Progress-Werk Oberkirch AG: PWO announces preliminary figures for the first half of 2014 and adjusts forecast for fiscal year 2014

Progress-Werk Oberkirch AG

/ Key word(s): Change in Forecast/Half Year Results


21.07.2014 12:30

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmittedby DGAP - a company of EQS Group AG.The issuer is solely responsible for the content of this announcement.

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- New series productions are starting up and ramping up slower than expected - Customer call indications no longer showing signs of acceleration for the second half of 2014 - Forecast for the current fiscal year adjusted accordinglyOberkirch, July 21, 2014 - In today's meeting, the Management Board ofProgress-Werk Oberkirch AG

analyzed and evaluated the Group's currentbusiness development. Based on the preliminary figures, revenues reachedEUR 194.7 million (p/y: EUR 191.6 million) in the first half of 2014 andEBIT amounted to EUR 10.8 million (p/y: EUR 11.0 million). Slower start-upsand ramp-ups of new series productions have burdened business development.Customer call indications for the second half of 2014 are also no longershowing the previously expected acceleration in start-ups and ramp-ups.This is the case for all of our locations except our location in the CzechRepublic. As a consequence, we will not be able to offset the differingbusiness developments within the Group.Therefore, we are adjusting our forecast accordingly for the current fiscalyear. We now expect revenues of around EUR 385 million (previousexpectation: approx. EUR 400 million). The corresponding measures to adjustcapacity and reduce costs, which have now become necessary, will have adelayed positive impact on EBIT. We also cannot rule out any temporarypressure at individual locations in the course of implementing thecorrective measures planned. Thus, we now expect an EBIT in the range ofEUR 20 million to EUR 21 million (previous expectation: approx. EUR 25million) for the year 2014.We consider the current developments to be of a temporary nature. In thepast two years, we have won contracts for new series productions, includingthe accompanying tool sales, amounting to a lifetime volume of over EUR 800million. The majority of these contracts will start-up and ramp-up in thenext two years and will contribute to our achievement once again of acontinual rise in revenue and earnings.We will host two telephone conference calls today concerning the currentbusiness development: A call for media representatives at 2 p.m. (CEST) anda call for investors and analysts at 3 p.m. (CEST). Our investor relationsdepartment will be pleased to provide you with the dial-in number. Pleasecontact us by e-mail at ir@progress-werk.de or by telephone at +49 (7802)84 844.Progress-Werk Oberkirch AG

The Management Board End of announcement 21.07.2014 DGAP's Distribution Services include Regulatory Announcements,Financial/Corporate News and Press Releases.Media archive at www.dgap-medientreff.de and www.dgap.de

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Language: EnglishCompany: Progress-Werk Oberkirch AG


Industriestraße 8
77704 Oberkirch GermanyPhone: +49 (0)7802 84-0
Fax: +49 (0)7802 84-273E-mail: info@progress-werk.de
Internet: www.progress-werk.de


ISIN: DE0006968001
WKN: 696800Listed: Regulierter Markt in Frankfurt (Prime Standard), Stuttgart; Freiverkehr in Berlin, Düsseldorf, Hamburg, München End of Announcement DGAP News-Service

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