Panaria Group reports growth in turnover in Europe

The Panaria Group's balance sheet results for the first 9 months of the year have been hit by the worsening of the international financial crisis and the structural crisis in the US property market.
Nonetheless, the constant growth of revenues in Europe and in emerging markets has enabled the group to limit its fall in turnover and profit margins, thereby demonstrating its solidity.

Sales revenues totalled 253.4 million euro (compared to 271.6 million euro as of 30 September 2007) divided up into the three main reference markets.
In Europe (46% of total turnover), turnover rose by 2.7% compared to the previous year. Excellent results were achieved in France (+5%), Belgium (+4.6%) and Spain (+15.2%).
In Italy (29% of total turnover), turnover fell by 5.6% over the same period in 2007 but showed a small recovery compared to the half-year figure.
The United States (18% of total turnover) reported a fall in turnover of around 26% in euros.
Excellent results were achieved in emerging markets, especially in Eastern European countries where the group reported an approximately 20% increase in turnover.

EBITDA was hit by the significant increase in energy costs and the euro/dollar exchange rate, which led to a fall in sales. Gross operating margin amounted to 31.3 million euro compared to the 37.8 million euro of the first nine months of 2007.
EBIT totalled 16.6 million euro, likewise down on the same period last year.
Consolidated net profits amounted to 8 million euro (compared to 11.5 million euro to 30 September 2007).