DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Final Results/Preliminary Results
PWO fully meets 2016 forecasts and plans to continue strong growth in 2017
Oberkirch, February 22, 2017 - PWO today published the preliminary figures for a very satisfactory 2016 fiscal year. In the past year, we significantly increased the Group's performance in several areas including development, production and administration at both our domestic and international locations. Above all, we managed to achieve a distinctly positive EBIT before currency effects in both China and Mexico.
The Group's revenue and total output increased only moderately to EUR 409.6 million (p/y: EUR 404.6 million) and EUR 423.5 million (p/y: EUR 413.3 million), respectively, due to declining material prices. EBIT before currency effects increased to EUR 21.6 million (p/y: EUR 17.1 million). EBIT including currency effects totaled EUR 19.7 million (p/y: EUR 18.1 million). Based on these results, we fully achieved our revenue forecast of roughly EUR 410 million and our EBIT before currency effects forecast of EUR 21 to 22 million. The previous year's figures were adjusted due to a reclassification of currency effects introduced at the beginning of 2016. Currency effects are generally not included in our forecasts.
Net income for the period reached EUR 9.5 million (p/y: EUR 7.5 million), earnings per share equaled EUR 3.05 (p/y: EUR 2.41), and free cash flow amounted to EUR 13.0 million (p/y: EUR -1.8 million). The equity ratio remained at the prior year's level of around 30 percent.
The year 2017 is expected to be another successful year. We expect revenue excluding material price effects to grow to roughly EUR 430 million. Rising material prices will have an added positive impact on revenue but only a negligible effect on EBIT. We anticipate a disproportionate rise in EBIT before currency effects to EUR 23 to 24 million. Net income for the period should increase even more due to the expected continued decline in burdens from the financial result and tax rate.
We will publish our final figures for the 2016 fiscal year on March 30, 2017. The 2016 annual report will be available on our homepage www.progress-werk.de/en/ as of March 31, 2017.
Progress-Werk Oberkirch AG
PWO company profile
PW0 is a partner to the global automotive industry for the development and production of innovative products in the divisions of "Mechanical components for electrical and electronic applications", "Safety components for airbags, seats and steering" and "Components and subsystems for vehicle bodies and chassis".
|Company:||Progress-Werk Oberkirch AG|
|Phone:||+49 (0)7802 84-347|
|Fax:||+49 (0)7802 84-789|
|Listed:||Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Tradegate Exchange|
|End of News||DGAP News Service|