GranitiFiandre reports second quarter turnover of more than 39 million euro

Aug 19, 2003

19/08/03 - GranitiFiandre, the world’s leading manufacturer of large-format porcelain tiles, has unveiled its second quarterly report for 2003.
The main figures include a turnover of 39.3 million euro, in line with the figures to 30 June 2002 and 17.4% up on the 33.5 million euro of the first quarter of 2003; an orders portfolio +10% to 31 July 2003; profitability indexes positive and higher than those of the first quarter; and a gross operating result (Ebitda) of 9.5 million euro (+20.4%), operating margin (Ebit) of 7.5 million euro (+23.0%) and pre-tax profits of 7.4 million euro (+17.0%).

The slight fall in turnover compared to the 40.9 million euro in the second quarter of 2002 is due to the unfavourable trend in the euro/dollar exchange rate and the consolidation of Motiv Sturgyik. As the company was acquired in the second quarter of 2002, it was consolidated in last year’s second quarterly report, which therefore included the turnover volumes generated in the first quarter. The total turnover volumes of the quarter, at constant exchange rates and eliminating the effects of the consolidation of Motiv Sturgyik, were up 2%.

During the quarter, the production lines and factory were completed at Brandenburg (Germany). Due to be officially opened in September in the presence of the leading building designers, customers and authorities in the state, production at the factory actually began in July and 60,000 square metres of products were already in stock by the end of the month. The factory will produce 26 different products, all of them new to GranitiFiandre.

GranitiFiandre chairman Graziano Verdi commented: “The second quarter figures and the current orders portfolio, as well as the start-up of the new factory, confirm forecasts for a positive performance in fiscal 2003, with growth over 2002 and continuously high levels of profitability and cash flow.”