DGAP-News

Progress-Werk Oberkirch AG: PWO off to a good start in the 2016 fiscal year

DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Quarterly / Interim
Statement
Progress-Werk Oberkirch AG: PWO off to a good start in the 2016 fiscal year

04.05.2016 / 08:00
The issuer is solely responsible for the content of this announcement.

---------------------------------------------------------------------------

- Group revenue and EBIT before currency effects on target

- Mexico and China locations achieve close to break-even EBIT on
operating basis

Oberkirch, May 4, 2016 - PWO today published its quarterly statement for
the first quarter of the 2016 fiscal year.

In the first three months of the new fiscal year, we achieved major
milestones at two sites: The Mexico and China production locations almost
reached a break-even EBIT on an operating basis in just the first three
months. This gives us even more confidence to tackle the pending
substantial new start-ups and realize the tremendous growth opportunities
in these markets. The German and Canadian locations remained stable during
the reporting quarter, as expected. In the Czech Republic, EBIT fell
temporarily below the prior year's level due a change in the processes
ahead of the location's further expansion.

Group revenue in first quarter of 2016 rose to EUR 103.7 million (p/y: EUR
99.6 million), and total output increased to EUR 100.2 million (p/y: EUR
103.3 million). EBIT before currency effects amounted to EUR 4.8 million
(p/y: EUR 4.9 million) and including currency effects totaled EUR 3.6
million (p/y: EUR 5.6 million). Net income for the period reached EUR 1.3
million (p/y: EUR 3.2 million) and earnings per share totaled EUR 0.42
(p/y: EUR 1.01). Currency effects in the reporting period resulted mainly
from pure translation-related devaluations of loans within the Group.

In view of our operating development in the first quarter, we are well on
our way to achieving our annual targets for revenue and EBIT before
currency effects. Generally, we refrain from making forecasts on future
currency parities. We continue to expect a slight improvement in revenue to
around EUR 410 million and an increase in EBIT before currency effects to a
total of EUR 20 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 Group has developed a unique knowledge in the
forming and joining of metals over the course of its more than 95-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 the Czech Republic, Canada, Mexico, and China. The Group
employs a total of 3,100 staff members.

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".


---------------------------------------------------------------------------

04.05.2016 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.

The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

---------------------------------------------------------------------------


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


End of News DGAP News Service
---------------------------------------------------------------------------

460161 04.05.2016