DGAP-News

Grammer successfully starting into the new business year

DGAP-News: Grammer AG / Key word(s): Quarterly / Interim Statement
Grammer successfully starting into the new business year

09.05.2016 / 06:56
The issuer is solely responsible for the content of this announcement.

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Grammer successfully starting into the new business year

21 percent increase in Group revenue to EUR 425.9 million
Improved operating performance in both Divisions
Substantial increase in operating EBIT to EUR 17.3 million

Amberg, May 9, 2016 - The Grammer Group, a global supplier of interior
components for passenger vehicles and commercial vehicle seating systems,
has entered the new business year on a very successful note. Group revenue
climbed by 21 percent or EUR 73.2 million to EUR 425.9 million in the first
quarter (2015: 352.7). This encouraging performance was underpinned by
top-line growth in both Group divisions as well as the successful
integration of the Reum Group, which had been acquired at the end of 2015.

As planned, the operating performance of both Divisions improved, with
Group operating EBIT rising substantially to EUR 17.3 million (2015: 6.8).
At 4.1%, the operating EBIT margin was therefore well up on the same
quarter of the previous year. Group earnings before interest and taxes
(EBIT) came to EUR 14.8 million (2015: 16.5) and were only slightly down on
the previous year despite the high positive currency-translation effects in
first quarter of 2015.

Revenue in the Automotive Division up almost 30 percent
Once again, the Automotive Division was the main revenue driver in the
first quarter of 2016, recording an increase of 28.9 percent in revenue to
EUR 316.1 million (2015: 245.3). Generally dynamic market growth
accompanied by above-average gains in console business together with the
first-time inclusion of the Reum Group generated a sharp increase.

Operating EBIT in the Division rose substantially, doubling to EUR 10.6
million (2015: 5.0). Consequently, the operating EBIT margin widened to 3.4
percent (2015: 2.0). Thus, as planned, the favorable operating performance
achieved by the Automotive Division reflects the preliminary success of the
optimization measures implemented last year together with lower up-front
costs. At EUR 8.6 million in the first quarter of 2016, segment earnings
before interest and taxes (EBIT) fell short of the previous year (2015:
11.0), which had been heavily influenced by the aforementioned
currency-translation effects.

Substantially improved earnings in the Seating Systems Division