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Grammer's group revenue exceeds EUR 1.4 billion for the first time in fiscal year 2015
Group EBIT higher than adjusted forecast
Further growth and higher profitability expected in 2016
Grammer AG has today released its preliminary figures for fiscal year 2015. With Group revenue of around EUR 1.425 billion, the leading supplier for passenger vehicle interior components and commercial vehicle seating recorded a 4.5 percent increase over the previous year (2014: 1.366). Accordingly, Grammer achieved a new revenue record for the fifth consecutive time.
In particular, Grammer's Automotive Division, which supplies automotive OEMs all around the world with center consoles, armrests and headrests, repeated the dynamic performance of earlier years, benefiting from generally strong conditions in the global automotive market and market share gains in all regions. Division revenue rose by just under 11 percent to more than EUR 1.0 billion (2014: 0.912).
Order intake in the Automotive Division also reached a new record last year, providing the basis for continued dynamic growth in future years.
The persistent weakness of important core markets left distinct traces on Grammer's other division, Seating Systems, which develops and produces suspended seating systems for trucks, agricultural and construction machinery as well as railway seats. Business performance was influenced by another slump in the Brazilian market, the appreciable slowing of the Chinese commercial vehicle market and contraction in the agricultural sector. As expected, revenue in the Seating Systems Division dropped by around 5 percent to around EUR 455 million (2014: 479).
Group EBIT just under EUR 43 Million
According to the preliminary figures, the Grammer Group generated operating earnings before interest and taxes (EBIT) of roughly EUR 42.6 million in 2015, thus slightly exceeding the forecast which had been revised in the summer.
"Last year, Grammer additionally reinforced its global position in what in some cases was a very challenging and volatile market environment, completing a large number of expansion, optimization and serial projects. With the acquisition of plastics and metal specialist Reum, we also expanded our product and process expertise, something which will open up additional growth potential for us," said Hartmut Müller, Chief Executive Officer of Grammer AG.
Growth in Automotive and stabilization in Seating Systems in the fourth quarter
At EUR 265 million in the fourth quarter of 2015, revenue in the Automotive Division matched the previous year's figures (2014: 270). Despite the still weak markets, revenue in the Seating Systems Division stabilized again for the first time and, at EUR 115 million, was in fact slightly up on the previous year (2014: 110). Total Group revenue came to EUR 370 million in the fourth quarter, thus remaining on par with the previous year (2014: 372). Group EBIT in the fourth quarter stood at around EUR 13 million and, as expected, also matched the previous year's high level (2014: 13.9).
Further growth accompanied by greater profitability expected in 2016
Grammer expects a continuation of the volatile and challenging market conditions in 2016, particularly in the relevant commercial vehicle markets. Even so, it is confident of being able to successfully address these challenges thanks to its global footprint and further process improvements.
Grammer projects a moderate sales development in the Seating Systems Division compared with the previous year due to the continued weakness of its core markets. However, it expects the Automotive Division to achieve appreciable growth once again. Driven by the positive effects of last year's numerous optimization measures and the resultant improvement in profitability, Grammer expects higher contributions to earnings from both divisions this year.
Grammer AG will be publishing its full annual report for 2015 on March 30, 2016.
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