DGAP-News 275 0 Kommentare Progress-Werk Oberkirch AG: PWO announces strong second quarter and first half of 2016

DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Half Year Results
Progress-Werk Oberkirch AG: PWO announces strong second quarter and first
half of 2016

04.08.2016 / 08:00
The issuer is solely responsible for the content of this announcement.

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- Continued high level of new business

- All locations recorded a favorable development in revenue and EBIT before
currency effects

- Q2: EBIT before currency effects 25 percent higher year-on-year; net
income for the period more than doubled

Oberkirch, August 4, 2016 - PWO today published its interim financial
report for the second quarter and first half of 2016.

Developments were consistently positive: New business in the first half of
2016 is already close to the record volume achieved for the entire fiscal
year 2015. Our locations in Mexico and China have confirmed their
turnarounds. The Czech Republic location in the second quarter returned to
the customary EBIT margins generated in prior years, once again
emphatically underlining its performance capabilities. The Group's revenue
and total output benefited from positive market developments but falling
raw material prices dampened growth. This has only a minor effect on our
EBIT.

Revenue in the second quarter increased to EUR 105.0 million (p/y: EUR
101.2 million), and total output rose to EUR 110.0 million (p/y: 106.3
million). EBIT before currency effects climbed 25 percent to EUR 6.6
million (p/y: EUR 5.3 million). Net income for the period including
currency effects of EUR -0.2 million (p/y: EUR -1.4 million) and after
financial expenses and income taxes increased to EUR 3.5 million (p/y: EUR
1.5 million) bringing earnings per share up to EUR 1.12 (p/y: EUR 0.49).

The performance of the first half of 2016 was still affected by the
somewhat subdued start in the year. Revenue grew to EUR 208.7 million (p/y:
EUR 200.8 million), and total output rose to EUR 209.9 million (p/y: 209.5
million). EBIT before currency effects climbed 12.0 percent to EUR 11.5
million (p/y: EUR 10.2 million). Net income for the period, including
currency effects of EUR -1.5 million (p/y: EUR -0.7 million), increased to
EUR 4.8 million (p/y: EUR 4.7 million) resulting in earnings per share of
EUR 1.55 (p/y: EUR 1.50).

We are very pleased with our current operating development and are
confirming our 2016 forecast of 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. Generally, we refrain from making forecasts with respect
to future currency parities.

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 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".

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04.08.2016 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.

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Language: English
Company: Progress-Werk Oberkirch AG
Industriestraße 8
77704 Oberkirch
Germany
Phone: +49 (0)7802 84-347
Fax: +49 (0)7802 84-789
E-mail: ir@progress-werk.de
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, Tradegate Exchange

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489063 04.08.2016