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GRAMMER AG
Quarterly Report • Oct 30, 2025
186_rns_2025-10-30_a6eec23e-0844-4447-97b6-b7aa692fc72d.pdf
Quarterly Report
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Revenue
1,386.9 EUR m
Operatina EBIT
Operating EBIT margin
3.6%
Equity ratio
16.9%
Net profit
20.8 EUR m
Free Cashflow – continued operations
17.8 FUR M
EBIT
42.4 FUR m
Capital expenditure
57.2 FUR m
Company profile
GRAMMER AG, which has its head office in Ursensollen, operates in two business segments: GRAMMER develops and produces high-quality interior and operating systems for the global automotive industry. GRAMMER is a full service provider of driver and passenger seats for trucks, buses, trains and offroad vehicles. At present, GRAMMER AG has about 12,000 employees in 19 countries around the world. Its revenue in 2024 was about FUR 19 billion GRAMMER shares are listed in the Prime Standard and traded on the Munich and Frankfurt stock exchanges as well as via the Xetra electronic trading platform.
The figures for the first nine months of 2024 have been adjusted retrospectively due to the sale of TMD on September 20, 2024.
Employees by region1
Annual average
1 On average, 333 people were employed in Central Services
Revenue by region2
FUR m
2 The consolidation effect of revenue between the regions amounts to FUR 315 million
Revenue by Quarter
in EUR m
Operating EBIT by region
AMERICAS
FUR m
EMEA 34.6 FUR m
APAC 26.7 FUR m
Overview of business performance
- • Macroeconomic and industry-specific uncertainties continue to weigh on GRAMMER's market environment. As before, weak demand in the automotive industry, geopolitical tensions and trade policy risks are contributing to an overall subdued revenue performance.
- • In contrast with this, the Commercial Vehicles product area proved significantly more robust in the third quarter of 2025. GRAMMER benefited here particularly in the EMEA and APAC regions, while revenue in the Automotive product area continued to decline as a result of falling demand from several OEMs.
- • Revenue fell by 5.8% to EUR 1,386.9 million in the first nine months of 2025 (01–09 2024: EUR 1,472.0 million). The Automotive product area recorded a drop of 9.0% to EUR 879.3 million, while Commercial Vehicles recorded a stable development with growth of 0.3% to EUR 507.6 million.
- • Despite the decline in revenue, GRAMMER improved its operating profitability: Operating EBIT rose to EUR 49.9 million (01–09 2024: EUR 38.0 million) at an operating EBIT margin of 3.6% (01–09 2024: 2.6%) due to the ongoing effects of the "Top 10 Measures" program and efficiency gains at the plants.
-
• In the EMEA region, revenue remained stable at EUR 812.9 million, while operating EBIT increased significantly to EUR 34.6 million (01–09 2024: EUR 18.9 million). The APAC region recorded an 8.9% decline in revenue to EUR 359.7 million, but remained highly profitable with an operating EBIT margin of 7.4% (01–09 2024: 8.3%). In the AMERICAS region, revenue fell by 19.5% to EUR 245.8 million, while operating EBIT declined slightly to EUR –3.9 million (01–09 2024: EUR –3.2 million).
-
• Overall, it is clear after nine months that GRAMMER has become significantly more resilient in operational terms as a result of implementing its "Top 10 Measures" and restructuring initiatives, despite the continuing difficult market environment. The measures introduced to optimize costs and structures are proving effective and helping to cushion the impact of the decline in revenue on earnings.
- • For the full year 2025, GRAMMER continues to expect revenue at the previous year's level of around EUR 1.9 billion with operating EBIT of around EUR 60 million. Risks remain as a result of the geopolitical situation, protectionist trends and volatile markets, particularly in the automotive sector.
