Carraro closes the financial year 2021 with an increase in results: turnover of 644 million Euros (+ 34.5%) and EBITDA of 55.2 million Euros (+ 69.4%)

Campodarsego (Padua), 29 March 2022 – The Board of Directors of Carraro SpA, world leader in transmission systems for off-highway vehicles and specialised tractors, examined today the draft Financial Statements for 2021.

“Last year closed with turnover of 644 million Euros, sharply up compared to both 479 million in 2020 and 549 million in 2019, a year that was not impacted by pandemic-related lockdowns. This is a significant growth that demonstrates the solidity of our Group and of our target markets. In these last two years we further expanded our customer base, entering new application areas. – said Enrico Carraro, Group Chairman – One of the most important of them concerns the contract with INEOS to supply axles for the Grenadier off-road vehicle, which this year will come into full swing with the start of production at our Maniago plant. Or the strategic agreement with CLAAS – world's leading manufacturer of agricultural engineering equipment – which, on the one hand, will lead us to expand the range of specialised tractors we already produce for this brand and, on the other, will allow us to increase our axle and transmission volumes.” 

“2021 also confirmed profitability at optimal levels and with significant growth compared to both 2020, with an increase of over 69%, and 2019, with an increase of over 29%, continued Enrico Carraro. “These figures are even more appreciable in the presence of a situation that has seen us face high increases in the prices of raw materials, their scarcity and the increase in the cost of transport and energy.” 

Conflict in Ukraine and business outlook 

Despite a marginal exposure in markets of the geographic areas affected by the conflict in Ukraine, the Group's oversight of the current crisis is constant these days. There is concern, in particular, about the long-term effects that the situation may have on the already difficult dynamics related to raw materials and energy costs as well as on a general slowdown in the economic growth.

This is a complex context that currently sees the Group's reference markets confirm their solidity, both in the agricultural and earthmoving sectors, with a 2022 order book expected to grow further compared to the previous year.

Given these prospects, the hiring programs for new employees in the Group continue and by 2022 it is estimated that more than 70 people will join the Italian plants.