International. Carel disclosed its financial results as of December 31, 2020 in which it recorded consolidated revenues equivalent to 331.6 million euros, with a growth of 1.3% compared to 2019 (+2.8% at constant exchange rates).
Financial highlights
• Consolidated revenues equivalent to €331.6 million, +1.3% compared to 2019 (+2.8% at constant exchange rates).
• Consolidated EBITDA equivalent to €65.2 million (19.7% of operating income), +3.3% compared to 2019.
• Consolidated net result equivalent to 35.1 million euros, +0.3% compared to the net result of 2019.
• Negative consolidated net financial position equivalent to €49.6 million, compared to €62.1 million at 31 December 2019.
Francesco Nalini, CEO of the Group, said: "2020 has been a challenge that has severely tested the economic and social resilience of large geographical areas of the planet due to the pandemic spread of Coronavirus/COVID-19. Despite the temporary closure of some essential plants, such as the Chinese and the Italian ones, the Group has been able to react very quickly and effectively, which shows the yields achieved throughout the year that has just ended and that I present with pride: consolidated revenues at the end of 2020 have registered a growth of 1.3% at the current exchange rate (+2.8% at constant exchange rates). This result is even more significant if it is considered that it has been produced reaching a profitability, understood as the impact of EBITDA on revenues (EBITDA margin), equivalent to 19.7% (40 basis points higher than the level of 2019), and all this despite the fact that the operating lever had not fully deployed its effects. "
The geographical area that has the greatest weight for the Group, the EMEA (Europe, Middle East and Africa), from which 72% of revenues are derived, closed the year with a growth equivalent to 5.0%, in constant monetary exchange, registering a significant improvement in the second half of the year.
South America (which represents approximately 2% of the Group's total turnover), after the negative effects derived from the exchange rate, shows a double-digit percentage growth (+10.1%), mainly due to the positive returns recorded in Brazil, which have offset the negative results in the rest of the regions of the aforementioned geographical area, due to the impact of the pandemic.
The APAC (Asia-Pacific) zone, which represents approximately 15% of the Group's revenues, reports a growth (in constant exchange) equivalent to 1% compared to the same period of 2019, despite the closure of the plant located in Souzhou, in the first weeks of February, due to the pandemic.
Regarding the individual business areas, all have registered positive and constantly improving returns in the second half of 2020. Refrigeration shows a growth equivalent to 2.6% (5.0% at constant change), despite the fact that the supply chain, consisting mainly of manufacturers, contractors and system integrators, registered a reduction in investments due to caution and uncertainty in the sector, caused by the pandemic. Therefore, these results can be attributed to the increase in Carel's market share in the Food retail sector (supermarkets/hypermarkets/food stores), which has easily counteracted the trend of the Food service sector, which continues to be negative.
The HVAC sector also closes 2020 in growth (+1.0% at current exchange rates, +2.1% at constant exchange rates) with a strong recovery in the second part of the year: the positive trend registered in the segment of "high efficiency heat pumps" (mainly in Northern Europe), in the data centers and in the hospital (the latter in particular in Eastern Europe and China) has made it possible to limit the effects of the negative trend of some commercial (wellness and hospitality) and industrial (automotive) segments.
