The 2017 Consolidated Financial Statement of the Group Epta S.p.A. has been approved


The AGM of Epta S.p.A., a multinational group specialising in commercial refrigeration, approved the consolidated financial statement for the year ending on 31st December 2017, which was prepared in compliance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and approved by the European Union.

The global economy slightly outperformed forecasts to grow by 3.7%, with growth rates of 3.1% in Spain, 2.6% in Germany, 1.9% in France and 1.5% in Italy. This global trend was confirmed even in the Retail Equipment and Food & Beverage sectors - the markets Epta S.p.A. operates in - with a slight acceleration of the recovery which began in developed countries in 2015.

In the large-scale retail segment, European brands are pursuing a process of repositioning their sales networks in both domestic and international markets, with increasing concentration in Europe, the US and Canada. They are also searching for new business models to respond to changes in purchasing behaviour which have seen, on the one hand, a major increase in e-commerce and, on the other, the return of smaller retail stores in cities.

Marco Nocivelli, Chairman and CEO of Epta S.p.A. stated: “In this market the Epta Group results for 2017 are positive and in line with its Industrial Plan. These important results are the outcome of a development project based on growth by acquisitions, with the M&A operations we completed during 2017, and organic growth, with an increased diversification of our offer even through online channels and an intensified capacity for our production plants. Internationalisation plays a strategic role for the Group, and last year we acquired distributors that are strongly rooted in target markets in Central Europe, Asia and South America.” And, he continued “We firmly believe in constant improvement and we invest in R&D, innovation and enabling technologies for Industry 4.0, to continue to enhance our flexibility and combine increased productivity, the saving of resources and the satisfaction of new consumer requirements, in compliance with our entrepreneurial strategy that includes social and community-based commitments.”



Consolidated revenues reached € 888 million, up 9% on 2016 (+ € 74 million). Specifically, 777 million of turnover comes from the EMEA macro area, € 70.7 million from APAC and € 40.2 million from LATAM.

The increase in revenues derives from both organic causes and as a result of the strategy of geographical expansion which led to the completion of the acquisition of three partner companies: Portanuova in Chile and Peru in April 2017, King Richard Shop System Inc. in the Philippines in July 2017 and Libre Sp. z o.o. Sp.K in Poland at the end of August 2017.

The net result in the financial year for the Group is € 39 million (i.e. + € 1.7 million compared with the figures for 2016).

Net Debt is € 86.3 million and includes approximately € 20 million long term notes issued on 10th March 2016 within the shelf facility agreed with Pricoa Capital Group – a company from the US Group Prudential Financial (a leading player in the private placement market). The shelf facility agreement provides for the possibility to place additional note issues up to a total value of US$ 120 million (or EURO equivalent).

2017 closed with a Shareholders’ Equity of € 238.8 million.



Merger by incorporation of the Italian subsidiaries with Epta S.p.A.

On 1st March 2017 we completed the merger by incorporation of the subsidiaries Misa S.r.l, Costan S.r.l. and Iarp S.r.l. within the parent company Epta S.p.A., while the merger by incorporation of the subsidiary Eurocryor S.r.l. within the parent company was completed on 26th October 2017. The main objective of the merger is the simplification of the corporate structure of the Epta Group in Italy and, as a result, a simplification of the Group’s governance model.


Acquisition of partner companies in Poland, the Philippines, Chile and Peru

In 2017, Epta has strengthened its global presence, with the acquisition of three partner companies specialising in distribution, installation and services for Retail, Food&Beverage and Libre Sp. z o.o. Sp.K in Poland at the end of August 2017, King Richard Shop System Inc. in the Philippines in July 2017 and Portanuova in Chile and Peru in April 2017. These transactions are part of the Group’s strategy to offer, through a direct presence, cutting-edge and energy-efficient solutions and services in markets with a high growth potential.



The initial months of the 2018 financial year have been in line with the Group’s long term development plan. In 2018 Epta will focus on consolidation activities in the EMEA area and will seek to develop its market shares in developing countries - following significant turnover increases in these areas in 2017 - including by evaluating additional M&A operations.



During the course of 2017 the Epta Group continued to invest in R&D, services and processes, pursuing a long term strategy to consolidate its presence in the market. An innovation of its production plants, conducted through the adoption of enabling technologies for Industry 4.0 and the increase of its production capacity.

