22.02.2016
Progress-Werk Oberkirch AG DE0006968001
DGAP-News: Progress-Werk Oberkirch AG: PWO exceeds 2015 targets and expects continued dynamic growth
DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Final Results
Progress-Werk Oberkirch AG: PWO exceeds 2015 targets and expects continued
dynamic growth
22.02.2016 / 08:00
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
- Fiscal year 2015: Revenue forecast achieved; clearly surpassed forecast
for EBIT before currency effects
- Marked improvement in free cash flow; stronger balance sheet ratios
- Significant level of new business expected again in 2016
Oberkirch, February 22, 2016 - PWO today published its preliminary results
for the 2015 fiscal year. All of the management's targets for the past
fiscal year were either achieved or, in some cases, even surpassed. Actions
taken in Germany, Mexico, and China strengthened these three locations
significantly. This has not only set the stage for the Group's continued
positive performance but has also helped us reach some important
milestones.
The consolidated Group revenues for the 2015 fiscal year amounted to EUR
404.6 million (p/y: EUR 381.1 million), total output was EUR 413.3 million
(p/y: EUR 390.7 million), EBIT reached EUR 21.0 million before currency
effects (p/y: EUR 15.1 million), and grew to EUR 18.1 million (EUR 16.7
million) including currency effects. Net income for the period reached EUR
7.5 million (p/y: EUR 7.3 million). With these results,the forecasts of
roughly EUR 400 million in revenue were achieved and for EBIT before
currency effects of around EUR 19 million greatly surpassed. As
a rule, currency effects are not included in our forecasts. At EUR -1.8
million (p/y: EUR -14.7 million), we achieved almost break-even free cash
flow as expected and were significantly above the previous year's level - a
development that led to an improvement in our balance sheet ratios.
This positive performance is expected to continue: Based on a conservative
plan for fiscal year 2016, we forecast revenue of roughly EUR 410 million
and EBIT of EUR 20 million. Despite the only marginal increase in revenue,
EBIT is thus expected to increase by more than 10 percent compared to the
level of EUR 18.1 million reported in fiscal year 2015. The revenue and
EBIT forecasts are based on hedged exchange rates as per end of 2015. After
achieving record new business in 2015 of roughly EUR 600 million (as
reported earlier), we expect to generate a similar volume of new business
in 2016. We are very optimistic with regard to the Group's future growth,
which will be greatly boosted by its ever more successful international
business.
The final figures for 2015 will be announced on March 30, 2016. The
Company's 2016 Annual Report will be available on our homepage at
www.progress-werk.de/en on
March 31, 2016.
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 Group has developed a unique knowledge in the
forming and joining of metals over the course of its more than 95-year
history since it was founded in 1919. The German location at Oberkirch
today employs around 1,500 staff members. PWO is globally represented with
further sites in the Czech Republic, Canada, Mexico, and China. The Group
employs a total of 3,200 staff members.
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".
---------------------------------------------------------------------------
22.02.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------
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
---------------------------------------------------------------------------
438731 22.02.2016
|
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu
Progress-Werk Oberkirch AG ISIN: DE0006968001 können Sie bei EQS abrufen
Automobilzulieferer , 696800 , PWO , XETR:PWO