Draft Financial Statements for 2020 Approved by the Board of Directors

Margins stable, despite the drop in volumes due to the lockdowns. In view of the prospect of an improvement in the pandemic emergency, the Board of Directors will propose to the Shareholders' Meeting to approve the distribution of a dividend of 0.15 Euros per share.

  • 2020 consolidated turnover at 478.7 million Euros, a 13% decrease compared to 548.8 million Euros as at 31.12.2019
  • Consolidated EBITDA equal to 32.6 million Euros (6.8% of turnover) compared to 42.7 million Euros (7.8% of turnover) as at 31.12.2019; adjusted EBITDA, net of non-recurring effects, equal to 37 million Euros (7.7% of turnover) compared with 43.9 million Euros (8% of turnover)
  • Consolidated EBIT equal to 12.2 million Euros (2.5% of turnover) compared to 22.5 million Euros (4,1% of turnover) as at 31.12.2019; adjusted EBIT, net of non-recurring costs, equal to 16.7 million Euros (3.5% of turnover) compared with 23.8 million Euros (4,3% of turnover)
  • Net consolidated loss of 3,3 million Euros (-0.7% of turnover) compared to a profit of 8.1 million Euros (1.6% of turnover) as at 31.12.2019; net of the effects of non-recurring operations, and after the corresponding tax effect, adjusted net profit/(loss) at break-even. 
  • Consolidated net financial position as at 31.12.2020 negative at -143.8 million Euros, an improvement compared to the -149.6 million Euros as at 30.06.2020 but a deterioration compared to the -123.6 million Euros as at 31.12.2019

The first half of 2021 shows a growing order backlog thanks to the positive performance of all target markets. 

The strong recovery in all target markets, and overall in the entire industrial world, is significantly affecting supply flows, causing inefficiencies to the entire production system. A situation that the Group is carefully monitoring, working alongside its strategic partners. 


"We leave behind a year characterised by positive and negative aspects. The potential of a significantly higher order backlog compared to 2019 was frustrated by the impact resulting from production lockdowns related to the Covid-19 pandemic. – said Enrico Carraro, Group ChairmanAs early as the middle of the year we recorded a considerable recovery in volumes and, in particular, since the last quarter of 2020, the trend reversal was consolidated with a robust growth in volumes. Margins, although significantly impacted by extraordinary costs linked to the contingency, remain solid and net of these effects are aligned with those of the previous year”. 

“In the first few months of 2021, we are experiencing a further acceleration in demand, and the new challenge now lies in the Group's ability to provide appropriate responses to its customers. – added Enrico Carraro We are working alongside the Group’s key suppliers to ensure the appropriate material flows needed to meet increased demand”. 

Last update: 26 March 2021