DGAP-News: Grammer achieves substantial revenue growth in the first quarter 2012
(firmenpresse) - DGAP-News: Grammer AG / Key word(s): Quarter Results
Grammer achieves substantial revenue growth in the first quarter 2012
09.05.2012 / 06:59
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Grammer achieves substantial revenue growth in the first quarter 2012
Revenue increases 8.7 % to EUR 285.8 million
At EUR 12.1 million, EBIT matches prior year despite start-up costs
Amberg, May 09, 2012 - Grammer AG held to its growth trend once more in the
first quarter of 2012, in which the company generated consolidated Group
revenue of EUR 285.8 million. Revenue in the period from January to March
2012 were thus up 8.7 % from the previous year (01-03 11: 263.0). The
revenue increase was primarily attributable to the Seating Systems
division, which benefited once more from ongoing demand strength in the
core markets, as well as new product launches.
With EUR 12.1 million operating earnings before interest and taxes (EBIT)
matched the prior-year quarter (01-03 11: 12.1). The EBIT margin was 4.2 %,
and was burdened by product launches and the set-up of new manufacturing
facilities for truck seat production.
Net profit after tax in the reporting period totaled EUR 7.7 million, up
considerably from the first quarter 2011 (01-03 11: 4.9).
Grammer invests in new products
Grammer Group invested a total of EUR 7.8 million in the first quarter of
2012 (01-03 11: 9.9). In the Seating Systems division, EUR 4.9 million were
invested, primarily in the building of production capacities for the new
generation truck seats and production optimization measures. A total of EUR
2.8 million were invested in the Automotive division, mainly in the buildup
of center console production capacities to fill orders received in 2011.
Regional differences in revenue development
Looking at Grammer Group's markets worldwide, Europe - with a 12.5 %
revenue improvement to EUR 194.3 million (01-03 11: 172.7) - played a major
role in the quarter under review. The proportion of overall sales
represented by Europe thus rose to 68.0 % (01-03 11: 65.7). In the Americas
region, as well as Far East/Others, revenues remained stable at a high
level. Sales in Americas region were up 1.6 % to EUR 56.2 million (01-03
11: 55.3). Despite continued high demand in the US, the regional market was
up only slightly as a result of strong contraction in Brazil. Growth was
also a marginal 1.0 % in the Far East/Others region, with total revenue of
EUR 35.3 million (01-03 11: 34.9).
Seating Systems drives revenue growth
The greatest contributor to growth within Grammer Group in the reporting
period was the Seating Systems division. On the back of surging demand in
Europe and the US, the division generated revenue of EUR 121.0 million
(01-03 11: 98.7) in the first quarter of 2012 - an increase of 22.6 %.
One-off costs for the start of production of the new generation truck seats
had a slight negative impact on EBIT in the division, which fell from EUR
7.9 million to EUR 7.1 million. Results were also burdened by weak
performance in Brazil, which was not fully compensated by the other
markets. EBIT margin in the first quarter of 2012 was 5.8 % and therefore
below the very high level of the previous year (01-03 11: 8.0) due to the
special influences described above.
Automotive division continues to thrive
Revenue in the Automotive division reached the high level seen last year,
falling off slightly to EUR 169.9 million in the first quarter of 2012
(01-03: 171.7) due to lower project related sales. Operating profit of EUR
7.6 million (01-03 11: 7.9) and the EBIT margin of 4.5 % (01-03 11: 4.6)
also remained at the same high level seen in the prior-year quarter.
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.
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. In the Automotive
division, we supply headrests, armrests and center console systems to
premium automakers and automotive system suppliers. Our Seating Systems
division comprises the truck and offroad seat segments as well as train and
bus seating.
GRAMMER is represented in 18 countries worldwide with a workforce of
approx. 9,000 employees across its 24 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.
Contact:
GRAMMER AG
Ralf Hoppe
Phone: 0049 9621 66 2200
investor-relations(at)grammer.com
End of Corporate News
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09.05.2012 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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