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

Coats acquires yarn manufacturer Patrick Yarn Mill

Textiles | On 12th Dec 2017

Coats acquires yarn manufacturer Patrick Yarn Mill

Coats, the world’s leading industrial thread manufacturer, has...

India’s garment imports from Bangladesh up 56% post-GST

Apparel/Garments | On 12th Dec 2017

India’s garment imports from Bangladesh up 56% post-GST

India has imported $87.4 million worth of readymade garments from...

Courtesy: Badger Sportswear

Apparel/Garments | On 12th Dec 2017

Badger Sportswear acquires Alleson Athletic

Badger Sportswear, a leading manufacturer of athletic apparel and...

Interviews View All

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Top executives
Textile & apparel bodies

The decision is transformational

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

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

December 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


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