Carraro Group: the Board of Directors has approved the Group's results as at 30.06.2020

29 July 2020

Turnover as at 30.06.2020 amounted to € 215.9 million, down 28% compared to the same period in 2019. 

Despite the significant contraction in volumes, as at 30.06.2020, EBIT amounted to € 0.8 million (0.4% of turnover), compared to € 17 million in the previous year (5,6% of turnover). EBITDA margin, although deteriorating in absolute terms, is positive, thanks to the industrial actions undertaken. As at 30.06.2020, EBITDA amounted to € 11.1 million (5.14% of turnover), compared to € 27 million as at 30.06.2019 (9% of turnover). 

The half year closed with a loss of € 3.8 million (-1.8% of turnover) compared to the net profit of the same period of 2019 (€ 5.6 million, 1.9% of turnover). 

Consolidated Net Financial Position of operations as at 30.06.2020 was negative at € 149.4 million, improving compared to 30.06.2019 (€ 155.1 million) but worsening, as expected, compared to 31.12.2019 (€ 123.6 million). 

The effects of the production lockdown of the Group's plants, resulting from the global spread of Coronavirus, had a major impact on volumes and results which - based on the order backlog - would have been in line with 2019. 

The visibility of the order backlog for the second half of 2020 shows a positive trend, recovering compared to the first half of the year. 

The possibility of a new issue on the bond market in support of an external growth programme is under consideration. Objectives of possible acquisitions: dimensional growth and technological development in order to achieve a significant acceleration in the improvement of results. 

“The half-year just ended was significantly affected by the contingency linked to the global spread of the Coronavirus. An unprecedented situation that also had a significant impact on almost all our customers and suppliers. In March, our order book marked a recovery compared to 2019, then everything changed. – said Enrico Carraro, Group ChairmanIn this context of significant compression of volumes, however, the results show positive profitability, confirming our ability to optimise the Group's break-even point in recent years. We are now taking all the necessary steps to manage the restart of our markets in the best possible way and for the second part of the year we are ready to respond to the recovery in volumes”. 

“These months have also been an opportunity for us to look to the future. We are reorganising our activities and defining an action plan that will allow us to expand the Group's perimeter. – added Enrico Carraro. Precisely for this reason, close to our significant R&D activities for internal growth, a new issue on the bond market is being studied to support a growth program by external means with the aim of some operations fostering on the one hand a dimensional growth and on the other the technological development of our skills to obtain a significant acceleration in the improvement of the results".

Last update: 29 July 2020