CAREL: a positive third quarter

The Board of Directors of the CAREL Group has approved the consolidated results as at 30 September 2020 with consolidated revenues of € 248 million, in continuity with respect to the same period of 2019 (+0.1%, +1.2% at constant exchange rates), and growing compared to the first six months of 2020.

Francesco Nalini, the Group’s Chief Executive Officer, commented: “The results approved today are cause for particular satisfaction for the Group because they were achieved within the extremely complex environment that came into being in 2020.  Revenues entered positive territory, despite the temporary shutdown, in February and April, of two of our most important plants, in Italy and China, accounting for approximately 60% of all our production capacity. This is further proof of Carel’s ability to leverage its technological, logistical and strategic characteristics to the fullest and to take advantage of important opportunities, even in less favourable scenarios. This performance reflected positively on profitability, in terms of the ratio of EBITDA to revenues, which stood at 19.6%, exceeding the levels both at the end of 2019 and in the first half of this year. This was due in part to the cost containment initiatives implemented beginning in March, the effects of which were seen primarily in the last two quarters. This earnings performance had a positive effect on the Group’s financial position: net financial debt declined by approximately €13 million, a decrease of 20% compared to December 2019. As always for Carel, a milestone is never an end to a journey but a starting point, and this will also be true in this case: the Group is in fact continuing with the utmost commitment in the implementation of its strategic guidelines in order to further consolidate its development in the wake of innovation and environmental sustainability.”