EANS-News: Progress-Werk Oberkirch AG / PWO: Positive business development in the first quarter of 2012
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Corporate news transmitted by euro adhoc. The issuer/originator is solely
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quarterly report
Subtitle: – Revenue grew 18.2 percent, EBIT rose 34.4 percent
– Net income for the period and earnings per share nearly doubled
– Expectations for fiscal year 2012 confirmed
Oberkirch (euro adhoc) – Oberkirch, May 3, 2012 – Today,
Progress-Werk Oberkirch AG released its interim finan-cial report for
the first quarter of fiscal year 2012. In the first quarter of the
financial year 2012, the PWO Group continued to achieve high growth.
Revenue increased by 18.2 per-cent to EUR 91.1 million (p/y: EUR 77.1
million). The total output rose by 14.5 percent to EUR 92.1 million
(p/y: EUR 80.5 million).
EBIT grew 34.4 percent from EUR 4.5 million in the previous year to
EUR 6.1 million. The EBIT margin – based on total output – increased
from 5.6 percent to 6.6 percent. Net income for the period benefited
from a significantly lower tax rate of 27.9 percent (p/y: 44.4
percent). The positive earnings performance at the Czech location
allowed the tax-loss carryforwards from that location to take effect.
In addition, non-taxable exchange rate effects were immaterial. Net
income for the quarter rose to EUR 3.2 million (p/y: EUR 1.6 million)
and earnings per share increased to EUR 1.27 (p/y: EUR 0.64).
In the first quarter of 2012, our home base in Oberkirch realised
revenue growth of 12.6 percent to EUR 63.8 million (p/y: 56.7
million). Total output increased by 10.5 percent to EUR 66.5 million
(p/y: EUR 60.2 million). EBIT amounted to EUR 5.6 million in the
reporting quarter after EUR 6.1 million in the prior year. This
slight decrease was solely due to positive extraordinary effects at
the reporting date in the previous year which subsequently reversed
again. For the year as a whole, we continue to expect the German
location to have a positive earnings development.
Our Czech site has developed very favourably. Revenue rose 16.8
percent to EUR 9.3 million (p/y: EUR 8.0 million) and total output
increased to EUR 10.2 million (p/y: EUR 10.0 million). EBIT improved
to EUR 0.8 million (p/y: EUR 0.4 million). The EBIT margin reached
7.3 percent (p/y: 3.9 percent). At our two locations in the NAFTA
region – Canada and Mexico – there were extensive new series
start-ups and ramp-ups in the second half of 2011. With the further
ramp-ups in the reporting quarter,revenue in the NAFTA region
expanded significantly by 51.5 percent to EUR 16.5 million (p/y: 10.9
million). In Canada, revenue rose 25.7 percent to EUR 8.1 million and
total output rose 30.4 percent to EUR 8.3 million as a result of the
higher increase in finished goods and work-in-progress. In Mexico,
revenue and total output grew 86.2 percent and 91.6 percent
respectively each to EUR 8.5 million. The EBIT of the NAFTA segment
had achieved breakeven (p/y: EUR -0.8 million). At EUR 1.5 million in
the reporting quarter, the revenue of our Chinese site remained at
the previous year’s level. Total output amounted to EUR 1.9 million
(p/y: EUR 1.5 million). The loss at the EBIT level decreased
significantly to EUR -0.3 million (p/y: EUR -0.9 million, which had
included currency losses).
PWO Group’s total assets rose 5.2 percent as compared to December 31,
2011. Equity saw an earnings-related increase of 5.3 percent. At 31.1
percent, the equity ratio was almost unchanged. With net debt of EUR
90.8 million (year-end 2011: EUR 90.3 million), gearing (net debt as
a percentage of equity) was 115 percent at the end of March as
against 121 percent at the end of 2011. Cash flow from operating
activities was EUR 6.6 million (p/y: EUR 1.5 million). Thus,
investments of EUR 6.8 million were essentially financed internally.
Free cash flow after interest paid and received amounted to EUR -1.2
million (p/y: EUR -3.5 million).
As previously reported, new business has had a very dynamic
development. In the first quarter of 2012, we have already won
contracts with a lifetime volume of around EUR 170 million. By
mid-April the volume had risen to around EUR 210 million. This
represents approximately 70 percent of total new orders in 2011.
We remain by our forecasts for 2012 which were given in the 2011
annual report. We expect revenue of around EUR 360 million (p/y: EUR
331.1 million). The previous year’s figures had included
approximately EUR 20 million in material price increases. For 2012,
this effect is expected to be significantly lower due to falling
material prices. We expect profitability to remain stable at our
Oberkirch site and the results of the international sites are
expected to improve quickly. In 2012, we continue to aim at an EBIT
in the range of EUR 25 million. The net income for the period should
continue to benefit from the positive effects of the application of
tax credits to our Czech and Mexican locations.
PWO offers today at 10:30 CEST a conference call in German language
about the first quarter 2012 for investors and analysts. The call-in
number is available from the IR-department (tel: +49 7802 84 844). A
replay will be available on www.progress-werk.de.
Progress-Werk Oberkirch AG
The Management Board
PWO company profile PWO is one of the world’s leading suppliers of
advanced metal components for automobile safety and comfort. The
company has developed a particular knowledge in the forming and
joining of metals over the course of its over 90-year history since
it was founded in 1919. The German location at Oberkirch today
employs around 1,400 staff members. The Group is globally represented
with further sites in Canada, the Czech Republic, China and Mexico
employs around 2,700 staff members around the world.
PW0 is a partner to the global automotive industry for the
development and production of innovative products in the areas of
„Mechanical components for electrical and electronic applications“,
„Safety components for airbags, seats and steering“ and „Components
and systems for vehicle bodies and chassis“.
Further inquiry note:
Bernd Bartmann (CFO)
Phone: +49 7802 / 84-347
Fax: +49 7802 / 84-789
e-Mail: bernd.bartmann@progress-werk.de
end of announcement euro adhoc
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company: Progress-Werk Oberkirch AG
Industriestraße 8
D-77704 Oberkirch
phone: +49(0)7802 84-0
mail: info@progress-werk.de
WWW: http://www.progress-werk.de
sector: Automotive Equipment
ISIN: DE0006968001
indexes:
stockmarkets: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart,
regulated dealing/prime standard: Frankfurt
language: English