Progress-Werk Oberkirch AG

EANS-News: Progress-Werk Oberkirch AG
PWO confirms preliminary figures for financial year 2010 and announces dividend proposal

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annual result

Oberkirch, 15 March 2011 (euro adhoc) - - The Supervisory Board approved the annual financial statements and the consolidated financial statements for financial year 2010 - At the Annual General Meeting, the Management and Supervisory Board propose a dividend per share of EUR 1.00 - Revenue is expected to grow at a rate of up to 15 percent per year until 2012

The Supervisory Board of Progress-Werk Oberkirch AG examined, discussed and approved the annual financial statements and the consolidated financial statements for the 2010 financial year at its meeting yesterday; the annual financial statements of Progress-Werk Oberkirch AG were thereby adopted.

The preliminary figures released on 14 February 2011 were confirmed. Group revenue grew by 28.0 percent in 2010 to reach EUR 264.2 million (p/y EUR 206.4 million) and total output increased by 30.9 percent to EUR 270.7 million (p/y EUR 206.8 million). EBIT came in at EUR 16.0 million (p/y EUR -4.9 million). Currency effects made only a small positive contribution to consolidated results in the amount of EUR 0.6 million. Results for the period increased to EUR 6.5 million (p/y EUR -8.9 million) as a result of the tax ratio, which was lower than expected. Earnings per share were EUR 2.58 (p/y EUR -3.58).

All sites of the Group contributed to the positive performance. Our German site continues to be the benchmark, the profit zone has been reached in the Czech Republic on a sustainable basis, our sites in the NAFTA region have exhibited improvement and development of our site in China continues as planned.

Due to these encouraging results, we were able to generate positive free cash flow after interest of EUR 3.4 million (p/y EUR -10.4 million) in financial year 2010 despite higher investments of EUR 16.8 million (p/y EUR 12.7 million). The equity ratio rose to 30.9 percent (p/y 30.0 percent), while gearing (net debt as a percent of equity) dropped to 115.8 percent (p/y 128.7 percent).

The Management Board and Supervisory Board therefore decided to readopt the traditionally shareholder-friendly dividend policy at PWO and propose a dividend of EUR 1.00 per share at the Annual General Meeting on 25 May 2011.

The Group will continue to grow strongly. Based on the amount of existing orders received, revenue growth of up to 15 percent is expected for both of the next two financial years. Our site in China is still in the development stage and will begin to have a more noticeable effect on Group revenue only after 2012. The growth opportunities that the Chinese market offers are thus not contained in this forecast. EBIT is expected to rise at a disproportionate rate in the next two years, while the tax ratio is expected to drop further.

PWO will present the figures for financial year 2010 in a press and analyst conference at 11:00 a.m. today in Frankfurt. The annual report 2010 will be released on 31 March 2011 online and on 14 April 2011 in printed form.

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 1,200 staff members. The Group is globally represented with further sites in China, Canada, Mexico and the Czech Republic, and employs around 2,100 staff 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".

end of announcement                               euro adhoc
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Contact:

Charlotte Frenzel
Tel.: +49 (7802) 84-844
E-Mail: ir@progress-werk.de

Branche: Automotive Equipment
ISIN: DE0006968001
WKN: 696800
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade



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