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Gamma expects positive trend to continue in 2011
Apr '11
Gamma Holding announced improved first-quarter results of 2011.

• Turnover: € 157 million (2010: € 138 million)
• EBITDA excluding restructuring expenses: € 20.3 million (2010: € 16.5 million)
• Operating result: € 13.3 million (2010: € 3.4 million)
• Net group result: € 7.4 million (2010: € -0.3 million)

In the first quarter of 2011 Gamma Holding was able to continue the positive trend of 2010. Almost all of the business units reported improved results. Contributing factors were the improved economic climate and our stabilisation of the cost level. Consequently, we are hopeful for the new phase the group is entering following its delisting, in which the focus will be on the growth of our business units.
Jan Albers, CEO

In the first three months of 2011 the Group's turnover was € 157 million (2010: € 138 million).

Group EBITDA excluding restructuring expenses in the first three months rose by 23%, from € 16.5 million in 2010 to € 20.3 million in 2011.

EBITA excluding restructuring expenses and impairment increased by 35% to € 13.9 million (2010: € 10.3 million). This improvement was mainly the result of an increase in turnover, in relation to the higher operating expenses and risen energy and raw material prices.

There were no restructuring expenses in the first quarter (2010: € 6.3 million). The operating result was € 13.3 million (2010: € 3.4 million). The balance of financial income and expense came to € -2.9 million (2010: € -8.4 million). Income taxes amounted to € -3.0 million (2010: € 3.0 million). The aggregate effect was a net group result of € 7.4 million (2010: € -0.3 million).

At the end of the first quarter the net interest-bearing debt was € 188.0 million (2010: € 268.9 million). The ratio of net interest-bearing debt to EBITDA1 improved to 2.6 and remained well below the limit of 3.5 agreed with the syndicate of banks.

Developments by business unit

The turnover of Ammeraal Beltech came to € 75 million (2010: € 65 million). EBITDA excluding restructuring expenses rose by 38% to € 8.1 million (2010: € 5.9 million). The business unit profited from the worldwide improvement in economic conditions. There was growth in the most important market segments, including the food, print, textile, leather, metal and chemical industries. Consequently, sales of every type of belt increased.

At Clear Edge Filtrationturnover amounted to € 30 million (2010: € 26 million). EBITDA excluding restructuring expenses improved by 62% to € 4.7 million (2010: € 2.9 million). The improved economic climate in Asia, Oceania and America and positive developments in the European market boosted demand for filtration products. The sharper focus on Original Equipment Manufacturers (OEMs) and end-users also contributed to the improved results. Sales growth was strongest in mining, waste water purification and the chemical and food industries.

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