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Grammer AG: Grammer with higher revenue and earnings in the first half of 2014

DGAP-News: Grammer AG / Key word(s): Half Year Results
Grammer AG: Grammer with higher revenue and earnings in the first half
of 2014

06.08.2014 / 06:52

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Grammer with higher revenue and earnings in the first half of 2014

Increase in revenue to EUR 669.6 million in the first half of 2014

Rise in operating profit (EBIT) to EUR 30.9 million despite heavy up-front
costs for optimization and growth projects

Disproportionately sharp increase in net profit after tax to EUR 18.3
million

Full-year guidance confirmed

Amberg, August 6, 2014 - With a 4.2 percent increase in revenue compared
with the previous year, Grammer AG closed the first half of 2014 on a
successful note. The leading global supplier of seating systems for
commercial vehicles and automotive interiors generated total revenue of EUR
669.6 million (2013: 642.5), achieving this growth despite negative
currency translation effects, which influenced revenue in the first half of
the year by roughly EUR 21 million.

Although operating profit was burdend as expected from extensive activities
aimed at relocating, optimizing or expanding various production facilities,
EBIT rose slightly to EUR 30.9 million in the first half of the year (2013:
30.1). At 4.6 percent, the EBIT margin was stable compared to previous year
(2013: 4.7).

"The fact that we were able to increase EBIT in the first half of the year
despite these heavy up-front costs testifies to our good global set-up and
the high acceptance of our products in the market. With the successful
completion of the optimization and expansion projects in 2014, we are now
creating the basis for more profitable and sustainable growth in the
Grammer Group in the future," says Hartmut Müller, Chief Executive Officer
of Grammer AG.

Grammer reported a disproportionately improvement in net profit, which
rose 5.8 percent over the previous year to EUR 18.3 million (2013: 17.3).

In the second quarter alone, the Grammer Group generated revenue of EUR
338.8 million (2013: 334.1), EBIT of EUR 16.1 million (2013: 16.3) and net
profit of EUR 9.7 million (2013: 9.3).

Five percent growth in the Automotive Division
The core buisness segments headrest and console/armrest contributed equally
to the encouraging growth in revenue in the Automotive Division. Overall,
revenue in the Automotive Division climbed by 5.4 percent over the previous
year to EUR 427.9 million (2013: 406.1).

Segment EBIT was EUR 15.1 million (2013: 17.8), thus falling short of the