Contents
| Dashboard | 2 | B Financial Information January to September 2025 | 9 |
|---|---|---|---|
| Overview of business performance | 3 | Consolidated Statement of Income | 10 |
| Consolidated Statement of Comprehensive Income | 11 | ||
| A Interim Management Statement January to September 2025 | 5 | Consolidated Statement of Financial Position | 12 |
| Consolidated Statement of Cash Flows | 14 | ||
| Financial Calendar 2026 / Contact / Masthead |
17 |
A | Interim Management Statement January to September 2025
GRAMMER AG publishes results for the first nine months of 2025
The GRAMMER Group today published its figures for the first nine months of 2025. They show that revenue declined by 5.8% to EUR 1,386.9 million in the reporting period (01–09 2024: EUR 1,472.0 million) against the backdrop of ongoing macroeconomic and trade policy uncertainties. Looking at the business segments, the decline in the Group was particularly evident in the AMERICAS region, where revenue fell by 19.5% to EUR 245.8 million (01–09 2024: EUR 305.3 million). In APAC, the GRAMMER Group also recorded a decline in revenue of 8.9% to EUR 359.7 million (01–09 2024: EUR 394.7 million). In EMEA, on the other hand, revenue increased slightly by 0.3% to EUR 812.9 million (01–09 2024: EUR 810.8 million).
The performance in the Automotive and Commercial Vehicles product areas diverged in the reporting period. While revenue in the Automotive product area fell by 9.0% to EUR 879.3 million (01–09 2024: EUR 965.8 million), the development in Commercial Vehicles remained stable, producing a slight increase in revenue of 0.3% to EUR 507.6 million (01–09 2024: EUR 506.2 million). This product area recorded very positive revenue growth, particularly in the period from July to September 2025. Growth in the third quarter came from the EMEA (+17.5%) and APAC (+19.4%) regions. The increase in both regions mainly reflected a weak prior-year base.
Despite the overall decline in revenue, GRAMMER recorded a significant increase in operating EBIT to EUR 49.9 million in the first nine months of 2025 (01–09 2024: EUR 38.0 million). The operating EBIT margin improved to 3.6% (01–09 2024: 2.6%). Operating EBIT was adjusted for negative currency effects of EUR 11.1 million, income from the dissolving of restructuring provisions of EUR 5.1 million and a deconsolidation loss of a US Group company of EUR 1.5 million. Consolidated earnings before interest and taxes (EBIT) amounted to EUR 42.4 million (01–09 2024: EUR –2.4 million). The significant increase in profitability was primarily due to the "Top 10 Measures" program, further restructuring measures and timely seasonal capacity adjustments, which led to efficiency gains at the plants. Furthermore, the substantial increase should also be viewed against the backdrop of a weak prior-year result, which was impacted by exceptional effects, among other things, increased costs due to volatile plant utilization and ramp-up costs for a Commercial Vehicles plant in North America.
Business development in the regions
In the EMEA region, GRAMMER generated revenue of EUR 812.9 million in the period from January to September 2025 (01–09 2024: EUR 810.8 million) – a year-on-year increase of 0.3%. Revenue in the Commercial Vehicles product area rose by 2.0% to EUR 345.2 million (01–09 2024: EUR 338.4 million). In the Automotive product area, however, revenue declined by 1.0% to EUR 467.7 million (01–09 2024: EUR 472.4 million). This development was particularly influenced by the weak market in the automotive sector. Against this backdrop, the positive effects of the successful integration of the Jifeng Automotive Interior (JAI) Group could not fully offset the decline in revenue. At EUR 34.6 million, operating EBIT in EMEA was also significantly higher than the previous year's level (01–09 2024: EUR 18.9 million). The operating EBIT margin rose accordingly to 4.3% (01–09 2024: 2.3%). Operating EBIT was adjusted for negative currency effects of EUR 5.4 million, income from the dissolving of restructuring provisions of EUR 2.0 million and a deconsolidation loss of a US Group company of EUR 0.3 million.
The APAC region recorded an 8.9% drop in revenue to EUR 359.7 million in the first nine months of 2025 (01–09 2024: EUR 394.7 million). The decline was mainly attributable to the Automotive product area, which saw revenue decrease by 11.3% to EUR 259.1 million (01–09 2024: EUR 292.1 million). The Commercial Vehicles product area recorded a decline in revenue of 1.9% to EUR 100.6 million (01–09 2024: EUR 102.6 million) mainly due to currency effects. This drop and an unfavourable product mix saw operating EBIT fall to EUR 26.7 million (01–09 2024: EUR 32.8 million) at an operating EBIT margin of 7.4% (01–09 2024: 8.3%).
