30.03.2017
Progress-Werk Oberkirch AG DE0006968001
DGAP-News: Progress-Werk Oberkirch AG: PWO confirms 2016 preliminary figures and is on track to meet medium-term targets
DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Final Results
Progress-Werk Oberkirch AG: PWO confirms 2016 preliminary figures and is on
track to meet medium-term targets
30.03.2017 / 08:00
The issuer is solely responsible for the content of this announcement.
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Press Release
PWO confirms 2016 preliminary figures and is on track to meet medium-term
targets
* Company again achieves a high level of new business in the amount of EUR
730 million
* Orders already received to fuel dynamic growth expected until 2020
* Higher dividend proposed for 2016
Oberkirch, March 30, 2017 - In yesterday's meeting, the Supervisory Board of
Progress-Werk Oberkirch AG reviewed, discussed and approved the separate and
consolidated financial statement for the 2016 fiscal year, and thereby
adopted the separate financial statements of Progress-Werk Oberkirch AG.
The preliminary figures for the 2016 fiscal year released on February 22,
2017 were also confirmed. The Group's revenue and total output increased
only moderately to EUR 409.6 million (p/y: EUR 404.6 million) and EUR 423.5
million (p/y: EUR 413.3 million), respectively, due to declining material
prices. EBIT before currency effects rose to EUR 21.6 million (p/y: EUR 17.1
million). EBIT including currency effects totaled EUR 19.7 million (p/y: EUR
18.1 million). Net income for the period reached EUR 9.5 million (p/y: EUR
7.5 million), earnings per share equaled EUR 3.05 (p/y: EUR 2.41), and free
cash flow amounted to EUR 13.0 million (p/y: EUR -1.8 million). The equity
ratio remained at the prior year's level of around 30 percent.
New business reached a record EUR 730 million (p/y: EUR 600 million). After
acquiring an order volume of roughly EUR 1.3 billion over the past two
years, we have the necessary potential to grow our revenue to over EUR 500
million p.a. by the year 2020 and achieve a significantly
higher-than-average increase in our EBIT before currency effects. For the
years 2017 and 2018, we expect incoming orders to normalize somewhat because
we have already received key large orders from our customers as anticipated.
Our full concentration will now be on the upcoming start-ups and ramp-ups in
series productions.
The Management Board and Supervisory Board of Progress-Werk Oberkirch will
propose a dividend of EUR 1.60 (p/y: EUR 1.55) to the Annual General Meeting
on May 23, 2017. This proposal takes into consideration both the solid
development of the Group's business and the strengthening of its balance
sheet from the reduction in last year's dividend payout ratio.
The 2016 Annual Report will be available on our homepage
www.progress-werk.de/en on March 31, 2017.
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 China, Canada, Mexico, and Czechia. The Group employs a total of
approximately 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".
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30.03.2017 Dissemination of a Corporate News, transmitted by DGAP - a
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The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Progress-Werk Oberkirch AG
Industriestraße 8
77704 Oberkirch
Germany
Phone: +49 (0)7802 84-347
Fax: +49 (0)7802 84-789
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, Tradegate Exchange
End of News DGAP News Service
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559877 30.03.2017
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