H1 revenues zoom 39% at Picanol Group

As expected and as announced previously, the Weaving Machines division had a strong start to 2013, based on the well-filled order book at the end of 2012.

The first half of 2013 was characterized by a high global demand for Picanol weaving machines, forcing the group to focus heavily on flexibility in order to handle production peaks.

The Industries division also realized a strong first half, thanks to higher demand from Weaving Machines and projects for other customers. The group closed the first half of 2013 with a net result of 42.4 million euros, compared to 25.4 million euros in the same period in 2012.

- Based on the current order book, the Picanol Group expects to realize in the second half of 2013 a slight turnover increase in comparison to the stronger second half of 2012.

- The planned investments in Ypres for an amount of 12 million euros are on track. In addition to this, the Board of Directors has approved a further investment of 5.5 million euros in new CNC machines.

The preparatory work for the new production facilities in Ypres has been started and the expansion of the HWS molding line for Industries was realized. In combination with further productivity and quality improvements, the Picanol Group wants to increase its competitiveness with these targeted investments in Ypres.

- SNPE SA and Picanol Group have signed on 25 July 2013 an agreement for the sale by SNPE SA to the Picanol Group of a stake held by SNPE SA in Tessenderlo Chemie NV, representing 27.6% of the share capital of Tessenderlo Chemie NV for a price per share of EUR 22.

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Picanol Group