Panariagroup: rises during first half

Sep 14, 2007

14/09/07 - Panariagroup, an important player in the ceramic sector, has closed the first half of 2006 with a rise in turnover.

Profits have risen 4.4%, going from 182.3 million Euro on June 30 2006 to 190.4 million in 2007.
Contributing to the positive results are the complete inclusion of Florida Tile (acquired in February 2006, therefore considered only in the last 4 months of the first six months) and the positive results of the European business units which generated a total net rise of 3.7%.

The distribution of sales in three main zones, (Italy, USA and Europe) has allowed to minimize effects from the negative factors coming from the contraction of the North American market.

The consolidated turnover, distributed in these three zones, is made up as follows:
Italy with a turnover of 60.3 million Euro, accounting for 31% of the total. Europe accounts for about 42% of the turnover, with a rise of 9% thanks to the positive progress in all of the main markets (Portugal, France, Belgium, Germany and Holland) and to the development in commercial areas within Eastern Europe.

The American market accounted for 22% of the turnover. The acquisition of Florida Tile increased profits which rose from 42.9 to 43.5 million Euro, compared to the same period of last year, despite the major crisis in the American real estate market, while, as a cause of the reorganization by Florida Tile, a loss has been recorded in the total group margin (-2.3 million Euro compared to 2006).