Economic sustainability

Regarding business performance, 2020 consolidated revenues mark an overall decrease of 8.9% compared to 2019, affected, during the year, by the Covid-19.

Heating Division sales amounted to Euro 249.0 million, -4.2% year-on-year. The 2020 results were notably impacted by the Italian market which contracted 13.6% following the particularly severe lockdown in the early part of the year.

Europe (excluding Italy) represents 48.3% of divisional sales and saw substantial stability in 2020.

Sales in the Americas (which account for 23.3% of the divisional total) contracted 5.5%.

The year-on-year performance in Asia/Pacific (10.8% of divisional sales) was substantially stable, with China (5.9% of the division) reporting a 2.5% contraction on the previous year.

The Smart Gas Metering Division generated revenues of Euro 68.6 million, down 22.6% on Euro 88.6 million in 2019.

The performance, substantially in line with expectations as the rollout on the Italian market is gradually completed (estimated at 75-80%), closely reflected the COVID impact on the overseas commercial development target markets, the UK and India, which were severely held back by the pandemic.

Economic Sustainability