Home / Knowledge / News / Textiles / Trading conditions remain difficult for Gamma Holding
Trading conditions remain difficult for Gamma Holding
29
Jul '09
Gamma Holding, develops, manufactures and sells high-quality, innovative industrial and consumer-related textile products throughout the world announces the half year results.

Half-year report of the Executive Board
Trading conditions remained exceptionally difficult for Gamma Holding in the first six months of 2009. In that context the programme of cost savings and restructurings is being accelerated. Compared with the first six months of 2008, operational personnel and other operating expenses were EUR 13.2 million lower in spite of increased expenditure at Exotic Fabrics.

Group turnover in the first half of 2009 came to EUR 326 million (half year 2008: EUR 375 million). This includes a positive effect of EUR 2.5 million arising from currency movements.

EBITDA of the group excluding restructuring expenses was EUR 22.2 million (half year 2008: EUR 43.8 million). Currency movements had a positive effect of EUR 2.4 million. The lower EBITDA was due to the decline in turnover and the consequent under-utilisation of capacity in the factories. Furthermore, added value decreased as a consequence of downward price pressure and the reduction of inventories.

The net group result excluding restructuring expenses and impairment came to EUR -11.8 million (half year 2008: EUR 15.9 million).

Restructuring expenses in the first six months totalled EUR 9.8 million (half year 2008: EUR 0.4 million).

As a result of the deterioration in market conditions, the test against the value-in-use calculations resulted in an impairment of intangible assets and property, plant and equipment of EUR 32.9 million at Filtration and Coating & Composites (half year 2008: nil).

The net group result came to EUR -53.3 million (half year 2008: EUR 15.6 million), mainly due to the lower EBITDA and an impairment of intangible assets and property, plant and equipment.

Industrial Solutions
The turnover of Industrial Solutions in the first six months of 2009 came to EUR 185 million (half year 2008: EUR 231 million). Currency movements had a positive effect of EUR 4.6 million.

EBITDA excluding restructuring expenses of the sector totalled EUR 4.1 million (half year 2008: EUR 24.3 million). Currency movements had a positive effect of EUR 2.4 million.

Turnover of Belting came to EUR 112 million (half year 2008: EUR 135 million). Worldwide, customers postponed orders, while major projects at Original Equipment Manufacturers (OEMs) suffered delays. This applied to all types of belting, especially in the construction and textile sectors and in the chemical, metalworking, woodworking and automobile industries.

The replacement market was also badly affected by the recession, mainly because customers sought to save on maintenance expenses. The food industry, on the other hand, was less sensitive to the recession. The business unit developed for this sector a new generation of modular radius belts for resting, cooling and freezing of food. In addition, a flexible squeezing belt was launched on the market which is particularly suitable for separation machines used for meat and poultry.

Must ReadView All

Apparel/Garments | On 28th May 2017

Over 45% US retailers to use AI in next 3 years: Report

Over 45 per cent retailers in the US plan to utilise artificial...

Neelesh Hundekari speaking at the event. Courtesy: Subir Ghosh

Textiles | On 27th May 2017

Fabric of Change initiative announces €250000 scaling fund

The Fabric of Change initiative of Ashoka and the C&A Foundation is...

Apparel/Garments | On 28th May 2017

Naked Brand, Bendon sign agreement to reorganise

Naked Brand Group, a fashion and lifestyle brand, and Bendon Limited, ...

Interviews View All

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search