Revenue in the AMERICAS region totalled EUR 245.8 million in the reporting period, down 19.5% on the previous year (01–09 2024: EUR 305.3 million). In the Automotive product area, revenue fell by 24.2% to EUR 162.3 million (01–09 2024: EUR 214.2 million), while in the Commercial Vehicles product area, revenue declined by 8.3% to EUR 83.5 million (01–09 2024: EUR 91.1 million). The previous year's figures were adjusted for the activities of the TMD Group, which was sold and deconsolidated in September 2024. Due to ongoing ramp-up costs for the new Commercial Vehicles plant in the USA and inefficiencies in production, operating EBIT for the first nine months was negative at EUR –3.9 million (01–09 2024: EUR –3.2 million). The operating EBIT margin was –1.6%, representing a deterioration of 0.6 percentage points compared with the same period in the previous year.
Net assets and financial position as of September 30, 2025
The GRAMMER Group's total assets fell to EUR 1,598.5 million as of September 30, 2025 (December 31, 2024: EUR 1,699.8 million). Non-current assets declined slightly by 0.8% to EUR 919.6 million (December 31, 2024: EUR 927.2 million). In particular, property, plant and equipment fell by 4.1% to EUR 462.7 million (December 31, 2024: EUR 482.5 million). Current assets decreased significantly by 12.1% to EUR 678.9 million (December 31, 2024: EUR 772.6 million).
Equity rose by 1.1% to EUR 269.9 million as of September 30, 2025 (December 31, 2024: EUR 266.9 million). The equity ratio thus increased by 1.2 percentage points to 16.9% (De cember 31, 2024: 15.7%). Non-current liabilities decreased by EUR 44.1 million to EUR 720.8 million (December 31, 2024: EUR 764.9 million). Current liabilities fell by EUR 60.1 million or 9.0% to EUR 607.8 million (December 31, 2024: EUR 667.9 million).
Outlook for the full year 2025
GRAMMER presented its assessments of the company's ex pected performance in the current year in detail in its outlook in the 2024 annual report. For 2025 as a whole, GRAMMER continues to expect revenue at the previous year's level of around EUR 1.9 billion with operating EBIT of around EUR 60 million. However, the outlook for the GRAMMER Group depends largely on further geopolitical developments and their impact on the global economy. The company continues to expect a challenging environment as a result of the difficult macroeconomic and industry-specific conditions.
GRAMMER Group key figures
Key figures in accordance with IFRS GRAMMER Group
EUR m
| 01–09 2025 | 01–09 20241 01–12 20241 | ||
|---|---|---|---|
| Group revenue1 | 1,386.9 | 1,472.0 | 1,921.7 |
| Revenue EMEA | 812.9 | 810.8 | 1,044.3 |
| Revenue AMERICAS1 |
245.8 | 305.3 | 391.7 |
| Revenue APAC | 359.7 | 394.7 | 536.6 |
| Income Statement1 | |||
| EBITDA | 100.5 | 51.3 | 80.9 |
| EBITDA margin (%) | 7.2 | 3.5 | 4.2 |
| EBIT | 42.4 | –2.4 | 8.1 |
| EBIT margin (%) | 3.1 | –0.2 | 0.4 |
| Operating EBIT | 49.9 | 38.0 | 41.6 |
| Operating EBIT margin (%) |
3.6 | 2.6 | 2.2 |
| Earnings before taxes |
18.8 | -32.4 | -23.7 |
| Net profit/loss | 20.8 | -46.3 | -48.0 |
| EUR m | |||
|---|---|---|---|
| September 30, 2025 |
September 30, 20241 |
December 31, 20241 |
|
| Consolidated Statement of Financial Position | |||
| Total assets | 1,598.5 | 1,522.9 | 1,699.8 |
| Equity | 269,9 | 222,8 | 266,9 |
| Equity ratio (%) | 16,9 | 14,6 | 15,7 |
| Net debt | 491.4 | 551,0 | 485,5 |
| Gearing (%) | 182.1 | 247,3 | 181,9 |
| 01–09 2025 | 01–09 20241 01–12 20241 | ||
| Statement of Cash Flows | |||
| Capital expenditure (without acquisitions through business combinations and financial assets) |
57.2 | 76.1 | 96.3 |
| Depreciation and amortization |
58.1 | 53.7 | 72.8 |
| Free cash flow – continued operations |
17.8 | -63.5 | -24.5 |
| Employees (number, average) |
12,023 | 12,332 | 12,116 |
| September 30, 2025 |
