25.03.2015
Progress-Werk Oberkirch AG DE0006968001
DGAP-News: Progress-Werk Oberkirch AG: PWO confirms preliminary figures for 2014 and resolves dividend proposal
DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Final Results
Progress-Werk Oberkirch AG: PWO confirms preliminary figures for 2014
and resolves dividend proposal
25.03.2015 / 08:00
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- Revenue stable, net income for the period declines due to structural
measures taken, among others
- Management proposes a corresponding dividend adjustment
- Further strong international growth planned
- 2015 forecast unchanged
Oberkirch, March 25, 2015 - In yesterday's meeting, the Supervisory Board
of Progress-Werk Oberkirch AG reviewed, discussed, and approved the
financial statements and the consolidated financial statements for the 2014
fiscal year. The financial statements of Progress-Werk Oberkirch AG are
thus adopted.
The preliminary figures for the 2014 fiscal year that were announced on
February 16, 2015, have been confirmed. 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). Expenses related to personnel adjustments carried out at the
Oberkirch location reduced EBIT by EUR 4.0 million.
Investments grew to EUR 37.4 million (p/y: EUR 32.0 million) as a result of
the accelerated expansion of our highly profitable Czech location. Our
other locations were also strengthened through further investments. Free
cash flow declined to EUR -14.7 million (p/y: EUR 1.6 million) due to the
lower net income for the period and higher investments. The equity ratio
and gearing (net debt as a percentage of equity) totaled 28.1 percent (p/y:
34.2 percent) and 130 percent (p/y: 97 percent), respectively. Both of
these key ratios were affected by valuation adjustments made to the pension
plans due to the renewed decline in interest rates and the corresponding
decline in the discount rates.
The Management Board and Supervisory Board of Progress-Werk Oberkirch AG
will propose a dividend of EUR 1.45 per share (p/y: EUR 1.80) to the Annual
General Meeting on May 19, 2015. This proposal reflects not only the
business development in 2014, but also our steady dividend policy.
For the current fiscal year, we expect further revenue and earnings growth
at our foreign locations. Our Czech location, in particular, is on the
verge of a surge in growth. In China, the Group's first assembly location
will commence operations. The earnings at our German location are expected
to decline while revenues are expected to remain stable. The positive
effects generated by our efficiency improvement program will be fully
reflected in profit and loss in 2016 at the earliest and contribute to a
rise in earnings. As already announced, the Group is expected to have
revenues of approximately EUR 400 million and an EBIT of roughly EUR 19
million in the 2015 reporting year.
The 2014 annual report of the PWO Group will be available on our homepage
www.progress-werk.de 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 more than 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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336961 25.03.2015
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