Panaria Group reports growth in 2010

Following major strategic operations carried through during 2010 which have helped to consolidate its economic and capital structure, Panaria Group has reported very positive end of year results.

Net sales revenues were substantially in line with those of the previous year, amounting to 285.2 million euro (0.4% up on 2009). The European market accounted for 42% of total turnover with revenues of 121.4 million euro (4.6% down on 2009). The decline was mainly attributable to Western European countries (-5.6%), whereas Eastern European countries experienced an upturn (+15.7%). Italy accounted for 29% with a total turnover of 83.1 million euro, down by 4.8 million euro (-5.4%). North America performed well, accounting for 23% of total revenues 67.5 million euro (+15.3%), as did Asia and Oceania which marked up an increase of 1.8 million euro over 2009 (+10.9%).

Operating margins were strong, EBITDA amounting to 28.2 million euro (9.7% of the value of production), up by a significant 7.1 million euro, and EBIT rising to 6.5 million euro with net growth of 6.3 million euro. The resultant consolidated net profits stood at 1.4 million euro compared to a consolidated net loss of 4.6 million euro the previous year, an overall improvement of 6 million euro.

In future the Group will continue to pursue policies aimed at optimising efficiency by improving productivity and control of financial indebtedness, while at the same time maintaining a strong focus on innovation and devoting renewed efforts to developing business in emerging areas where it does not yet have a strong presence.