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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 31 March 2021 • • • Consolidated revenues of € 97.6 million , + 24.0 % compared to the first three months of 2020 ( + 26.9 % at constant exchange rates ) . + 21.9 % on the first three months of 2019 ; Consolidated EBITDA of € 22.0 million ( 22.5 % of revenues ) , + 53.2 % compared to the first three months of 2020 ; Consolidated net income of € 13.3 million , + 75.6 % compared to the first three months of 2020 ; Negative consolidated net financial position of € 44.9 million , compared to € 49.6 million reported on 31 December 2020. Net of the accounting effect deriving from IFRS16 , the consolidated net financial position stands at € 17.4 million , compared to € 21.4 at 31 December 2020 Brugine , 6 May 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 31 March 2021 . Francesco Nalini , CEO of the Group , commented : " The key event of the first quarter of the year was the launch of the global COVID - 19 vaccine campaign , which restored optimism by enabling a strong economic recovery , particularly in certain regions including China ( Q1 2021 GDP + 18.3 % ) and the US ( Q1 2021 GDP + 6.4 % ) . In this scenario , CAREL has managed to seize significant business opportunities thanks to the consistent and continuous implementation of its strategic mainstays : customer focus , production resiliency and constant innovation . This accelerated performance in the sectors that had already seen an improvement in the second half of 2020 , together with a strong recovery in those that had suffered most during the pandemic : industrial air conditioning and food service refrigeration . This resulted in the highest revenue increase in the last 10 years amounting to + 26.9 % at constant exchange rates , which was then reflected in an increase in EBITDA of over 50 % and in profit of over 75 % . The extent of these results remains largely unchanged when compared to the 2019 numbers , which were not impacted by the pandemic . However , as is always the case with CAREL , these performances are not a point of arrival but of departure , and they give us even greater enthusiasm for tackling the challenges that 2021 will bring , not least the ongoing pandemic and the shortage of raw materials that is affecting the world economy . " Consolidated revenues Consolidated revenues amount to Euro 97.6 million , compared to Euro 78.4 million as at 31 March 2020 , an increase of 24.0 % . Net of the negative impact of currency exchange rates , which weighed in at around Euro 2 million , mainly due to the weakness of the US and Brazilian currencies , the increase would be + 26.9 % . These results take on an even more positive connotation if one considers that growth remains well above 20 % even when comparing them with the revenue level recorded in the first quarter of 2019 , which does not include any pandemic impact . The performance described above is based on two main elements : the first is a generalised optimism linked to the COVID - 19 worldwide vaccination campaign that started in December and January : this , together with other elements , led to a strong rebound in the economy in some key geographical areas ( China and the United States ) and , therefore , a generalised increase in demand ; the second is once again confirmation of the Group's ability to seize significant business opportunities in particularly difficult scenarios ( as happened in the first part of 2020 ) as well as in strong expansion scenarios such as the current one . From this point of view , it is important to emphasise that the increase is more than 20 % ( at constant exchange rates ) in all geographical areas and in the two macro sectors " HVAC " and " Refrigeration " , testifying to the flexibility and resilience of CAREL's strategy , capable of adapting to the most diverse markets and locations . The Group's largest region , EMEA ( Europe , Middle East , Africa ) , which accounts for 73 % of revenues , closed the first quarter of 2021 with a 22.1 % increase on a constant currency basis , thanks to a general acceleration in demand , to the recovery of certain industrial sectors that had been significantly impacted by the pandemic in 2020 ( e.g. automotive ) and to particularly strong performances in the high - efficiency heat pump and data centre cooling sectors . There was also excellent progress in refrigeration applications : a new drive 1