Grammer AG / Preliminary Results
10.02.2010 19:51
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GRAMMER AG on an upward trend in the fourth quarter of 2009
Group revenue stabilized thanks to growth in the Automotive division
Operating EBIT (excl. one-time expenses) totaled EUR 3 million in Q4
Amberg, February 10, 2010 - GRAMMER AG, automotive supplier and
manufacturer of seating systems, successfully held on to the expected
stabilization in the fourth quarter of 2009. According to preliminary
figures, the Automotive division generated revenue of approx. EUR 144
million (Q4 2008: 137), a 5 percent increase as compared to the prior-year
quarter, and a 15 percent improvement on the third quarter of 2009 (Q3
2009: 124). At approx. EUR 65 million (Q4 2008: 86), revenue quarter on
quarter was also higher in the Seating Systems division (Q3 2009: 58).
Operative Group EBIT (adjusted for one-time expenses) reached EUR 3 million
in the final quarter of 2009, outstripping the third quarter 2009
significantly (adj. Q3 2009: -2.8) thanks to the positive effect of
capacity adjustment measures. The good performance in the fourth quarter of
2009 was largely the result of the stable revenue basis together with new
product start-ups in the Automotive division and the success of measures
implemented to align capacities with demand and reduce costs throughout
GRAMMER Group.
Fiscal year 2009
Despite the expected positive development in the fourth quarter, GRAMMER
Group experienced a 28 percent decline in revenue to approx. EUR 725
million (2008: 1,007) for full year 2009 as a result of the financial and
economic crisis. In the Automotive division, a stable upward trend has been
discernable for two consecutive quarters. Revenue in this division for 2009
as a whole totaled approx. EUR 490 million (2008: 638). There was a lag
before the effects of the crisis impacted the Seating Systems division, and
it is to be expected that the recovery in this area will also set in later.
Although the division has seen a low-level stabilization of revenues over
the past several months, total revenues for 2009 are down in Seating
Systems to approx. EUR 250 million (2008: 390). This represents a 36
percent decline from record year 2008.
As a result of the significant revenue reduction and restructuring
expenditures totaling approx. EUR 15 million for structural adjustments and
cutting of fixed costs, Group EBIT in 2009 was EUR -24.5 million (2008:
+32). Thanks to the success of the numerous structural measures implemented
by the Group thus far, operating profit (adjusted for one-time expenses)
fell only to EUR -9.5 million.
Outlook 2010
The further revenue and earnings development of GRAMMER Group will depend
largely on the further course of the economic situation in the global
markets. As a result of the implemented capacity adjustment and fixed cost
reduction measures, GRAMMER AG is expecting positive performance and a
return to the profit zone in fiscal year 2010. As a result of new
production start-ups in the Automotive and Truck division the company
expects an increase in revenues for 2010.
The complete GRAMMER AG 2009 Annual Financial Statements will be published
on March 31, 2010.
Company Profile
GRAMMER AG, Amberg, Germany, is specialized in the development and
production of components and systems for automotive interiors as well as
driver and passenger seats for offroad vehicles (tractors, construction
machinery, forklifts), trucks, buses and trains.
Our Seating Systems division comprises the truck and offroad seat segments
as well as train and bus seating. In the Automotive division, we supply
headrests, armrests, center console systems and integrated child safety
seats to premium automakers and automotive system suppliers. GRAMMER is
represented in 17 countries worldwide with a workforce of approx. 7,200
employees across its 24 fully consolidated subsidiaries. GRAMMER shares are
listed in the SDAX segment of the German Stock Exchange, and are traded on
the Munich and Frankfurt stock exchanges, via the Xetra electronic trading
platform and on the OTC markets of the Stuttgart, Berlin and Hamburg stock
exchanges.
GRAMMER AG
Ralf Hoppe
+49 9621 662 200
investor-relations@grammer.com
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Language: English
Company: 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, Düsseldorf, Stuttgart, Hamburg
End of News DGAP News-Service
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DGAP-News: GRAMMER AG on an upward trend in the fourth quarter of 2009
| Source: EQS Group AG