Amberg, June 28 2001 - Grammer AG, Amberg, managed to continue its upward trend in the current year. As the executive board announced at the general meeting today, compared with the corresponding period in the previous year, the group turnover at the end of May 2001 increased by about 16 % up to 316.8 mill € (Previous year 273.8). The group EBIT increased on an over-proportional basis in the first five months by 68 % up to 27.4 mill € (Previous year 16.3). As a result of the capital increase at the end of May - the newly founded Grammer Holding GmbH subscribed for the entire authorised capital of Grammer AG amounting to 8.95 mill € against a cash contribution - the financial situation in the group was also improved significantly. Following the transaction, the equity ratio went up to 25 % (End of 2000: 11 %).
The upward business development is sustained. This is chiefly the result of the car accessories product division, in which Grammer is benefiting from the high demand by manufacturers for high-quality models. Up until the end of May the turnover in this division went up from 172.7 mill € to 209.8 mill €, the EBIT also increased by a significant amount. The drivers' seats division adversely affected at the beginning of the year by the agricultural crisis increased in turnover from 74.2 mill € up to 84.1 mill €. The EBIT-ratio was on the same level as for financial 2000. In the passenger seats sector, delays in projects in the train sector as well as the difficult economic situation in Turkey made themselves felt. The volume of business here dropped from 27.0 mill € down to 20.9 mill €. The EBIT for this sector was in the red.
For the year as a whole Grammer is expecting a percentage increase in turnover in double figures as well as a growth in profits in excess of this.