Positive third quarter Gamma Holding
(Thomson Reuters ONE) -
* Turnover: ? 150 million (third quarter 2009: ? 124 million)
* EBITDA excluding restructuring expenses: ? 18.8 million (third quarter
2009: ? 11.4 million)
* EBITA excluding restructuring expenses and impairment: ? 12.4 million (third
quarter 2009:
? 3.1 million)
* Divestment of Vlisco Group:
* accounted for as discontinued operations
* book profit of approximately ? 65 million
* Net group result: ? 64.6 million (third quarter 2009: ? -7.5 million).
The figures quoted in this trading update relate to continuing operations.
Comparative figures have been adjusted to reflect the sale of Vlisco Group.
?In spite of continuing economic uncertainty, our company strengthened its
financial position in the third quarter of this year. All the business units
showed growth of turnover and earnings, and the sale of Vlisco Group enabled us
to reduce our debt burden. That puts us in a better position for refinancing and
gives us more possibilities for the future. Barring unforeseen circumstances, we
expect the positive trend to continue in the fourth quarter.'
Jan Albers, CEO
Developments in the third quarter
In the third quarter Gamma Holding once again benefited from an improved
economic climate and earlier cost savings and restructurings. This had a
positive effect on earnings in all the business units.
Group turnover in the third quarter of 2010 totalled ? 150 million (2009: ? 124
million). This includes a positive effect of ? 11 million arising from currency
movements.
Group EBITDA excluding restructuring expenses was ? 18.8 million (2009: ? 11.4
million). Currency movements had a positive effect of ? 1.7 million.
Interest-bearing liabilities fell by ? 113.7 million in the third quarter to ?
168.4 million.
Turnover of Ammeraal Beltech increased by 20% to ? 73 million (2009: ? 61
million). EBITDA excluding restructuring expenses came to ? 8.2 million (2009: ?
5.1 million). The business unit benefited from upward trends mainly in America
and Asia. Sales of timing belts were particularly strong, partly thanks to large
deliveries for the kilometres-long baggage system of the new airport in Dubai in
the United Arab Emirates. Modular belts also sold well, due, for instance, to
the introduction of a new spiral belt with a small radius for purposes such as
the refrigeration and freezing of food products.
Turnover at Clear Edge Filtration increased by 29% to ? 29 million (2009: ? 22
million). EBITDA excluding restructuring expenses came to ? 3.6 million (2009: ?
1.0 million). Above all, sales of filtration cloth and products for filtration
belts, core products within the Clear Edge range, picked up. Of all the regions,
the trend in Asia was particularly positive. Consolidation is taking place in
Europe, with all the activities being transferred from Sweden to Germany. The
German unit will act as a centre of excellence within the group in the field of
weaving and R&D.
Turnover of Dimension-Polyant rose by 10% to ? 8 million (2009: ? 7 million).
EBITDA excluding restructuring expenses came to ? 0.1 million (2009: ? -0.2
million). The OEM market and the cruising and wind-surfing segments picked up,
and demand for the D4-Multi Panel membrane sails used for racing competitions
also increased. The business unit launched successful new products in the third
quarter of 2010. For instance, Dimension-Polyant developed a racing spinnaker
line for high-quality applications. Furthermore, various sailing competitions
were once again won with Dimension-Polyant sailcloth, including the Trophée des
Champions and the European Championships.
Turnover at Bekaert Textiles increased by 16% to ? 40 million (2009: ? 34
million). EBITDA excluding restructuring expenses improved from ? 5.6 million in
the third quarter of 2009 to ? 6.3 million in the third quarter of 2010. There
were upward trends particularly in North and South America and Australia. In
Argentina the business unit moved into a new factory, thereby tripling its
production capacity. In order to further develop new specialised products for
mattress fabrics on the basis of earlier innovations and to embed them more
effectively in the organisation, Bekaert Textiles also set up a New Business
Development Team.
Discontinued Operations
On 7 September Gamma Holding sold Vlisco Group for a sum of ? 118 million to
Actis, a private equity investor in emerging markets, including Africa. In 2009
the activities that were sold represented annual turnover of ? 168.3 million and
an EBITDA excluding restructuring expenses of ? 28.2 million. The number of
employees affected by the sale was 2,103.
The turnover of Vlisco Group in the first two months of the third quarter was ?
35 million (third quarter 2009: ? 43 million). EBITDA excluding restructuring
expenses came to ? 6.2 million (third quarter of 2009: ? 7.2 million). With the
divestment of Vlisco Group, Gamma Holding posted a book profit of approximately
? 65 million after costs.
Developments in the first nine months
Group turnover in the first nine months of 2010 was ? 436 million (2009: ? 367
million). This includes a positive effect of ? 18 million attributable to
currency movements.
Group EBITDA excluding restructuring expenses was ? 54.4 million (2009: ? 24.5
million). Currency movements had a positive effect of ? 2.6 million.
EBITA excluding restructuring expenses and impairment came to ? 35.3 million
(2009: ? 3.4 million).
The balance of financial income and expense improved to ? -25.6 million (2009: ?
-30.2 million) as a consequence of lower (re-)financing expenses of ? 6.0
million and a lower balance of interest-bearing liabilities together with an
increase in the average rate of interest.
The net group result excluding restructuring expenses and impairment came to ?
72.9 million (2009:
? -17.8 million).
Restructuring expenses in the first nine months totalled ? 6.9 million (2009: ?
11.1 million). Impairment in the first nine months amounted to ? -0.1 million
(2009: ? 32.9 million).
In the first nine months the net group result came to ? 66.0 million (2009: ?
-60.8 million), mainly due to a book profit of approximately ? 65 million on the
sale of Vlisco Group in 2010, lower restructuring expenses and impairment of ?
36.3 million, as well as improved operating results.
Net interest-bearing liabilities at 30 September 2010 totalled ? 168.4 million.
Net interest-bearing debt in relation to EBITDA came to 2.59 and is thus within
the parameter of 3.75 agreed with the syndicate of banks.
Outlook
Barring unforeseen circumstances, Gamma Holding expects the positive trend to
continue in the fourth quarter of 2010, though ongoing uncertainty surrounding
the economic climate and rising energy and raw material prices should be taken
into account.
Gamma Holding will publish its annual figures for 2010 on Friday, 25 February
2011 before the opening of the stock exchange.
Executive Board of Gamma Holding N.V.
Helmond, 29 October 2010
The figures contained in this trading update have not been audited.
Profile
Gamma Holding is active in 34 countries with some 4,500 employees and consists
of four business units: Ammeraal Beltech, Clear Edge Filtration, Dimension-
Polyant and Bekaert Textiles. The units develop, manufacture and sell
innovative, high-quality products throughout the world, varying from process and
conveyor belts and filtration products to sailcloth and mattress ticking. With
these activities, the business units of Gamma Holding hold prominent market
positions worldwide. The Company's headquarters are located in Helmond
(Netherlands) and its shares are listed on Euronext Amsterdam.
For more information, click onwww.gammaholding.com.
[HUG#1456768]
Click here for pdf file:
http://hugin.info/130740/R/1456768/396597.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Gamma Holding NV via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 29.10.2010 - 08:00 Uhr
Sprache: Deutsch
News-ID 47135
Anzahl Zeichen: 0
contact information:
Town:
Helmond
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 288 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Positive third quarter Gamma Holding"
steht unter der journalistisch-redaktionellen Verantwortung von
Gamma Holding NV (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
