Progress-Werk Oberkirch AG

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

2015-05-06 / 08:00

- Business development in line with expectations
- Group expansion makes solid progress
- Forecasts for 2015 confirmed

Oberkirch, May 6, 2015 - Today, Progress-Werk Oberkirch AG released its interim financial report for the first quarter of 2015.

We generated revenues of EUR 99.6 million (p/y: EUR 99.8 million) and total output of EUR 103.3 million (p/y: EUR 100.5 million) in the first three months of the 2015 fiscal year. EBIT for the reporting quarter declined to EUR 5.6 million (p/y: EUR 6.0 million) compared to the previous year. This figure includes currency gains of a net EUR 0.7 million (p/y: EUR -0.2 million). After essentially unchanged financial expenses and a lower tax rate, the reporting quarter's net income for the period was at the previous year's level of EUR 3.2 million. Earnings per share were EUR 1.01 (p/y: EUR 1.03).

In the previous year, business development started off strong and then weakened in the further course of the year. Therefore, the first quarter of 2014 makes for tough comparisons for the reporting quarter. In 2015, we expect the opposite development; namely an increase as the year progresses. This increase is expected to be driven by the growth we have planned at our locations in the Czech Republic and China. Furthermore, cost reductions and efficiency increases made throughout the Company should start to be reflected in earnings during the course of fiscal year 2015.

This makes us well equipped to strengthen our competitive position and to drive the Group's expansion in 2015. In doing so, Oberkirch will be focused on the personnel adjustments in the indirect areas agreed on in the previous year. For the time being, the Canadian location will consolidate on the current level of revenue with good profitability. At the other locations, the focus will be on their efficient, continued expansion.

We fully confirm our forecast for the 2015 fiscal year and continue to expect an increase in revenues to approximately EUR 400 million and an improvement in EBIT to roughly EUR 19 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 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 today employs around 1,500 staff members. The Group is globally represented with further sites in China, Canada,
Mexico, and the Czech Republic. It employs around 3,100 staff members worldwide.

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".

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