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Financial News

Grammer AG experiences significant growth in 2010

Tuesday February 15, 2011

• Grammer Group preliminary results released

• Group revenue and EBIT exceed forecast

• Both divisions – Automotive and Seating Systems – carry growth

Amberg, February 15, 2011 – Today, GRAMMER AG, automotive supplier and manufacturer of seating systems, released its preliminary figures for fiscal year 2010. Over the past year, the company generated growth in revenue of 27.8 percent, to EUR 929.3 million (2009: 727.4). Group revenue was thus higher than the full-year forecasts, which had already been raised twice. The company profited in particular from a surprisingly strong recovery across the entire industry. Prior to auditing, Group EBIT is anticipated to be EUR 32.7 million (2009: -23.9). This equates to an increase of EUR 56.6 million over last year’s figure and an EBIT margin of 3.5 percent for fiscal year 2010. The significant rise in EBIT can be attributed to higher revenue as well as measures implemented to increase efficiency and lower costs. In the fourth quarter, Group revenue was roughly EUR 252.3 million (2009: 208.9), brought about by strong demand in both segments. Group EBIT was roughly EUR 9.7 million, an increase of EUR 8.9 million over 2009.

The Automotive division benefited not only from new production startups, but also from increasing demand from abroad for premium class vehicles. The primary drivers of growth in this area were the US and Chinese markets. Revenue for 2010 as a whole was approximately EUR 610.2 million. In crisis year 2009, revenue in the division totaled EUR 495.5 million. That translates to an increase of 23.1 percent year over year. Q4 revenue rose to EUR 166.3 million (2009: 149.6).

In the Seating Systems division, revenue rose to EUR 342.5 million (2009: 247.1) as a result of strong demand worldwide. This substantial increase of 38.6 percent resulted from rising truck demand and recovery in the offroad vehicles market. Above-average growth was generated particularly in China and Brazil. In the fourth quarter, revenue continued to grow, reaching EUR 93.4 million (2009: 63.4).

Outlook 2011
Based on a stable market environment Grammer intends to continue pushing forward with its growth agenda in 2011. However, the current developments on the global commodity markets need to be monitored very closely. Grammer AG will release a detailed forecast and the complete 2010 Annual Financial Statements on March 30, 2011.

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