09.05.2016
Grammer AG DE0005895403
DGAP-News: Grammer successfully starting into the new business year
DGAP-News: Grammer AG / Key word(s): Quarterly / Interim Statement
Grammer successfully starting into the new business year
09.05.2016 / 06:56
The issuer is solely responsible for the content of this announcement.
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Grammer successfully starting into the new business year
21 percent increase in Group revenue to EUR 425.9 million
Improved operating performance in both Divisions
Substantial increase in operating EBIT to EUR 17.3 million
Amberg, May 9, 2016 - The Grammer Group, a global supplier of interior
components for passenger vehicles and commercial vehicle seating systems,
has entered the new business year on a very successful note. Group revenue
climbed by 21 percent or EUR 73.2 million to EUR 425.9 million in the first
quarter (2015: 352.7). This encouraging performance was underpinned by
top-line growth in both Group divisions as well as the successful
integration of the Reum Group, which had been acquired at the end of 2015.
As planned, the operating performance of both Divisions improved, with
Group operating EBIT rising substantially to EUR 17.3 million (2015: 6.8).
At 4.1%, the operating EBIT margin was therefore well up on the same
quarter of the previous year. Group earnings before interest and taxes
(EBIT) came to EUR 14.8 million (2015: 16.5) and were only slightly down on
the previous year despite the high positive currency-translation effects in
first quarter of 2015.
Revenue in the Automotive Division up almost 30 percent
Once again, the Automotive Division was the main revenue driver in the
first quarter of 2016, recording an increase of 28.9 percent in revenue to
EUR 316.1 million (2015: 245.3). Generally dynamic market growth
accompanied by above-average gains in console business together with the
first-time inclusion of the Reum Group generated a sharp increase.
Operating EBIT in the Division rose substantially, doubling to EUR 10.6
million (2015: 5.0). Consequently, the operating EBIT margin widened to 3.4
percent (2015: 2.0). Thus, as planned, the favorable operating performance
achieved by the Automotive Division reflects the preliminary success of the
optimization measures implemented last year together with lower up-front
costs. At EUR 8.6 million in the first quarter of 2016, segment earnings
before interest and taxes (EBIT) fell short of the previous year (2015:
11.0), which had been heavily influenced by the aforementioned
currency-translation effects.
Substantially improved earnings in the Seating Systems Division
Despite the further sharp market-related decline in Brazilian business,
revenue in the Seating Systems Division also grew solidly by 4.6 percent
over the previous year to EUR 122.0 million (2015: 116.6). Specifically,
revenue in the truck segment dropped only marginally despite the
persistently weak market conditions in Brazil and the slower Chinese
economy. However, these effects were more than offset by growth in the
other segments. Thus, European offroad business stabilized in the first
quarter particularly in the agricultural machinery segment.
Driven by the stabilization of important and profitable core markets in
Europe in particular, Grammer achieved significantly greater profitability
in the Seating Systems Division despite the continued sharp contraction of
the Brazilian commercial vehicle market. Operating EBIT in the Seating
Systems Division came to EUR 9.4 million and was thus significantly higher
than in the previous year (2015: 5.3 million), accompanied by an operating
EBIT margin of 7.7 percent (2015: 4.5). At EUR 9.2 million in the first
quarter of 2016, Division earnings before interest and taxes (EBIT) were
also up on the previous year (2015: 8.5).
Capital spending ratio further optimized
At EUR 9.0 million, capital spending by the Grammer Group remained at the
previous year's level (2015: 8.8). Most of the capital spending in both
Divisions was for the establishment and expansion of international
facilities and production capacities as well as the optimization of
existing locations and processes.
Full-year guidance for 2016 confirmed
As the year continues, Grammer expects the volatile and challenging market
conditions to continue, particularly in the relevant commercial vehicle
markets. Even so, it is confident of being able to successfully address
these challenges over the coming months thanks to its global footprint and
further improvements in its processes.
All told, it expects the revenue generated by the Group's core business
including the Reum Group to increase to over EUR 1.6 billion compared with
the previous year. In addition, it forecasts substantial EBIT and a slight
growth of the EBIT margin over the previous year.
Company Profile
Grammer AG, Amberg, Germany, specializes in the development and production
of components and systems for automotive interiors as well as driver and
passenger seats for utility and offroad vehicles. In the Automotive
Division, we supply headrests, armrests and center console systems to
premium automakers and automotive system suppliers. The Seating Systems
Division comprises the truck and offroad seat segments as well as train and
bus seats.
Grammer is represented in 20 countries worldwide with a workforce of over
12,000 employees across its 32 subsidiaries.
The Grammer share is listed in the SDAX and traded on the Frankfurt and
Munich stock exchanges via the electronic trading system Xetra as well as
in over-the-counter trading at the Stuttgart, Berlin and Hamburg stock
exchanges.
Contact:
GRAMMER AG
Ralf Hoppe
Phone: 0049 9621 66 2200
[email protected]
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09.05.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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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: [email protected]
Internet: www.grammer.com
ISIN: DE0005895403, DE0005895403
WKN: 589540, 589540
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Munich;
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Stuttgart
End of News DGAP News Service
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