September 30, 20241 |
December 31, 20241 |
|
|---|---|---|---|
| Share data | |||
| Prices (Xetra closing price in EUR) |
6.45 | 7.20 | 4.80 |
| Market capitalization (EUR m) |
98.3 | 109.7 | 73.1 |
| Earnings per share (in EUR) |
1.26 | -3.19 | -3.33 |
Continued operations
B | Financial information January to September 2025
Consolidated Statement of Income
January 1 - September 30 of the respective financial year
| EUR k | 01–09 2025 | 01–09 20241 |
|---|---|---|
| Revenue | 1,386,873 | 1,472,018 |
| Cost of sales | -1,241,139 | -1,312,879 |
| Gross profit | 145,734 | 159,139 |
| Selling expenses | -23,247 | -19,859 |
| Administrative expenses | -125,633 | -158,227 |
| Other operating income | 45,575 | 16,509 |
| Earnings before interest and taxes (EBIT) | 42,429 | -2,438 |
| Financial income | 6,116 | 6,785 |
| Financial expenses | -32,640 | -32,543 |
| Other financial result | 2,947 | -4,168 |
| Earnings from continuing operations before taxes | 18,852 | -32,364 |
| Income taxes | 1,985 | -13,926 |
| Net profit/loss from continuing operations | 20,837 | -46,290 |
| Net profit/loss from discontinued operations | 0 | -38,593 |
| Net profit/loss | 20,837 | -84,883 |
| Of which attributable to: | ||
| Shareholders of the parent company | 18,775 | -86,181 |
| Non-controlling interests | -186 | -28 |
| Hybrid loan lender's compensation claims | 2,248 | 1,326 |
| Net profit/loss | 20,837 | -84,883 |
| Earnings per share | ||
| Basic/diluted earnings per share from continuing operations in EUR | 1.26 | -3.19 |
| Basic/diluted earnings per share from discontinued operations in EUR | 0.00 | -2.59 |
| Basic/diluted earnings per share in EUR | 1.26 | -5.78 |
1 Continued operations
Consolidated Statement of Comprehensive Income
January 1 - September 30 of the respective financial year
| EUR k | ||
|---|---|---|
| 01–09 2025 | 01–09 20241 | |
| Net profit/loss | 20,837 | -84,883 |
| Amounts that will not be reclassified to profit and loss in future periods |
||
| Actuarial gains/losses (-) under defined benefit plans | ||
| Gains/losses (-) arising in the current period | 9,879 | 4,420 |
| Tax expenses (-)/tax income | -2,854 | -1,278 |
| Actuarial gains/losses (-) under defined benefit plans (after tax) |
7,025 | 3,142 |
| Total amounts that will not be reclassified to profit and loss in future periods |
7,025 | 3,142 |
| Amounts that will be reclassified to profit and loss in future periods under certain conditions |
||
| Gains/losses (-) from currency translation of foreign subsidiaries |
||
| Gains/losses (-) arising in the current period | -19,462 | -6,863 |
| Gains/losses (-) from currency translation of foreign subsidiaries (after tax) |
-19,462 | -6,863 |
1 Continued operations
| EUR k | ||
|---|---|---|
| 01–09 2025 | 01–09 20241 | |
| Gains/losses (-) from cash flow hedges | ||
| Gains/losses (-) arising in the current period | 9,516 | -3,803 |
| Plus/less (-) amounts reclassified to the income statement through profit and loss |
481 | -1,205 |
| Tax expenses (-)/tax income | -3,051 | 1,521 |
| Gains/losses (-) from cash flow hedges (after tax) | 6,946 | -3,487 |
| Gains/losses (-) from net investments in foreign operations | ||
| Gains/losses (-) arising in the current period | -9,567 | -527 |
| Tax expenses (-)/tax income | -745 | -82 |
| Gains/losses (-) from net investments in foreign operations | ||
| (after tax) | -10,312 | -609 |
| Total amounts that will be reclassified to profit and loss | ||
| in future periods under certain conditions | -22,828 | -10,959 |
| Other comprehensive income | -15,803 | -7,817 |
| Total comprehensive income from continuing operations | 5,034 | -54,107 |
| Total comprehensive income from discontinued operations | 0 | -38,593 |
| Total comprehensive income after taxes | 5,034 | -92,700 |
| Of which attributable to: | ||
