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Press release Box-ID: 1001717

Grammer AG Grammer-Allee 2 92289 Ursensollen, Germany http://www.grammer.com
Contact Mr Boris Mutius +49 9621 662886
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Grammer AG

Major Negative Impact on Revenue and Earnings in the First Quarter of 2020 as a Result of the COVID-19 Pandemic

(PresseBox) ( Amberg, )
Based on the preliminary figures, Grammer AG expects group revenue in the first quarter to amount to 455 million EUR (prior year: 534 million EUR).

The operating earnings before interest and taxes (operating EBIT) are expected to amount to approximately 0.5 million EUR (prior year: 23 million EUR) for this reporting period. The EBIT will likely come in around -2 million EUR (prior year: 24 million EUR) due to negative exchange rate effects.

The predominant cause of this significant decrease in revenue and earnings in the first quarter were the significant reductions in customer orders and the worldwide production stops of many OEMs. In particular, the closures of locations in China during the months of January and February, as well as of European and American locations starting in March, severely limited the business activities of the Grammer Group in these regions.

In this regard, the far-reaching effects of the COVID-19 pandemic added to already weak global automotive markets and the significantly reduced demand year-over-year in Grammer’s higher-margin commercial vehicles segment.

In the first quarter, the company concluded – in collaboration with the employee representatives – a package of comprehensive measures that provides for a corresponding adjustment of operating activities to the substantial reduction in demand.

The publication of the quarterly report for the first quarter of 2020 will take place as planned on April 29, 2020.
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The publisher indicated in each case is solely responsible for the press releases above, the event or job offer displayed, and the image and sound material used (see company info when clicking on image/message title or company info right column). As a rule, the publisher is also the author of the press releases and the attached image, sound and information material. The use of information published here is generally free of charge for personal information and editorial processing. Please clarify any copyright issues with the stated publisher before further use. In case of publication, please send a specimen copy to service@pressebox.de.