Earnings Release • Apr 18, 2012
Earnings Release
Open in ViewerOpens in native device viewer
TRADING UPDATE Regulated information Ieper, 18 April 2012 (17.40 CET)
In the first quarter of 2012, the Picanol Group (NYSE Euronext: PIC) realized a consolidated turnover of 107.03 million euros. This represents a decrease of 15% compared to 126.55 million euros in the strong first quarter of 2011, but is in line with 108.99 million euros in the fourth quarter of 2011.
As expected and as previously announced, the first quarter of 2012 for the Weaving Machines division was in line with the second half of 2011. The world market for new weaving machines currently shows signs of nervousness, which is forcing the Picanol Group to heavily focus on flexibility in order to handle production peaks.
In the first quarter of 2012, the Industries division experienced lower demand from the Weaving Machines division. However, it was able to realize further growth for external customers in comparison to the second half of 2011.
Based on the current market situation, the Picanol Group expects to post a decrease in turnover for the first half of 2012, in line with the turnover decrease in Q1. Nevertheless, the outlook for the second half of 2012 remains highly uncertain due to the very limited visibility in the markets in which the group operates.
The Picanol Group remains cautious, as it is active as an export-oriented company in a volatile world economy. In view of the cyclical nature of the textile market, the Picanol Group is continuing its strict cost control efforts.
The Picanol Group will announce its results for the first six months of 2012 on Tuesday 28 August 2012 (before opening of the stock exchange).
The General Meeting of Picanol NV for the financial year 2011 was held today. On a total of 17,700,000 shares, 15,659,201 (88.47%) 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 extended the mandate of the directors HRV NV (represented by Baron Hugo Vandamme), M.O.S.T. BVBA (represented by Mr. Frank Meysman), Pasma NV (represented by Mr. Patrick Steverlynck) and Mr. Luc Tack for a period of four years, until the closure of the General Meeting of 2016.
At the proposal of the Audit Committee, the General Meeting has also appointed Deloitte Bedrijfsrevisoren BV o.v.v.e. CVBA (represented by Mr. Mario Dekeyser), as statutory auditor for a mandate of three years.
In addition, an Extraordinary General Meeting was held today. On a total of 17,700,000 shares, 15,659,201 (88.47%) shares were present or represented at the meeting. At the Extraordinary General Meeting, the adaptation of the articles of association to the law of 20 December 2010 regarding the exercise of certain rights of shareholders of listed companies and the amended articles of the Belgian Code of Company Law, was approved by the shareholders.
The presentation and minutes of the General and Extraordinary Meeting can be consulted on the website of the Picanol Group (www.picanolgroup.com).
The Picanol Group is an international, customer-oriented group specialized in the development, production and sale of weaving machines and other high-technology products, systems and services.
The Weaving Machines division (Picanol) develops, manufactures and sells high-tech weaving machines based on air (airjet) or rapier technology. Picanol supplies weaving machines to weaving mills worldwide, and also offers its customers such products and services as training, upgrade kits, spare parts and service contracts. For 75 years, Picanol has played a pioneering role in the industry worldwide, and is one of the current world leaders in weaving machine production.
The Industries division covers all activities not related to weaving machines: Proferro comprises the foundry and the group's machining activities. It produces cast iron parts for e.g. compressors, pumps and agricultural machinery, and parts for Picanol weaving machines. Through PsiControl Mechatronics, the group specializes in the design, development, manufacturing and support of technological components, services and mechatronical system solutions for original equipment manufacturers in various industries. Melotte develops and produces innovative product solutions using Direct Digital Manufacturing (DDM) and Near-to-Net-Shape Manufacturing (NNSM) technologies.
In addition to the headquarters in Ypres (Belgium), the Picanol Group has production facilities in Asia and Europe, linked to its own worldwide sales and service network. In 2011, the Picanol Group realized a consolidated turnover of 466.95 million euros. The Picanol Group employs more than 1,900 employees worldwide and is listed on NYSE Euronext Brussels (PIC).
For further information please contact: Frederic Dryhoel, Corporate Communication Manager, at +32 (0)57 22 23 64 or by e-mail: [email protected]
This press release is also available on the Picanol Group's corporate website: www.picanolgroup.com
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.