COMER INDUSTRIES ANNOUNCES 2020 POSITIVE RESULTS IN A DIFFICULT MACROECONOMIC CONTEXT. REVENUES, ALMOST IN LINE WITH THE PREVIOUS YEAR. EBITDA MARGIN OVER 12%. NET FINANCIAL POSITION POSITIVE AT 27M€.
1/13/2021
13
January
2021
Despite the global macroeconomic scenario compromised by the COVID-19 pandemic, Comer Industries demonstrates its resilience achieving preliminary consolidated revenues substantially aligned to 2020, in spite of the strong decrease recorded in the first half of 2020 (-13.2%), improving the profitability at EBITDA level and confirming the capacity to generate cash flows.
“The year 2020 closes with very positive results for us – underlines Matteo Storchi, President and CEO of Comer Industries – that demonstrate the strength of ideas, values and words, together with capacity of acting. Our goal has always been to lead the market, not to follow it. In this perspective, it is essential to continuously innovate and improve, seizing all the opportunities that will arise”.
2020 preliminary consolidated revenues amount to circa 396 million Euro, declining by -2% compared to prior year. Revenues at the same exchange rates as the previous year would have been around 402 million Euro, reducing to -0.6% the difference compared to 2019. This result reflects the opposed effect of the demand slowdown in the first semester due to COVID-19 and the recovery in the second half of the year driven by the increase of both sales and orders. The industrial area and in particular the Asia-Pacific market drove the 2020 results, thanks to a positive performance over the entire year and the agricultural sector has been the most affected by the recovery of the second semester.
EBITDA margin as % of revenues is higher than 12%, growing compared to 2019 (11.3%).
Net financial position (including the IFRS 16 impact) shows a positive balance higher than 3 million Euro, improving by circa 32 million Euro compared to the 31 December 2019. The amount at 31 December 2020 includes circa 27 million Euro of net liquidity and circa 24 million Euro of payables relating to lease contracts recognized in accordance to IFRS 16.
Final and completed figures of the 2020 financial year, as indicated the financial calendar, will be examined and approved by the Board of Directors on the 23rd March 2021 and subsequently published in the time and manner provided for by the regulations
“The year 2020 closes with very positive results for us – underlines Matteo Storchi, President and CEO of Comer Industries – that demonstrate the strength of ideas, values and words, together with capacity of acting. Our goal has always been to lead the market, not to follow it. In this perspective, it is essential to continuously innovate and improve, seizing all the opportunities that will arise”.
2020 preliminary consolidated revenues amount to circa 396 million Euro, declining by -2% compared to prior year. Revenues at the same exchange rates as the previous year would have been around 402 million Euro, reducing to -0.6% the difference compared to 2019. This result reflects the opposed effect of the demand slowdown in the first semester due to COVID-19 and the recovery in the second half of the year driven by the increase of both sales and orders. The industrial area and in particular the Asia-Pacific market drove the 2020 results, thanks to a positive performance over the entire year and the agricultural sector has been the most affected by the recovery of the second semester.
EBITDA margin as % of revenues is higher than 12%, growing compared to 2019 (11.3%).
Net financial position (including the IFRS 16 impact) shows a positive balance higher than 3 million Euro, improving by circa 32 million Euro compared to the 31 December 2019. The amount at 31 December 2020 includes circa 27 million Euro of net liquidity and circa 24 million Euro of payables relating to lease contracts recognized in accordance to IFRS 16.
Final and completed figures of the 2020 financial year, as indicated the financial calendar, will be examined and approved by the Board of Directors on the 23rd March 2021 and subsequently published in the time and manner provided for by the regulations
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