An additional strategic guideline is the extension of its offer of products and services with a strong focus on energy efficiency thanks to exclusive and patented systems using natural refrigerants like the CO2 FTE, that has already picked up a series of awards internationally, including the RAC Cooling Industry Awards in the UK and the recent Deutscher Kältepreis from the German Ministry of the Environment. Finally, innovation also extends to people through the EptAcademy, a new venture in partnership with Milan’s Bocconi University for training the group’s current and future managers.

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Epta Iberia will be Platinum sponsor of the 13thGustav Lorentzen Natural Working Fluids Conference, to be held in Valencia between 18th and 20th June 2018. The event is organised by the IIR – International Institute of Refrigeration and will be hosted by the Polytechnic University of Valencia. The meeting will be the occasion to meet key experts of the HVAC&R sector and discuss the latest studies and new green systems which make it possible to apply the technologies developed for Nordic Countries also to temperate climates.

Epta Iberia will make a presentation on the FTE Full Transcritical Efficiency System, one of the most innovative solutions offered by Epta, with which the company paves the way to a new standard in CO2 natural refrigeration. It is a simple system available worldwide on an industrial scale, which exceeds the current limits of transcritical technology, guaranteeing excellent performance, including at high temperatures, like those of the Iberian Peninsula. With an average energy saving of 10% compared with traditional CO2 systems, FTE also guarantees cost-effective installation and maintenance.

Epta Iberia is the ideal partner for Retailers of the Spanish market in the complex panorama of synthetic refrigerants: indeed, in addition to proposing the new FTE, to date it boasts numerous CO2 transcritical installations, confirming to have the necessary expertise to guarantee its Clients, not only solutions that ensure high technical and economic performance and a significant reduction in the carbon footprint, but also a high added-value service. In total, there are already more than 20 Epta installations in Spain which function on CO2 in booster cycles adapted for hot climates and combined, where appropriate, with air-conditioning systems.

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Epta celebrates 90 years of expertise in commercial refrigeration in the UK


Between 16th and 18th May Epta will be celebrating its presence in the United Kingdom as well as its history in commercial refrigeration, which began 90 years ago in 1928 with the founding of George Barker. From cold rooms to the first serve-over cabinets, the company has succeeded in evolving and diversifying its offer to stay ahead of the market by producing solutions - including highly bespoke products - that combine design and technology. Over the years, since George Barker joined the new Epta Group in 1999, with the acquisition of Cold Service in 2014 and the creation of Epta UK in 2017, the company has consolidated its know-how and is now a leader in the United Kingdom in the design, installation and maintenance of complete Refrigeration and Air-conditioning systems for the Large-scale Retail, Ho.Re.Ca and Food & Beverage sectors.

Epta UK has over 400 employees and operates with a production plant in Bradford, and offices in Bradford and Ringwood. To complement business activities and share the knowledge it has developed over the years in the production and installation of CO2 refrigeration systems, it opened the City & Guilds certified Epta CO2 Training Centre in Bradford that will also respond to the ever-increasing demand from the market for systems that use natural refrigerants.

As confirmation of its commitment to offering cutting-edge systems, Epta UK received an award at the prestigious RAC Cooling Industry Awards 2017 for its exclusive FTE Full Transcritical Efficiency system. Other recent awards include the Direct Supplier of the Year 2017 from The Co-Operative Group - the U.K.’s largest co-operative - which demonstrates the results that have been achieved thanks to fruitful partnerships.

The celebrations for Epta’s 90th anniversary will take place over three event-filled days that will be an opportunity to remember the milestones of this story of successes, and illustrate the most recent innovations - discussing future projects with Customers and everyone who has contributed to the success of Epta UK.

During the course of the event, one particularly important moment will be the unveiling of the Showroom within the historic Bradford premises, that will be attended by Marco Nocivelli, Chairman and CEO of the Epta Group. The Showroom will be used to showcase new offerings from brands George Barker, Costan, Bonnet Névé, Eurocryor, Misa and Iarp and will be used as a Conference Hall for presenting technological innovations and Epta Service, aside from a section dedicated to the Epta CO2 Training Centre.

These three days will also be an opportunity to further improve team spirit, through award ceremonies for employees celebrating 40 years working with the company, and promote the values the group has always embraced, such as solidarity: in this regard, Marco Nocivelli will be describing the various ventures promoted by Epta UK in support of Cancer Research UK, that will be presented with a cheque for £7,000.

