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Progress-Werk Oberkirch AG

EANS-News: Progress-Werk Oberkirch AG
PWO confirms preliminary figures for 2008

Oberkirch (euro adhoc) -

  Corporate News übermittelt durch euro adhoc. Für den Inhalt ist der
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Finanzen
- PWO releases annual report 2008
- Outlook for 2009 continues to be impacted by greater uncertainty
- Slight recovery after slump at the start of the year
Oberkirch, April 16, 2009 - Progress-Werk Oberkirch AG today presents
the annual report 2008 and confirms the preliminary figures released 
on February 24, 2009.
The unprecedented slump in the international automotive industry in 
the fourth quarter of 2008 led to a huge decline in standby orders at
PWO and negatively impacted both Group earnings and revenue. In the 
financial year 2008, the Group generated revenue of EUR 260.4 million
(prev. year: EUR 259.6 million) and a total output of EUR 264.8 
million (prev. year: EUR 262.6 million). EBIT totalled EUR 7.7 
million and was considerably lower than the previous year´s figure of
EUR 16.7 million. One-off exceptional costs have also had an impact 
on results. Positive earnings for 2008 were generated at the 
Oberkirch site in Germany as well as at the Kitchener site in Canada 
despite the North American market still being in considerable 
decline. The sites in the Czech Republic and Mexico on the other hand
have not yet reached break even. Construction continued on the site 
for the new subsidiary in China. As anticipated, the start-up losses 
incurred there had a negative impact on Group EBIT of around EUR 1 
million in the financial year 2008. Overall, net profit amounted to 
EUR 1.4 million (prev. year: EUR 7.7 million) and earnings per share 
totalled EUR 0.58 (prev. year: EUR 3.10).
The current uncertainty about how automotive markets will develop 
continues to make it difficult to generate revenue and earnings 
forecasts for the financial year 2009. After the dramatic decline in 
revenue in January and February, there has however been a slight 
upturn in standby orders since March. Our primary goals for 2009 are 
stabilising Group earnings and managing investments with the aim of 
avoiding additional need for financing.
At the Annual General Meeting, the Management Board and Supervisory 
Board proposed a dividend per share of EUR 0.55 (prev. year: EUR 
1.30) for the financial year 2008. In doing so, PWO continues to 
position itself on the capital market as an investment offering an 
attractive yield. The annual report 2008 is released on the internet 
at www.progress-werk.de and can be requested as a printed copy.
Progress-Werk Oberkirch AG
The Management Board
PWO Group profile: a global future in the automotive supplies 
industry PWO is one of the world´s leading suppliers of 
high-precision metal components for the automotive industry, 
specialising in vehicle safety and comfort. Its unmatched expertise 
in the fields of metal-forming and joining technology has been 
acquired over nearly ninety years since the company´s foundation in 
1919. Today, PWO´s German production site in Oberkirch employs around
1,100 staff. With other sites in the Czech Republic, China, Mexico 
and Canada, the Group has now achieved a global presence with a total
workforce of around 1,900.
PWO acts as a partner to the automotive industry in the development 
and production of innovative products. The Group manufactures 
millions of components on a just-in-time and zero-defect basis. In 
close collaboration with customers, PWO is expanding its 
international production sites in order to supply local markets. PWO 
has already achieved significant success on its way of global 
expan-sion. The company has orders on hand which will lead to strong 
growth of revenue and EBIT once the industry will return to 
normalised sales figures.

Rückfragehinweis:

Contact: Bernd Bartmann, Member of the Board
Phone: +49 7802 / 84-347
Fax: +49 7802 / 84-789
e-mail: bernd.bartmann@progress-werk.de

Branche: Auto
ISIN: DE0006968001
WKN: 696800
Börsen: Börse Frankfurt / Regulierter Markt/Prime Standard
Börse Berlin / Freiverkehr
Börse Hamburg / Freiverkehr
Börse Stuttgart / Freiverkehr
Börse Düsseldorf / Freiverkehr
Börse München / Freiverkehr

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