EANS-News: Progress-Werk Oberkirch AG
PWO Half-Year report: High growth and net income for the period doubled
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6-month report
Subtitle: - Revenue growth of nearly 12 percent
- Net income for the period soared 113 percent
- Outlook for fiscal year 2012 confirmed
Oberkirch (euro adhoc) - Oberkirch, August 2, 2012 - Today, Progress-Werk
Oberkirch AG released its interim financial report for the second quarter and
the first half of fiscal year 2012.
The PWO Group continued to grow strongly and improve its earnings. In
particular, the positive development of our international sites persisted. Net
income for the period saw an above-average increase and continued to benefit
from a declining tax burden.
In the six month period, revenue rose 11.7 percent to EUR 178.7 million (p/y:
EUR 160.1 million) and total output rose 14.0 percent to EUR 182.3 million
(p/y: EUR 160.0 million). EBIT for the half year improved by a favourable 37.7
percent to EUR 10.8 million (p/y: EUR 7.8 million). Net income for the period
soared 113.3 percent to EUR 5.3 million (p/y: EUR 2.5 million). Earnings per
share increased to EUR 1.99 (p/y: EUR 0.99).
The second quarter of 2012 also developed positively. Total output - the
Group's key performance indicator - grew 13.5 percent to EUR 90.2 million (p/y:
EUR 79.5 million). Growth in revenue was lower at EUR 87.6 million (p/y: EUR
83.0 million), or an increase of 5.6 percent. This resulted from an increase in
finished goods and work-in-progress, as at the reporting date, whereas the
previous year had seen a decrease. This effect will balance out in the
remainder of the year.
EBIT in the second quarter improved 42.3 percent to EUR 4.7 million (p/y: EUR
3.3 million). Net income for the period rose to EUR 2.1 million (p/y: EUR 0.9
million) and earnings per share more than doubled to EUR 0.75 (p/y: EUR 0.35).
Currency effects in the context of valuation differences at the reporting date
and exchange rate differences, as well as currency effects from hedge
accounting which had negatively impacted the previous year's results, had no
material impact in the first half of 2012.
Revenue growth at our German site was slightly below expectation; however, the
development was still within the normal range of fluctuation. Particularly
pleasing is the strong growth of our two locations in the NAFTA area. Driven by
the ramp-up of series productions, we have raised revenue in that area by more
than 60 percent in the first half of the year and have reached a clearly
positive EBIT. The EBIT at our Czech site also strongly improved. In China, we
are not yet operating profitably, as planned.
The business performance in the first six months of this year supports our
expectations for fiscal year 2012. We confirm our outlook for revenue of around
EUR 360 million (p/y: EUR 331.1 million) and EBIT of around EUR 25 million (p/y:
EUR 19.2 million). Net income for the period should show above-average
improvement benefitting from continued positive tax effects.
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 a 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 1,500 staff members. The Group is globally represented with further
sites in Canada, the Czech Republic, China and Mexico employs around 2,800
staff members around the world.
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