DGAP-News: Grammer AG / Key word(s): Half Year Results
Grammer AG ends a strong first half
08.08.2012 / 06:55
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Grammer AG ends a strong first half
Revenue 1-6 2012 totals EUR 573.4 million - 6.7% higher year-over-year
EBIT down slightly due to start-up costs to EUR 23.8 million
At EUR 12.4 million, net profit increases by 29.2%
Amberg, August 08, 2012 - Following a first quarter of 2012, in which
Grammer AG achieved clear revenue gains, the specialist for seating systems
and automotive interiors continued to grow in the second quarter. Group
revenue in the first half of 2012 rose by 6.7% on a year-over-year basis to
EUR 573.4 million (01-06 11: 537.5).
Planned setup costs for the new generation of Grammer truck seats, -
successfully launched in the first and second quarter - as well as the
unforeseen slump hitting the Brazilian market pushed operating profit
(EBIT) to EUR 23.8 million, slightly below the prior-year level (01-06 11:
25.8). Nonetheless, Grammer was able to improve net profit by 29.2% to EUR
12.4 million (01-06 11: 9.6).
In the April to June period, Group revenue rose to EUR 287.6 million (Q2
11: 274.5). This positive performance in a difficult economic environment
was attributable to new production starts, persistently high demand in the
offroad segment and an advantageous customer base in the Automotive
division. As a result of the product launches mentioned above,
second-quarter EBIT was down slightly from the prior-year period to EUR
11.7 million (Q2 11: 13.7).
As of June 30, 2012, shareholders' equity totaled EUR 219.4 million -
roughly EUR 22 million more than last year (11/06/30: 197.7). The equity
ratio on the reporting date remained unchanged at 33%. At the same time,
Grammer successfully reduced its gearing ratio from 49% to 43% (as of June
30, 2012).
Seating Systems: Focus on new product launches
On the back of strong order volumes in the offroad segment, as well as new
products launched in 2012, Grammer Group's growth continued to be fuelled
largely by the Seating Systems division, which saw a revenue increase of
13.6% to EUR 239.0 million (01-06 11: 210.4), in an otherwise contracting
truck market. Compared to the previous quarter, divisional revenue
increased 5.7% between April and June 2012 to EUR 118.0 million (Q2 11:
111.7). Operating profit (EBIT) in the Seating Systems division was
impacted by both planned start-up costs and, in particular, by the surprise
market downturn in Brazil, and fell to EUR 5.7 million in the second
quarter (Q2 11: 8.5). From January to June 2012, Grammer's Seating System
division recorded EBIT of EUR 12.7 million (01-06 11: 16.4).
Automotive: Higher revenue despite negative market trend
The Automotive division of Grammer AG ended the first half of 2012 with a
0.9% rise in revenue to EUR 343.9 million (01-06 11: 341.0). Second-quarter
revenue reached EUR 174.0 million, a 2.8% improvement over the prior-year
quarter (Q2 11: 169.3). Thanks to the company's targeted positioning in the
premium car segment and the strength of sales and exports by German
carmakers to China and the United States, Grammer AG was thus able to
compensate for weaker regional auto markets. Operating profit in the
Automotive division for the second quarter of 2012 totaled EUR 7.6 million,
an improvement of 7.6% year-over-year (Q2 11: 7.1). For the first half as a
whole, EBIT in the Automotive division reached EUR 15.2 million (01-06 11:
14.9).
Outlook 2012
For 2012, Grammer continues to expect a positive order development on
previous year's level or slightly above.
Subject to a continuing stable development of the product launches, Grammer
expects a positive development of revenues and earnings in 2012. However,
the economic situation in Europe and China - and especially in Brazil - has
to be monitored closely, as further deteriorations in these markets could
have an impact on earnings.
With a view to the coming months, Grammer looks forward to welcoming new
CFO, Mr. Volker Walprecht. He will take up his position on October 01,
2012, succeeding Alois Ponnath. Walprecht has joined Grammer AG after
leaving Siemens AG, where he most recently was CFO of the division Oil &
Gas.
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. In the Automotive
division, we supply headrests, armrests and center console systems to
premium automakers and automotive system suppliers. Our Seating Systems
division comprises the truck and offroad seat segments as well as train and
bus seating.
GRAMMER is represented in 18 countries worldwide with a workforce of
approx. 9,000 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.
Contact:
GRAMMER AG
Ralf Hoppe
Phone: 0049 9621 66 2200
investor-relations@grammer.com
End of Corporate News
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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: 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, Hamburg, Stuttgart
End of News DGAP News-Service
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180816 08.08.2012
DGAP-News: Grammer AG ends a strong first half
| Source: EQS Group AG