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Turnover at Gamma Exotic Fabrics rise sharply

23
Apr '08
In the first quarter of 2008 Gamma Holding's turnover increased by 7% to EUR 208 million, including a 6% positive effect due to the acquisition of the Danish company uni-chains and a -5% effect of currency movements. On a comparable basis, turnover increased by 6%.

EBITA amounted to EUR 17.0 million. Currency movements had an effect of -13%. On a comparable basis EBITA rose by 11%.

Net group result decreased by EUR 0.8 million to EUR 9.2 million, mainly due to higher financing expenses. Adjusted to take account for currency effects of EUR -1.4 million, net group result has risen by 6% compared to last year.

As indicated before, the acquisition of uni-chains is expected to positively contribute to the net result as from 2009.

Industrial Solutions:
Turnover of the Industrial Solutions sector rose by 11% and amounted to EUR 124 million, including a 10% positive effect due to acquisitions. Currency movements had an effect of -5%. On a comparable basis turnover increased by 6%.

Belting's turnover increased on a comparable basis. The business unit saw rising demand in almost all product groups, particularly in the field of timing, endless woven and lightweight rubber belts. Turnover growth was posted mainly in Europe. As per 1 January 2008 the Danish company uni-chains A/S is officially part of the business unit.

Uni-chains is specialized in modular belts - consisting of plastic links - for applications in the automotive, food, paper and print industries, among others. The company's performance came up to expectations. In the first quarter the integration of uni-chains into the total Ammeraal Beltech organisation was the main focus.


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