Progress-Werk Oberkirch AG

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

22.02.2018 / 08:00
The issuer is solely responsible for the content of this announcement.


 

- 2017 forecasts fully achieved
- Second consecutive year of positive free cash flow
- Growth expected to continue in 2018

Oberkirch, February 22, 2018 - PWO today published its preliminary figures for a successful, growth-filled 2017 fiscal year. We reliably and punctually delivered the higher-than-expected volume of customer call orders throughout the year at all locations.

In addition to the high volume of production, the Group achieved the largest volume of new tools ever in the history of the company ahead of the upcoming series production. The strategy of purchasing tools in China, which has been consistently implemented in recent years, has proven to be highly effective. We have also made significant progress in adding the production and assembly capacities at our locations necessary to facilitate our further growth.

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, exceeding the forecast for Group revenue of approximately EUR 450 million. 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). 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), earnings per share increased to EUR 3.22 (p/y: EUR 3.05), and free cash flow totaled EUR 4.3 million (p/y: EUR 13.0 million). The equity ratio remained unchanged at roughly 29 percent.

We plan to continue growing strongly in 2018. We expect revenue to increase by around 6 percent to EUR 500 million accompanied by an even stronger rise in EBIT before currency effects to a range of EUR 25 and 26 million. Free cash flow is anticipated to be clearly positive again and help strengthen our balance sheet ratios. We also intend to secure our medium-term growth targets with new business projected at EUR 250 to 300 million.

PWO's final figures for the 2017 fiscal year will be published on March 26, 2018. 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
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 in e-mobility.

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.



22.02.2018 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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