30.03.2016
Progress-Werk Oberkirch AG DE0006968001
DGAP-News: Progress-Werk Oberkirch AG: PWO confirms preliminary figures for 2015 and wins substantial new orders
DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Final Results
Progress-Werk Oberkirch AG: PWO confirms preliminary figures for 2015 and
wins substantial new orders
30.03.2016 / 08:00
The issuer is solely responsible for the content of this announcement.
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- Dividend of EUR 1.55 per share (p/y: EUR 1.45) to be proposed to the
Annual General Meeting
- Steady high level of new business in first quarter of 2016
- Possible new assembly location to be build in northern Mexico
Oberkirch, March 30, 2016 - In yesterday's meeting, the Supervisory Board
of Progress-Werk Oberkirch AG reviewed, discussed, and approved the annual
and consolidated financial statements for the 2015 fiscal year, thereby
adopting the annual financial statements of Progress-Werk Oberkirch AG.
The preliminary figures for fiscal year 2015 released on February 22, 2016
were also confirmed. Group revenue 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 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 investments of EUR 28.8 million (p/y:
EUR 37.4 million) and an almost break-even free cash flow of EUR -1.8
million (p/y: EUR -14.7 million), the equity ratio increased to 29.7
percent (p/y: 28.1 percent) and the dynamic leverage ratio (net
debt/EBITDA) improved to 3.1 (p/y: 3.2). The Management Board and
Supervisory Board of Progress-Werk Oberkirch will propose a dividend of EUR
1.55 (p/y: EUR 1.45) to the Annual General Meeting on May 31, 2016.
In the first quarter of 2016, we continued to win substantial new business
by bringing in new contracts for series productions with a lifetime volume
of almost EUR 200 million and contracts for the related tools of roughly
EUR 10 million. For the full year 2015, the volume of series production
orders amounted to EUR 560 million and related tool volumes were EUR 40
million.
The new business acquired in the first quarter includes a major contract
from Daimler for a pressure accumulator (e.g., for the air suspension) and
two other contracts - one from BMW in China and one from Ford in Mexico -
for instrument panel carriers (cockpit cross members). Our extensive
expertise in cost-efficient lightweight construction was a strong factor in
our acquiring these contracts. Because of the orders received from our
customers BMW, Daimler, and Ford in Mexico, we are currently examining the
possibility of building a new assembly location in the north of Mexico that
would be conveniently located near our customers' operations. We are
drawing from the experience gained last year when we set up our first
assembly location in Shenyang, China, which commenced operations on
schedule and within the allocated budget. The start of production for the
majority of new orders won in the first months of 2016 is planned for
fiscal years 2017 and 2018. Most of the series have a term of 7 to 9 years.
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 3,100 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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30.03.2016 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.
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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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449415 30.03.2016
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