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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.


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