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Demand for new Picanol weaving machines remain high

22
Apr '10
During the first quarter of 2010, the Picanol Group recorded a consolidated turnover of 78.53 million euros. This is an increase of 87% compared to 41.95 million euros in the very weak first quarter of 2009, but a decrease of 20% compared to the first quarter in 2008 (100.60 million euros).

The Weaving Machines division experienced a clearly improved first quarter with the demand for new Picanol weaving machines remaining high, as expected, following strongly rising demand in Asia. Other regions have recently shown a tentative recovery in the demand for Picanol weaving machines. The Industries division was also able to profit from a gradually improving market in the first quarter, resulting in an increase of activities in various industries like compressors, earthmoving machines, railway equipment and textile machines.

Outlook
The Picanol Group is anticipating an increase in the demand for Picanol weaving machines over the coming months, and expects that this will have a positive impact on the group's activities for the remainder of 2010. As a result of a well-filled order book for weaving machines, the Picanol Group in Ypres is currently recruiting an additional 50 temporary employees to be able to meet the higher production demand.

The Picanol Group will announce its results for the first six months of 2010 on Tuesday 31 August 2010 (after closing of the stock exchange).

On a total of 17,700,000 shares, 15,360,594 shares were present or represented at the meeting.

The General Meeting approved the annual accounts, the annual report and the proposed appropriation of the result. The General Meeting also granted discharge to the members of the Board of Directors and the statutory auditor.

At the proposal of the Board of Directors, the General Meeting has appointed Mr. Luc Tack and Mr. Stefaan Haspeslagh as non-independent directors. The Board of Directors has appointed Mr. Stefaan Haspeslagh as Chairman.

Picanol Group


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