Corporate Governance

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.