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GRAMMER AG (FRA:GMM) Grammer AG: Major Negative Impact on Revenue and Earnings in the First Quarter of 2020 as a Result of the COVID-19 Pandemic

Directive transparence : information réglementée

15/04/2020 16:28

DGAP-Ad-hoc: Grammer AG / Key word(s): Quarter Results
Grammer AG: Major Negative Impact on Revenue and Earnings in the First Quarter of 2020 as a Result of the COVID-19 Pandemic

15-Apr-2020 / 16:28 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


Publication of Insider Information pursuant to Article 17 of Regulation (EU) No. 596/2014
GRAMMER AG (WKN 589540, ISIN DE0005895403)


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


Amberg, April 15, 2020 - 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.

Grammer AG
Executive Board




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

15-Apr-2020 CET/CEST 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: 1022211

 
End of Announcement DGAP News Service

1022211  15-Apr-2020 CET/CEST

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