| Shareholders of the parent company | 4,386 | -94,093 |
| Non-controlling interests | -1,600 | 67 |
| Hybrid loan lender's compensation claims | 2,248 | 1,326 |
1 Continued operations
Consolidated Statement of Financial Position
as of September 30, 2025 and December 31, 2024
Assets
| EUR k | ||
|---|---|---|
| September 30, 2025 |
December 31, 2024 |
|
| Property, plant and equipment | 462,686 | 482,531 |
| Intangible assets | 159,484 | 157,341 |
| Investments measured at equity | 974 | 1,651 |
| Other non-current financial assets | 94,484 | 93,068 |
| Deferred tax assets | 52,067 | 52,175 |
| Other non-current assets | 67,128 | 67,913 |
| Non-current assets from customer contracts | 82,781 | 72,524 |
| Non-current assets | 919,604 | 927,203 |
| Inventories | 158,981 | 172,314 |
| Current trade accounts receivable | 256,528 | 257,479 |
| Other current financial assets | 10,510 | 5,063 |
| Current income tax receivables | 4,307 | 4,040 |
| Cash and short-term deposits | 136,705 | 219,846 |
| Other current assets | 52,335 | 50,325 |
| Current contract assets | 57,225 | 63,522 |
| Assets classified as held for sale | 2,295 | 0 |
| Current assets | 678,886 | 772,589 |
| Total assets | 1,598,490 | 1,699,792 |
Consolidated Statement of Financial Position
as of September 30, 2025 and December 31, 2024
Equity and Liabilities
| EUR k | ||
|---|---|---|
| September 30, | December 31, | |
| 2025 | 2024 | |
| Subscribed capital | 39,009 | 39,009 |
| Capital reserve | 162,947 | 162,947 |
| Own shares | -7,441 | -7,441 |
| Retained earnings | 48,195 | 29,420 |
| Cumulative other comprehensive income | -72,044 | -57,655 |
| Equity attributable to shareholders of the parent company | 170,666 | 166,280 |
| Hybrid loan | 85,474 | 85,295 |
| Non-controlling interests | 13,749 | 15,349 |
| Equity | 269,889 | 266,924 |
| Non-current financial liabilities | 387,879 | 409,543 |
| Non-current trade accounts payable | 855 | 1,128 |
| Other non-current financial liabilities | 178,621 | 179,335 |
| Retirement benefits and similar obligations | 108,644 | 117,501 |
| Deffered tax liabilities | 30,622 | 37,557 |
| Non-current provisions | 9,896 | 15,761 |
| Non-current contract liabilities | 4,264 | 4,103 |
| Non-current liabilities | 720,781 | 764,928 |
| EUR k | ||
|---|---|---|
| September 30, | December 31, | |
| 2025 | 2024 | |
| Current financial liabilities | 46,153 | 89,085 |
| Current trade accounts payable | 354,898 | 401,161 |
| Other current financial liabilities | 15,456 | 27,444 |
| Other current liabilities | 138,544 | 102,765 |
| Current income tax liabilities | 6,125 | 6,515 |
| Current provisions | 39,610 | 38,525 |
| Current contract liabilities | 7,034 | 2,445 |
| Current liabilities | 607,820 | 667,940 |
| Total liabilities | 1,328,601 | 1,432,868 |
| Total equity and liabilities | 1,598,490 | 1,699,792 |
Consolidated Statement of Cash Flows
January 1 – September 30 of the respective financial year
| EUR k | ||
|---|---|---|
| 01-09 2025 | 01-09 20241 | |
| 1. Cash flow from operating activities | ||
| Earnings before taxes | 18,852 | -70,464 |
| Reconciliation of earnings before taxes with cash flow from operating activities | ||
| Earnings from discontinued operations before taxes | 0 | 38,100 |
| Depreciation and impairment of property, plant and equipment | 55,290 | 51,798 |
| Amortization and impairments of intangible assets | 2,844 | 1,882 |
| Gains (–)/losses from the disposal of assets | 613 | 57 |
| Other non-cash changes | -1,679 | 45,917 |
| Financial result | 23,577 | 29,927 |
| Dividends received from participations measured at equity | 383 | 721 |
| Changes in operating assets and liabilities | ||
| Decrease/increase (–) in trade accounts receivable and other assets | -7,523 | -52,196 |
| Decrease/increase (–) in inventories | 13,334 | 8,076 |
| Decrease (–)/increase in provisions and retirement benefit provisions | -13,763 | -14,033 |
