ECONOMY

Lift manufacturer Kleemann sees improved results in 2020

lift-manufacturer-kleemann-sees-improved-results-in-2020

Elevator manufacturer Kleemann saw its turnover rise 4.4% in 2020 to €140.2 million.

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose to €10.7 million from €7.6 million in 2019, and profits after taxes rose to €2.6 million from €500,000. The EBITDA and pretax profit margins were 7.6% and 3.8%, respectively. Assets dropped to €61 million from €76 million and total liabilities rose 30.4% to €98 million, including €30.4 million in long-term and €19 million in short-term banking loans. Cash in hand was €18.8 million.

In 2020, Kleemann submitted four European patent applications for innovations it has developed based on the Internet of Things. Two of them include recognition of emergencies such as a lift passenger fainting and the provision of information about air quality inside an elevator ahead of entering.

This year, Kleemann Hellas decided to issue a €3 million bond and, last year, it increased its capital by €9.9 million; similar increases were undertaken by its subsidiaries in Turkey, Kleemann Asansor (€2 million) and the UK, Kleemann Lifts UK (€7.5 million).

The company considers global prospects positive, given the rising demand in China and India, while it estimates that there are 300,000 lifts in Greece over 30 years old, a great part of which need servicing or replacement.

Founded in 1983, Kleemann manufactures all types of residential or commercial passenger and freight lifts, which it sells to over 100 countries. The group maintains manufacturing facilities in Greece, Serbia and China as well as assembly lines in Turkey and in Russia. It also has subsidiaries in Australia, France, Germany, Romania and the UK.