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DGAP-News: Grammer AG / Key word(s): Preliminary Results Grammer AG with new record in 2013

20.02.2014 / 06:53

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Grammer AG with new record in 2013

12 percent revenue growth to EUR 1.265 billion EBIT disproportionately improved despite intensive up-front efforts EBIT margin increased to 4.6 percent

Amberg, February 20, 2014 - In 2013 fiscal year Grammer AG was able to once again substantially improve the previous year's good results despite ongoing volatile market conditions. On the basis of preliminary figures for fiscal year 2013, Grammer achieved new record revenue of EUR 1.265 billion at the group level, an increase of more than EUR 130 million (2012: EUR 1.133 billion). Total revenue was up 12 percent for fiscal year 2013, thus exceeding expectations considerably. Both divisions - Automotive and Seating Systems - contributed to this gratifying performance with strong growth rates. Revenue growth was mainly driven by China in particular as well as North and South America, the acquisition of Czech headrest specialist Nectec Automotive s.r.o. and the high number of development projects for future serial ramp-ups.

Despite the intensive up-front efforts to systematically implement the global growth strategy, the Grammer Group's profitability improved again in the previous business year. Preliminary consolidated operating earnings (EBIT) rose by a disproportionately strong 18 percent over the previous year to around EUR 58 million (2012: 49). At 4.6 percent, the EBIT margin within the Grammer Group was up on the previous year (2012: 4.3). In addition to the encouraging revenue performance, operating earnings were also influenced mainly by the set-up of new plants in China and the NAFTA region as well as optimization efforts initiated in Eastern Europe in particular.

Both divisions successfully continuing on their growth trend Revenue in the Automotive Division climbed by a sharp 14 percent to EUR 810 million (2012: 711), thus exceeding the previous year's record figure again substantially. Operating earnings in the Automotive Division came to EUR 33 million, well up on the previous year (2012: 30). Influenced by high up-front project efforts, EBIT margin reached 4.1 percent, almost on par with the previous year (2012: 4.3).

At EUR 470 million (2012: 439) and almost 7 percent increase in revenue the Seating Systems Division also achieved new record levels. With an EBIT of around EUR 37 million (2012: 26), the Seating Systems Division performed very well in fiscal year 2013. Supported by an overall positive market development in all segments and regions, the EBIT margin reached 8.0 percent, well in excess of the previous year (2012: 6.0).

Growth trend continued in the fourth quarter of 2013 At EUR 312 million, Group revenue remained at a gratifyingly high level in the fourth quarter (Q4 2012: 282). Consolidated EBIT rose to around EUR 15 million (Q4 2012: 14) in the fourth quarter. Group EBIT margin was 4.7 percent, almost on par with the previous year's high level (Q4 2012: 4.8).

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PRESS RELEASE: Grammer AG with new record in 2013

PRESS RELEASE: Elmos Semiconductor AG: Strong final quarter 2013 sets sales record

DGAP-News: Elmos Semiconductor AG / Key word(s): Preliminary Results/Forecast Elmos Semiconductor AG: Strong final quarter 2013 sets sales record

19.02.2014 / 20:10

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Sales increase in the upper single-digit percentage range expected for 2014 - Proposed dividend of 0.25 Euro per share

Dortmund, February 19, 2014: Elmos Semiconductor AG (FSE: ELG) has met its targets for sales and earnings in the past financial year 2013, according to preliminary unaudited financial figures. As expected, sales were increased considerably in the final quarter of 2013 once more, setting a new record beyond the mark of 50 million Euro for the first time in the Company's history. Compared to the prior-year quarter, sales went up 18.5% to 52.7 million Euro (Q4 2012: 44.4 million Euro). Recording disproportionate growth compared to sales, the EBIT increased by 26.5% to 7.1 million Euro (Q4 2012: 5.7 million Euro). This result was equivalent to an EBIT margin of 13.6% (Q4 2012: 12.7%), significantly above the result of the first nine months of 2013 (4.1%).

Sales for the full year 2013 were up 5.0% to 189.1 million Euro (2012: 180.1 million Euro). Particularly good news was the strong sales increase achieved in Asia/Pacific (+20.0%). The gross profit climbed to 79.2 million Euro (2012: 76.1 million Euro). This equals a gross margin of 41.9% (2012: 42.2%). The conversion to up-to-date manufacturing standards (6-inch to 8-inch wafers) had a negative effect on the efficiency of chip production especially in the first half of the year. However, the gross margin increased steadily in the course of the year, reaching 45.8% in the fourth quarter 2013. The EBIT for the full year was 12.7 million Euro and thus equaled an EBIT margin of 6.7% (2012: 11.5 million Euro or 6.4%). The performance of the consolidated net income was positive as well, amounting to 9.4 million Euro in 2013 (2012: 8.1 million Euro). Basic earnings per share (EPS) rose accordingly to 0.49 Euro as compared to 0.42 Euro in the previous year.

Because of the sustained positive development in earnings and cash flows, Management Board and Supervisory Board will propose to the Annual General Meeting on May 13, 2014 to pay a dividend of 0.25 Euro per share again.

'Thanks to the strong fourth quarter, we are ultimately satisfied with the year 2013. The upgrade in production has made good progress despite all difficulties. We managed to gradually increase our output over the entire year,' says Dr. Anton Mindl, CEO of Elmos Semiconductor AG. 'Profitability was negatively affected in 2013 by the conversion of our production. These adverse effects will continue to influence the year 2014, yet not to the same extent as in 2013.'

For 2014 Elmos expects both sales increase and EBIT margin to reach upper single-digit percentage values. Capital expenditures for intangible assets and property, plant and equipment are scheduled not to exceed 15% of sales in 2014. Management also assumes that Elmos will generate a positive adjusted free cash flow once again.

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PRESS RELEASE: Elmos Semiconductor AG: Strong final quarter 2013 sets sales record

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