Progress-Werk Oberkirch AG

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

2016-02-22 / 08:00
The issuer is solely responsible for the content of this announcement.

Press Release

PWO exceeds 2015 targets and expects continued dynamic growth

- Fiscal year 2015: Revenue forecast achieved; clearly surpassed forecast for EBIT
before currency effects

- Marked improvement in free cash flow; stronger balance sheet ratios

- Significant level of new business expected again in 2016

Oberkirch, February 22, 2016 - PWO today published its preliminary results for the 2015 fiscal year. All of the management's targets for the past fiscal year were either achieved or, in some cases, even surpassed. Actions taken in Germany, Mexico, and China strengthened these three locations significantly. This has not only set the stage for the Group's continued positive performance but has also helped us reach some important milestones.

The consolidated Group revenues 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 grew to 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 these results, the forecasts of roughly EUR 400 million in revenue were achieved and for EBIT before currency effects of around EUR 19 million greatly surpassed. As a rule, currency effects are not included in our forecasts. At EUR -1.8 million (p/y: EUR -14.7 million), we achieved almost break-even free cash flow as expected and were significantly above the previous year's level - a development that led to an improvement in our balance sheet ratios.

This positive performance is expected to continue: Based on a conservative plan for fiscal year 2016, we forecast revenue of roughly EUR 410 million and EBIT of EUR 20 million. Despite the only marginal increase in revenue, EBIT is thus expected to increase by more than 10 percent compared to the level of EUR 18.1 million reported in fiscal year 2015. The revenue and EBIT forecasts are based on hedged exchange rates as per end of 2015. After achieving record new business in 2015 of roughly EUR 600 million (as reported earlier), we expect to generate a similar volume of new business in 2016. We are very optimistic with regard to the Group's future growth, which will be greatly boosted by its ever more successful international business.

The final figures for 2015 will be announced on March 30, 2016. The Company's 2016 Annual Report will be available on our homepage at on
March 31, 2016.

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 3,200 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".

2016-02-22 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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