Progress-Werk Oberkirch AG

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

06.05.2014 / 08:00

Press Release

PWO reports results for the first quarter of 2014

- Increase in revenues and total output

- Improved EBIT

- Confirmation of outlook for 2014

Oberkirch, May 6, 2014 - Today, Progress-Werk Oberkirch AG released its interim financial report for the first quarter of 2014 and reported an successful start to the year.

In the first three months of fiscal year 2014, the PWO Group increased its revenues by 5.9 percent to EUR 99.8 million (p/y: EUR 94.2 million). Total output rose 2.4 percent to EUR 100.5 million (p/y: EUR 98.1 million). The prior year had included a high level of finished goods and work-in-progress which has since been invoiced in subsequent periods. In the reporting period, revenue recognition was carried out in a much timelier manner.

EBIT for the first quarter improved 3.0 percent to EUR 6.0 million (p/y: EUR 5.8 million) and was impacted by reporting date-related currency losses whereas the previous year had included currency gains. Both the net income for the period of EUR 3.2 million and earnings per share of EUR 1.03 remained at the previous year's level despite a higher tax rate.

Our Czech and Canadian locations largely contributed to the positive development of the first quarter. For the coming quarters, we expect the positive development to continue at all of our locations. Therefore, we confirm our forecast of a 6 percent growth in revenues to approximately EUR 400 million in fiscal year 2014. EBIT is expected to see an above-average increase to close to EUR 25 million after EUR 22.3 million in the previous year.

Currently, we are carrying out an expansion program at various locations and are preparing for a considerable level of new series start-ups. In both of the past two years, we have grown new business by more than 20 percent annually. Some of the new orders will start-up and ramp-up as early as this year, but the majority will start in the next fiscal year and the year thereafter. Hence, we expect to experience continued and stable revenue growth in the upcoming years. As we go down this path, our international locations situated in the rapidly-growing foreign markets will increasingly gain in importance.

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 automotive safety and comfort. The company has developed a unique knowledge in the forming and joining of metals over the course of its 95-year history since it was founded in 1919. The German location at Oberkirch currently employs over 1,500 staff members. The Group is globally represented with further sites in Canada, the Czech Republic, China, and Mexico and employs around 3,100 staff members around the world.

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

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