Progress-Werk Oberkirch AG

DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Final Results

2016-03-30 / 08:00
The issuer is solely responsible for the content of this announcement.


Press Release

PWO confirms preliminary figures for 2015 and wins substantial new orders

- Dividend of EUR 1.55 per share (p/y: EUR 1.45) to be proposed to the Annual General Meeting

- Steady high level of new business in first quarter of 2016

- Possible new assembly location to be build in northern Mexico

Oberkirch, March 30, 2016 - In yesterday's meeting, the Supervisory Board of Progress-Werk Oberkirch AG reviewed, discussed, and approved the annual and consolidated financial statements for the 2015 fiscal year, thereby adopting the annual financial statements of Progress-Werk Oberkirch AG.

The preliminary figures for fiscal year 2015 released on February 22, 2016 were also confirmed. Group revenue for the 2015 fiscal year amounted to EUR 404.6 million (p/y: EUR 381.1 million), total output was EUR 413.3 million (p/y: EUR 390.7 million), EBIT reached EUR 21.0 million before currency effects (p/y: EUR 15.1 million) and EUR 18.1 million (EUR 16.7 million) including currency effects. Net income for the period reached EUR 7.5 million (p/y: EUR 7.3 million). With investments of EUR 28.8 million (p/y: EUR 37.4 million) and an almost break-even free cash flow of EUR -1.8 million (p/y: EUR -14.7 million), the equity ratio increased to 29.7 percent (p/y: 28.1 percent) and the dynamic leverage ratio (net debt/EBITDA) improved to 3.1 (p/y: 3.2). The Management Board and Supervisory Board of Progress-Werk Oberkirch will propose a dividend of EUR 1.55 (p/y: EUR 1.45) to the Annual General Meeting on May 31, 2016.

In the first quarter of 2016, we continued to win substantial new business by bringing in new contracts for series productions with a lifetime volume of almost EUR 200 million and contracts for the related tools of roughly EUR 10 million. For the full year 2015, the volume of series production orders amounted to EUR 560 million and related tool volumes were EUR 40 million.

The new business acquired in the first quarter includes a major contract from Daimler for a pressure accumulator (e.g., for the air suspension) and two other contracts - one from BMW in China and one from Ford in Mexico - for instrument panel carriers (cockpit cross members). Our extensive expertise in cost-efficient lightweight construction was a strong factor in our acquiring these contracts. Because of the orders received from our customers BMW, Daimler, and Ford in Mexico, we are currently examining the possibility of building a new assembly location in the north of Mexico that would be conveniently located near our customers' operations. We are drawing from the experience gained last year when we set up our first assembly location in Shenyang, China, which commenced operations on schedule and within the allocated budget. The start of production for the majority of new orders won in the first months of 2016 is planned for fiscal years 2017 and 2018. Most of the series have a term of 7 to 9 years.

Progress-Werk Oberkirch AG
The Management Board

PWO company profile
PWO is one of the world's leading developers and manufacturers of advanced metal components and systems in lightweight construction for automobile safety and comfort. The Group has developed a unique knowledge in the forming and joining of metals over the course of its more than 95-year history since it was founded in 1919. The German location at Oberkirch today employs around 1,500 staff members. PWO is globally represented with further sites in the Czech Republic, Canada, Mexico, and China. The Group employs a total of 3,100 staff members.

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".



2016-03-30 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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