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

Textiles | On 17th Jan 2017

GST rollout from July 1; states to control small taxpayers

The Centre and states have reached a consensus on the issue of dual...

Textiles | On 17th Jan 2017

Reliance Industries net increases 3.6% in Q3FY17

In the three months ended December 31, 2016, India’s biggest private...

Textiles | On 17th Jan 2017

IMF projects advanced economies to grow at 1.9% in 2017

Advanced economies are projected to grow by 1.9 per cent in 2017 and...

Interviews View All

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Kevin Nelson
TissueGen

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

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

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
January 2017

January 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search