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Abonner Progress-Werk Oberkirch AG

Progress-Werk Oberkirch AG

EANS-News: Progress-Werk Oberkirch AG
PWO: AGM passes all resolutions

Oberkirch (euro adhoc) -

- Harmonious 87th Ordinary AGM
- Shareholders support growth strategy
- Various capital increase options approved
- Supervisory and Management board discharged by large majority
- Good start to the 2010 financial year has continued
  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
Annual & Special Corporate Meetings
Subtitle: - Harmonious 87th Ordinary AGM
- Shareholders support growth strategy
- Various capital increase options approved
- Supervisory and Management board discharged by large majority
- Good start to the 2010 financial year has continued
Oberkirch, May 26, 2010 - The 87th Ordinary
AGM of Progress-Werk Oberkirch AG at the company's headquarters in 
Oberkirch proceeded harmoniously, and all resolutions were passed 
with large majorities. The Supervisory and Management boards were 
also discharged by a large majority.
In the presence of around 200 shareholders, shareholder 
representatives and guests gathered at the Erwin-Braun-Halle in 
Oberkirch, Karl M. Schmidhuber, CEO of Progress-Werk Oberkirch AG, 
explained the key developments of the 2009 financial year. Following 
the unparalleled sales plunge in the automotive industry at the end 
of 2008 due to the financial and economic crisis, in the 2009 
financial year PWO primarily concentrated on dealing with the 
consequences of this crisis, and on averting permanent damage to the 
company. In this context, extensive and consistent adjustment 
measures allowed Group earnings (EBIT) to be continually improved 
over the course of the year, enabling a clearly positive EBIT to be 
achieved again by as early as the fourth quarter of 2009. In overall 
terms, PWO managed to steer its way through one of the most difficult
years in its his-tory, to secure core workforce jobs, and to maintain
the full scope of the Group's growth prospects.
The 2010 financial year started on a better than anticipated note. 
Compared to the extremely weak prior-year quarter, revenue and total 
output in the first quarter of 2010 were up by 48.4 percent to EUR 
61.4 million, and by 50.7 percent to EUR 64.8 million respectively. A
significantly positive result for the period of EUR 1.6 million 
(previous year: EUR -4.6 million) reflected higher business volumes, 
and consequently also stronger capacity utilisation, as well as the 
far-reaching cost-reduction measures implemented in 2009, which 
continue to exert an effect. This positive trend has continued during
the weeks since the end of the first quarter. This underpins the 
target of a positive net profit for the year in the 2010 financial 
year, presupposing that there is no renewed economic crisis.
CEO Karl M. Schmidhuber commented as follows: "PWO regards itself as 
optimally equipped to structure future growth irrespective of our 
sector's normal cyclical fluctuations. Our significantly expanded 
international presence, innovative solutions in new product areas, 
and our recognised quality philosophy represent our growth drivers in
the competitive environment."
Resolutions approved by a large majority The resolution on the 
allocation of net income of Progress-Werk Oberkirch AG was approved 
by a ratio of more than 99 percent. Both the Management and 
Supervisory boards were discharged with an approval ratio of more 
than 99 percent. The same applies to the confirmation of Ernst & 
Young GmbH Wirtschaftsprüfungsgesellschaft, Stuttgart, as the auditor
of both Progress-Werk Oberkirch AG and the Group.
The management had proposed the approval of various capital increase 
options, including an authorisation to issue option and convertible 
debentures. All of the proposals were accepted by shareholders with a
share of more than 99 percent. These provisory resolutions provide 
the company with financing flexibility over the next few years, 
during which growth of around 15 percent per annum is expected. In 
connection with these approvals, the nominal value per share was 
increased from EUR 2.56 to EUR 3.00 out of shareholder funds.
The bylaw amendment relating to the remuneration of Supervisory Board
members, and the bylaw adaptation to reflect the Shareholder 
Guidelines Implementation Act (ARUG), were approved by majorities of 
more than 99 percent.
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 90-year history since it was founded in
1919. The German location at Oberkirch today employs around 1,100 
staff members. The Group is globally represented with further sites 
in China, Canada, Mexico and the Czech Republic, and employs around 
1,900 staff around the world.
PW0 is a partner to the global automotive industry for the 
development and production of innovative 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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