Granitifiandre reports sales of 33.5 million euro in first quarter of 2003

May 15, 2003

Granitifiandre reports sales of 33.5 million euro in first quarter of 200315/05/2003 - In the first quarter of 2003, the Granitifiandre Group's executive board announced a slight fall (-3.6%) in consolidated sales to 33.5 million euro compared to 34.7 million euro in the first quarter of 2002.
The company (based in Castellarano, province of Reggio Emilia, Italy) is a world leader in the production and marketing of large-format porcelain tiles and in 2001 became the first new entry to be listed in the STAR segment of the Italian Stock Exchange. The main cause of the fall in sales was the unfavourable euro/dollar exchange rate.
Although investments of 3.7 million euro were made in tangible and intangible assets, cash flows allowed for an improvement in the financial position, which rose from about 35 million euro at the end of last year to the current 38.1 million euro.

The gross operating margin amounted to 7.9 million euro during the first quarter of the year (8.9% down on the first quarter of 2002), equivalent to 23.7% of turnover. Operating margin was 6.1 million euro (-11.3%), while pre-tax profits remained positive at 6.4 million euro (-10.7%). Net consolidated assets rose by 4.8% to 154.6 million euro. In the quarter in question, exports accounted for more than 70% of total sales. In France, which confirms its position as the leading European market, the Group signed a three-year agreement in April with its longstanding partner Point.P for the supply of products worth a total of 4.2 million euro to the sales network in southwest France.
Again in April, sales of Granitifiandre brand products rose by 13.1%, while in the service segment the Hydrodesign growth trend remains higher than 20%. The Group's management also confirms that production will be started up in the German factory in June 2003. Initial production will include 24 different ranges, while the orders portfolio already exceeded 3.2 million euro by April.

With the opening of new points of sale in London, Chieti and Dusseldorf, the number of Geologica brand shops has risen to 35, including 10 in Italy and 25 abroad.

The in-focus section contains the quarterly report in PDF format

Go to turnovers of listed companiesGRANITIFIANDRE.gifFirst quarterly reportRelazione trimestrale Granitifiandre al 31 marzo 2003.pdfGranitifiandrewww.granitifiandre.com