EANS-News: Progress-Werk Oberkirch AG
PWO confirms preliminary figures for fiscal year 2012 and announces proposal for
a higher dividend
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Corporate news transmitted by euro adhoc. The issuer/originator is solely
responsible for the content of this announcement.
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Subtitle: - Record revenues and earnings in fiscal year 2012
- Continued growth in revenues and EBIT expected in 2013
- Management proposes an increased dividend of EUR 1.60 per share (p/y: EUR
1.40) to the Annual General Meeting
annual result
Oberkirch (euro adhoc) - Press Release
Oberkirch, March 25, 2013 - In today's meeting, the Supervisory Board of
Progress-Werk Oberkirch AG reviewed, discussed, and approved the financial
statements and the consolidated financial statements for the 2012 fiscal year.
The financial statements of Progress-Werk Oberkirch AG are thus adopted.
The preliminary figures for fiscal year 2012, which were already announced on
February 14, 2013, have been confirmed. Group revenues grew 8.2 percent to EUR
358.1 million (p/y: EUR 331.1 million), EBIT grew 9.0 percent to EUR 20.9
million (p/y: EUR 19.2 million) and the net income for the period rose 12.7
percent to EUR 10.2 million (p/y: EUR 9.0 million).
This favorable operating development was mainly due to PWO's foreign locations.
In total, the international locations achieved revenue growth of 20.5 percent
to EUR 123.2 million and a tripling of EBIT to EUR 3.7 million (p/y: EUR 1.2
million). With the exception of the Chinese location, which still finds itself
in its initial stages, the remaining locations generated a positive
contribution to earnings. The development of the Czech and the Canadian
locations was particularly pleasing and EBIT at those locations rose
significantly. The Oberkirch location however had to handle charges from
occasionally exceeding its capacity limits in the premium segment while at the
same time being affected by the weakness in the volume segment of the European
automobile market. Despite this difficult environment, the German location
could still generate a satisfactory result which was only slightly below the
prior year.
In addition, fiscal year 2012, was characterized by higher investments at all
locations. EUR 41.2 million (p/y: EUR 28.0 million) was invested in expanding
capacity for the continued growth of the Group. The Group's balance sheet
ratios had a noticeable improvement due to the capital increase executed in
May. This had resulted in an increase in the equity ratio to 38.0 percent (p/y:
31.1 percent) and a reduction in gearing (net debt in percent of equity) to 86
percent (p/y: 121 percent).
For the current fiscal year, PWO is cautiously optimistic. Despite an increase
in market uncertainty, a revenue increase of 8 percent to EUR 390 million is
expected for the Group as a result of further series start-ups. EBIT should
rise disproportionally in the range of EUR 23 million.
In consideration of the favorable outlook, the Management Board and the
Supervisory Board have today decided to propose an increase in the dividend to
EUR 1.60 per share (p/y: EUR 1.40) to the Annual General Meeting on May 22,
2013.
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 over
2,900 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