EANS-News: Progress-Werk Oberkirch AG
PWO confirms preliminary figures for financial year 2009
Oberkirch (euro adhoc) -
- Supervisory Board approves annual financial statements and consolidated financial statements for financial year 2009 Supervisory Board and Management Board propose waiving a distribution for 2009 - Forecast for financial year 2010 supported by encouraging development at start of year - Consistent growth in the double digit percent region expected in each of the next three years
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Financial Figures/Balance Sheet
Subtitle: - Supervisory Board approves annual financial statements and consolidated financial statements for financial year 2009 - Supervisory Board and Management Board propose waiving a distribution for 2009 - Forecast for financial year 2010 supported by encouraging development at start of year - Consistent growth in the double digit percent region expected in each of the next three years
Oberkirch, 25 March 2010 - The Supervisory Board of Progress-Werk Oberkirch AG examined, discussed and approved the annual financial statements and the consolidated financial statements for the 2009 financial year at its meeting today; the annual financial statements of Progress-Werk Oberkirch AG were thereby adopted.
The preliminary figures released on 25 February 2010 were confirmed. Group revenue reached EUR 206.4 million (p/y EUR 260.4 million) and total output was EUR 206.8 million (p/y EUR 264.8 million). Consolidated EBIT amounted to EUR -4.9 million (p/y EUR 7.7 million) and consolidated earnings for the period were EUR -8.9 million (p/y EUR 1.4 million). Earnings per share were EUR -3.58 (p/y EUR 0.58).
Given the unsatisfactory earnings development against the background of the global crisis in the automotive industry, and to protect the Company´s financial resources the Supervisory Board and the Management Board decided to waive a dividend distribution for financial year 2009. The Supervisory Board and the Management Board of Progress Werk Oberkirch AG will present a corresponding proposal at the Annual General Meeting on 26 May 2010.
For PWO, the 2009 financial year signifies a substantial yet only temporary deviation from its growth track: Since a number of comprehensive series production start-ups are scheduled in 2010 and the next two years, Group revenue is set to grow considerably independent of whether the markets experience a general recovery or not.
Revenue growth of around 15 percent is predicted for 2010 and each of the following years. The encouraging start to 2010 thus supports the expectations for the current financial year. Overall, the forecast is to exceed the EUR 300 million mark by 2012 and increase the yearly revenue volume in that period by around 50 percent compared to the 2009 figure. Growth will be mainly generated by new series projects. In line with the jump in revenue, the Group´s profitability should also return to its earlier levels by 2012. A positive net profit is expected for 2010 and an EBIT margin in the upper single-digit area by 2012.
The annual report 2009 will be released on 15 April 2010.
Progress-Werk Oberkirch AG The Management Board
PWO Group profile PWO is one of the world´s leading suppliers of high-precision metal components for the automobile industry, specialising in vehicle safety and comfort. The company has developed a unique know-how in the shaping and joining of metals over ninety years of corporate development since its foundation in 1919. The German plant in Oberkirch currently has around 1,100 employees. The company is represented globally, with sites in China, Canada, Mexico and the Czech Republic, and has around 1,900 employees.
PWO is a partner to the global automobile industry for the development and production of innova-tive products in the areas of "mechanical components for electrical and electronic systems", "safety components for airbags, seats and steering and "structural components and systems for the vehicle body and chassis".
Based on current contracts for new series production PWO will return to significant growth in the coming years - regardless of whether the markets fully recover or not.
end of announcement euro adhoc
Further inquiry note:
Bernd Bartmann (CFO)
Phone: +49 7802 / 84-347
Fax: +49 7802 / 84-789
e-Mail: bernd.bartmann@progress-werk.de
Branche: Automotive Equipment
ISIN: DE0006968001
WKN: 696800
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
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