DGAP-News

Grammer with substantial increase in revenue and net profit in 2014

DGAP-News: Grammer AG / Key word(s): Final Results
Grammer with substantial increase in revenue and net profit in 2014

30.03.2015 / 07:00

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Grammer with substantial increase in revenue and net profit in 2014

-8 percent increase in revenue to a new record of EUR 1.37 billion
-Net profit up 14 percent to EUR 33.6 million
-High up-front costs and investments for global expansion and optimization
-Dividend to be increased by 15 percent to EUR 0.75 per share

Amberg, March 30, 2015 - The Grammer Group, a leading supplier of interior
components for passenger vehicles and seating systems for commercial
vehicles, continued to perform successfully last year, recording a
substantial increase in revenue as well as net profit. The final annual
financial statements for 2014 show consolidated revenue of EUR 1.366
billion (2013: 1.266). This is an increase of 8 percent over the previous
year and also marks the fourth all-time high in a row. In view of high
up-front costs and investments for the global expansion program and
capacity optimization in all regions, the company achieved consolidated
EBIT of EUR 57.0 million (2013: 58.0). However, thanks to an improved
financial result, net profit rose substantially more quickly compared with
the previous year, coming to EUR 33.6 million (2013: 29.6), while earnings
per share also increased to EUR 3.09. Reflecting this favorable
performance, the company is proposing to increase its dividend by 15
percent to EUR 0.75 per share (2013: 0.65).

"With the extensive expansion and optimization measures which we took as
well as the fluctuation in markets of key importance for us, 2014 was a
very challenging year for us. However, the fact that despite these
underlying conditions we were able to achieve a new revenue record and post
higher profit reflects Grammer's good international position and improved
stability," says Hartmut Müller, Chief Executive Officer of Grammer AG.

Revenue in the Far East greater than in the Americas for the first time
The substantial increase in business was materially underpinned by strong
growth in the region Far East. In this region, revenue rose by a very
strong 26 percent to EUR 227.7 million (2013: 181.0) thanks to new products
and further gains in market shares. Consequently, the region Far East made
a greater contribution to group revenue than the Americas did for the first
time. In the Americas, revenue fell slightly by 3.1 percent to EUR 226.3