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CAREL CAREL INDUSTRIES S.p.A. Cap . Soc . € 10.000.000 i.v. via dell'Industria , 11-35020 Brugine - Padova - Italy Phone ( +39 ) 049 97 16 611 - Fax ( +39 ) 049 97 16 600 carel.com - carel@carel.com C.C.I.A.A. Padova Reg . Imp n . 04359090281 Part . IVA e Cod . Fisc . 04359090281 N. Reg . Prod . Pile : IT09060P00000903 N. Reg . Prod . AEE : IT16030000009265 GISTER ROA REGIST ( R ) UKAS ISO 9001 0 14001 OHSAS 18001 MANAGEMENT 001 Press Release The CAREL Industries Board of Directors has approved the consolidated results as of 30 June 2021 • • • • Consolidated revenues of € 202.6 million , + 25.9 % compared to the first six months of 2020 ( + 28.0 % at constant exchange rates ) . + 21.4 % on the first six months of 2019 ; These results include 1.6 million deriving from the full consolidation of CFM ; Consolidated EBITDA of € 44.1 million ( 21.8 % of revenues ) , + 42.9 % compared to the first six months of 2020 ; net of a number of non - recurring expenses , mainly linked to M & A activities , the consolidated EBITDA for the period would have been equal to 45.3 million ( 22.4 % of revenues ) ; Consolidated net income of € 26.8 million , + 64.4 % compared to the first six months of 2020 ; Negative consolidated net financial position of € 78.9 million , compared to € 49.6 million reported on 31 December 2020. Net of the impact deriving from the acquisitions made in the first six months of the year , equal to 35.6 million , the net consolidated financial position would stand at 43.3 million , including 28.8 million accounting effect deriving from IFRS16 . Brugine , 4 August 2021 - The Board of Directors of CAREL Industries S.p.A. ( ' CAREL ' or the ' Company ' or the ' Parent Company ' ) , which met today , has approved the results as of 30 June 2021 . Francesco Nalini , CEO of the Group , commented : " The second quarter of the year saw a continuation of the positive outcome of the effects associated with the launch of the vaccine campaign against COVID - 19 , and a strong economic recovery across much of the globe . In this scenario , CAREL managed to keep up with revenue growth rate well above 20 % ( even compared to 2019 ) , and a profitability ( EBITDA margin ) of around 22 % , thanks to its ability to combine its medium- and long - term vision with the identification and leveraging of more rapid and contingent trends . In particular , the execution of the Group's strategy aimed at increasing sustainability and the involvement of end customers led to excellent results in key applications , such as Data Centres , Indoor Air Quality , Heat Pumps and Food Retail . These positive trends are also the result of some strategic assets that set the Company apart : a highly specialised and widespread sales force ( which now counts approximately 500 members ) , and lean and resilient innovation and production processes . When I take a look at the results , I proudly see that during H1 2021 , revenues grew by 25.9 % , ( 21.4 % vs. H1 2019 ) , the EBITDA by 42.9 % and profit by 64.4 % . The picture is completed by two important acquisitions between May and June ; the first in Turkey ( company : CFM ) and the second in Italy ( company : Enginia ) , which are the result of the Group's renewed focus on external growth . These performances constitute a solid base on which to build our development in the coming quarters , which are likely to be even more challenging : the particularly contagious variants of COVID - 19 and the shortage of raw materials are indeed two elements that could affect the economic recovery in the months to come . " Consolidated Revenues Consolidated revenues amount to € 202.6 million , compared to € 161.0 million as of 30 June 2020 , an effective growth of 25.9 % . Net of the negative foreign exchange effect , which weighed in at around Euro 4 million mainly due to the weakness of the US and Brazilian currencies , and excluding the contribution of around Euro 1.6 million resulting from the inclusion of CFM in the scope of consolidation , the increase would have been + 27.0 % . As already highlighted during the presentation of the first quarter results , the above performance takes on an even more positive connotation if one takes into account that growth remains above 20 % , even if one compares it with the level of revenues recorded in the first half of 2019 , which does not include any pandemic impact . A strong impulse to the achievement of these growth rates is attributable first of all to a general recovery of the economy , which had already characterized the last months of 2020 and then showed a significant acceleration during the first quarter of this year : the worldwide vaccination campaign against the COVID - 19 virus led to a general and consistent easing of social distancing measures and , consequently , to a generalised growth in demand in some key geographical areas ( China , United States and , more timidly , the European Union ) . This positive scenario supported and amplified CAREL's development strategy , based on international expansion and 1