Lea Ceramiche reports good 2002

Jun 19, 2003

20/06/2003 - Lea Ceramiche, a company based in Fiorano Modenese (province of Modena, Italy), has shown a performance in marked contrast to the sector trend, closing 2002 with very positive results.
Revenues amounted to 57.2 million euro, 21.9% up on 2001 (46.9 million euro). Gross operating margin was 9.4 million euro (16.5% of turnover), compared to 7.4 million euro in 2001. Operating profits totalled 7.7 million euro (13.4% of turnover) against the 6.1 million euro of 2001. Consolidated net profits were 4.1 million euro, 20.1% up on the 3.4 million euro of 2001.

The figures for the Panaria Group, to which Lea Ceramiche belongs together with Ceramica Panaria, Cotto d'Este, Fiordo and the acquired Portuguese company Maronagres, are likewise positive, including 8% growth in production.

The Panaria Group closed its 2002 consolidated balance sheet with revenues of 180.8 million euro, compared to 157.3 million euro in 2001 (an increase of 15%). The gross operating margin is 34.4 million euro (13% of turnover), compared to 15.7 million euro in 2001. Pre-tax profits amount to 20.7 million euro (11.5% of turnover) compared to 13.3 million euro in 2001, while consolidated net profits were 12 million euro, 51.9% up on the 7.9 million euro of 2001.

In the first four months of 2003, Lea Ceramiche confirmed growth of its most important economic indicators in spite of the continuation and worsening of the difficult period for the economy and a weak start to 2003 for the sector.