DGAP-News: Grammer reporting substantial increase in growth and profitability in the first half of 2013
(firmenpresse) - DGAP-News: Grammer AG / Key word(s): Half Year Results
Grammer reporting substantial increase in growth and profitability in
the first half of 2013
07.08.2013 / 06:50
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Grammer reporting substantial increase in growth and profitability in the
first half of 2013
13.3 % increase in revenue to EUR 642.5 million in the first half
Improvement in the EBIT margin to 4.7 %
Disproportionately rise in net profit by 30.1 % to EUR 17.3 million
Amberg, August 7, 2013 - With a substantial increase in Group revenue and
improved profitability, Grammer AG closed the first half of 2013 on a very
successful note. Compared with the already good first quarter, the company
achieved even greater momentum in the following three months. In total
Group revenue climbed by 13.3 percent to EUR 642.5 million in the first
half of the year (2012: 567.2). The specialist for seating systems and car
interior was able to increase earnings before interest and taxes (EBIT) by
23.9 percent to EUR 30.1 million (2012: 24.3). The EBIT margin improved
accordingly by 0.4 percentage points to 4.7 percent (2012: 4.3). Net profit
grew even more in the first half of 2013 by 30.1 percent, reaching EUR 17.3
million (2012: 13.3).
In the second quarter alone, Grammer Group generated revenue of EUR 334.1
million (2012: 284.5), EBIT of EUR 16.3 million (2012: 12.0) and net profit
of EUR 9.3 million (2012: 5.7).
'We have been growing very dynamically on a broad front. Revenue in the
Automotive division and the profitability of the Seating Systems division
are particularly encouraging. Our strategic decision to focus on the
premium segment, the acquisition of nectec Automotive s.r.o. as well as the
additional market share gains due to new products have had a very positive
impact,' says Hartmut Müller, CEO of Grammer AG.
Automotive division continuing to make headway
In the automotive business, Grammer posted a substantial 18.1 percent
increase in revenue to EUR 406.1 million in the first half of 2013 (2012:
343.9) despite the protracted difficult market conditions and generally
lower new registration numbers particularly in the major European markets.
Operating earnings (EBIT) came to EUR 17.8 million (2012: 15.2), thus
growing at close to the same rate as revenue. The EBIT margin remained
stable at 4.4 percent in the first half of 2013. In the second quarter,
revenue in the Automotive division climbed by as much as 22.1 percent to
EUR 212.4 million (2012: 174.0).
Seating Systems growing on a high level with improved profitability
Revenue in the Seating Systems division rose by 5.8 percent, thus
contributing EUR 246.1 million to Grammer's pleasing performance in the
first half of 2013 (2012: 232.7). Spurred by the recovery in the commercial
vehicles market in Brazil as well as additional market share gained by new
products, the division was able to more than offset the general market
weakness particularly in Europe. Operating earnings (EBIT) in the Seating
Systems division were particularly positive, rising to EUR 18.3 million
(2012: 13.3 million). The EBIT margin improved significantly by 1.8
percentage points to 7.5 percent (2012: 5.7). Growth was particularly
strong in the second quarter of 2013, with revenue rising by 10.2 percent
to EUR 126.5 million (2012: 114.8).
Full-year outlook for 2013
Given its very encouraging business performance over the past six months
and based on the current economic conditions, Grammer considers the Group's
further development to be decidedly stable. Accordingly, the company
expects revenue and earnings to be appreciably higher in 2013 than in the
previous year. Possible risks arising from the foreign currency markets,
the persistent eurozone crisis and conditions in the global car and truck
markets continue to be monitored closely and may also burden revenue and
earnings in the event of any negative trends emerging.
Note on previous year's figures:
Prior-year figures 2012 were adjusted to reflect application of IFRS 11 and
the amended version of IAS 19.
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 offroad vehicles (tractors, construction machinery,
forklifts). The 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 and center console systems to premium
automakers and automotive system suppliers.
Grammer is represented in 18 countries worldwide with a workforce of more
than 9,000 employees across its 27 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 over the counter at the Stuttgart, Berlin
and Hamburg stock exchanges.
Contact:
GRAMMER AG
Ralf Hoppe
Phone: 0049 9621 66 2200
investor-relations(at)grammer.com
End of Corporate News
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07.08.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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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, 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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224540 07.08.2013
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