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Gamma Holding continues positive trend
Jul '10
Gamma Holding announced positive result of first half 2010. The positive trends that tentatively emerged at the end of last year have clearly been prolonged in the first half of 2010. Our lower cost basis and the recovery of the majority of the markets in which we operate have led to a further improvement in income. Barring unforeseen circumstances, we expect the positive trend to continue in the second half of 2010.' Jan Albers, CEO

Half-year report of the Executive Board

Turnover rose in the first six months of 2010 by 15% to € 371 million (first half of 2009: € 322 million). This includes a positive effect of € 5.7 million arising from currency movements.

EBITDA1 of the group excluding restructuring expenses increased by 89% from € 25.6 million in the first half of 2009 to € 48.5 million in the first six months of 2010. Currency movements had a positive effect of € 0.9 million.

EBITA2 excluding restructuring expenses and impairment tripled to € 33.7 million (first half of 2009:
€ 11.0 million).

The restructuring expenses, which related mainly to Clear Edge Filtration, totalled € 6.6 million (first half of 2009: € 9.3 million). There was no impairment of property, plant and equipment and intangible assets in the reporting period (first half of 2009: € 22.1 million).

Financial income and expense came to € -17.8 million (first half of 2009: € -17.3 million). Income tax totalled € -6.9 million (first half of 2009: € -1.8 million). The effective tax rate in the first six months of the year was 83% (first half of 2009: -5% on a loss before income tax). This high effective tax rate is mainly due to tax losses that cannot be offset, principally in Europe, in combination with a relatively low result before taxation.

The net group result improved in the first six months to € 1.4 million (first half of 2009: € -53.3 million).

Developments per business unit

The turnover of Ammeraal Beltech (including PTFE) increased by 14% to € 135.0 million (first half of 2009: € 118.7 million). EBITDA1 excluding restructuring expenses came to € 13.6 million (first half of 2009: € 5.2 million). The business unit benefited from a recovery in the United States and Asia, while the European market also picked up slightly. There was a consequent increase in sales of, in particular, modular belts, timing belts and lightweight rubber belts.

Ammeraal Beltech developed, specifically for the food industry, Soliflex PRO, a new series of durable, hygienic, homogeneous, solid belts which, thanks to a unique combination of materials and drive lugs on the underside of the belting, is extremely easy to clean and is hence cost-saving. In addition, the AmWrap, belting that is especially suitable for coil wrapping of hot aluminium sheeting, was brought onto the market.

At Clear Edge Filtration turnover increased by 19% to € 54.4 million (first half of 2009: € 45.5 million). EBITDA1 excluding restructuring expenses totalled € 6.8 million (first half of 2009: € 0.3 million). Demand for filtration products rose in Asia Pacific and America. The extra focus on Original Equipment Manufacturers (OEMs) and targeted end users, as well as the benefit of lower operating expenses, contributed to the positive result.

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