Belgium: Etex Group reports that its revenue rose by 38% to Euro3.17bn in 2012 compared to Euro2.30bn in 2011. The building materials group said that the stable revenue reflected some volume losses with sustained margins.
"Despite the economic circumstances, Etex performed well in 2012. The free cash flow generated will enable us to continue to invest substantially in promising segments," commented Fons Peeters, CEO of Etex.
Etex's operating income rose by 65% to Euro290m in 2012 from Euro176m in 2011. Its profit rose by 73% to Euro152m from Euro88m.
In 2012 Siniat's European gypsum business was integrated within Etex, making the group's Cladding and Building Boards the biggest of Etex's four business segments. This segment saw its revenue rise from Euro614m in 2011 to Euro1.46bn in 2012.
By region for its gypsum business, Etex noted in its annual report that Western Europe was affected by difficult macro-economic conditions, particularly in France. In Eastern Europe, Poland and Ukraine saw stable market demand and Romania and the Balkan states had investment to support growth. Siniat Latin America showed 'good' progress in 2012 with investments in Brazil and Peru on the way.
