GranitiFiandre reports increase in revenues in 2004

Feb 15, 2005

15/02/05 - Granitifiandre, a world leader in the production and marketing of large-format porcelain tiles, reported a substantial increase in both volumes and profitability in 2004.
These included total net profits of 42 million euro (6.6% up on the same period in 2003, 8.1% up at constant exchange rates), EBITDA of 5.8 million euro (+7%), EBIT of 2.7 million euro (+28.5%) and pre-tax profits of more than 1.5 million euro compared to the 0.7 million euro loss in the last quarter of 2003.

Consolidated revenues in 2004 rose to 162.8 million euro, 9.6% up on the previous year (11% up at constant exchange rates).
Sales rose by 15%.

Particularly strong results were reported by the German subsidiary Porcelaingres, which as a result of the million square metres of porcelain tile sold by the new factory at Brandenburg during its first year of operation, broke even at the level of EBITDA in the last quarter.
In spite of the unfavourable euro/dollar exchange rate, profit margins remained high in 2004 with an EBITDA of 27.6 million euro (29.7 million euro in 2003), EBIT of 16.2 million euro (20.4 million euro in 2003) and profits before tax and third-party interests of 14.5 million euro (18.1 million euro in 2003).

The new production facility in the US was completed in the last quarter of the year with the installation and machinery connection stages.
Start-up and functionality tests began in January, while production is due to begin in March. Products will be distributed in the American market under the StonePeak brand name.