DGAP-News: Grammer AG / Key word(s): Preliminary Results
Grammer AG experiences significant growth in 2010
15.02.2011 / 06:55
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Grammer AG experiences significant growth in 2010
Grammer Group preliminary results released
Group revenue and EBIT exceed forecast
Both divisions - Automotive and Seating Systems -
carry growth
Amberg, February 15, 2011 - Today, GRAMMER AG, automotive supplier and
manufacturer of seating systems, released its preliminary figures for
fiscal year 2010. Over the past year, the company generated growth in
revenue of 27.8 percent, to EUR 929.3 million (2009: 727.4). Group revenue
was thus higher than the full-year forecasts, which had already been raised
twice. The company profited in particular from a surprisingly strong
recovery across the entire industry. Prior to auditing, Group EBIT is
anticipated to be EUR 32.7 million (2009: -23.9). This equates to an
increase of EUR 56.6 million over last year's figure and an EBIT margin of
3.5 percent for fiscal year 2010. The significant rise in EBIT can be
attributed to higher revenue as well as measures implemented to increase
efficiency and lower costs. In the fourth quarter, Group revenue was
roughly EUR 252.3 million (2009: 208.9), brought about by strong demand in
both segments. Group EBIT was roughly EUR 9.7 million, an increase of EUR
8.9 million over 2009.
The Automotive division benefited not only from new production startups,
but also from increasing demand from abroad for premium class vehicles. The
primary drivers of growth in this area were the US and Chinese markets.
Revenue for 2010 as a whole was approximately EUR 610.2 million. In crisis
year 2009, revenue in the division totaled EUR 495.5 million. That
translates to an increase of 23.1 percent year over year. Q4 revenue rose
to EUR 166.3 million (2009: 149.6).
In the Seating Systems division, revenue rose to EUR 342.5 million (2009:
247.1) as a result of strong demand worldwide. This substantial increase of
38.6 percent resulted from rising truck demand and recovery in the offroad
vehicles market. Above-average growth was generated particularly in China
and Brazil. In the fourth quarter, revenue continued to grow, reaching EUR
93.4 million (2009: 63.4).
Outlook 2011
Based on a stable market environment Grammer intends to continue pushing
forward with its growth agenda in 2011. However, the current developments
on the global commodity markets need to be monitored very closely. Grammer
AG will release a detailed forecast and the complete 2010 Annual Financial
Statements on March 30, 2011.
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. 8,000 employees across its
23 fully consolidated subsidiaries. GRAMMER shares are listed in the S-DAX
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.
End of Corporate News
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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
Listed: Regulierter Markt in Frankfurt (Prime Standard), München;
Freiverkehr in Berlin, Düsseldorf, Hamburg, Stuttgart
End of News DGAP News-Service
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112173 15.02.2011
DGAP-News: Grammer AG experiences significant growth in 2010
| Source: EQS Group AG