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Progress-Werk Oberkirch AG

EANS-News: Progress-Werk Oberkirch AG
PWO reports good business trends in the third quarter of 2010

Oberkirch (euro adhoc) -

- Third-quarter operating EBIT before currency effects reaches 
highest level of current financial year
 - Accounting currency 
effects burden quarterly results
 - 2010 revenue and EBIT forecast 
confirmed
  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
9-month report
Subtitle: - Third-quarter operating EBIT before currency effects 
reaches highest level of current financial year - Accounting currency
effects burden quarterly results - 2010 revenue and EBIT forecast 
confirmed
Oberkirch, November 2, 2010 - Today,
Progress-Werk Oberkirch AG presents its interim financial report for 
the third quarter and first nine months of 2010. In the quarter under
review, the Group has further augmented the strong operating trend of
the first two quarters of 2010.
Given stable series revenues, total revenue including tools amounted 
to EUR 67.0 million in the quarter under review (Q2/2010: EUR 63.4 
million). Operating EBIT before currency effects improved to EUR 4.3 
million (Q2/2010: EUR 3.2 million). Negative currency effects 
burdened third-quarter results to the tune of EUR 1.5 million. These 
are nevertheless accounting effects resulting from higher 
volatilities on currency markets, and do not reflect our sites' 
operating trends.
We are, in any case, assuming that we will achieve our forecast 
revenue growth in ex-cess of 20 percent in 2010 to more than EUR 250 
million, and EBIT of around EUR 15 million, also excluding currency 
gains. For this reason, this forecast remains valid.
In overall terms, revenue amounted to EUR 67.0 million in the quarter
under review (p/y: EUR 54.3 million), total output to EUR 66.8 
million (p/y: EUR 55.6 million), and EBIT to EUR 2.8 million (p/y: 
EUR 0.0 million). Despite the strongly negative currency effects, 
breakeven was achieved at the net income level (p/y: EUR -1.5 
million). Over the nine-month period, revenue amounted to EUR 191.8 
million (p/y: EUR 144.8 million), total output to EUR 196.9 million 
(p/y: EUR 149.9 million), EBIT to EUR 11.5 million (p/y: EUR -7.2 
million), and net income for the period to EUR 3.6 million (p/y: net 
loss of EUR -9.3 million).
The marked enhancement of Group operating profitability was achieved 
particularly at the German site. The foreign sites reported stable 
operating trends. The fact that the Czech site reported significant 
growth in the third quarter compared with the second quarter is a 
particularly pleasing aspect, and the location is meanwhile well on 
its way to achieving a clearly positive EBIT result for the first 
time in 2010. The site in Canada developed within the scope of 
budgets, and is preparing for the start-up of new major pro-duction 
of cross-members. As expected, the locations in Mexico and China 
continue to report figures in the red.
We have stringently restricted the tying up of capital in the balance
sheet over the course of 2010. Total assets expanded only moderately,
despite high growth. As a consequence, the key balance sheet ratios 
remained stable over the course of the third quarter, and also 
unchanged compared with the 2009 financial year. The equity ratio 
amounted to 30.4 percent as of the September 30, 2010 balance sheet 
date (December 31, 2009: 30.0 percent), and net debt fell slightly to
EUR 77.7 million (December 31, 2009: EUR 79.1 million). Gearing (net 
debt expressed as a percentage of equity) has meanwhile improved to 
118.1 percent (end-2009: 128.7 percent). We will continue with this 
positive trend over the coming years.
Cash flow from operating activities amounted to EUR 17.4 million 
during the nine-month period. As a consequence, we are well on the 
way to achieving our objective of free cash flow breakeven in the 
2010 financial year (after investments and interest paid), although 
we are still budgeting a marked increase investments for the fourth 
quarter to around EUR 20 million, and despite the fact that 
third-quarter free cash flow was still negative. Cash outflows for 
investments totalled EUR 11.6 million over the first nine months of 
2010, and EUR 3.6 million of interest payments were disbursed. Free 
cash flow correspondingly amounted to EUR 2.2 million.
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 
fur-ther sites in China, Canada, Mexico and the Czech Republic, and 
employs around 2,000 staff around the world.
PW0 is a partner to the global automotive industry for the 
development and production of innova-tive 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".
Series orders currently on hand will result in significant growth at 
all sites over the next two years, irrespective of full market 
recovery.
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

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