Corporate | 7 November 2012 06:54
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Grammer AG / Key word(s): Quarter Results
Grammer AG continues to grow despite challenging environment
Nine-month revenue up 6.0 % year-over-year to EUR 858.7 million
Amberg, November 7, 2012 – From January to September 2012, Grammer Group achieved a year-over-year increase in revenue and net earnings. In all, the specialist for seating systems and automotive interiors was able to improve revenue performance by 6 % in the January to September period from EUR 810.4 million in 2011 to EUR 858.7 million this year. Net profit totaled EUR 17.8 million (2011: 15.8) in the same period. In a difficult macroeconomic environment, the company thus extended its gratifying revenue and earnings trend from the first half. Contrary to revenue and earnings, operating profit (EBIT) was down slightly in the first three quarters of 2012. Both one-time startup costs for new products and pronounced weakness in the Brazilian market – which weighed on EBIT performance in the first half as well – continued to have a negative impact in Q3, which could not be fully compensated by stronger performance in other areas. Nine-month EBIT receded slightly from EUR 36.0 million last year to EUR 34.3 million in 2012. Looking at the third quarter alone, group revenue rose from EUR 272.9 million in the prior-year quarter to EUR 285.3 million in Q3 2012, despite an ongoing cool-down in core markets. Third-quarter EBIT improved marginally, from EUR 10.2 million to EUR 10.5 million. Shareholders' equity was up by EUR 21.4 million over 2011, totaling EUR 223.9 million on September 30, 2012. Accordingly, the equity ratio increased by one percentage point to 34 %. Grammer Group's debt was further reduced and gearing at the end of the third quarter was down by 13 percentage points to 44 % (September 30, 2011: 57 %).
Automotive division with pleasing revenue growth in the third quarter
Seating Systems continues growth trend despite difficult market environment
Outlook 2012 With a view to full-year 2012, Grammer expects further weakening of the economic situation and customer demand in its core markets. Despite the already strong levels achieved in 2011, Grammer Group anticipates continued improvements in revenue performance. Revenue growth will exceed prior-year levels by low single digits in 2012, though revenue in the remaining months of the year will fall short of the strong level seen in the final quarter of last year. Forecasted revenue performance in the fourth quarter and ongoing weakness in the Brazilian market will continue to burden the operating profit until yearend. For 2012 as a whole, however, Grammer is expecting an overall result on par with last year.
Company Profile
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
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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@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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| 191855 07.11.2012 |