchanger in the former ACC Wanbao plant
1. Consolidated half-yearly financial report as at 30 June 2022 approved In the first half of 2022 the group achieved (1):a
We are proud to announce that the production of LU-VE Group heat exchangers has started in the Mel plant (Belluno) which was acquired on July 29 from Wanbao ACC, the Italian branch of the Chinese multinational.
Three production lines have recently been installed there and are currently operational. Others will be added in the coming months. The aim is to expand the production of static heat exchangers for refrigerated counters, air conditioning, chillers, and heat pumps, which are already manufactured by LU-VE Group in the Limana (Belluno) factory.
In addition to the conversion of the industrial activity, LU-VE Group has undertaken the training of former Wanbao ACC personnel, guaranteeing employment and stability for workers in the area.
- € 318.4 million in turnover (+39.9%) (+39% at constant FX, +37% on a like-for-like basis)
- € 200.8 million in order backlog (+37.3%) (+24% on a like-for-like basis)
- € 42.8 million in adjusted EBITDA (+61.5%)
- € 32.7 million in net profit (+251.8%). As at June 2022, the net financial position was a negative € 155.4 million, a worsening of € 38.6 million compared to June 2021, mainly due to the increase of safety stocks of raw materials amounting to € 36.4 million.
3. Waiver of increased voting rights by controlling shareholder Finami S.p.A. and significant shareholder G4 S.r.l. to allow the filing of the request for the attribution of the STAR qualification.
Uboldo (Va), 7 September 2022– LU-VE S.p.A.'s Board of Directors, which met today, reviewed and approved the consolidated financial report as at 30 June 2022.
“In the first six months of 2022, the Group grew in terms of sales, EBITDA and net income. In addition, we have an order backlog never before recorded in the company's history. This is the result of the teamwork of all of us-us," said Iginio Liberali, president of LU-VE Group. "However, due to the international situation, this first half of the year has also been marked by the sharp increase in the cost of living and inflation, which has had a strong impact on household budgets. This is why we have allocated three million euros to support our employees. In the face of uncertainties in the global economic scenario and a market that shows waning demand, LU-VE Group's overall structure, ongoing operations, and above all, our commitment to our work make us look to the future with confidence."
(1) Changes are calculated from the results for the first half of 2021.
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LU-VE S.p.a
Via Caduti della Liberazione, 53
21040 Uboldo - Varese - Italy
Tel: +39 02 96716.1
Fax: +39 02 96780560
