GRAMMER AG - Earnings Release 2015

News Details

Corporate | 17 February 2016 06:53

Grammer AG: Grammer’s group revenue exceeds EUR 1.4 billion for the first time in fiscal year 2015

DGAP-News: Grammer AG / Key word(s): Preliminary Results

2016-02-17 / 06:53

The issuer is solely responsible for the content of this announcement.

Grammer’s group revenue exceeds EUR 1.4 billion for the first time in fiscal year 2015

Revenue increase of five percent to around EUR 1.43 billion

Group EBIT higher than adjusted forecast

Further growth and higher profitability expected in 2016

Amberg, February 17, 2016 – Grammer AG has today released its preliminary figures for fiscal year 2015. With Group revenue of around EUR 1.425 billion, the leading supplier for passenger vehicle interior components and commercial vehicle seating recorded a 4.5 percent increase over the previous year (2014: 1.366). Accordingly, Grammer achieved a new revenue record for the fifth consecutive time.

In particular, Grammer’s Automotive Division, which supplies automotive OEMs all around the world with center consoles, armrests and headrests, repeated the dynamic performance of earlier years, benefiting from generally strong conditions in the global automotive market and market share gains in all regions. Division revenue rose by just under 11 percent to more than EUR 1.0 billion (2014: 0.912). Order intake in the Automotive Division also reached a new record last year, providing the basis for continued dynamic growth in future years.

The persistent weakness of important core markets left distinct traces on Grammer’s other division, Seating Systems, which develops and produces suspended seating systems for trucks, agricultural and construction machinery as well as railway seats. Business performance was influenced by another slump in the Brazilian market, the appreciable slowing of the Chinese commercial vehicle market and contraction in the agricultural sector. As expected, revenue in the Seating Systems Division dropped by around 5 percent to around EUR 455 million (2014: 479).

Group EBIT just under EUR 43 million

According to the preliminary figures, the Grammer Group generated operating earnings before interest and taxes (EBIT) of roughly EUR 42.6 million in 2015, thus slightly exceeding the forecast which had been revised in the summer.

“Last year, Grammer additionally reinforced its global position in what in some cases was a very challenging and volatile market environment, completing a large number of expansion, optimization and serial projects. With the acquisition of plastics and metal specialist Reum, we also expanded our product and process expertise, something which will open up additional growth potential for us,” said Hartmut Müller, Chief Executive Officer of Grammer AG.

Growth in Automotive and stabilization in Seating Systems in the fourth quarter

At EUR 265 million in the fourth quarter of 2015, revenue in the Automotive Division matched the previous year’s figures (2014: 270). Despite the still weak markets, revenue in the Seating Systems Division stabilized again for the first time and, at EUR 115 million, was in fact slightly up on the previous year (2014: 110). Total Group revenue came to EUR 370 million in the fourth quarter, thus remaining on par with the previous year (2014: 372). Group EBIT in the fourth quarter stood at around EUR 13 million and, as expected, also matched the previous year’s high level (2014: 13.9).

Further growth accompanied by greater profitability expected in 2016

Grammer expects a continuation of the volatile and challenging market conditions in 2016, particularly in the relevant commercial vehicle markets. Even so, it is confident of being able to successfully address these challenges thanks to its global footprint and further process improvements.

Grammer projects a moderate sales development in the Seating Systems Division compared with the previous year due to the continued weakness of its core markets. However, it expects the Automotive Division to achieve appreciable growth once again. Driven by the positive effects of last year’s numerous optimization measures and the resultant improvement in profitability, Grammer expects higher contributions to earnings from both divisions this year.

Grammer AG will be publishing its full annual report for 2015 on March 30, 2016.

Company Profile

Grammer AG, Amberg, Germany, specializes in the development and production of components and systems for automotive interiors as well as driver and passenger seats for utility and offroad vehicles. In the Automotive Division, we supply headrests, armrests and center console systems to premium automakers and automotive system suppliers. The Seating Systems Division comprises the truck and offroad seat segments as well as train and bus seats.

Grammer is represented in 20 countries worldwide with a workforce of over 12,000 employees across its 30 subsidiaries.

The Grammer share is listed in the SDAX and traded on the Frankfurt and Munich stock exchanges via the electronic trading system Xetra as well as in over-the-counter trading at the Stuttgart, Berlin and Hamburg stock exchanges.

Contact:

GRAMMER AG

Ralf Hoppe

Phone: 0049 9621 66 2200

[email protected]

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Language:	English
Company:	Grammer AG
	Postfach 14 54
	92204 Amberg
	Germany
Phone:	+49 (0)9621 66-0
Fax:	+49 (0)9621 66-1000
E-mail:	[email protected]
Internet:	www.grammer.com
ISIN:	DE0005895403, DE0005895403
WKN:	589540, 589540
Indices:	SDAX
Listed:	Regulated Market in Frankfurt (Prime Standard), Munich; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Stuttgart