The last of the three days will be an Open Day for Families and people from the city of Bradford who will be given the opportunity to visit the site and made to feel an integral part of a story that has been built on passion, dedication and teamwork.

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Another success for the FTE Full Transcritical Efficiency of Epta which wins first prize in the "Refrigeration & Air Conditioning Innovation” category at the German Refrigeration Award 2018. The acknowledgement, presented by the Federal Minister for the Environment, Nature Conservation and Nuclear Safety, Svenja Schulze is geared to promote the development of innovative and energetically efficient technologies in HVACR. The competition, held for the first time in 2008, is part of the Climate Initiative of the German Government, and is organised by the cooperative co2online GmbH and by the Association Arbeitsgemeinschaft Kälte.

FTE of Epta is the result of a new approach to natural refrigeration. It adds simplicity, reliability, functionality, efficiency and better performance, in any climate condition, if compared with a standard traditional CO2 booster plant. It is designed to guarantee Retailers a solution available on a wide scale, offering 10% energy saving and 20% lower installation and maintenance costs.

At the award ceremony, held during the Energy Conference of Berlin, Dr. Reiner Tillner-Roth, General Manager of Epta Deutschland GmbH, commented: “We are proud to receive the German Refrigeration Award 2018, which confirms our ongoing commitment to present the market with systems that anticipate the times, synonymous with cutting-edge technology and respect for the environment. In accordance with the path followed to date, our goal for the future is to be ever closer to our clients and provide solutions able to satisfy the highest standards." He concludes "The award, which amounts to €10,000, will be invested to further implement the FTE."


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Epta Asia Pacific participated in Food & Hotel Asia 2018 on 24-27 April at the Suntec Singapore (stand H6K1-01)! An opportunity to discover the novelties from its brands Costan, Bonnet Névé, Eurocryor, Misa and Iarp that were designed to improve the business of its customers operating in the Food&Bev, Ho.Re.Ca. andRetail sectors in the Asian market.

This trade fair is held every two years and aims to be a meeting place and point of exchange for international professionals. It comprises six events Bakery & Pastry, Food Asia, Hospitality Style Asia, Hospitality Technology, Hotel Asia and Speciality Coffee & Tea, making it the most complete event in the Food & Hospitality segment in Asia, thanks to the wide selection of products and services.

Epta Asia Pacific attended Hotel Asia, to present an extensive offer dedicated to the Asian market, which is focused on refrigerated solutions able to combine design, a green spirit and the highest level of attention to food safety.

The systems on display included Passion Iarp, a plug-in cabinet for ice cream, with high-tech forms and exclusive blue profiles. The cabinet is the ideal complement for the Cool Emotion Range, and is designed to satisfy the flexibility requirements of all premises and improve the image of Food & Beverage and Ho.Re.Ca operators.

Melody/Glide Costan & Bonnet Névé also featured, the highly transparent cabinets for drawing attention to frozen products and incentivising impulse purchases in stores by creating original islands, with a back to back combination of plug-ins.

Also on display was the Misa cold rooms, technologically advanced solutions combining the highest food safety and high flexibility and functionality. Available in an infinite variety of configurations, they are designed to optimise spaces and be easy to install in any type of environment.

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Innovation never stops at the Limana production plant


Limana, 9 April 2018Epta, the multinational group specialising in commercial refrigeration, today unveiled its Multi-Purpose Exhibition Space in its Limana production plant. The event was attended by the press and Local Authorities, represented by the Mayor of Limana Milena de Zanet, and the Chairman of Confindustria Belluno Dolomiti, Luca Barbini.

The development of this Space is part of wide-ranging strategy involving major investments for the company with the aim of improving its presence in the market. By positioning itself as a benchmark for Customers, Suppliers and Employees, the new showroom will be a showcase for “touching by hand”, discovering and appreciating the technology and quality that have always characterised products from Epta’s brands.

Today’s event will be an opportunity to look back at all the recent accomplishments. The plant has continued to receive major investments, totalling approximately 10 million euro in the last two years, with the aim of adopting Industry 4.0 technologies and improving the production processes. The new Glassware Department, which opened in 2016, generated 80 new workplaces and will help us to achieve a further increase in production capacity by the end of 2018. The aim of the plan is to achieve a continual improvement in both environmental terms through maximising the safeguarding of resources and energy efficiency, as demonstrated by the 50% reduction in energy consumption per unit produced, and in terms of the development of our staff. Indeed, it is through the commitment and desire of all our employees and co-workers that we can now celebrate this important result: the production of one and a half million units since the opening of the Limana premises in 1972.

