DGAP-News: Grammer AG achieves record results in 2011
(firmenpresse) - DGAP-News: Grammer AG / Key word(s): Final Results
Grammer AG achieves record results in 2011
29.03.2012 / 06:54
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GRAMMER achieves record results in 2011
Group revenue 18 percent higher at EUR 1.1 billion
Group-EBIT up 50 percent to EUR 49.4 million
Dividend reinstated, proposed at EUR 0.40 EUR per share
Amberg, March 29, 2012 - Grammer AG, automotive supplier and leading
manufacturer of seating systems for commercial vehicles, achieved the best
revenue results in its 50-year history during the 2011 fiscal year. Fuelled
by dynamic worldwide demand for agricultural machines and trucks, as well
as strong exports by German carmakers, Grammer AG improved Group revenue by
18.0% to EUR 1,093.5 million (2010: 929.7). Double-digit growth in both
company divisions contributed to this outstanding result. Revenue in the
Seating Systems division increased 28.1%, along with 11.5% in the
Automotive division. Compared to 2010, earnings before interest and taxes
(EBIT) improved by more than 50 percent to a new absolute record of EUR
49.4 million (2010: 32.9), despite sometimes intense volatility in
commodity and currency markets. After interest and taxes, Grammer's net
profit totaled EUR 22.1 million in 2011 (2010: 16.3). Earnings per share
came in at EUR 2.02 (2010: 1.60).
Dividend payment planned
Given the positive earnings situation, Grammer AG intends to pay out a
dividend for the first time since 2008. At the Annual General Meeting on
May 23, 2012, the Executive and Supervisory Boards will propose payment of
a dividend in the amount of EUR 0.40 per share for the 2011 fiscal year.
'With our structural re-alignment we now have a good basis for the
strategic development of Grammer Group. We will continue to pursue our
successful strategy and continue to invest in new markets and products in
the future,' says Hartmut Müller, CEO of Grammer AG.
As of December 31, 2011, as a result of the continuing positive earnings
situation and the capital increase to optimize financial structures, the
company's equity rose substantially to EUR 211.2 million (2010: 173.1).
Despite the expanded scope of business and first-time consolidation of
electronics specialist Grammer EiA Electronics N.V., Aartselaar, Belgium,
which was acquired in the summer, the equity ratio was 34% (2010: 31) on
the reporting date. Investments excluding M&A activity totaled EUR 37.6
million last year, roughly in line with previous year (2010: 38.1).
Nevertheless, Grammer was able to generate a clearly positive free cash
flow of EUR 14.2 million (2010: -5.9). The Group's net financial debts also
developed very favorably. As of December 31, 2011, these amounted to EUR
92.1 million, which is more than EUR 20 million less than at the previous
year's reporting date. The gearing ratio was down considerably, falling by
22 percentage points to 44% (2010: 66).
As of December 31, 2011, Grammer Group employed 8,726 people worldwide, 771
more than in the previous year (2010: 7,955). The increase of around 9.7%
is proportionally far lower than the rate of revenue growth. Thus, Grammer
Group further reduced its compensation ratio.
Regionally diverse growth
Regional revenues saw varied development throughout Grammer Group in 2011.
The most pronounced increases were in Europe. As a result of strong
performance in agricultural machines and high demand for premium German
cars, revenuein Europe increased to EUR 727.4 million (2010: 595.2),
growing at 22% slightly higher than overall revenues. In the America
region, revenue was once again higher, rising 13% to EUR 220.7 million
(2010: 195.2), following a 65% increase in 2010. As expected, growth in the
Asia region has normalized. Revenue, however, was up approximately 7% to
EUR 148.4 million (2010: 139.3). 'In the coming years, we plan to further
strengthen our presence in Asia and America, in order to benefit from our
customers' growth in those regions while simultaneously reducing dependence
on individual markets,' explains Hartmut Müller.
Seating Systems division continues to drive growth
Thriving demand in offroad and truck business led to strong 28.1% growth in
the Seating Systems division to EUR 438.0 million (2010: 341.9). In
particular, persistent high demand in the offroad segment helped Grammer to
improved operating profit. Dynamic growth in this highly profitable
business segment, along with cost optimization measures over the past
several years pushed operating profit almost 75% higher to EUR 30.6 million
(2010: 17.6). The operating margin also improved by nearly 2 percentage
points to 7.0%. Investment in the Seating Systems division were up,
particularly as a result of set-up of truck seat production capacities for
the new generation MSG 115 in Germany and the Czech Republic, to EUR 22.0
million (2010: 15.8).
Automotive division benefits from demand for premium cars
In the Automotive division, the main impetus last year came from the
premium segment and the sustained strength of German car exports.
Increasing volumes of new German premium vehicle sales and new production
launches in 2011 helped the Automotive division to an 11.5% improvement in
revenue to EUR 680.3 million (2010: 610.2). The rise in operating earnings
before interest and taxes (EBIT) outpaced earnings, increasing 26% to EUR
26.9 million (2010: 21.4), and the EBIT margin improved to 4.0% (2010:
3.5). At EUR 14.8 million in 2011, investment volume was down as planned by
roughly EUR 7 million year-over-year in the Automotive division, following
high capital expenditures in prior years. The emphasis of investment was on
new production facilities for pending customer projects as well as
expansion of the Changchun/China, Mexico and Schmölln/Germany locations.
Outlook 2012
Grammer expects that worldwide market growth will normalize after the high
growth rates over the past two years. For 2012 Grammer expects a positive
order development on previous year's level or slightly above due to stable
core markets and new product launches.
Subject to a stable development of the product launches and economic
conditions, Grammer expects a positive development of revenues and earnings
in 2012.
Contact:
GRAMMER AG
Ralf Hoppe
Phone: 0049 9621 66 2200
investor-relations(at)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(at)grammer.com
Internet: www.grammer.com
ISIN: DE0005895403, DE0005895403WKN: 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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162884 29.03.2012
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