DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Final Results
- 2017 forecasts fully achieved
Oberkirch, March 26, 2018 - At its meeting last Friday, the Supervisory Board of Progress-Werk Oberkirch AG reviewed, discussed and approved the annual financial statements and the consolidated financial statements for the 2017 fiscal year, thereby adopting the annual financial statements of Progress-Werk Oberkirch AG.
The preliminary figures for the 2017 fiscal year previously announced on February 22, 2018 were confirmed. Group revenue and total output increased to EUR 461.0 million (p/y: EUR 409.6 million) and EUR 483.1 million (p/y: EUR 423.5 million) respectively. Excluding the contribution from higher material prices of around EUR 25 million each, this represents an increase in Group revenue of slightly more than 6 percent and higher total output of just over 8 percent. EBIT before currency effects increased to EUR 23.4 million (p/y: EUR 21.6 million), and EBIT including currency effects rose to EUR 20.5 million (p/y: EUR 19.7 million). Revenue exceeded the forecast of around EUR 450 million.
EBIT before currency effects reached the forecast range of EUR 23 to 24 million, despite significant additional expenses for providing added production capacity. Net income for the period amounted to EUR 10.1 million (p/y: EUR 9.5 million) and earnings per share increased to EUR 3.22 (p/y: EUR 3.05).
In 2017, PWO manufactured the highest volume of new tools required in the Company's history. Strict balance sheet control, particularly the agreement on higher customer prepayments and limiting investments to EUR 32.8 million (p/y: EUR 29.7 million), still allowed for positive free cash flow of EUR 4.3 million, as forecasted (p/y: EUR 13.0 million). The balance sheet ratios also remained stable as expected with an unchanged equity ratio of around 29 percent and a dynamic leverage ratio of 2.8 years. New business volume of EUR 300.4 million (p/y: around EUR 730 million) returned to a more normalized level as indicated at the beginning of the 2017 fiscal year and was slightly above the current growth plan.
The Management and Supervisory Boards of Progress-Werk Oberkirch AG are proposing a dividend of EUR 1.65 (p/y: EUR 1.60) to the Annual General Meeting on May 23, 2018. In doing so, we are continuing to pursue our dividend policy of taking into account both the current sound business performance and strengthening the Group's balance sheet ratios through an appropriate pay-out ratio.
The 2017 Annual Report will be available on our homepage at www.progress-werk.de/en as of March 29, 2018.
Progress-Werk Oberkirch AG
PWO company profile
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.
|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|