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.
On a comparable basis, turnover of Filtration was stable. Positive developments in, among others, the United States, Australia and New Zealand were offset by disappointing results in Europe, with the exception of Germany, where demand remained high.
Compared to the first quarter of 2007, turnover of Coating & Composites rose. Growth was posted in Western Europe, the Middle East and North America, among others. Particularly duraskin (tents and roofing structures) and seemee (printable media fabric) performed well. The business unit supplied fabric for the roofing structure of the new stadiums in Jakarta, Indonesia and Coquimbo, Chile, as well as for the airport in Alicante, Spain.
Lifestyle Fabrics:
Turnover at the Lifestyle Fabrics sector rose by 2% and amounted to EUR 84 million. Currency movements had an effect of -4%. On a comparable basis turnover increased by 6%.
Turnover at Exotic Fabrics increased sharply as a result of increasing demand for all brands. After the successful opening of a Vlisco flagship store in Benin, the top brand started a similar store in Togo.
Uniwax benefited from larger export volumes and turnover of GTP rose as well, partly due to the undiminished demand for the cheaper GTP Nustyle. Woodin also performed well, with new stores planned in Benin and Côte d'Ivoire. Especially the recently opened store in the new Accra shopping mall in Ghana is successful.
Sleep Care Fabrics still has to contend with increased price pressure and lower volumes in Europe. Additionally, the business unit is hindered by the weaker economy in the United States caused by the stagnating housing market.
