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Progress-Werk Oberkirch AG: PWO continues encouraging revenue and EBIT growth in the third quarter of 2015

DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Quarter Results
Progress-Werk Oberkirch AG: PWO continues encouraging revenue and EBIT
growth in the third quarter of 2015

04.11.2015 / 08:00

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- Positive operating business development in the third quarter
- Sector risks have recently risen
- Forecast for 2015 confirmed

Oberkirch, November 4, 2015 - Today, Progress-Werk Oberkirch AG released
its interim financial report for the third quarter and nine-month period of
2015. The Group continued to grow in the third quarter, significantly
strengthening its profitability and further improving its balance sheet
ratios. The locations in Germany and Mexico are seeing the benefits from
the measures implemented, but the Chinese activities are still loss making.
We also remained successful in generating new business: By mid-October, we
had reached a total lifetime volume of roughly EUR 430 million for new
series contracts, including tool volumes. New business for the whole of the
2014 fiscal year had amounted to EUR 280 million.

Revenues in the third quarter rose 6.5 percent to EUR 97.9 million (p/y:
EUR 92.0 million), and total output increased 3.9 percent to EUR 100.5
million (p/y: EUR 96.7 million). EBIT saw an even stronger improvement to
EUR 4.6 million (p/y: EUR 4.0 million) despite currency effects of EUR -1.8
million (p/y: EUR 1.4 million). Net income for the period after financial
expenses and income taxes amounted to EUR 1.5 million (p/y: EUR 1.2
million) and earnings per share equaled EUR 0.49 (p/y: EUR 0.40).

The performance in the 2015 nine-month period was still impacted by the
somewhat subdued first quarter. Consequently, revenue in the first nine
months grew 4.2 percent to EUR 298.7 million (p/y: EUR 286.7 million), and
total output increased 4.9 percent to EUR 310.0 million (p/y: EUR 295.6
million). Currency effects put a EUR -2.5 million burden on EBIT (p/y: EUR
1.4 million). Nevertheless, the decline in EBIT could be halted to a level
of EUR 14.2 million (p/y: EUR 14.7 million). This resulted in a decline
that was substantially lower than in the first half of 2015. Net income for
the period amounted to EUR 6.2 million (p/y: EUR 6.7 million) and earnings
per share totaled EUR 1.99 (p/y: EUR 2.16).

Our current operating business development is satisfactory. We are on track
to reach our 2015 targets for revenue and EBIT before currency effects that
were published in our 2014 Annual Report. Recently, the news flow from our
sector has been bleak and, consequently, the risks for the PWO Group have
increased. This is particularly the case with regard to the change in
growth prospects for the Chinese economy. Generally, we also refrain from
making projections on future exchange rates.

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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Language: English
Company: Progress-Werk Oberkirch AG
Industriestraße 8
77704 Oberkirch
Germany
Phone: [phone]
Fax: [phone]
E-mail: [e-mail]
Internet: www.progress-werk.de
ISIN: DE0006968001
WKN: 696800
Listed: Regulated Market in Frankfurt (Prime Standard), Stuttgart;
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Munich


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