Grammer AG / Preliminary Results 10.02.2010 19:51 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- 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 10.02.2010 19:51 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|] --------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------
DGAP-News: GRAMMER AG on an upward trend in the fourth quarter of 2009
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