GranitiFiandre reports good results

GranitiFiandre reported significantly better results than the sector average in the first nine months of 2009. Consolidated turnover amounted to 141 million euro, slightly down (-7.4%) on the corresponding period in 2008 but in line with the management’s expectations. Turnover generated by brand products totalled 117.3 million euro, down just 6.1%. The fall in sales in Italy (-26%) was offset by the excellent performances in foreign markets, including +30.8% in Germany, partly due to the contribution of the subsidiary Porcelaingres, and +10% in North America through the contribution of StonePeak, the group’s company which has its manufacturing facility in Crossville, Tennessee.
One important figure is that of generated Free Cash Flow, which totalled 13.9 million euro, including 6.5 million euro in the third quarter alone. The net financial positioned improved to –39.6 million euro from the –53.5 million euro as of 31 December 2008. Profit margin fell in the first nine months of the year, largely due to the major investments that have been made. Gross operating result (EBITDA) dropped to 16.9 million euro (-21.5%), operating result (EBIT) to 7 million euro (-38.8%) and pre-tax profits to 5.3 million euro (-48.8%).
As already noted in the half-yearly report, the deconsolidation of the Hydrodesign Group had a 1.5 million euro negative impact on consolidated net result, which nonetheless remained positive by 0.6 million euro at the end of September.