| Decrease (–)/increase in accounts payable and other liabilities | 32,645 | -32,368 |
| Income taxes paid | -12,691 | -11,478 |
| Cash flow from operating activities from continued activities | 111,882 | -4,061 |
| Cash flow from operating activities from discontinued activities | 0 | -25,298 |
| Cash flow from operating activities from continued and discontinued activities | 111,882 | -29,359 |
1 Continued operations
| 01-09 2025 | 01-09 20241 | |
|---|---|---|
| 2. Cash flow from investing activities | ||
| Purchases | ||
| Purchase of property, plant and equipment | -45,436 | -47,035 |
| Purchase of intangible assets | -4,184 | -6,587 |
| Purchase of financial assets | -11,521 | -12,813 |
| Acquisition of subsidiaries | 0 | -1,364 |
| Purchases related to business combinations | -43,168 | 0 |
| Disposals | ||
| Disposal of property, plant and equipment | 3,188 | 1,261 |
| Disposal of intangible assets | 223 | -36 |
| Disposal of financial assets | 689 | 395 |
| Interest received | 6,116 | 6,785 |
| Cash flow from investing activities from continued operations | -94,093 | -59,394 |
| Cash flow from investing activities from discontinued operations | 2,236 | 29,528 |
| Cash flow from investing activities from continued and discontinued operations | -91,857 | -29,866 |
| 3. Cash flow from financing activities | ||
| Payments from compensation claims of the hybrid loan lender | -2,069 | -1,028 |
| Inflow from capital injection by minority shareholder | 0 | 4,551 |
| Inflow from shareholder loan | 0 | 99,577 |
| Outflow from loan to shareholder | 0 | -59,766 |
| Payments received from raising financial liabilities | 6,526 | 209,622 |
| Payments made for the settlement of financial liabilities | -48,545 | -133,235 |
| Payments made for settlement of lease liabilities | -16,626 | -14,872 |
| Interest paid | -23,291 | -27,150 |
| Cash flow from financing activities from continued operations | -84,005 | 77,699 |
| Cash flow from financing activities from discontinued operations | 0 | -10,401 |
| Cash flow from financing activities from continued and discontinued operations | -84,005 | 67,298 |
1 Continued operations
EUR k
| 01-09 2025 | 01-09 20241 | |
|---|---|---|
| 4. Cash and cash equivalents at the end of the period | ||
| Changes in cash and cash equivalents recognized in the cash flow statement (sub-total of items 1–3) | -63,980 | 8,073 |
| Effects of exchange rate differences of cash and cash equivalents | 3,415 | -2,337 |
| Cash and cash equivalents as of January 1 | 193,486 | 51,451 |
| Cash and cash equivalents as of September 30 | 132,921 | 57,187 |
| 5. Analysis of cash and cash equivalents | ||
| Cash and short-term deposits | 136,705 | 103,426 |
| Bank overdrafts (including current liabilities from factoring contracts) | -3,783 | -46,239 |
| Cash and cash equivalents as of September 30 | 132,921 | 57,187 |
1 Continued operations
Financial Calendar 20261
Important dates for shareholders and analysts
Publication of Annual Report 2025
Analyst and financial press conference
Publication Interim Management Statement 1st Quarter 2026
Annual General Meeting 2026
Publication of Interim Report 2nd Quarter / 1st Half Year 2026
Publication of Interim Management Statement 3rd Quarter 2026
Contact
GRAMMER AG
Grammer-Allee 2
92289 Ursensollen
P.O. Box 14 54 92204 Amberg, Germany
Phone +49 (0) 9621 66 0 Fax +49 (0)9621 66 31000 www.grammer.com
Investor Relations
Katerina Koch
Phone +49 (0) 9621 66 2222
E-mail [email protected]
Masthead
Published by
GRAMMER AG Grammer-Allee 2 92289 Ursensollen, Germany
Release date
October 30, 2025
Concept, layout
IR.on AG, Köln https://ir-on.com/
Image Credits
Adobe Stock
1 All dates are tentative and subject to change.
GRAMMER AG
Grammer-Allee 2 92289 Ursensollen, Germany Phone +49 (0) 96 21 66 0 www.grammer.com