Progress-Werk Oberkirch AG / Key word(s): Preliminary Results
PWO announces preliminary results for 2013 and expectations for 2014
- Net income for the period rose 26 percent to EUR 13.1 million (p/y: EUR 10.4 million)
- EBIT increased to EUR 22.3 million (p/y: EUR 21.3 million)
- Revenues reached EUR 377.4 million (p/y: EUR 358.1 million)
- New business saw significant increase of 22 percent to EUR 456 million (p/y: EUR 375 million)
Oberkirch, February 17, 2014 - Today, Progress-Werk Oberkirch AG released its preliminary results for fiscal year 2013.
The PWO Group achieved record revenues and earnings despite the weakness in the European automotive market. The positive development of our international locations has significantly contributed to this success. The Czech Republic location experienced particularly dynamic development. In the fourth quarter, we reached the break-even point in China for the first time.
Consolidated Group revenues grew 5.4 percent to EUR 377.4 million (p/y: EUR 358.1 million), total output increased 4.8 percent to EUR 384.2 million (p/y: EUR 366.6 million), and EBIT grew 5.0 percent to EUR 22.3 million (p/y: EUR 21.3 million). Net income for the period improved 26.0 percent to EUR 13.1 million (p/y: EUR 10.4 million). The development of the exchange rates of the Canadian and US dollar against the Euro in the course of the year prevented an even greater increase - in particular related to the Group's revenues and total output as well as to a limited extent in earnings. Thus, to a large extent we have achieved our forecasts.
In the current fiscal year, the favourable development should continue. We expect an increase in Group revenues of approximately 6 percent to around EUR 400 million. EBIT should experience stronger growth and reach EUR 25 million. Revenues and earnings should also resume their rise in the years to come. Our very robust new business will contribute to this. In fiscal year 2013, we won a lifetime volume of future series productions amounting to EUR 425 million (p/y: EUR 350 million). Additionally, the corresponding volume of tool sales amounted to approximately EUR 31 million (p/y: EUR 25 million). Due to the long lead times in the automotive industry, to a great extent, these new orders will start-up and ramp-up in the fiscal years following 2015. Their series production period is five to eight years.
The final figures for 2013 will be published on March 26, 2014 and the 2013 Annual Report will be available on PWO's homepage (www.progress-werk.de) as of March 31, 2014.
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 'Mechanical components for electrical and electronic applications', 'Safety components for airbags, seats and steering' and 'Components and systems for vehicle bodies and chassis'.
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|Company:||Progress-Werk Oberkirch AG|
|Phone:||+49 (0)7802 84-0|
|Fax:||+49 (0)7802 84-273|
|Listed:||Regulierter Markt in Frankfurt (Prime Standard), Stuttgart; Freiverkehr in Berlin, Düsseldorf, Hamburg, München|
|End of News||DGAP News-Service|