EANS-Adhoc: Progress-Werk Oberkirch AG /
The Company confirms revenue forecast, but EBIT-forecast will not be met
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ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
adhoc with the aim of a Europe-wide distribution. The issuer is solely
responsible for the content of this announcement.
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19.10.2012
Oberkirch, October 19, 2012 - At today's meeting, the Management Board of
Progress-Werk Oberkirch AG has analysed and assessed the current business
development of the Company. The Board came to the conclusion that the initially
expected above-average increase in consolidated earnings before interest and
taxes (EBIT) in the second half compared to the first half will not be achieved
due to current market developments.
This is due to declining sales in high-volume standard products in the second
half of 2012 as well as significant higher expenses for premium products. The
latter is a result from producing in part above the capacity limit.
Furthermore, the company now also sees declining sales in the premium segment
in the fourth quarter.
Instead of the previous guidance for Group EBIT of a 30 percent year-over-year
increase to EUR 25 million, the Company now expects a still above-average
growth of 15 to 20 percent, i.e. EUR 22 to 23 million. However, the new
forecast still associated with some degree of uncertainty, given the current
market situation.
The revenue guidance remains at ca. EUR 360 million, which is unchanged to the
forecast given in the interim financial report about the first half 2012.
However, it appears from the current perspective that this will include effects
of around EUR 5 million from currency translations and around EUR 3 million in
additional tool sales, neither of which has an impact on earnings.
Progress-Werk Oberkirch AG
The Management Board
End of announcement
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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issuer: 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