2018 first nine months results approved

CAREL Board of Directors approved the consolidated 2018 first nine months, confirming the growth trend already reported in the first two quarters of this year and the excellent performance of the last three years.

Francesco Nalini, Group CEO, stated: “The operating results recorded during the first nine months of 2018 confirm the growth trend already reported in the first two quarters of this year and have to be added to the excellent performance of the last three years. This is even more important taking into account the Group's ability to increase revenue while maintaining high profitability, measured in terms of EBITDA margin, which, in fact, stands at above 20% (excluding non-recurring costs equal to approximately 5 million euros linked to the listing of the Company on the Italian Stock Exchange in the STAR segment) despite the negative impact due to currency exchange rates, recurring costs arising from the aforementioned listing and some other minor items. The achievement of this result is linked to the pursuit of maximum operating efficiency that, together with constant innovation, energy saving and customer care, constitute Carel's DNA and allow us to look with optimism to the global challenges that await us”.

 
Financial highlights

• Consolidated revenue of €208.40 million, up 8.4% compared with the first nine months of 2017 (+10.7% at constant exchange rates);
• EBITDA equal to €38.28 million (18.4% of revenue for the period), -4.1% compared with the first nine months of 2017;
• Consolidated adjusted EBITDA equal to €43.64 million (20.9% of revenue for the period), +9.4% compared with the first nine months of 2017;
• Consolidated net profit equal to €24.80 million (-0.3% compared with the net result for the first nine months of 2017);
• Adjusted net profit equal to €28.76  million (+15.6% compared with the first nine months of 2017)
• Consolidated net financial position positive by €14.94 million.

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