Carraro Group: turnover reached €302 million in the first half

Carraro Group: turnover reached €302 million in the first half, down 8.1% since 30 June 2018, mainly due to market dynamics in India and North America.

Margins steady: EBITDA at 30 June 2019 was €27 million (9% of turnover), EBIT was €17 million (5.6% of turnover) and profit was €5.6 million (1.9% of turnover).

Consolidated net financial position at 30 June 2019 showed net debt of €155.1 million, in line with the €156.6 million at 31.12.2018.

The joint venture Agriming was closed and new development prospects for the Group were opened in China.

It is predicted that markets will contract in the second half of the year, with a resulting slowdown in volumes and slightly lower margins than expected.

Campodarsego (Padua), 30 July 2019 - The meeting of the Board of Directors of Carraro S.p.A., a global leader in power transmission systems for off-road vehicles and specialised tractors, chaired by Enrico Carraro, today approved the Group's results for the first half of 2019.

'During the period we saw a widespread slowdown in our markets, especially the agricultural market,' says Enrico Carraro, Group Chairman. 'Our volumes fell against this background, but margins remained good and the net financial position remained stable. Despite the unfavourable economic situation, the Group has been gaining support for important new projects that will be launched in the next three years. In July, an important contract was signed with the Wacker Neuson Group, one of the key world players in construction equipment, to provide cutting-edge transmission systems for telehandlers. This confirms the validity and effectiveness of the investment in research and development, which is increasing in this half compared to the same period last year. This is only the ninth new and exciting commercial agreement we have signed this year.'