Progress-Werk Oberkirch AG

Progress-Werk Oberkirch AG / Key word(s): Interim Report/Quarter Results

06.05.2013 / 08:01


- Increase in revenues and total output
- EBIT and net income for the period above plan
- Expected development of 2013 quarterly results not to be compared with 2012
- Outlook for 2013 confirmed: Growth in revenues and EBIT expected

Oberkirch, May 6, 2013 - Today, Progress-Werk Oberkirch AG released its interim financial report for the first quarter of 2013.

In the first quarter of the 2013 fiscal year, the PWO Group grew revenues and achieved an EBIT (earnings before interest and taxes) at a high level similar to that of the previous year's quarter due to the extremely favorable development of its international locations. The results exceeded the internal budget.

In 2012, the first three months had shown the highest EBIT on a quarterly basis for the entire year with the subsequent quarters coming in significantly weaker. In 2013 however, we expect the quarters to develop steadier.

Revenues rose 3.4 percent in the reporting quarter to EUR 94.2 million (p/y: EUR 91.1 million). Total output, which is the decisive key figure for the Group's growth, rose 6.5 percent to EUR 98.1 million (p/y: EUR 92.1 million). At EUR 5.8 million (p/y: EUR 6.1 million), EBIT was just slightly below last year's level.

Due to a decline in financial expenses and a lower tax rate, net income for the period of EUR 3.2 million was at the level of the previous year. Earnings per share amounted to EUR 1.03 (p/y: EUR 1.27) as a result of the capital increase in May 2012 which had led to a 25% increase in the number of shares versus the prior year.

As a result of the market weakness in Europe, the German location experienced a 5.3 percent decline in revenues compared to the previous quarter and is currently burdened by the higher-than-average rise in staff costs. The EBIT at this location amounted to EUR 3.8 million (p/y: EUR 5.6 million). In the course of the year, the productivity improvements and cost reductions measure which were introduced should lead to an improvement in earnings.

Our international locations continued to develop very favorably. In total, they more than tripled their contribution to the Group EBIT and provided a total of EUR 1.7 million (p/y: EUR 0.5 million) in the first quarter. This was primarily a result of the rapidly rising revenues of the NAFTA area.

We continue to be cautiously optimistic for 2013 and reconfirm our forecasts. Despite the rise in market uncertainty - particularly in Europe - we expect an approximate 8 percent increase in revenues to around EUR 390 million due to additional series start-ups and ramp-ups. The EBIT should improve to approximately EUR 23 million.

Progress-Werk Oberkirch AG
The Management Board

PWO company profile
PWO is one of the world's leading suppliers of advanced metal components for automobile safety and comfort. The company has developed a unique knowledge in the forming and joining of metals over the course of its over 90-year history since it was founded in 1919. The German location at Oberkirch today employs around 1,500 staff members. The Group is globally represented with
further sites in Canada, the Czech Republic, China and Mexico employs over 3,000 staff members around the world.

PW0 is a partner to the global automotive industry for the development and production of innovative products in the areas of 'Mechanical components for electrical and electronic applications', 'Safety components for airbags, seats and steering' and 'Components and systems for vehicle bodies and chassis'.



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