Improvement in first-quarter results for Gamma Holding
(Thomson Reuters ONE) -
* Turnover: ? 157 million (2010: ? 138 million)
* EBITDA1 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 EBITDA1 excluding restructuring expenses in the first three months rose by
23%, from ? 16.5 million in 2010 to ? 20.3 million in 2011.
EBITA2 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).
EBITDA1 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).
EBITDA1 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.
The turnover of Dimension-Polyant was ? 11 million (2010: ? 10 million). EBITDA1
excluding restructuring expenses amounted to ? 1.7 million (2010: ? 1.6
million). The business unit is still suffering from the after-effects of the
recession. The replacement market remained stable.
At Bekaert Textilesturnover amounted to ? 41 million (2010: ? 37 million).
EBITDA1 excluding restructuring expenses came to ? 5.9 million (2010: ? 7.0
million). The business unit profited from good economic conditions in the North
and South American markets in the first three months of the year.
Termination of stock market listing
Gamma Holding will be delisted on Friday 29 April 2011. Accordingly, the final
day on which the ordinary shares and the ordinary participating preference
shares can be regularly traded on NYSE Euronext Amsterdam will be Thursday 28
April 2011.
Go Acquisition, which now owns 96.9% of the shares in Gamma Holding, intends to
initiate squeeze-out proceedings to acquire all the remaining ordinary shares
and ordinary participating preference shares that have not already been tendered
as soon as possible.
Outlook
Barring unforeseen circumstances, Gamma Holding expects the positive trend to
continue in 2011, although the continuing uncertainty regarding the economic
climate and rising energy and raw material prices have to be taken into account.
Helmond, 27 April 2011
Executive Board of Gamma Holding N.V.
Jan Albers, CEO
Leendert van Reeuwijk, CFO
The figures 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).
For more information, click on www.gammaholding.com
[1]Group result before income tax, interest, depreciation/amortisation and
impairment of property, plant and equipment and intangible assets
[2] Group result before income tax, interest and amortisation/impairment of
goodwill and acquired intangible assets
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Source: Gamma Holding NV via Thomson Reuters ONE
[HUG#1509139]
Unternehmensinformation / Kurzprofil:
Datum: 27.04.2011 - 08:00 Uhr
Sprache: Deutsch
News-ID 53899
Anzahl Zeichen: 6552
contact information:
Town:
Helmond
Kategorie:
Business News
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