Progress-Werk Oberkirch AG

DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Quarterly / Interim Statement

2016-05-04 / 08:00
The issuer is solely responsible for the content of this announcement.

Press Release

PWO off to a good start in the 2016 fiscal year

- Group revenue and EBIT before currency effects on target

- Mexico and China locations achieve close to break-even EBIT on operating basis

Oberkirch, May 4, 2016 - PWO today published its quarterly statement for the first quarter of the 2016 fiscal year.

In the first three months of the new fiscal year, we achieved major milestones at two sites: The Mexico and China production locations almost reached a break-even EBIT on an operating basis in just the first three months. This gives us even more confidence to tackle the pending substantial new start-ups and realize the tremendous growth opportunities in these markets. The German and Canadian locations remained stable during the reporting quarter, as expected. In the Czech Republic, EBIT fell temporarily below the prior year's level due a change in the processes ahead of the location's further expansion.

Group revenue in first quarter of 2016 rose to EUR 103.7 million (p/y: EUR 99.6 million), and total output increased to EUR 100.2 million (p/y: EUR 103.3 million). EBIT before currency effects amounted to EUR 4.8 million (p/y: EUR 4.9 million) and including currency effects totaled EUR 3.6 million (p/y: EUR 5.6 million). Net income for the period reached EUR 1.3 million (p/y: EUR 3.2 million) and earnings per share totaled EUR 0.42 (p/y: EUR 1.01). Currency effects in the reporting period resulted mainly from pure translation-related devaluations of loans within the Group.

In view of our operating development in the first quarter, we are well on our way to achieving our annual targets for revenue and EBIT before currency effects. Generally, we refrain from making forecasts on future currency parities. We continue to expect a slight improvement in revenue to around EUR 410 million and an increase in EBIT before currency effects to a total of EUR 20 million.

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".

2016-05-04 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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