Granitifiandre reports 148.6 million euro turnover in 2003

Feb 13, 2004

13/02/04 - Granitifiandre, the world-leading manufacturer and supplier of large-format porcelain tiles listed on the Italian stock market, has announced good economic results in 2003.
Turnover totalled 148.6 million euro, slightly down (-2.6%) on the 152.5 million euro of 2002 due to the unfavourable trend in the euro/dollar exchange rate. At constant exchange rates, turnover would have been 0.4% up on 2002.

The last quarter of 2003 likewise showed a good performance. Turnover reached 39.4 million euro (1.4% up on the 38.8 million euro of the fourth quarter of 2002), while pre-tax results came to -0.6 million euro (compared to +2.9 million euro in 2002) due to the start-up of the German Porcelaingres factory.
Granitifiandre decided to charge the new company start-up, together with personnel, product research and development and commercial launch costs amounting to 3.3 million euro, entirely to the profit and loss account. According to Granitifiandre chairman Graziano Verdi, the investments made in Germany will have very positive results.

Porcelaingres has already attained a good production capacity and has signed major production and distribution agreements with the Raab Karcher Group (Saint Gobain), Villeroy & Boch and First Rail Estate.
The latter will be supplied with materials for renovating the floor coverings of more than 1,000 German railway stations.
At the end of January 2004 the product order portfolio had risen by more than 15% over the same month in 2003.granitifiandre.gif