16.02.2015
Progress-Werk Oberkirch AG DE0006968001
DGAP-News: Progress-Werk Oberkirch AG: PWO announces preliminary results for 2014
DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Final Results
Progress-Werk Oberkirch AG: PWO announces preliminary results for 2014
16.02.2015 / 08:00
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- Revenues and EBIT slightly exceed December forecast
- Customer call orders see recent improvement
- 2015 forecast confirmed
Oberkirch, February 16, 2015 - Today, PWO released preliminary results for
fiscal year 2014. As previously reported, the Group was impacted by
stagnating revenues due to lower-than-expected customer call orders and the
postponement of start-ups at several locations. Short-term capacity
adjustments could only counteract the resulting impact on earnings to a
limited extent.
Revenues amounted to EUR 381.1 million (p/y: EUR 377.4 million), total
output reached EUR 390.7 million (p/y: EUR 384.2 million), and EBIT totaled
EUR 16.7 million (p/y: EUR 22.3 million). Net income for the period
amounted to EUR 7.3 million (p/y: EUR 13.1 million). As we communicated in
December of 2014, the results were impacted by provisions of four million
euros for personnel adjustments. We slightly exceeded our December forecast
of revenues of approx. EUR 380 million and EBIT in a range of EUR 15-16
million.
The positive impact on our earnings from the reduction in employees and
other efficiency improvements initiated at our Oberkirch location will not
have their full impact until the 2016 fiscal year. Therefore, the EBIT in
Germany will decline again in 2015 compared to the level of 2014 when
adjusted for the provisions mentioned above. The international locations,
in contrast, will increase their overall EBIT contribution.
We continue to expect Group revenues of around EUR 400 million and an EBIT
of around EUR 19 million in fiscal year 2015.
We continued with our rapid international expansion during fiscal year
2014. Meanwhile, our Czech Republic location has become the second major
pillar of the Group. Revenues in China are expected to more than double
over the next two years, meaning our activities there will gain material
size. Our efforts to strengthen profitability in Oberkirch, as well as the
positive development of our international locations, will aid the PWO Group
in continuing its traditionally positive and steady development.
The final fiscal year 2014 results will be published on March 25, 2015, and
the 2014 annual report will be available on our homepage
(www.progress-werk.de/en) as of March 31, 2015.
Progress-Werk Oberkirch AG
The Management Board
PWO company profile
PWO is one of the world's leading developers and manufacturers of advanced
metal components and systems in lightweight construction for automobile
safety and comfort. The company has
developed a unique knowledge in the forming and joining of metals over the
course of its 95-year history since it was founded in 1919. The German
location at Oberkirch today employs around 1,500 staff members. The Group
is globally represented with further sites in China, Canada,
Mexico, and the Czech Republic. It employs around 3,100 staff members
worldwide.
PW0 is a partner to the global automotive industry for the development and
production of innovative products in the divisions of "Mechanical
components for electrical and electronic applications", "Safety components
for airbags, seats and steering" and "Components and subsystems for vehicle
bodies and chassis".
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Language: English
Company: Progress-Werk Oberkirch AG
Industriestraße 8
77704 Oberkirch
Germany
Phone: +49 (0)7802 84-0
Fax: +49 (0)7802 84-273
E-mail: [email protected]
Internet: www.progress-werk.de
ISIN: DE0006968001
WKN: 696800
Listed: Regulated Market in Frankfurt (Prime Standard), Stuttgart;
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Munich
End of News DGAP News-Service
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