Grammer AG / Preliminary Results/Forecast 23.02.2009 Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- GRAMMER achieved revenues of roughly one billion euros in 2008 EBIT 2008 about EUR 32 million at last year's level Profit after tax lower Expectations for the first half-year 2009 Executive Board proposes no dividend Amberg, February 23, 2009 - As expected, GRAMMER AG has succeeded in increasing 2008 revenue by roughly one percent to EUR 1,007 million and achieved an EBIT of around EUR 32 million, which is at last year's level of EUR 32.1 million, despite the difficult market conditions. Adjusted for one-time expenses of about EUR seven million, operating profit increased significantly compared to the previous year. Whereas the Automotive division saw a revenue decline of three percent to EUR 638 million (2007: EUR 658 million), the Seating Systems division increased revenue by seven percent to EUR 390 million (2007: EUR 363 million). During the first half of 2008 in particular, the Seating Systems segment demonstrated considerable growth, before both divisions experienced a substantial falloff in the second half - accelerating in the fourth quarter - as a result of the financial crisis. Results of the Automotive division were also burdened by costs associated with significant restructuring measures. Due to global financial turbulences the currency and commodity spot-markets showed extreme fluctuations during the last weeks of the reporting year which caused significant losses in our financial result at year-end. Because of that the company is expecting a profit after tax for 2008 in a range of EUR 12 to 14 million (2007: EUR 17.6 million). Compared to September 30, 2008 the net financial debt at year-end could be decreased from EUR 109 million to estimated EUR 85 million. GRAMMER AG expects difficult market conditions in 2009 as a result of the financial crisis. Already in the fourth quarter of 2008, the Automotive division experienced a substantial reduction in orders received, a situation that has also affected the Seating Systems division since the beginning of this year. Lower demand is expected to continue throughout the first half of 2009, reducing sales by 25 to 30 percent. In addition to actions already implemented, such as short-time work, production relocations and reductions in the number of temporary workers, further structural capacity adjustment measures, especially headcount adjustments, will be necessary. Against this background a negative EBIT is expected for the first half of 2009. Given the still limited visibility and high degree of uncertainty with respect to the development of customer orders, the company can currently make no forecast of full-year 2009 results. Based on the present situation, however, a rapid and strong recovery of the markets is not anticipated. In light of the considerable uncertainty in the economic outlook and the substantial financial burden due to the structural measures to be expected in 2009, the Executive Board of GRAMMER AG will propose to the Supervisory Board that no dividend be paid for the 2008 fiscal year, despite the positive development last year. GRAMMER AG will present its annual financial statements in full at the press conference on March 31, 2009 in Frankfurt/Main. GRAMMER AG Ralf Hoppe VP Investor Relations Phone: +49 9621 66 2200 E-Mail: ralf.hoppe@grammer.com DGAP 23.02.2009 --------------------------------------------------------------------------- Language: English Issuer: Grammer AG Postfach 14 54 92204 Amberg Deutschland Phone: +49 (0)9621 66-0 Fax: +49 (0)9621 66-1000 E-mail: investor-relations@grammer.com Internet: www.grammer.com ISIN: DE0005895403, DE0005895403 WKN: 589540, 589540 Indices: SDAX Listed: Regulierter Markt in Frankfurt (Prime Standard), München; Freiverkehr in Berlin, Stuttgart, Hamburg, Düsseldorf End of News DGAP News-Service ---------------------------------------------------------------------------
DGAP-Adhoc: Grammer AG: Prel. Results 2008 / Forecast HY1 2009 / Executive Board proposes no dividend
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