The CAREL Industries S.p.A. board of directors has approved the consolidated results as of 30 September 2023. Consolidated revenues came to EUR497.2-million: an increase of 24%.
The CAREL Industries S.p.A. board of directors has approved the consolidated results as of 30 September 2023. Image supplied by CAREL
Financial highlights
- Consolidated revenues of EUR497.2-million, +24% compared to the first nine months of 2022 (excluding the impact of exchange rates, the growth would have been 25.7%)
- Adjusted Consolidated EBITDA of EUR113-million, corresponding to 22.7% of revenues (or to 22.3% including EUR2.3-million non-recurring costs related mainly to the acquisition of Kiona and of Eurotec). The growth compared to the first nine months of 2022 equal to 28.9%
- Consolidated net income of EUR59.1-million, +12.2% compared to the first nine months of 2022
- Negative consolidated net financial position of EUR265.3-million
Statement by the CEO
Francesco Nalini, CEO of the Group, commented: “The first nine months of 2023 closed with revenue growth of 24% or 12.7 % on a like-for-like basis and at constant exchange rates, in line with the expectations communicated in August. The result is particularly positive if we take into account, on the one hand, the comparison with the same period in 2022, which had already shown organic growth of over 20%, and on the other, a macroeconomic context characterised by a still high inflation rate in the Euro area, which along with some regulatory uncertainties is affecting the short-term growth trends of some of the applications as commercial refrigeration and heat pumps. The contribution of the newly acquired companies to total revenues was more than EUR50-million, which underlines the benefits of the M&A strategy that we have pursued since the listing and which culminated, most recently in the completion on 31 August 2023, of the acquisition of Kiona.
“Also very positive was the trend in profitability, as measured by adjusted EBITDA margin, which stood at about 22.7%, thus increasing both compared to the first nine months of 2022 (21.9%) and to the first half of this year (22.1%). Even including the non-recurring costs linked to the acquisitions made during the year, profitability would still have increased. This performance resulted mainly from the unfolding of the operating leverage phenomenon, an improved product mix and the contribution of certain price reviews carried out in recent years in order to offset the inflationary phenomenon on raw materials.
“Shifting the focus to the future, in spite of a significant volatility present today on the market, the Group will proceed with conviction and enthusiasm to implement its strategy, aimed at capturing the structural medium to long term growth trends in most applications in which it operates.”
