EANS-News: Progress-Werk Oberkirch AG
PWO confirms 2011 preliminary results and announces 2012 expectations
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annual result
Subtitle:
- Foreign locations see profit turnaround
- Earnings per share rose by 40 percent
- Further positive development expected
Oberkirch (euro adhoc) - Oberkirch, March 14, 2012 - Today, at the analyst and
press conference in Frankfurt, Progress-Werk Oberkirch AG is announcing its
final results for fiscal year 2011 and will confirm their preliminary figures
previously reported on February 16, 2012.
Group revenue rose significantly by 25.3 percent to EUR 331.1 million (p/y: EUR
264.2 million). This amount included approximately EUR 20 million in material
price increases. Total output increased by 21.5 percent to EUR 328.8 million
(p/y: EUR 270.7 million) and EBIT increased to EUR 19.2 million (p/y: EUR 16.0
million). Currency effects had a positive effect and amounted to EUR 1.0 million
(p/y: EUR 0.6 million). The tax rate continued to decline as expected.
Accordingly, net income and earnings per share increased disproportionately by
around 40 percent to EUR 9.0 million (p/y: EUR 6.5 million) or EUR 3.61 per
share (p/y: EUR 2.58 per share).
In fiscal year 2011, PWO´s foreign locations experienced a profit turnaround and
had contributed a total of EUR 1.1 million (p/y: EUR -1.9 million) to EBIT. In
2012, they are expected to see another significant improvement in earnings. At
the headquarters in Oberkirch, which is the Group´s benchmark, we also
anticipate a continued positive development.
Based on the currently existing call orders from our customers, we expect Group
revenue to grow to approximately EUR 360 million in 2012. This forecast assumes
a considerably lower impact from material price increases. In terms of EBIT, the
Group aims to achieve approximately EUR 25 million. Net income and earnings per
share are expected to see disproportionately higher increases due to the
continued slide in the tax rate. Based on early indications for 2013 and 2014,
the positive revenue trend and above-average earnings growth should continue.
The 2011 Annual Report will be available on PWO´s home page
(www.progress-werk.de) as of March 30, 2012 and the printed version of the 2011
Annual Report will be available on April 12, 2012.
Progress-Werk Oberkirch AG
The Management Board
PWO company profile
PWO is one of the world's leading suppliers of advanced metal components for
automobile safety and comfort. The company has developed unique knowledge in the
forming and joining of metals over the course of its over 90-year history since
it was founded in 1919. The German location at Oberkirch today employs around
1,400 staff members including temporary workers. The Group is globally
represented with further sites in China, Canada, Mexico and the Czech Republic,
and employs around 2,600 staff around the world including temporary workers.
PW0 is a partner to the global automotive industry for the development and
production of innovative products in the areas of "Mechanical components for
electrical and electronic applications", "Safety components for airbags, seats
and steering" and "Components and systems for vehicle bodies and chassis".
Further inquiry note:
Bernd Bartmann (CFO)
Phone: +49 7802 / 84-347
Fax: +49 7802 / 84-789
e-Mail: bernd.bartmann@progress-werk.de
end of announcement euro adhoc
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company: Progress-Werk Oberkirch AG
Industriestraße 8
D-77704 Oberkirch
phone: +49(0)7802 84-0
mail: info@progress-werk.de
WWW: http://www.progress-werk.de
sector: Automotive Equipment
ISIN: DE0006968001
indexes:
stockmarkets: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart,
regulated dealing/prime standard: Frankfurt
language: English