DGAP-News: GRAMMER moves forward with
(firmenpresse) - DGAP-News: Grammer AG / Key word(s): Final Results
GRAMMER moves forward with
30.03.2011 / 06:44
---------------------------------------------------------------------
GRAMMER moves forward with
growth in 2010
Group revenue 28% higher
EBIT-Margin at 3.5%
Net profit reaches EUR 16.3 million
Amberg, March 30, 2011 - In fiscal year 2010, Grammer AG achieved 28.0%
growth in Group revenue to EUR 929.7 million (2009: 727.4). The specialist
for seating systems and automotive interiors thus nearly regained the
revenue level it had prior to the global financial and economic crisis.
Both the Seating Systems division, with a 38.4% increase, and the
Automotive division, with a 23.1% increase in revenues, contributed to the
considerable improvement. Earnings before interest and taxes (EBIT) totaled
EUR 32.9 million (2009: -23.9), confirming the earnings forecast from
October 2010. After tax, Grammer thus achieved net profit of EUR 16.3
million (2009: -28.2). Earnings per share came in at EUR 1.60 (2009:
-2.77). As of December 31, 2010, as a result of the net profit for the
year, equity rose to EUR 173.1 million, which equates to an equity ratio of
31% (2009: 30).
Despite the increase in business and investments of EUR 38.1 million (2009:
32.7), net financial liabilities were only slightly higher year over year
at EUR 113.8 million (2009: 106.2), which resulted in 4-percentage point
lowering of the gearing ratio to 66% (2009: 70).
Regional differences in growth
Performance was not equally distributed throughout the two divisions; there
were variations across the regions within Grammer Group. Revenue in Europe,
for instance, grew only by a moderate 14.6% as a result of weakness going
into the first quarter, whereas the Far East/RoW region posted a 54.9%
increase on the back of sizeable growth in Asia. Rapid recovery of the US
market and increasing demand for commercial vehicles in South America led
to an even greater increase in the overseas region, where revenue grew by
65.1%. 'The divergence of performance between the regions once more
demonstrates the strategic importance of our investments in these growth
markets. Expansion in these regions remains a clear objective within our
strategy for the Group,' says Hartmut Müller, CEO of Grammer AG.
Good results in the Automotive division
Increasing numbers of new German premium vehicles in key markets around the
world and new production launches in 2010 helped the Automotive division to
a 23% improvement in revenue to EUR 610.2 million (2009: 495.5). Operating
earnings before interest and taxes (EBIT) rose to EUR 21.4 million, an
increase of EUR 25.3 million over 2009. The Group invested EUR 22.0 million
in this division, slightly less than the EUR 22.4 million in the prior
year. The focus of capital expenditure was on new production lines for
pending customer projects and expansion of capacities in Mexico, Shanghai,
Serbia and Schmölln.
Strong growth in the Seating Systems division
The Seating Systems division in 2010 once again made a substantial
contribution to the growth of the Group with revenue totaling EUR 341.9
million (2009: 247.1). This equates to an increase of 38.4% over the
previous year. Key drivers of performance last year were growing demand for
trucks and improving conditions in the market for offroad vehicles in the
second half. The division also increased operating profit and, as a result
of revenue growth and steps taken to cut costs and boost efficiency,
achieved EBIT of EUR 17.6 million (2009: -9.9). Investments totaled EUR
15.8 million, EUR 6.3 million higher year over year. The focus of
investment was on expanding production for the new generation of truck
seats in Germany and the Czech Republic.
Workforce growth
As of December 31, 2010, GRAMMER Group employed 7,955 people worldwide, 731
more than on the previous annual reporting date. The Automotive division
employed 5,034 and the Seating Systems division 2,744. As a result of a
favorable new order situation and new production starts, the majority of
hires were for production in low-wage countries.
Outlook 2011
For the first half of 2011, Grammer expects new orders to remain stable at
the same high level seen in the preceding quarters.
Earnings, however, will be influenced by developments on commodity markets
and currency exchange rates, which could impact profitability of the
Company during the second half in particular.
On the whole, GRAMMER is expecting moderate revenue growth in fiscal year
2011, along with further improvement in operating profit.
The aftereffects of the earthquake tragedy in Japan on global economic
development cannot yet be foreseen. Potential global shortages of parts and
components from Japan, could result in production slowdowns for our
customers and thus order cancellations in the supplier industry.
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
---------------------------------------------------------------------
30.03.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.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
Listed: Regulierter Markt in Frankfurt (Prime Standard), München;
Freiverkehr in Berlin, Düsseldorf, Hamburg, Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------
117508 30.03.2011
Datum: 30.03.2011 - 06:44 Uhr
Sprache: Deutsch
News-ID 33627
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 328 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: GRAMMER moves forward with"
steht unter der journalistisch-redaktionellen Verantwortung von
Grammer AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
