Consolidated revenues in line with the first quarter of 2019

The Board of Directors of CAREL Industries S.p.A. has approved the results as of 31 March 2020, with consolidated revenues in continuity with respect to the same period of 2019.

Francesco Nalini, Group Chief Executive Officer, stated: “The first quarter of the year was characterised by the outbreak of the COVID-19 pandemic, which also led to a lockdown in various areas of China, including the temporary shutdown of the Group’s plant located in Suzhou. In addition to this was the temporary shutdown of CAREL’s main production hub, located in the province of Padua. Despite the negative effects due to these circumstances, which had an impact of between 6 and 7 million euros on the results for the quarter, the Group reported revenues of around 79 million euros up to 31 March 2020, substantially in line with the first quarter of 2019, demonstrating the significant resilience of its business portfolio and its production footprint. EBITDA stands at over 14 million euros, with profitability of 18.2% (EBITDA on revenues), approximately one percent lower than the profitability recorded at the end of 2019. This is mainly due to a lower effect of the operating leverage, partially offset by some discretionary cost reduction actions. On the financial front, net debt was stable compared to 31 December 2019, thanks to robust cash generation that covered both investments and the increase in working capital, the latter linked to the seasonality of trade receivables. These results prove the ability and the commitment of CAREL’s women and men to react quickly to particularly challenging situations. They also represent an element of solidity and confidence, despite a year that still promises to not be easy and will likely see a slow down in global demand following the current health emergency.”