Corporate Governance

2019: DELIVERING PROFITABLE GROWTH
Paolo Merloni, Executive Chairman

2018 was another positive year, and our performance confirmed once again the Group’s solidity and ability to adapt. Revenue grew by 3.4% compared to 2017, continuing our growth path. The external environment was mixed: we faced some headwinds, with the Chinese economy slowing, the exchange rate worsening and raw material costs increasing, while on the other hand, many of our key markets experienced a positive demand trend. We grew and gained market shares in many countries, consolidating and reinforcing our presence in all the markets in which we operate. Investments and R&D spending, focused on innovation and sustainability, significantly increased in 2018, marking a new record in the history of Ariston Thermo. As such, we are better positioned to continue our growth, and reinforce our very solid position.

2018 was another positive year, and our performance confirmed once again the Group’s solidity and ability to adapt. Revenue grew by 3.4% compared to 2017, continuing our growth path. The external environment was mixed: we faced some headwinds, with the Chinese economy slowing, the exchange rate worsening and raw material costs increasing, while on the other hand, many of our key markets experienced a positive demand trend. We grew and gained market shares in many countries, consolidating and reinforcing our presence in all the markets in which we operate. Investments and R&D spending, focused on innovation and sustainability, significantly increased in 2018, marking a new record in the history of Ariston Thermo. As such, we are better positioned to continue our growth, and reinforce our very solid position.

The beginning of 2018 was characterised by a crucial event: Ariston Thermo agreed to acquire the historical plant of Albacina. This operation has both a symbolic meaning for the Group, as Albacina has been one of the first and most important plants of the Merloni’s entrepreneurial history, and industrial significance: we are creating a centre of competence for the design, development and production of products and systems using advanced energy-efficient technologies for thermal comfort. We want to leverage Albacina as a central element of our renewable approach, since innovation and sustainability continue to be the core of our growth. 2018 was also a year of relevant organisational changes, starting from the reshaping of some of our operations and internal functions. Today, in a large, international and structured environment, we have strong evidence that collaboration and teamwork are increasingly crucial. Our priority is to promote them, together with an entrepreneurial approach and a long-term orientation. Our people remain the essential ingredient to make results possible, and in 2018 we reached new significant milestones: over 80% of all managerial positions that opened up throughout the year were filled with internal resources, we launched the first stages of a new engagement journey and we further enhanced our career programmes. In the Sustainability Report that will be published in 2019 for the first time in the Group’s history, our ambition for the future is very straightforward: to be the best partner for water and space heating solutions, continuing to operate with excellence and providing our customers with the best offer of products, systems and services.

These are the basis of our further development.
This is the true spirit of Ariston Thermo.

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