GranitiFiandre steps on the gas

The results for the first nine months of 2010 posted by GranitiFiandre Group contrast strongly with the situation in the sector and the economy as a whole. All the group’s balance sheet indices have shown sharp growth, including consolidated sales volumes, which have reached 148.2 million euro (5.1% up on the corresponding period in 2009). The strongest growth was reported in the third quarter when group turnover rose by 6.6%. Brand sales performed even more strongly, achieving a 7.2% increase in the first 9 months (10.5% in the third quarter alone) in spite of the negative effects of a weak and fluctuating construction market. The increases in overall volumes are a combined result of substantially stable sales in Italy (+0.9% for brand materials) and Europe (-2.3%) and excellent performances in non-European markets (+20.8%), most notably by the US subsidiary StonePeak Ceramics Inc. which posted a 25% increase in turnover to 30 September.

Operating margins were also very positive, with EBITDA up to 20.7 million euro (+22.4%), corresponding to 14% of turnover (6.8 million euro in the 3rd quarter, +24.2%). The parent company GranitiFiandre contributed 9.5 million euro to this figure, StonePeak 5.9 million euro and the German subsidiary Porcelaingres 4.3 million euro. EBITDA amounted to 8.9 million euro (+27.3%, corresponding to 6% of turnover), a value up by about 1.5 million euro on the EBIT of the whole of 2009 (3.0 million euro in the 3rd quarter, +40.5%).

The final result is a net profit of 5.2 million euro compared to 0.6 million euro to 30 September 2009, more than 5 times higher than the net result of the entire previous business year.

The Group’s outlook for the future is very positive, buoyed by prestigious orders secured during the quarter for the supply of “Active Clean Air & Antibacterial Ceramic™” materials for projects that include Mirafiori Motor Village FIAT and the new Granarolo headquarters. A further two major orders have come from Japan, where large-format tiles will be supplied for the new Haneda airport and for one of Tokyo’s most renowned 5-star hotels.