CONCORDIA 2020 Annual Report, positive profit and employment

Despite the effects of the pandemic, the 2020 profit amounted to 1.6 million euros. The Shareholders' Meeting by a large majority confirmed the Chairman Paolo Barbieri at the top with Samuele Penzo at his side in the role of Vice-Chairman. Pierluigi Capelli reconfirmed as General Manager

Concordia, 19 June 2021 – The Shareholders' Meeting of CPL CONCORDIA met yesterday via videoconference to approve the results as at 31 December 2020, and to elect the Board of Directors.

The data of the reclassified financial statements show a value of production of 279 million Euros - down 10% compared to 2019 - and shareholders' equity that rose to over 131 million. Although the effects of the lockdown were severe in terms of a decrease in volumes and margins, CPL's commitment made it possible to close the 2020 financial year with positive results both from an economic-financial and employment point of view. EBITDA amounted to €19.1 million, representing 6.8% of the Value of Production. The ratio of Financial Debt to Ebitda is 2.26x. Profit for the year amounted to €1.6 million.

Investments of almost €10 million mainly concerned Heat Management, public lighting, and the purchase of software and devices to support digital transformation and smart working.

"In the three-year period, CPL has had a marked recovery in terms of volumes, margins and employment," comments Chairman Paolo Barbieri. "Now we look to the future with a new mandate during which CPL wants to continue to grow in a sustainable way, also taking advantage of the great opportunities and consequent boost that could also derive from the PNRR, proposing itself as a qualified partner of public and private entities at the service of the energy transition."

"In the last three years, CPL has gone from 220 million euros in production value developed during 2017 to 279 million in 2020, despite the effect of Covid which led to the interruption of some activities for about two months," echoes General Manager Pierluigi Capelli.

In the same period, EBITDA remained at around 7%, while NFP improved sharply from €139 million in 2017 to €43 million in 2020.

"Today we believe that our company has all the fundamentals in place to be able to grow and develop further volumes of turnover with adequate margins – continues Capelli -. The financial funding for new investments has already been obtained, given that in January 2021 CPL obtained a loan of 43 million euros from some major national credit institutions, backed by the guarantee of SACE."

Even in a difficult year like 2020, employment was protected, and recorded a +2% compared to the previous year, exceeding 1500 units. Skills development and organisation policies include the investment of €1.2 million in staff training plans, corresponding to 26,800 hours. The most important projects concerned management training on the Agile methodology, while the corporate welfare plans adopted allowed the distribution of almost 1 million euros to shareholders and employees.

In 2020, after several years, the cooperative recovered the economic parameters that allow the payment of a rebate to members and arranged for the allocation of a sum of 550 thousand euros in the budget. The 560 members voted for the renewal of the Board of Directors, which saw the confirmation of Chairman Paolo Barbieri at the top with Samuele Penzo alongside him in the role of Vice-Chairman. Pierluigi Capelli reconfirmed as General Manager.

Find out more about the data of the Financial Statement for the 2020 financial year.