The Picanol Group reported a 6.9% decrease in consolidated sales for the fiscal year 2003 compared to 2002 to 483.7 million euro, out of which 4.4 million euro came from various acquisitions that were not included in the consolidated turnover for financial year 2002.
Picanol N.V. contributed 364.8 million euro or 75.4% to the consolidated turnover figure, which is a decrease of 4.6% compared to 2002, partly due to a slow down in demand from China. Moreover, the strong euro had an impact, as customers in dollar economies had less financial investment power to buy products or services from euro countries.
The consolidated operating result (EBIT) was 23.2 million euro, …
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