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Report | May 2015

Itema results exceed expectations, once again!

Itema has grown by about 60% in the last two years in a market that declined by about 30% over the same period.
Itema, the world´s largest privately held provider of advanced weaving solutions, including best-in-class weaving machines, spare parts and integrated services, announced results for the full year (FY2014) ended December 31, 2014, maintaining positive trend for the second year in a row after the FY2013 and H1 2014 spectacular results. Itema asserts itself as the only major weaving machine manufacturer to grow in a global weaving machine market recession. Following from the +12 per cent increase in volumes of machine sales in H1 2014, the Group closed the year with sales +10 per cent referring to European production and a substantial confirmation of previous year volumes for the Chinese subsidiary.

´We are pleased with our results considering that our company grew by some 60 per cent in the past two years in a market that declined, according to our estimates, by some 30 per cent over the same period,´ said Carlo Rogora, Itema CEO. ´I believe this remarkable achievement is further proof that we are on the right path with renewed confidence, stronger-than-ever company set-up and highest acclaimed product portfolio. At Itema, we inject innovation in every step when creating our weaving machines and the results of the past couple of years clearly state that our demanding customers appreciate our inspired innovation, customer focus and attention to detail,´ continued Rogora.

Itema´s operations in the Indian Subcontinent delivered the biggest comeback with a turnaround year and +100 per cent YoY growth in volumes just from India alone, where Itema has developed over the years a comprehensive sales and after-sales service organization operating from own offices in Mumbai, as well as Coimbatore, New Delhi and Kohlapur. At the helm of the company´s operations in India is the new Managing Director, Updeep Singh, who joined Itema in March 2014 bringing with him an impressive career in the textile market as a senior executive in well-known international groups like Welspun. In the last year, Itema India registered a period of unprecedented growth, reaching remarkable results in terms of number of machines installed thanks largely to the innovations and technological specifications of Itema-branded weaving machines.

Itema once again increased its geographic reach with highest-ever number of countries in which the company sold its weaving machinery, providing an important buffer against volatility in various regions in the world.

As already reported in H1 2014 earnings announcement, the Spare Parts business unit closed on a positive note (+5 per cent YOY) reversing a 10-year negative trend to-date.

Thanks to the satisfactory results in volumes, prices in line with expectations, as well as the continuing and relentless actions to reduce variable and fixed costs, the consolidated profit before taxes from operations significantly exceeded expectations, up +20 per cent YoY.

The implementation of ´Lean Manufacturing´ across Itema manufacturing and assembly lines is producing sensible results in terms of workforce efficiency, reliability and net working capital reduction. The company has successfully managed to boost productivity, as a result of process improvements, as well as some ´5 millon investment in automation equipment in 2014.

Itema implemented a new approach also to the company´s presence in major markets with sales and after-sales support concentrated out of regional hubs, such as the strengthened Asian Hub operating out of Hong Kong offices, as well as the new and improved Americas hub operating out of the U.S. offices.

Itema product offering features advanced weaving machines, which constantly receive accolades from the growing ranks of customers, who seem to particularly appreciate the Company´s drive and mission to fulfill even the most demanding

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