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In a troubling development for the auto industry, the Bavarian auto supplier Grammer has reported significant financial losses despite achieving over a billion euros in revenue last year. The company, which has been under Chinese ownership for several years, announced a net loss of EUR48 million, with revenues declining from EUR2 billion to EUR1.9 billion.
The economic conditions in the sectors relevant to Grammer did not improve as anticipated in 2024, leading to a sharp decline in sales, particularly in its home European market. Here, the company experienced a revenue drop of almost EUR170 million, bringing total sales down to EUR1 billion. While there was a slight increase in earnings from North America and Asia, it was insufficient to offset the downturn experienced in Europe.
The last quarter of the year was particularly disappointing, with revenue declines across all three operational regions. Additionally, the company reported a significant rise in debt, escalating from EUR401 million to EUR485 million.
Looking ahead to 2025, Grammer's management predicts stagnant revenues will remain at EUR1.9 billion. However, they expect operational profits to rise from nearly EUR42 million to EUR60 million, thanks to implemented cost-saving measures.
The company is also undergoing significant changes at the executive level. Financial officer Jurate Keblyte is departing from the company earlier than planned, with her contract concluding on March 31. The supervisory board had appointed Thomas Strobl as her successor for a one-year term in February. Furthermore, five supervisory board members representing employers will also exit early on the same date, including the chairperson. The reasons for these departures are not publicly disclosed, but indications suggest that the Chinese stakeholders are seeking to enforce tighter control over the company.
Grammer is primarily owned by Ningbo Jifeng, a Chinese corporation that holds an 86% stake in the company, raising questions about the future direction and stability of this crucial player in the automotive supply sector.
Section: Politics
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