Press Information
Grammer expects decrease in revenues and weaker
earnings in the first quarter 2020
? Effects of coronavirus have an adverse impact on revenues and earnings
in the first quarter? Decline in global vehicle production in both segments leads to reduced
revenues and earnings in 2020? First measures of the efficiency enhancement program implemented? Reduced dividend proposal to strengthen equity
Amberg, March 03, 2020 – The decrease in demand in the automotive sector and an
ongoing difficult economic climate in the commercial vehicle sector are having a
visible effect on automotive supplier Grammer at the beginning of 2020. As a result of
the coronavirus outbreak, customers in China were forced to stop production for
several weeks from the end of January on. Due to these factors, the company is now
predicting a significant decrease in revenues for the first quarter compared to the
previous year (Q1/2019: EUR 534 million). Based on the preliminary figures for the
months of January and February 2020, Grammer assumes earnings before interest
and taxes (EBIT) (prior year: EUR 24 million) and operating EBIT (prior year: EUR 23
million) for the first quarter to be very significantly lower than in the same period of the
last year.
From today’s perspective, it is difficult to predict the full extent of the negative effects
of the coronavirus outbreak on global supply chains as well as markets and whether
automobile and commercial vehicle demand will stabilize in the second half of the
year. For this reason, Grammer is forecasting a decline in sales and earnings for the
full year. The outlook for 2020 will be published on March 30 at the Company's
Annual Press Conference.
Contact:
Boris Mutius
As a result of the significant decline in the worldwide markets since mid-2019, the TFealx::++449999662211/6/666--232202000
company does no longer maintain its original revenues and earnings forecast for the boris.mutius@grammer.com
coming years.
Published by:
“The weakening of the market environment affected Grammer later than many other GGrraammmmeerr-AAGllee 2
suppliers. Additionally the simultaneous decline in both, the premium automobile 92289 Ursensollen
segment and the commercial vehicle markets, is now also impacting our core GERMANY
business,” said Thorsten Seehars, CEO of Grammer AG. “We have implemented the
first measures from the efficiency enhancement program which we initiated at the end
of last year to position the company for these challenges.”
In order to give the company greater financial flexibility in implementing further
measures, the Executive Board resolved yesterday to propose to the Annual General
Meeting a dividend of EUR 0.11 per share for the financial year 2019.
The company will publish its annual report for the financial year 2019 on 30 March,
2020, the interim management statements for Q1/2020 on 29 April 2020.
About Grammer AG
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, Grammer supplies 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, and forklifts) as well as train and bus seats. With over 15,500 employees, Grammer
operates in 20 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.
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