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Modest profit despite difficult market conditions, Gabriel

Dec '09
Gabriel A/S announces the annual report 2008/09.

Gabriel prepared for continuing subdued international demand for textiles for contract furniture.

Statement by management:
Management advised in the preliminary announcement of the financial statements for 2007/08 that “indications from leading clients on the market point to a reduction in demand of about 25% in the 2008/09 financial year.” This proved to be a correct indication, and the downturn may be even greater. Management chose at the time to act quickly and adapt the organisation and the company's costs to ensure earnings and liquidity at the lower level of revenue.

The business model has been further optimised during the year so that earnings will be able to be strengthened significantly when the order intake returns to normal. Management expects continued subdued international demand for commercial furniture in 2009/10.

Revenue was DKK 204.7 million (279.7 million).

Operating profit (EBIT) was DKK 2.0 million (DKK 23 million).

Special costs of DKK 3.9 million for employees who were made redundant were charged to the profit and loss account.

Operating margin (EBIT) was 1.0% (8.2%).

The return on invested capital (ROIC) was 1.4% (20%).

Cash flow from operations was DKK 18.5 million (DKK 23 million).

Management expects a revenue of the order of DKK 180 million in the current (2009/10) financial year against DKK 204.7 million in 2008/09 and an improved operating profit (EBIT).

This is a translation of the original Danish text. In the event of discrepancies between the Danish and English texts, the Danish version shall prevail.

Gabriel A/S is northern Europe's leading manufacturer of upholstery textiles.

The company's head office is in Aalborg, Denmark, from where we supply textiles to furniture manufacturers throughout the world.

Gabriel A/S

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