Publication of inside information in accordance with Article 17 of Regulation (EU) No. 596/2014
GRAMMER AG (WKN 589540, ISIN DE0005895403)
GRAMMER AG: Earnings development in first quarter of 2022 significantly below prior-year level
Ursensollen, April 12, 2022 – Based on preliminary figures, GRAMMER AG's earnings performance in the first quarter of 2022 was significantly below the previous year's level. Accordingly, earnings before interest and taxes (EBIT) were around EUR -1 million (Q1 2021: EUR 22.6 million) and operating EBIT around EUR -2.5 million (Q1 2021: EUR 21.0 million). Preliminary Group revenue in the past quarter is slightly above the previous year's level (Q1 2021: EUR 503.7 million) and therefore roughly on target.
The main reasons for the decline in earnings continue to be significantly increasing material, logistics and energy costs, new corona lockdowns, which affect the Chinese market, as well as ongoing bottlenecks in the supply markets. In addition, one-time expenses, and special freights of around EUR 4 million at a GRAMMER plant in the AMERICAS region had an impact.
Despite the lower-than-expected first quarter, the Executive Board currently maintains its full-year guidance published in the Annual Report. Risks to GRAMMER Group's revenue and earnings from the war in Ukraine and ongoing corona lockdowns in China may intensify depending on their length and further course and could have a negative impact on the guidance.
The Q1 statement will be published on April 28, 2022.
The Executive Board
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