The CAREL Industries S.p.A. Board of Directors has approved the consolidated results as of 30 June 2022. Consolidated revenues came to € 401.1 million, an increase of 29.3%.
Financial highlights
• Consolidated revenues of € 401.1 million, +29.3% compared to the first nine months of 2021 (+25.9% at constant exchange rates).
• Consolidated EBITDA of € 85.9 million (€ 4.7 million from the change in the scope of consolidation linked to a number of companies acquired in the last 18 months) +30.1% compared to the first nine months of 2021 and corresponding to 21.4% of revenues (21.9% Adjusted).
• Consolidated net income of € 52.6 million, +35.7% compared to the first nine months of 2021.
• Negative consolidated net financial position of € 73.6 million.
• Improvement within the “MSCI ESG rating assessment” with a score equal to “AA” and “silver medal” in the ECOVADIS sustainability rating.
Statement by the Chief Executive Officer
Francesco Nalini, CEO of the Group, commented: “It is with great pride that I present the results of this quarter, the seventh consecutive quarter in which CAREL has recorded double-digit percentage organic revenue growth. All geographic areas and all macro-segments in which the Group is active contributed significantly to this result, once again underlining the soundness of the business portfolio as well as the ability to adapt to challenging scenarios that are difficult to foresee and constantly changing. The first nine months of the year, in fact, were impacted by a complex macroeconomic context, characterised first and foremost by the continuing shortage of electronic equipment (both precision and power), which did not allow us to express all the growth potential that the market offered. In addition, there was a sharp increase in inflation (in the Eurozone it was close to 10% in September) and more particularly in raw materials, the impact of which on profitability was, however, limited, also thanks to the positive effect of operating leverage linked to high growth rates. A positive contribution to the latter was the effort made in terms of M&A: during the year, four acquisitions were completed (Arion, Sauber, Klingenburg and Senva), two in Italy and two abroad, which will allow CAREL to act more and more as a supplier of complete control solutions with high added value and further consolidate its international profile. Also on the internal front, the Group has worked relentlessly to increase efficiency and flexibility and is continuing to implement the digitisation roadmap, achieving, among other results, a significant reduction in multi-site design and industrialisation time. For the foreseeable future, the global macroeconomic environment is still very challenging, also due to the economic slowdown caused by the restrictive monetary policies implemented by the Federal Reserve and the European Central Bank. In this context, CAREL will continue to develop the business in its niches, which present decidedly positive short and long-term trends, also linked to decarbonisation, looking to the future with optimism and providing increasingly advanced solutions that anticipate the needs of the market.“
