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Gamma to rearrange Industrial Solutions & Lifestyle Fabrics
22
Feb '08
Gamma Holding consisted of two sectors in 2007: Gamma Technologies and Gamma Comfort & Style. With the adoption of the new strategy Towards leadership 2010, presented on 31 January 2008, it has been decided to rearrange the business units into two new sectors: Industrial Solutions and Lifestyle Fabrics. The annual results are presented in this press release in accordance with the sectoral classification that was used in 2007.

Results:
The year 2007 was a satisfactory one for Gamma Holding. In spite of the lower exchange rate of the dollar, the weakness of the US economy and higher energy prices, Gamma Holding saw an increase in its turnover and earnings.

Group turnover totalled EUR 779 million (2006: EUR 774 million). This includes a net positive effect of 1% arising from acquisitions and disposals. Currency movements had an average effect of -4% over the year. Organic growth of turnover was 4%.

The operating result excluding restructuring expenses rose by 3% to EUR 63.4 million (2006: EUR 61.6 million). Acquisitions and disposals had a net positive effect of 3% and currency movements a net negative effect of -9%. The operating result excluding restructuring expenses showed organic growth of 9%.

Restructuring expenses in 2007 totalled EUR 4.0 million compared with EUR 7.0 million in 2006. The operating result including restructuring expenses increased by 9% to EUR 59.4 million (2006: EUR 54.6 million).

The balance of financial income and expense improved from EUR -12.5 million in 2006 to EUR -12.2 million in 2007, mainly due to lower average debt and higher interest rates. At 30.3%, the effective tax rate was lower than in 2006, when it was 31.0%.

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