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

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

Embraco expands into HVAC market with scroll compressor acquisition
Nidec Global Appliance has announced the expansion of its Embraco brand into the heating and air conditioning (HVAC) market through the acquisition of scroll compressor manufacturer Xecom. Th...
09 Jul 2025
Johnson Controls expands Denmark heat pump plant to meet global demand
Johnson Controls has begun construction on an expansion of its Holme heat pump and chiller facility in Aarhus, Denmark. The site, which produces high-capacity commercial and industrial heat pumps, ...
10 Jul 2025
EU expands state aid rules to support heat pump manufacturing
The EU has recently revised its rules on which sectors are eligible for government funding and how to implement the Clean Industrial Deal. The European Commission has updated its State Aid Fra
04 Jul 2025
CAREL Releases White Paper on Indoor Air Quality in Buildings
New publication outlines IAQ standards, health risks, and control strategies. CAREL has published a new white paper titled “Indoor air quality - Guaranteeing health and comfort in buil...
20 Apr 2025
CAREL appoints new managing directors for SENVA Inc. and CFM
CAREL has announced new leadership appointments at its Group companies SENVA Inc. and CFM. Effective 1 May 2025, Roberto Sandano has become Managing Director of SENVA Inc., while Maurizio Penne...
07 Jun 2025
CAREL receives UL certification for A2L-ready control components
CAREL has obtained UL LZGH2/8 certification for several product lines designed for use with mildly flammable refrigerants. The certified ranges include pCO (pCO5+), c.pCO (c.pCO and c.pCO mini), c....
13 Jun 2025