26.03.2018
Progress-Werk Oberkirch AG DE0006968001
DGAP-News: Progress-Werk Oberkirch AG: PWO confirms preliminary figures for 2017
DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Final Results
Progress-Werk Oberkirch AG: PWO confirms preliminary figures for 2017
26.03.2018 / 08:00
The issuer is solely responsible for the content of this announcement.
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- 2017 forecasts fully achieved
- Management and Supervisory Boards propose higher dividend
Oberkirch, March 26, 2018 - At its meeting last Friday, the Supervisory
Board of Progress-Werk Oberkirch AG reviewed, discussed and approved the
annual financial statements and the consolidated financial statements for
the 2017 fiscal year, thereby adopting the annual financial statements of
Progress-Werk Oberkirch AG.
The preliminary figures for the 2017 fiscal year previously announced on
February 22, 2018 were confirmed. Group revenue and total output increased
to EUR 461.0 million (p/y: EUR 409.6 million) and EUR 483.1 million (p/y:
EUR 423.5 million) respectively. Excluding the contribution from higher
material prices of around EUR 25 million each, this represents an increase
in Group revenue of slightly more than 6 percent and higher total output of
just over 8 percent. EBIT before currency effects increased to EUR 23.4
million (p/y: EUR 21.6 million), and EBIT including currency effects rose to
EUR 20.5 million (p/y: EUR 19.7 million). Revenue exceeded the forecast of
around EUR 450 million.
EBIT before currency effects reached the forecast range of EUR 23 to 24
million, despite significant additional expenses for providing added
production capacity. Net income for the period amounted to EUR 10.1 million
(p/y: EUR 9.5 million) and earnings per share increased to EUR 3.22 (p/y:
EUR 3.05).
In 2017, PWO manufactured the highest volume of new tools required in the
Company's history. Strict balance sheet control, particularly the agreement
on higher customer prepayments and limiting investments to EUR 32.8 million
(p/y: EUR 29.7 million), still allowed for positive free cash flow of EUR
4.3 million, as forecasted (p/y: EUR 13.0 million). The balance sheet ratios
also remained stable as expected with an unchanged equity ratio of around 29
percent and a dynamic leverage ratio of 2.8 years. New business volume of
EUR 300.4 million (p/y: around EUR 730 million) returned to a more
normalized level as indicated at the beginning of the 2017 fiscal year and
was slightly above the current growth plan.
The Management and Supervisory Boards of Progress-Werk Oberkirch AG are
proposing a dividend of EUR 1.65 (p/y: EUR 1.60) to the Annual General
Meeting on May 23, 2018. In doing so, we are continuing to pursue our
dividend policy of taking into account both the current sound business
performance and strengthening the Group's balance sheet ratios through an
appropriate pay-out ratio.
The 2017 Annual Report will be available on our homepage at
www.progress-werk.de/en as of March 29, 2018.
Progress-Werk Oberkirch AG
The Management Board
PWO company profile
PWO is a partner to the global automotive industry for the development and
production of advanced metal components and subsystems using lightweight
construction. The Group has developed a unique knowledge in the forming and
joining of metals over the course of its almost 100-year history since it
was founded in 1919. With our expertise in cost-efficient lightweight
construction, we contribute to environmentally friendly driving and greater
distances.
All of the Group's more than 1,000 products contribute to automotive comfort
and safety. More than 90 percent of revenue is independent of the vehicle's
type of drivetrain. Approximately 3,400 employees on three continents at
five production sites and four assembly plants ensure the highest level of
delivery reliability and quality.
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26.03.2018 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.
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Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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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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668317 26.03.2018
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