DGAP-News: GRAMMER AG with a strong second quarter
(firmenpresse) - Grammer AG / Half Year Results
10.08.2010 07:02
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GRAMMER AG with a strong second quarter
Group EBIT hits EUR 15.0 million in the first half year
Seating Systems and Automotive divisions contribute to turnaround
Group revenue increases by 30 % in first half year
Amberg, August 10, 2010 - GRAMMER AG, automotive supplier and manufacturer
of seating systems, today presented its interim report for the first six
months of 2010. After a successful second quarter characterized by a strong
order situation, the company saw revenues improve in the first half to EUR
444.5 million (H1 2009: 341.7). The 18.2 percent increase in revenue in the
first quarter was clearly exceeded in Q2 with a rise of 42.1 percent. Group
earnings before interest and taxes (EBIT) reached EUR 15.0 million (H1
2009: -19.4) in the first half year, thanks to the positive situation in
revenue and the improved cost structure following consolidation measures
last year. In the second quarter, group EBIT climbed to EUR 11.4 million
(Q2 2009: -10.9). 'We are extremely satisfied with the performance of the
company in the second quarter - the turnaround has been achieved. The steps
that were implemented early on in the crisis to reduce costs have proved
their worth,' says Hartmut Müller, Chief Executive Officer of the GRAMMER
AG.
Growing demand in all regions
GRAMMER was able to increase revenues in every region. In Europe, revenue
in the first half of 2010 grew by nearly 15 percent to EUR 290.7 million,
as well as 70.9 percent in the Overseas region, to EUR 90.4 million. The
region with the most dynamic growth was Far East/RoW, where revenue
increased by an outstanding 76.6 percent to EUR 63.4 million.
Automotive division enjoys good order situation
Revenue performance was very positive in the Automotive division. Key
factors in this have been the improved car market and new production starts
for GRAMMER. Sales in the Automotive division were up in the first half of
the year, to EUR 295.9 million compared to EUR 221.5 million in the
previous year. This corresponds to an increase of 33.6 percent. Operating
profit also rose to EUR 10.2 million (H1 2009: -9.1) in the January to June
period. In the second quarter alone, EBIT reached EUR 6.5 million. This
significant improvement of EUR 9.6 million year-over-year was attributable
in large part to the operational adjustments and restructuring measures
last year.
Positive trend continues for Seating Systems division
In the Seating Systems division, GRAMMER was able to build on the positive
developments in the first quarter of 2010 and increase revenues to EUR 87.8
million (Q2 2009: 56.4) in the second quarter. For the first half as a
whole, revenues were up by EUR 33.7 million to EUR 159.6 million (H1 2009:
125.9). EBIT benefitted exceptionally in the first six months from the
cost and capacity adjustment measures implemented last year, going from EUR
-4.2 million in 2009, to positive EUR 6.7 million in the first six month of
2010.
Solid financial situation
GRAMMER Group continues to enjoy a solid financial situation. The
improvements in business pushed total assets on the June 30, 2010 reporting
date to EUR 580.7 million (December 31, 2009: 500.4). Equity increased by
EUR 15.3 million to EUR 166.3 (December 31, 2009: 151.0). As a result of
the higher increase in total assets, the equity ratio is 29 percent
(December 31, 2009: 30).
Number of employees increased to expand capacities
On June 30, 2010, GRAMMER Group had 7,749 employees. This amounts to an
increase of 7.3 percent compared to December 31, 2009. Staffing numbers
were increased primarily in the Automotive division. The improving market
environment and the new production starts have made it necessary to
increase the number of direct employees at our locations outside of
Germany.
Investments in new products and markets
Investment volume in the first half of 2010 was up only slightly on the
prior-year level, at EUR 15.6 million. In the Automotive division, EUR 10.1
million went largely to the building of production capacities in Schmölln
and Mexico. Investment in the Seating Systems division from January to June
totaled EUR 5.4 million, to expand production of the new generation of
truck seats.
Outlook for full-year 2010
On the basis of the positive developments in the first six months and the
expectations for the second half of the year, GRAMMER is forecasting
revenue growth of roughly 10 percent for full-year 2010, to around EUR 800
million. Assuming stable market and currency developments, the EBIT margin
should reach approximately 3 percent.
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. 7,700 employees across its
23 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.
GRAMMER AG
Investor Relations
Ralf Hoppe
Phone: + 49 9621 662 200
investor-relations(at)grammer.com
10.08.2010 07:02 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
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(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 Hamburg, Düsseldorf, Berlin, Stuttgart
End of News DGAP News-Service
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Datum: 10.08.2010 - 07:02 Uhr
Sprache: Deutsch
News-ID 31921
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