Picanol Group Reports Euro 119 Mln Profit In 2016

Company Performance

Picanol Group Reports Euro 119 Mln Profit In 2016

In line with the previously announced forecast, the Picanol Group (Euronext: PIC) realized a consolidated turnover of 639.78 million euros over the full 2016 financial year, which represented an increase in turnover of 20.8% compared to the 529.34 million euros recorded in 2015. This means that the Picanol Group outperformed its previous record year (a turnover of 559.98 million euros was recorded in 2013), and this all took place in the year that Picanol Group celebrated its 80th anniversary.

In 2016, the Weaving Machines division experienced a record breaking year. The growing demand for quality and technology created strong sales and an increased market share in many markets. This resulted in Picanol putting a record number of weaving machines on the market in 2016, thereby especially focusing on dealing with production peaks. The Industries division also had a strong year and increased its contribution to the group result thanks to a higher turnover in various sectors. This allows the Picanol Group to achieve its strategic ambition to further diversify the activities of the group.

The Picanol Group activities resulted in 2016 in a net profit of 88.38 million euros compared to 60.6 million euros in 2015. In addition, Tessenderlo Chemie nv contributed 31.34 million euros to the net result in 2016 (compared to 25.09 million euros in 2015). The group closed 2016 with a net result of 119.73 million euros, compared to 85.69 million euros in 2015.

The board of directors will propose the payment of a gross dividend of 0.1 euros (as in the previous year) at the annual general meeting on April 19, 2017, for a total amount of 1.77 million euros.

For the first six months of 2017, the order book is well-filled. The Picanol Group expects a slight increase in turnover for the first half of 2017 compared to the first half of 2016, but is taking into account a limited impact of rising commodity prices.