Granitifiandre reports a satisfactory 2009

The Granitifiandre group reported a more than satisfactory performance in 2009. In spite of the negative trend in the ceramic sector as a whole, the Group led by Graziano Verdi has succeeded in maintaining positive margins with strong cash flow and an increase in market shares.
Consolidated turnover totalled 184 million euro, just 9.7% down on 2008, and revenues actually rose in Germany (+24.1%), the United States (+2.5%) and Canada (+9.7%).
EBITDA and EBIT performed strongly, reaching respectively 21.5 million euro (28.2 million euro in 2008) and 7.5 million euro (13.4 million euro in 2008) in spite of the substantial investments (around 2.5 million euro) made by the group with a view to strengthening the brand. These include the launch of Active Clean Air & Antibacterial Ceramic, the innovative production method for anti-pollution, antibacterial and self-cleaning sheets, and participation in the Shanghai Expo where Granitifiandre will be the official partner of the office of the commissioner general of the Italian government.
The free cash flow of 11.7 million euro is a particularly significant figure, with cash flow generated by operational activities amounting to more than 26 million euro. The financial position has also improved sharply compared to 2008, and now stands at -41.7 million euro compared to -53.4 million euro in 2008 in spite of the numerous investments in tangible and intangible assets. For this reason, Granitifiandre is proposing to pay out a total of 1.3 million euro as dividends to shareholders, equivalent to 0.035 euro per share.

The initial forecasts for 2010 are also positive. “In the first few months of the year we have seen a resumption in growth of the parent company’s orders portfolio and a further increase in turnover of the two subsidiaries Stonepeak (+20%) and Porcelaingres (+10.2%),” said chairman and managing director Graziano Verdi.