This subgroup was mainly influenced during the business year under review by the start-up of the factory in Redon as well as by the relocation of part of the production of the French parquet factories to this location.

With sales in the amount of €38.5 million the previous year value was again exceeded by 6 percent.

With €23.6 million gross earnings were even by 5 percent above the previous year of €22.4 million.

Due to start-up costs of the parquet factory in Redon, the result decreased from €3.0 million to €2.0 million before taxes on income.

At all factories especially, however, at PANAGET the increased, i.e. additional energy and freight costs have burdened the material costs compared to the previous year. Altogether, the additional costs were nevertheless below our expectations.

The high investments in the amount of €4.5 million will have a lasting effect on the amount of the depreciation and amortization of the fixed assets. These were at approximately €245,000 above the previous year.

Due to the low tax rate the cash flow of the Group was at €2.789 million only 490,000 below the previous year value.

	PANAGET 17, rue d' Orgéres F-35230 Bourgbarré Telefon 0033/2/99057-777 Telefax 0033/2/99057-7355 Web http://www.panaget.fr E-Mail This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
	Armor Panneaux 31, Avenue des Fréres Rey, La Gare F-56460 La Chapelle Caro Telefon 0033/2/977495-81 Telefax 0033/2/977472-08 E-Mail This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
	Chêne de l'Orne La Rutoire F-61130 Saint Matin du Vieux Bellême Telefon 0033/2/337314-43 Telefax 0033/2/337348-55