Progress-Werk Oberkirch AG: PWO publishes results for the 2018 third quarter and nine-month period

DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Quarterly / Interim Statement/9-month figures

30.10.2018 / 08:00
The issuer is solely responsible for the content of this announcement.


- Preliminary figures confirmed for the nine-month period
- 2018 forecasts can now be more narrowly defined
- New business of EUR 270 million in the first nine months secures the Group's future development

Oberkirch, October 30, 2018 - The business development of PWO both in the third quarter and, consequently, the nine-month period of the current fiscal year was affected by the current sales weakness of automobile manufacturers. As stated in the ad hoc announcement published on October 19, 2018, the cyclical and structural negative trends in the automotive industry have eliminated the typical and expected seasonal recovery in the industry after the end of the summer break this year.

Group revenue in the third quarter fell to EUR 108.0 million (p/y: EUR 112.9 million) mainly as a result of a weak September, and total output remained steady versus the prior year and amounted to EUR 119.5 million (p/y: EUR 118.9 million). EBIT before currency effects decreased to EUR 4.2 million (p/y: EUR 6.4 million); including currency effects, it dropped to EUR 3.2 million (p/y: EUR 5.8 million). Net income for the period and earnings per share amounted to EUR 0.6 million (p/y: EUR 2.3 million) and EUR 0.21 (p/y: EUR 0.72), respectively.

Revenue in the nine-month period increased to EUR 356.7 million (p/y: EUR 346.0 million), and total output rose to EUR 366.0 million (p/y: EUR 363.0 million). EBIT before currency effects in the first nine months amounted to EUR 17.6 million (p/y: EUR 18.7 million); including currency effects, it totaled EUR 16.9 million (p/y: EUR 16.2 million). Net profit for the period fell to EUR 7.9 million (p/y: EUR 8.2 million), and earnings per share declined to EUR 2.52 (p/y: EUR 2.61).

As previously communicated, we now expect revenue in the 2018 fiscal year to increase somewhere between EUR 475 million and EUR 480 million (p/y: EUR 461 million), resulting in a significant fall in EBIT before currency effects to below the level of EUR 23.4 million achieved in 2017. This forecast has now been narrowed to a range of EUR 18 to 19 million. A reduction in investment to EUR 35 million (previous forecast: EUR 42 million) is intended to limit the impact of the weaker results on the balance sheet ratios.

Despite these additional challenges, we are looking to the years ahead with confidence. The Group's future performance is supported by our high level of new business in the reporting quarter in the amount of EUR 190 million and of EUR 270 million for the nine-month period.

Progress-Werk Oberkirch AG
The Management Board

PWO company profile
PWO is a partner to the global automotive industry for the development and production of advanced metal components and subsystems using lightweight construction. The Group has developed a unique knowledge in the forming and joining of metals over the course of its almost 100-year history since it was founded in 1919. With our expertise in cost-efficient lightweight construction, we contribute to environmentally friendly driving and greater distances.

All of the Group's more than 1,000 products contribute to automotive comfort and safety. More than 90 percent of revenue is independent of the vehicle's type of drivetrain. Approximately 3,400 employees on three continents at five production sites and four assembly plants ensure the highest level of delivery reliability and quality.



30.10.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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