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PRESS RELEASE: Grammer AG asserting itself in a challenging automotive environment: substantial growth in Group revenue and EBIT

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DGAP-News: Grammer AG / Key word(s): Half Year Results
Grammer AG asserting itself in a challenging automotive environment:
substantial growth in Group revenue and EBIT

2019-08-13 / 06:58
The issuer is solely responsible for the content of this announcement.

*Grammer AG asserting itself in a challenging automotive environment:
substantial growth in Group revenue and EBIT*

_- Strong rise of 13.4 percent in revenue to over EUR 1.0 billion in the
first half of 2019_

_- Revenue from TMD more than compensated for the muted business as a result
of challenging market conditions in the traditional Automotive Division_

_- Positive development in all regions in the Commercial Vehicles Division_

_- Half-year EBIT of EUR 50.2 million substantially up on the previous year_

_- New Executive Board lineup now complete: Thorsten Seehars appointed CEO
and Jurate Keblyte CFO _

*Amberg, August 13, 2019* - With market conditions deteriorating in the
automotive industry and global passenger vehicles sales declining, Grammer
AG asserted itself successfully. In the first half of 2019, the global
supplier of interior components and seating systems posted substantially
higher revenue and operating earnings: Revenue rose by 13.4 percent to EUR
1,051.5 million (2018: EUR 927.6 million). This substantial increase was
underpinned by higher revenue in both Divisions.

Group earnings before interest and taxes (EBIT) were also well up on the
previous year, climbing by 19.8 percent to EUR 50.2 million (2018: EUR 41.9
million). The EBIT margin widened to 4.8 percent (2018: 4.5 percent) despite
the strain coming from the cost of integrating the TMD Group.

Adjusted for currency translation and exceptional effects, operating EBIT
climbed by a 15.7 percent to EUR 50.1 million (2018: EUR 43.3 million). Like
the Group EBIT margin, the operating EBIT margin came to 4.8 percent (2018:
4.7 percent). Group net profit increased by 9.5 percent over the previous
year to EUR 27.6 million (2018: EUR 25.2 million).

*Higher revenue in both Divisions *
Both Divisions reported substantially higher revenue and EBIT in the first
half of 2019. The Automotive Division posted a 15.2 percent increase in
revenue to EUR 745.0 million (2018: EUR 646.7 million) as a result of the
successful acquisition of US automotive components supplier Toledo Molding &
Die Inc. (TMD) in October 2018. Division EBIT climbed to EUR 28.4 million,
accompanied by an EBIT margin of 3.8 percent, i.e. up on the previous year's
figure of 3.5 percent.

The Commercial Vehicles Division continued to perform well in the first six
months of the year, with sales growth in important core markets producing an
increase of 7.8 percent in revenue to EUR 332.2 million (2018: EUR 308.3
million). Division EBIT also widened slightly by 4.2 percent to EUR 32.5
million (2018: EUR 31.2 million) in tandem with an EBIT margin of 9.8
percent, which was virtually unchanged over the previous year (2018: 10.1
percent).

*Revenue doubled in the Americas, persistently difficult market situation
exerting strain on revenue in Europe*
Regionally, the Americas retained their leading position in terms of revenue
growth. Revenue more than doubled in the period under review particularly as
a result of the acquisition of the TMD Group but also organically following
the ramp-up of new projects. All in all, revenue in the Americas rose to EUR
304.6 million (2018: EUR 139.0 million). In its domestic EMEA region,
Grammer sustained a substantial decline in revenue to EUR 595.2 million
(2018: EUR 636.7 million) in view of the persistently difficult situation in
the European automotive industry. At EUR 151.7 million, revenue in APAC was
in line with the previous year (2018: EUR 151.9 million).

*Construction of new technology center together with new accounting
standards resulting in higher capital expenditure in 2019*
At EUR 56.0 million, the Grammer Group's capital expenditure was twice as
high in the first half of 2019 compared with the previous year (2018: EUR
23.0 million). This increase is primarily due to capital expenditure for the
new Grammer Technology Center and the new Group headquarters in Ursensollen
near Amberg, work on which began in 2018. The first phase of construction is
to be completed by the end of 2019. In addition, there was investment in the
newly acquired TMD Group. As well as this, new non-current leases valued at
EUR 9.4 million were included in capital expenditure under the accounting
guidance contained in IFRS 16, which was applied for the first time from
January 1, 2019.

*All positions on the Grammer Executive Board filled as of August*
In the first half of the year, all the vacancies that had arisen on the
Executive Board at the end of 2018 were filled. In March 2019, the
Supervisory Board of Grammer AG appointed Jurate Keblyte to the position of
CFO. In addition, Thorsten Seehars was appointed new CEO of Grammer AG in
April. The two new members of the Executive Board commenced their duties at
the beginning of August. As planned, Executive Board member Manfred
Pretscher will be leaving the Company effective August 31, 2019. Jens
Öhlenschläger had previously assumed the position of COO effective
January 1, 2019. With these new appointments, GRAMMER AG's new long-term
Executive Board lineup is now complete.

*Full-year forecast for 2019 *
Grammer's Executive Board expects macroeconomic conditions to remain very
challenging in 2019 as a whole. In particular, conditions in the automotive
market as well as the impact of other geopolitical problems may have an
adverse impact on Grammer's business and earnings situation.

Group revenue is expected to reach around EUR 2.1 billion in 2019,
underpinned by the additional revenue from the acquisition of the TMD Group
and growth in the Commercial Vehicles Division. Correspondingly good
absolute EBIT are expected for 2019 which will be clearly higher than in
2018 (EUR 48.7 million).

The Grammer Group's full interim report on the first half of 2019 is
available from the corporate website at the following link:
https://www.grammer.com/en/investor-relations/financial-publications.html
[1]

*Company profile*

Located in Amberg, Germany, Grammer AG specializes in the development and
production of components and systems for automotive interiors as well as
suspended driver and passenger seats for onroad and offroad vehicles.
In the Automotive Division, we supply headrests, armrests, center console
systems, high-quality interior components, operating systems and innovative
thermo-plastic solutions to premium automakers and automotive system
suppliers.
The Commercial Vehicles Division comprises seats for the truck and offroad
seat segments (tractors, construction machinery, forklifts) as well as train
and bus seats.
With approximately 15,000 employees, Grammer operates in 19 countries around
the world. Grammer shares are listed in the Prime Standard and traded on the
Frankfurt and Munich stock exchanges via the electronic trading system
Xetra.

Contact:
GRAMMER AG
Boris Mutius
Phone: 0049 9621 66 2200
investor-relations@grammer.com

2019-08-13 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
Language: English
Company: Grammer AG
Georg-Grammer-Str. 2
92224 Amberg
Germany
Phone: +49 (0)9621 66-0
Fax: +49 (0)9621 66-1000
E-mail: investor-relations@grammer.com
Internet: www.grammer.com
ISIN: DE0005895403, DE0005895403
WKN: 589540, 589540
Listed: Regulated Market in Frankfurt (Prime Standard), Munich;
Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg,
Stuttgart, Tradegate Exchange
EQS News ID: 856397

End of News DGAP News Service

856397 2019-08-13


1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=06693d1d390ce66f68377dba452770f0&application_id=856397&site_id=vwd&application_name=news


(END) Dow Jones Newswires

August 13, 2019 00:58 ET ( 04:58 GMT)
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