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Picanol Group realizes strong growth in H1 turnover
05
Sep '11
During the first half of 2011, the Picanol Group realized a consolidated turnover of 260.1 million euros, an increase of 45% compared to 179.7 million euros in the first half of 2010.

The turnover increase was both realized in the Weaving Machines division and the Industries division. In the first half of 2011, the Weaving Machines division experienced a persistent high global demand for Picanol weaving machines. However, towards the end of Q2, the global demand for weaving machines slowed. This, among other things, was due to the volatile commodity prices and a limited availability of funding for investments. Following 2010, the Industries division again experienced a strong increase in turnover, which was reflected in an increase in the activities and new projects in various sectors.

The group closed the first half of 2011 with a net result of 34.6 million euros compared to 15.9 million euros in the same period in 2010.

• At the four-yearly ITMA textile machinery exhibition in late September in Barcelona, Picanol will celebrate its 75th anniversary with the introduction of two new products.
• For the second half of 2011, the group expects a turnover in line with the turnover achieved in the second half of 2010. The Picanol Group does, however, consider a slowdown of the weaving machine market in 2012.2/12.

During the first half of 2011, the Picanol Group realized a consolidated turnover of 260.1 million euros, a 45% increase in comparison to 179.7 million euros in the first half of 2010. This important turnover increase was realized both in the Weaving Machines division and the Industries division.

Gross profit increased in the first half of 2011 to 62.6 million euros compared to 39.2 million euros in the first six months of 2010. The gross margin percentage increased from 21.8% to 24.1%, mainly due to effective cost control.

The operating cash flow (EBITDA) increased from +23.9 million euros to +49.2 million euros. The operating result (EBIT) increased from +21.0 million euros to +46.6 million euros, or an EBIT margin of +17.9% versus +11.7% in the first half of last year. The decrease of the other operating expenses is a result of the in 2010 booked provisions for renting contracts of business premises in Ypres and Romania that are not used, for an amount of 1.2 million euros.

The net financial result amounted to +0.2 million euros versus +0.1 million euros last year. Income taxes amounted to -12.3 million euros compared to -5.2 million euros last year or an effective tax rate of 26.1% versus 24.5% last year. The increase in the tax rate is mainly a result of decreased earnings in China, where a beneficial tax rate is applied.

The Picanol Group closes the first half with a net result of +34.6 million euros compared to +15.9 million euros over the same period in 2010.

WEAVING MACHINES
The turnover of the Weaving Machines division amounted to 225.6 million euros, an increase of 46% compared to the same period last year. In the first half of 2011, the Weaving Machines division experienced a persistent high global demand for Picanol weaving machines. However, towards the end of Q2, the global demand for weaving machines slowed. This, among other things, was due to the volatile commodity prices and a limited availability of funding for investments. Sales of spare parts and weaving accessories also profited from the favorable market situation. The operating result of the Weaving Machines division amounted to +40.4 million euros versus +20.4 million euros last year.

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