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Abonner Progress-Werk Oberkirch AG

Progress-Werk Oberkirch AG

EANS-News: Progress-Werk Oberkirch AG
PWO - recession impacts on first quarter of 2009

Oberkirch (euro adhoc) -

  Corporate News übermittelt durch euro adhoc. Für den Inhalt ist der
  Emittent/Meldungsgeber verantwortlich.
Finanzen
Oberkirch, May 5, 2009 - The international
automotive industry experienced a further dramatic global downturn at
the beginning of 2009. The unprecedented slump seen already in the 
fourth quarter of 2008 worsened at the beginning of 2009. Compared to
the first quarter of 2008, where we achieved record sales, the PWO 
Group´s revenue fell by 38.2% to EUR 41.4 million (p/y 66.9) in the 
first three months of 2009. Sales from series production decreased 
even more sharply as revenue from tooling operations climbed to EUR 
4.9 million (p/y 2.7). Change of inventories was significantly lower 
than in the previous year, too. Thus total output declined more 
sharply than revenue by 41.1% to EUR 43.0 million (2008: EUR 73.0 
million).
After the severe downturn at the beginning of 2009, an increase in 
revenue of over 20% compared to the average of the first two months 
was achieved in series production in March. This signifies a slight 
improvement, but does not yet represent a return to break-even 
capacity utilisation. Material input was adjusted to the development 
of total output. The material expense ratio stood at 55.6% (p/y 
55.8%). However, the other expense ratios rose in part sharply, 
despite short-time working at the Oberkirch site as from February, a 
slight fall in depreciation and amortisation and a significant 
decline in other operating expenses. Overall, EBIT came in at EUR 
-5.0 million (p/y 3.8).
Interest expenses increased to EUR 1.3 million (p/y 1.1), with EBT 
standing at EUR -6.3 million (p/y 2.7). Net profit for the period was
EUR -4.6 million (p/y 2.0) after tax credit of EUR 1.7 million (2008:
a tax burden of EUR 0.8 million) owing to losses before taxes. 
Earnings per share of EUR -1.82 (p/y 0.79) were posted for the first 
quarter of 2009.
None of our production sites were able to avoid exposure to the 
downturn. There were higher-than-average declines in revenue and 
total output at the German site Oberkirch falling by 40.5% to EUR 
32.7 million (p/y 55.0) and 43% to EUR 34.1 million (p/y 59.8) 
respectively. In contrast, our Czech production site continued to 
grow as indicated earlier with revenue increasing to EUR 3.9 million 
(p/y 2.3) and total output climbing to EUR 4.6 million (p/y 3.4). The
second large press started production here at the beginning of the 
year as planned. The site in Kitchener, Canada, posted a very weak 
development of revenue and total output compared to the group average
following the sharp downturn in the North American market. The 
decline at the Puebla site, Mexico, was somewhat less acute. We did 
not achieve any revenue in Asia in the first quarter of 2009 since we
withdrew from our joint venture, as explained in the 2008 Annual 
Report, and our own subsidiary only began production after the end of
the reporting quarter.
We were able to increase our credit liabilities in cooperation with 
our financial partners who continue to support us through the current
crisis. Moreover, an agreement on the financing of international 
activities was concluded with an additional banking partner. Cashflow
from operating activities stood at EUR -8.2 million (p/y 3.6) in the 
first quarter of 2009. Without the repayment of current liabilities 
of EUR 7.9 million, the cashflow would have been almost beak-even.
Planning for future models is being continued in the automotive 
industry despite the difficult economic climate. This represents new 
opportunities for PWO towards which we are working intensively and 
with total commitment. We achieved further success in the quarter 
under review thanks to high levels of technical expertise and 
globally competitive cost structures. After a leading international 
automotive group selected us to develop and manufacture the European 
order volume of the module carrier for a new global vehicle 
production platform in 2007, we have now also won the order volume 
for North America. We also won an order from a German premium 
manufacturer for the development and production of module carriers 
for its high-volume production platform. In total, both major orders 
represent a sales volume of around EUR 180 million and will ensure 
the return to a high level of capacity utilisation at both the 
European and North American PWO production sites. The series ramp-up 
is scheduled for 2010/2011.
To cushion the impact of the current fall in revenue, business 
management focuses on extensive cost limitation in the current 
financial year. However, future-oriented projects and development 
activities will be pursued without restriction. Moreover, top 
priority is ensuring the group´s liquidity. We also anticipate 
significant declines in the second quarter compared to the previous 
year, albeit not quite as high as in the first quarter. As our 
customers currently do not offer reliable forecasts for 2009 
continued uncertainty surrounding future trends means it is currently
not possible to make well-founded projections about future 
performance of the business. In view of the decline in standby orders
from our customers so far, we cannot rule out the possibility of 
posting a loss for the full 2009 financial year. Due to the high 
volume of new orders, we can, however, be optimistic for the future.
Progress-Werk Oberkirch AG
The Management Board
Please note: The complete quarterly report is available at the 
Progress-Werk Oberkirch AG website (www.progress-werk.de / Investor 
Relations / Reports)

Rückfragehinweis:

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

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