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The Textile Magazine
MARCH 2012
dling the various production peaks
caused by the strong order book.
Sales of spare parts and accessories
also did well.
In the second half of the year, glo-
bal demand for weaving machines
slowed, under the influence of the
increasing uncertainty due to the Eu-
ropean debt crisis and limited avail-
ability of funding for investments.
By strongly focusing on a broader
presence in the market and support-
ed by a positive investment climate,
Proferro managed to expand its cus-
tomer portfolio with new customers
in various sectors for both castings
and for the finishing of castings.
Last year, PsiControl Mechatronics
again strongly focused on its cus-
tomized controllers. This resulted in
an expansion in R&D activities and
an increasing demand for electronic
products and assemblies.
In the second half of 2011, the Pi-
canol Group realized a turnover of
206.89 million euros, which repre-
sents a decrease of 20.5 per cent com-
pared to 260.06 million euros in the
first half of 2011 and a decrease of 4.3
per cent compared to the second half
of 2010. The gross profit of the group
in the first half of 2011 amounted to
62.64 million euros, compared to
38.49 million euros in the second half
of 2011 and 42.71 million euros in the
second half of 2010. The gross margin
decreased from 24.1 per cent in the
first half to 18.6 per cent in the second
half of 2011.
Picanol Group’s consolidated
turnover for the full financial year
was 466.95 million euros, which
represents an increase in turnover
of 18 per cent compared to 395.77
million euros in 2010. The turnover
of Picanol NV increased to 348.87
million euros, up by 32.1 per cent
compared to 264.08 million euros in
2010. This was mainly due to strong
volume increase in the sale of weav-
ing machines.
The gross profit for 2011 was
101.14 million euros, compared to
81.94 million euros in 2010. The
gross margin increased from 20.7
per cent to 21.7 per cent. The operat-
ing result increased from 46.73 mil-
lion euros in 2010 to 76.07 million
euros in 2011. This was due to the
strong turnover growth, strict cost
control and the capital gain linked
to the sale of GTP Greenville for an
amount of 9.5 million euros.
As a result of the strong turno-
ver growth in both divisions and
sustained cost control, the Picanol
Group managed to close 2011 with
a REBIT of 67.26 million euros,
compared to a REBIT of 47.59 mil-
lion euros in 2010. Including non-
recurring income of 9.5 million
euros realized by the sale of GTP
Greenville, the group closed 2011
with a net profit of 61.01 million eu-
ros compared to 35.24 million euros
in 2010.
The Board of Directors will pro-
pose to the general meeting on April
18 not to pay out a dividend for the
2011 financial year. The Board be-
lieves that more value can be creat-
ed within the group by investing in
R&D, automation and robotics, and
other investment projects.
Main events in 2011
In September, Picanol celebrated
its 75th anniversary with the launch
of two new products at ITMA Bar-
corporate news