The CAREL Industries Board of Directors has approved the consolidated results as of 31 December 2020, with consolidated revenues of 331.6 million, an increase of 1.3% compared to 2019 (+2.8% at constant exchange rates).
Francesco Nalini, the Group’s Chief Executive Officer, commented: “2020 was a challenging year which tested the social and economic resilience across global geographic areas due to the spread of the Coronavirus/COVID-19 pandemic. Despite the temporary shutdown of some key facilities, such as the Chinese and Italian ones, the Group was able to respond both promptly and effectively. Evidence of this can be seen in the performance achieved throughout the past year, which I am proud to present: at the end of 2020, consolidated revenues actually grew, with an increase of 1.3% at current exchange rates (+2.8% at constant exchange rates); if we take into account that the profitability of 19.7% (40 basis points higher than 2019), taken as the EBITDA margin, this result is even more significant, despite the fact that the operating leverage effects were not fully deployed. Growth and profitability were also reflected in the strong cash flow generation, which made it possible to significantly reduce net debt. This fell from about 62 million euros to less than 50 million euros, a 20% reduction (without the IFRS 16 accounting effect, net debt would have come to about 21.4 million euros). These results once again prove the significant resilience of the Group’s business model and the continuous commitment of CAREL’s workforce, making it possible to write another chapter in our success story now spanning almost fifty years.”