This success deserves to be celebrated, thanks also to the Multi-Purpose Exhibition Space: this is a modern and dynamic environment of 600 m2 that is broken down into a main building, which serves as a showcase for new releases from the brands Costan, Bonnet Névé, Eurocryor, Misa and Iarp, a Training Centre & Test Space and a Conference Hall. It also has an area for the presentation of the most recent technical and technological innovations and Epta Service, the Group’s brand that specialises in post-sales services, to offer Customers a fully comprehensive service.

Marco Nocivelli, the Chairman and CEO of the Epta Group commented: “We are proud to share this important production target and our new project with our guests. With this multi-purpose space we wanted to create an environment that would reflect the identity and values of the Company.” and he concluded “Our objective is to contribute to transforming Limana into an internationally renowned hub, in which to meet Customers and professionals from the sector and discuss the latest technological targets and success stories.”

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Quality and excellence have always been at the forefront for Epta, on a par with its commitment to responsible social progress and environmental protection: concrete values that have underpinned its participation, since 2015, in the membership programme Corporate Golden Donor of FAI Italian Environment Fund – to protect the national heritage.

A virtuous initiative which finds new expression in supporting the three-year plan 2018-2020 of Villa dei Vescovi, an elegant early 16th century building donated by Maria Teresa Olcese Valoti and Pierpoalo Olcese to FAI in 2005. Inspired by classical themes and surrounded by the landscape of the Euganean Hills, it communicates with the frescoes of the rooms to create harmonious fusion between nature, art and architecture.

Marco Nocivelli, Chairman and CEO of Epta declares: “I am proud of our new collaboration with FAI which contributes to preserving our cultural heritage. The choice of Villa dei Vescovi is based on the desire to strengthen the bond between Epta and these areas, where the Group is historically present with the production facilities of Solesino in the province of Padova and Limana in the province of Belluno”. He concludes “In this way, we confirm our commitment by participating with FAI in the multidisciplinary research project which awards scholarships for the University of Padua".

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F-gas Regulation, Epta is ready to beat the challenge


January 1st 2018 marked the second step to reduce fluorinated gases (HFC) by reducing availability – leading to significant reduction within Europe compared to 2014 levels, as established by EU regulation 517/2014 of the European Commission (F-gas Regulation). This measure has effectively decreed the progressive elimination of HFC with the highest GWP, including R404a, used throughout  the refrigeration sector. The F-gas Regulation, as well as scheduling the next phase down dates for the final overall 80% emission reduction by 2030, states additional requirements to drive significant reductions  in the number of  gas leaks and  suitable treatment when the systems reach the end of their useful operating life.

The exclusive FTE Full Transcritical Efficiency, with which the company opens the way to a new standard in natural CO2 refrigeration, stands out among the most innovative solutions offered by Epta, a multinational group specialised in commercial refrigeration. This is a simple system, available on a large scale, which extends the current limits of transcritical technology, ensuring the best performance in any climatic condition  FTE can lead to upto  10% energy saving when compared to a traditional booster systems and up to 20% reduction in maintenance costs.

To further confirm the sustainable approach of Epta and its commitment in supporting Customers in adopting HFC free solutions, 100% of the remote cabinets of the Group’s brands are already available in CO2, a natural refrigerant with minimal global warming potential (GWP) of 1. Epta has also renewed the ranges of plug-ins of all its brands with versions powered by R290 propane, or other refrigerants with low GWP.

To update the systems already installed and to respond to the European F-gas directives, Epta  offers professional retrofitting with the replacement of old pollutant refrigerant gases in favour of modern lower environmental impact refrigerants, entrusting themselves to the EptaService brand. Epta Service boasts the best support teams: expert technicians that offer all-round consulting, proposing remote monitoring programmes and maintenance, an e-commerce platform for spare parts and a high value-added Customer Service.

The brand presents a package of targeted interventions to extend the life of the systems and supports Customers in all stages of the process. Following an accurate assessment of user needs and the choice of the most suitable solution, Epta Servicesets up the new system and relative hardware and software updates on the store, fills it up and switches it on again, with specially developed low GWP blends to best match the systems,  as well as recovering and safely disposing of the old HFC used.

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