Progress-Werk Oberkirch AG

Progress-Werk Oberkirch AG / Key word(s): Half Year Results

2015-07-30 / 08:01

Press Release

PWO reports strong 2015 second quarter

- Q2 revenues rise 6.6 percent year-on-year, total output 8.0 percent higher

- EBIT's rise even stronger at 14.1 percent, excluding currency effects

- Forecasts for 2015 confirmed

Oberkirch, July 30, 2015 - Today, Progress-Werk Oberkirch AG released its interim financial report for the second quarter and first half of 2015.

The Group has overcome its temporary period of weak growth and was able to post strong gains in the quarter. Cost reduction measures are showing significant success and fueled a disproportionately strong rise in EBIT excluding currency effects. The balance sheet ratios improved, and new business was buoyant.

Revenues in the second quarter increased sharply by 6.6 percent to EUR 101.2 million (p/y: EUR 95.0 million). Total output rose 8.0 percent to EUR 106.3 million (p/y: EUR 98.4 million). EBIT improved and climbed 14.1 percent to EUR 5.3 million (p/y: EUR 4.7 million), excluding currency effects of EUR -1.4 million (p/y: EUR 0.1 million). Net income for the period including currency effects and after financial expenses and income taxes amounted to EUR 1.5 million (p/y: EUR 2.3 million), and earnings per share equaled EUR 0.49 (p/y: EUR 0.72).

The performance in the first half of 2015 was still impacted by the somewhat subdued start to the year. Revenues in the six-month period grew 3.1 percent to EUR 200.8 million (p/y: EUR 194.7 million), total output increased 5.3 percent to EUR 209.5 million (p/y: EUR 198.9 million), while EBIT excluding currency effects of EUR -0.7 million (p/y: EUR 0.0 million) declined to EUR 10.2 million (p/y: EUR 10.8 million). Net income for the period amounted to EUR 4.7 million (p/y: EUR 5.5 million) and earnings per share totaled EUR 1.50 (p/y: EUR 1.76).

With the robust performance of the second quarter, we remain on track to reach our targets for the 2015 fiscal year. We continue to expect revenues of approximately EUR 400 million (p/y: EUR 381.1 million) and EBIT of roughly EUR 19 million (p/y: EUR 16.7 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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