Carraro Group: the Board of Directors analyse the results for the first quarter of 2020

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The contents of this section are updated as at August 6th, 2021. Please note that, as a result of the delisting of the shares of Carraro S.p.A. from the Electronic Stock Market organized and managed by Borsa Italiana S.p.A., pursuant to the resolution n. n. 8788 dated July 29th, 2021 and effective from August 6th, 2021 this section has not been subject to further updates. Therefore, the information, the data, the documents and, generally, the contents of this website refer to and are updated as at the date of August 6th, 2021

In March, volumes were adversely affected by the situation brought about by the Covid-19 pandemic, which led to almost all the main players in both the agricultural and construction equipment sectors temporarily suspending production work.

• Consolidated turnover was 127.8 million euros, down 15% on the 150.3 million euros in the first quarter of 2019.
• Consolidated EBITDA for the first quarter came in at 9.6 million euros (7.5% of turnover), down on the 14.5 million euros (9.7% of turnover) in the same period in 2019 due to the reduction in revenues in the latter part of the period.
• Net financial position of operations at 31 March 2020 was a negative 138.7 million euros, an better than in the same period in 2019 (157.2 million euros), but as expected, due to bunkering of engines for Agritalia, an increase on the figure at 31 December 2019 (123.6 million euros).

Campodarsego (Padua), 11 May 2020 – Carraro S.p.A., a global leader in transmission systems for off-road vehicles and specialist tractors, today released the Group's results for the first quarter of 2020.

“The start of 2020 has been significantly influenced by the Covid-19 pandemic, which has affected every area of the world and every sector. In our case, this situation has thwarted a potentially very positive order portfolio, which would have led to significant results, in terms of both volumes and profitability,” says Enrico Carraro, Group Chairman.

“We have addressed this contingency with a great sense of responsibility, following the rules of the governments in whose countries we have our production sites and always putting the protection of our employees' health first,” Carraro adds. “Straight away we took every possible action to limit negative economic effects on the Group, like for example recourse to the temporary redundancy fund in Italy. At the same time, thanks to smart working, we maintained our with all our business partners and in particular the R&D network. Carraro went on with its development programmes, albeit long-distance, in Italy, India, China and South America, in order to meet the goal of respecting clients' wishes and ensuring new products come out. All this has allowed us to return now with great efficiency to almost every one of our sites.

“We are now monitoring plans to restart production very carefully, in all the different geographical areas of the world, by both customers and suppliers, in order to better run our supply chain harmoniously with the Group's industrial activities,” concludes Enrico Carraro. “It's not easy at the moment to make precise predictions of the economic effects the Covid-19 emergency could have on our results, but whatever happens our fixed costs structure, in its current dimensions, will let the Group absorb even significant drops in volumes and ensure satisfactory profitability”.