Carel reports positive 2020 financial results

The Carel Industries Board of Directors has released the company’s 2020 consolidated revenues.

The Group’s consolidated revenues as of December 31, 2020, was €331.6m ($514m), which represents an increase of 1.3 per cent (plus 2.8 per cent at constant exchange rates). The consolidated EBITDA for the same comparative period is €65.2m ($101m) – an increase of 3.3 per cent.

“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,” says Group CEO Francesco Nalini. “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.”

If the profitability of 19.7 per cent (40 basis points higher than 2019), posted as the EBITDA margin is taken into account, Nalini says the result is “even more significant, despite the fact that the operating leverage effects were not fully deployed”.

“Evidence of this can be seen in the performance achieved throughout the past year, which I am proud to present,” he says.

“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 50 years.”

The Group’s EMEA (Europe, Middle East, Africa) sector, which accounts for 71 per cent of revenues, closed the financial year with 5 per cent growth, on a constant currency exchange rate basis.

The APAC (Asia-Pacific) region, accounting for around 15 per cent of the Group’s revenue, showed growth of 1 per cent (at constant exchange rates) compared to 2019. This positive result was achieved despite the Suzhou facility shutdown due to the pandemic in the first weeks of February.

North America (approximately 12 per cent of revenue) saw a 7.7 per cent decline in revenue (minus exchange rate impacts). The company says this is due to the combination of the strong increase in 2019 – up by 20 per cent – and the worsening of the macro-economic situation due to COVID-19, particularly in terms of the food-service sector.

The Group’s South America market grew by 10.1 per cent, which it largely attributes to a positive performance in Brazil offsetting the other regions in the area suffering from the pandemic.

Carel Industries offer a wide range of products for manufacturers, installers and designers operating in the HVAC&R sector.

Pictured: Carel Group’s CEO Francesco Nalini.

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