Subscribe to the daily news Sign in
En
CAREL consolidated revenues actually grew of 1.3%
10 March 2021

CAREL consolidated revenues actually grew of 1.3%

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.”
Share

Related news

Danfoss marks 25 years of SVL valve portfolio development
Danfoss is celebrating the 25th anniversary of its SVL valve portfolio, which has evolved over the past two and a half decades to meet changing industrial refrigeration requirements, including the ...
16 Oct 2025
Viessmann installs 19 heat pumps at FC Bayern Munich’s Allianz Arena
As part of its ongoing sustainability efforts, FC Bayern Munich has partnered with Viessmann Climate Solutions, a subsidiary of Carrier Corporation, to install 19 new heat pumps at the Allianz Aren...
09 Oct 2025
Daikin Applied expands data center cooling capabilities with new pr...
Daikin Applied has announced a broad expansion of its data center cooling solutions, supported by new technologies, acquisitions, production facilities, and a dedicated global business unit. Th...
16 Oct 2025
Refrigerant emissions in Germany continue to decline, VDKF reports
The German Association of Refrigeration and Air Conditioning Contractors (VDKF) has reported a further decrease in refrigerant emissions for 2024. Based on anonymized data collected via the industr...
17 Oct 2025
Castel obtains EPD certification for ball and solenoid valve lines
Castel, an Italian manufacturer of refrigeration and air conditioning components, has obtained Environmental Product Declarations (EPD) for its ball valves and solenoid valves. The certification ma...
yesterday
EHPA: Heat pump sales in Europe rise 9% in H1 2025
Sales of heat pumps in 13 European countries increased by 9% in the first half of 2025 compared to the same period in 2024, signaling a modest and uneven recovery in the sector. A total of 980...
20 Oct 2025