Results for the third quarter of 2020 examined by the Board of Directors

Early departure of the Chief Executive Officer, Alberto Negri, before the natural expiry of his three-year period. Management of the Group's operations has been taken over by General Manager Andrea Conchetto who, by co-optation, has joined the Board of Directors of Carraro S.p.A.

Net of the effects of the cyber attack that affected the Group in the last week of September, the results for the third quarter would have been in line with the positive trend of the first three months of the year, prior to the spread of Covid-19, and would have confirmed the full reabsorption of the contractions due to the production lockdowns. 

In fact, the temporary stoppage of the IT systems led to a 15 million euro shift of turnover to the following quarter, with a negative impact on profitability. 

  • Quarterly turnover of 109.4 million euros, down by 11.2% compared to the same period of the previous year (123.2 million euros). Cumulative turnover as at 30 September amounted to 325.3 million euros, down 23.4% on the figure as at 30 September 2019 (equal to 424.9 million euros). 
  • EBITDA for the quarter amounted to 6.5 million euros compared to 7.3 million euros in the same period of the previous year, aligned with the same in percentage terms (5.9% of turnover). YTD EBITDA adjusted in relative value amounted to 17.7 million euros (5.4% of turnover) compared to 35.6 million euros (8.4% of turnover) in the same period of 2019. 
  • Net financial position of operations as at 30 September 2020 was a negative 147.2 million euros, an improvement on the figure of 166.6 million euros as at 30 September 2019. 

The fourth quarter sees significant growth in volumes due to both the postponement of sales in September and market dynamism. 

The outlook for the full year 2020 remains positive, with improved earnings compared to the first half of the year, although down compared to the previous year due to the lower overall annual turnover. 

Early departure of the Chief Executive Officer, Alberto Negri, before the natural expiry of his three-year period. 

Management of the Group's operations has been taken over by General Manager Andrea Conchetto who, by co-optation, has joined the Board of Directors of Carraro S.p.A. 


I can only express my heartfelt gratitude to Alberto Negri for what he achieved in these nine years of fruitful collaboration. He was a very important mentor for me and allowed us to achieve a solid turnaround following the severe contingency of 2009, making the Group evolve with significant dynamism.” – says Enrico Carraro, Group Chairman “Now, with a view to natural continuity, the baton will pass to Andrea Conchetto, our General Manager, with whom the roadmap for the new Carraro Business Plan will be defined in the coming months. 

“The good start to the third quarter of 2020, following the recovery of orders after the lockdown, was partly frustrated by the severe cyber attack that affected our IT structure at the end of September, causing a shift of approximately 15 million of euros turnover to the following quarter Enrico Carraro goes on, talking about the data for the third quarter – “These effects will be completely reabsorbed during the fourth quarter, which is already showing growth in volumes, and the outlook for the full year 2020 remains positive with good profitability”. 

Last update: 17 November 2020