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Abonner Progress-Werk Oberkirch AG

Progress-Werk Oberkirch AG

EANS-News: Progress-Werk Oberkirch AG
PWO confirms preliminary figures for financial year 2009

Oberkirch (euro adhoc) -

- Supervisory Board approves annual financial statements and 
consolidated financial statements for financial year 2009
Supervisory Board and Management Board propose waiving a distribution
for 2009
 - Forecast for financial year 2010 supported by encouraging
development at start of year
 - Consistent growth in the double digit
percent region expected in each of the next three years
  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
Financial Figures/Balance Sheet
Subtitle: - Supervisory Board approves annual financial statements 
and consolidated financial statements for financial year 2009 - 
Supervisory Board and Management Board propose waiving a distribution
for 2009 - Forecast for financial year 2010 supported by encouraging 
development at start of year - Consistent growth in the double digit 
percent region expected in each of the next three years
Oberkirch, 25 March 2010 - The Supervisory
Board of Progress-Werk Oberkirch AG examined, discussed and approved 
the annual financial statements and the consolidated financial 
statements for the 2009 financial year at its meeting today; the 
annual financial statements of Progress-Werk Oberkirch AG were 
thereby adopted.
The preliminary figures released on 25 February 2010 were confirmed. 
Group revenue reached EUR 206.4 million (p/y EUR 260.4 million) and 
total output was EUR 206.8 million (p/y EUR 264.8 million). 
Consolidated EBIT amounted to EUR -4.9 million (p/y EUR 7.7 million) 
and consolidated earnings for the period were EUR -8.9 million (p/y 
EUR 1.4 million). Earnings per share were EUR -3.58 (p/y EUR 0.58).
Given the unsatisfactory earnings development against the background 
of the global crisis in the automotive industry, and to protect the 
Company´s financial resources the Supervisory Board and the 
Management Board decided to waive a dividend distribution for 
financial year 2009. The Supervisory Board and the Management Board 
of Progress Werk Oberkirch AG will present a corresponding proposal 
at the Annual General Meeting on 26 May 2010.
For PWO, the 2009 financial year signifies a substantial yet only 
temporary deviation from its growth track: Since a number of 
comprehensive series production start-ups are scheduled in 2010 and 
the next two years, Group revenue is set to grow considerably 
independent of whether the markets experience a general recovery or 
not.
Revenue growth of around 15 percent is predicted for 2010 and each of
the following years. The encouraging start to 2010 thus supports the 
expectations for the current financial year. Overall, the forecast is
to exceed the EUR 300 million mark by 2012 and increase the yearly 
revenue volume in that period by around 50 percent compared to the 
2009 figure. Growth will be mainly generated by new series projects. 
In line with the jump in revenue, the Group´s profitability should 
also return to its earlier levels by 2012. A positive net profit is 
expected for 2010 and an EBIT margin in the upper single-digit area 
by 2012.
The annual report 2009 will be released on 15 April 2010.
Progress-Werk Oberkirch AG
The Management Board
PWO Group profile PWO is one of the world´s leading suppliers of 
high-precision metal components for the automobile industry, 
specialising in vehicle safety and comfort. The company has developed
a unique know-how in the shaping and joining of metals over ninety 
years of corporate development since its foundation in 1919. The 
German plant in Oberkirch currently has around 1,100 employees. The 
company is represented globally, with sites in China, Canada, Mexico 
and the Czech Republic, and has around 1,900 employees.
PWO is a partner to the global automobile industry for the 
development and production of innova-tive products in the areas of 
"mechanical components for electrical and electronic systems", 
"safety components for airbags, seats and steering and "structural 
components and systems for the vehicle body and chassis".
Based on current contracts for new series production PWO will return 
to significant growth in the coming years - regardless of whether the
markets fully recover or not.
end of announcement                               euro adhoc

Further inquiry note:

Bernd Bartmann (CFO)
Phone: +49 7802 / 84-347
Fax: +49 7802 / 84-789
e-Mail: bernd.bartmann@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

Plus de actualités: Progress-Werk Oberkirch AG
Plus de actualités: Progress-Werk Oberkirch AG