The 2020 consolidated financial statements of the Cefla Group closed with an excellent result, at a time in history characterised by the current pandemic situation: there was a slight decrease in revenues, which exceed 531 million euro, and an increase in the EBITDA margin that reaches 55.6 million euro. Overall net profit, on the other hand, stood at an all-time high of 31.6 million euro – up by 17% over the previous year.
2020 was a difficult year both at personal level for individuals and economically. It began with a global health crisis that led to a quick corporate reorganization, in terms of safety and protection of our employees. Prompt action was taken by introducing remote working options, which reached an average percentage of about 60% of the total activity for white collar staff.
Despite production lockdown periods, the Group reacted by continuing to be actively present on our reference markets and above all without ever discontinuing service to customers. In addition to guaranteeing safe working conditions and maximum compliance with protocols, production and services were also kept active by staying connected and guaranteeing a consistent presence in the core sectors ensuring continued production, sales, technical service and product development.
Gianmaria Balducci, President of Cefla, commented on the 2020 results: “Cefla has always overcome challenges thanks to its ability to create value over time through diversified skills, solidity and capacity for innovation. Our distinctive ‘associated entrepreneurship’ nature enables us to pursue, with strength and determination, our primary goal of national and international customer satisfaction. This goal calls for an extreme sense of responsibility and commitment to research and development of new products and services, by focussing on innovation and continuous process improvement.”
Customer orientation, strong diversification, and focus on sustainability were some of the driving elements of Cefla’s operations in its different BUs during 2020. Newly secured key contracts and the pursuit of an internationalisation strategy by the Engineering BU, the increased market share of the Medical Equipment BU and major steps towards diversification taken by the Finishing BU made it possible to achieve the results obtained in 2020 in terms of higher EBITDA and EBIT margins.
For the Lighting business, on the other hand, the economic trend in 2020 was heavily negative, due to the freezing of this industry operations during the pandemic.
The total net financial position is confirmed as positive with a further significant growth, from 38 to 55 million euro (+ 47%). The Net Equity total figure was 271 million euro, with a 6% increase on 2019.
For 2020 the costs incurred for research, development, functional and design product improvement, product range expansion, re-engineering of processes and projects for new business assessment and start-up purposes amounted to 10.7 million euro.