Harmonious PWO Annual General Meeting

DGAP-News: Progress-Werk Oberkirch AG / Key word(s): AGM/EGM

24.05.2017 / 08:00
The issuer is solely responsible for the content of this announcement.

- 67 percent of share capital present
- Dividend increases from EUR 1.55 to EUR 1.60
- Company reconfirms 2017 outlook

Oberkirch, May 24, 2017 - At yesterday's 94th Ordinary Annual General Meeting of Progress-Werk Oberkirch AG, the Management Board reported on the key developments in the 2016 fiscal year.

PWO is geared towards profitable growth. The Company's success is based on a high volume of new orders, high-performance locations and global delivery capabilities, all of which contributed to PWO's further improvement in key earnings indicators in the 2016 fiscal year. The Company expects this trend to continue into 2017.

Based on these factors, the Management Board fully confirmed the outlook for the current 2017 fiscal year. The Group expects revenue of approximately EUR 450 million and EBIT before currency effects of EUR 23 to 24 million. The solid earnings contributions from the locations in Czechia and the NAFTA Area will compensate for the upfront expenses still being incurred in Germany and China connected with the locations' strong growth.

With a majority of more than 99 percent of the share capital present, all of the management proposals were adopted by the shareholders almost unanimously. The agenda items included the presentation of the adopted financial statements, the appropriation of profits, the discharge of the members of the Management Board and Supervisory Board, and the appointment of the auditor for the 2017 fiscal year.

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 Group has developed a unique knowledge in the forming and joining of metals over the course of its roughly 97-year history since it was founded in 1919. The German location at Oberkirch today employs around 1,500 staff members. PWO is globally represented with further sites in China, Canada, Mexico, and Czechia. The Group employs a total of approximately 3,300 staff members.

PWO 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."

24.05.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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