31.07.2018
Progress-Werk Oberkirch AG DE0006968001
DGAP-News: Progress-Werk Oberkirch AG: PWO consistently presses forward with Group's expansion in the first half of 2018
DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Half Year Results
Progress-Werk Oberkirch AG: PWO consistently presses forward with Group's
expansion in the first half of 2018
31.07.2018 / 08:00
The issuer is solely responsible for the content of this announcement.
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- Strong increase in revenue due to successive reduction in up-front
investments in tools: currency-adjusted increase of 9.2 percent; reported
increase of 6.7 percent
- Significant rise in EBIT and net income for the period in the first
half-year
- Positive free cash flow despite higher investment
- Company confirms 2018 forecast, but trade policy concerns are increasing
Oberkirch, July 31, 2018 - In 2018, the focus is on the start-up of large
and complex series productions at four locations. The previous up-front
investments in tools necessary for these are now being gradually invoiced to
the customers. This contributed to sharp growth in revenue in the first half
of 2018. Absent any weakness in the euro against the US dollar, revenue
growth would have been a currency-adjusted 9.2 percent in the first
half-year. Including currency effects, revenue growth was 6.7 percent.
Series start-ups are progressing as scheduled, although profitability needs
to be further improved, especially in Germany and China. At EUR 19.6 million
(p/y: EUR 13.2 million), the Group's investments in the first half-year
clearly exceeded the prior year's level. The Group generated positive free
cash flow of EUR 2.1 million (p/y: EUR -5.4 million).
In the second quarter, Group revenue increased to EUR 125.9 million (p/y:
EUR 116.0 million), with total output close to the prior year's level and
amounting to EUR 121.8 million (p/y: EUR 122.1 million). EBIT before
currency effects equaled EUR 6.0 million (p/y: EUR 6.7 million) and EUR 6.2
million (p/y: EUR 5.2 million) including currency effects. Net income for
the period and earnings per share amounted to EUR 3.2 million (p/y: EUR 3.1
million) and EUR 1.02 (p/y: EUR 0.98), respectively. In the first half-year,
revenue increased to EUR 248.7 million (p/y: EUR 233.1 million) while total
output rose to EUR 246.4 million (p/y: EUR 244.1 million). EBIT before
currency effects increased to EUR 13.5 million (p/y: EUR 12.3 million) and
totaled EUR 13.7 million (p/y: EUR 10.4 million) including currency effects.
Net income for the period improved to EUR 7.2 million (p/y: EUR 5.9 million)
and earnings per share to EUR 2.31 (p/y: EUR 1.89).
Overall, we are on target for the first half-year and on course to reach our
2018 full-year targets but are becoming increasingly concerned about the
currently rapidly deteriorating climate for trade policy. Assuming there is
no serious weakening in the economic environment in the second half-year, we
confirm our forecasts for revenue of EUR 500 million (p/y: EUR 461.0
million) and EBIT before currency effects of EUR 25 to 26 million (p/y: EUR
23.4 million) for the 2018 fiscal year.
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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31.07.2018 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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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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709147 31.07.2018
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