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Grammer AG: Grammer reports positive development in revenue and profit in the third quarter. Fourth consecutive revenue record expected for fiscal year 2014.

DGAP-News: Grammer AG / Key word(s): Quarter Results
Grammer AG: Grammer reports positive development in revenue and profit
in the third quarter. Fourth consecutive revenue record expected for
fiscal year 2014.

12.11.2014 / 06:53

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Grammer reports positive development in revenue and profit in the third
quarter. Fourth consecutive revenue record expected for fiscal year 2014.

4 percent increase in revenue to EUR 993.8 million in the first nine months

With EUR 43.1 million EBIT reached previous year's level

Net profit and earnings per share substantially up on the previous year

Amberg, November 12, 2014 - Grammer AG, a leading global supplier of
seating systems for commercial vehicles and automotive interiors, was able
to raise its Group revenue by over 4 percent to EUR 993.8 million in the
first nine months of 2014 (2013: 952.9). This includes negative
currency-translation effects of around EUR 24 million. At EUR 43.1 million,
earnings before interest and taxes (EBIT) remained steady despite the
continued heavy up-front costs required for implementing the global
expansion strategy (2013: 43.3). With revenue higher, the EBIT margin thus
contracted slightly to 4.3 percent (2013: 4.5). On a very encouraging note,
net profit rose by a disproportionately strong 8 percent to EUR 25.8
million (2013: 23.9). Earnings per share also rose by more than 10 percent
over the previous year from EUR 2.15 to EUR 2.37.

After a moderate second quarter, Group revenue picked up again in the third
quarter, climbing by 4.4 percent over the previous year to EUR 324.2
million in the period from July to September (2013: 310.4). Influenced by
the aforementioned up-front costs, EBIT came to EUR 12.2 million (2013:
13.2) and, as expected, was slightly down on the previous year. On the
other hand, net profit rose by a very substantial 14 percent to EUR 7.5
million (2013: 6.6).

"Despite increasingly disparate market conditions, Grammer has remained on
an impressive growth trajectory. Even with the continued heavy up-front
costs for the global growth strategy and structural optimizations, our
operating profit remained at the previous year's level and net profit even
rose substantially," said Hartmut Müller, CEO of Grammer AG.

Automotive Division spurred by growth impulses
With revenue up by encouraging 5.7 percent to EUR 642.1 million (2013:
607.2), the Automotive Division, which develops and produces center
consoles, headrests and armrests, once again grew very dynamically. This
favorable performance was particularly supported by sustained strong demand
in the premium passenger vehicle segment and further expansion of the