Panariagroup reports 2.2% growth in 2011

Panariagroup has maintained a strong equity and financial structure, closing 2011 with good revenue results in spite of making significant strategic investments. Consolidated net sales revenues amounted to 291.4 million euro, 2.2% up on 2010 (+6.2 million euro). The Group reported an increase in volumes in the domestic market together with growth in the leading foreign markets. In particular, it posted 3.2% growth in Italy (which makes up 29% of its total turnover), while Asia, Oceania and Africa saw 4.6 million euro turnover growth with respect to 2010. With the exception of Portugal, its turnover remained essentially stable in European markets (which account for 40% of total turnover), while securing strong growth in German-speaking countries and in several Eastern European countries.

The US market, accounting for 22% of total turnover, saw more than 10% growth in dollar turnover due to the strong performance of both the subsidiary Florida Tile and of the Italian brands. Gross operating margin (EBITDA) totalled 25.6 million euro in 2011 (compared to 28.3 million euro to 31 December 2010). The rise in energy and raw materials prices contributed to the fall in profit margins.

Net operating margin (EBIT) amounted to 5 million euro (6.5 million euro to 31 December 2010), while consolidated net profits were 1.6 million euro in the black. In 2012 the Group is planning to further strengthen its position in markets where it is not yet well established. In consolidated markets, it will continue to pursue its policy of technical and aesthetic product innovation with a view to maintaining its competitive advantage and market share.