Progress-Werk Oberkirch AG / Key word(s): Interim Report/Quarter Results
- Business development in line with expectations
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
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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|Company:||Progress-Werk Oberkirch AG|
|Phone:||+49 (0)7802 84-0|
|Fax:||+49 (0)7802 84-273|
|Listed:||Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich|
|End of News||DGAP News-Service|