DGAP-News

PWO reports figures for the second quarter and the first half year of 2013

DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Half Year Results
PWO reports figures for the second quarter and the first half year of
2013

31.07.2013 / 08:00

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- Strong second quarter of 2013: Disproportionate increase in net income
for the period

- International locations support positive development

- Forecasts for 2013 confirmed: Growth in revenues and EBIT is expected


Oberkirch, July 31, 2013 - Today, Progress-Werk Oberkirch AG released its
interim financial report for the second quarter and first half year of
2013.


The PWO Group's growth gained considerable momentum in the second quarter:
Revenues, total output, and EBIT each demonstrated double-digit growth
versus the prior year. Net income for the period climbed by one third.
Presently, this positive development is being driven by the high
performance quality of our locations in Canada and the Czech Republic.
Hence, we are increasingly benefiting from our international positioning.


Revenues and total output in the reporting quarter rose considerably over
the prior year with respective increases of 11.3 percent to EUR 97.5
million (p/y: EUR 87.6 million) and 10.8 percent to EUR 100.0 million (p/y:
EUR 90.2 million). EBIT climbed 10.2 percent to EUR 5.2 million (p/y: EUR
4.7 million). As a result of declining financial expenses and a lower tax
rate, net income from the period rose 31.9 percent to EUR 2.8 million (p/y:
EUR 2.1 million). Earnings per share improved 18.7 percent to EUR 0.89
(p/y: EUR 0.75) despite the 11.7 percent increase in the average number of
shares versus the prior year as a result of the capital increase in May
2012.


The strong second quarter more than compensated for the moderate
performance at the start of the year. As a result, the Group saw an
improvement in the first half of 2013 over the prior year. Revenues and
total output rose 7.2 percent to EUR 191.6 million (p/y: EUR 178.7 million)
and 8.6 percent to EUR 198.1 million (p/y: EUR 182.3 million) respectively.
EBIT increased 2.2 percent to EUR 11.0 million (p/y: EUR 10.8 million). At
EUR 6.0 million (p/y: EUR 5.3 million), net income for the period clearly
exceeded the previous year's level by 13.5 percent. Earnings per share
amounted to EUR 1.91 and remained slightly below last year's level of EUR
1.99 due to the higher number of shares.


The high level of tool inventories as of the end of the first half will be
invoiced in the course of the second half of the year. Thus, only from that