EANS-News: Progress-Werk Oberkirch AG
PWO confirms preliminary figures for 2008
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Oberkirch (euro adhoc) - - PWO releases annual report 2008 - Outlook for 2009 continues to be impacted by greater uncertainty - Slight recovery after slump at the start of the year
Oberkirch, April 16, 2009 - Progress-Werk Oberkirch AG today presents the annual report 2008 and confirms the preliminary figures released on February 24, 2009.
The unprecedented slump in the international automotive industry in the fourth quarter of 2008 led to a huge decline in standby orders at PWO and negatively impacted both Group earnings and revenue. In the financial year 2008, the Group generated revenue of EUR 260.4 million (prev. year: EUR 259.6 million) and a total output of EUR 264.8 million (prev. year: EUR 262.6 million). EBIT totalled EUR 7.7 million and was considerably lower than the previous year´s figure of EUR 16.7 million. One-off exceptional costs have also had an impact on results. Positive earnings for 2008 were generated at the Oberkirch site in Germany as well as at the Kitchener site in Canada despite the North American market still being in considerable decline. The sites in the Czech Republic and Mexico on the other hand have not yet reached break even. Construction continued on the site for the new subsidiary in China. As anticipated, the start-up losses incurred there had a negative impact on Group EBIT of around EUR 1 million in the financial year 2008. Overall, net profit amounted to EUR 1.4 million (prev. year: EUR 7.7 million) and earnings per share totalled EUR 0.58 (prev. year: EUR 3.10).
The current uncertainty about how automotive markets will develop continues to make it difficult to generate revenue and earnings forecasts for the financial year 2009. After the dramatic decline in revenue in January and February, there has however been a slight upturn in standby orders since March. Our primary goals for 2009 are stabilising Group earnings and managing investments with the aim of avoiding additional need for financing.
At the Annual General Meeting, the Management Board and Supervisory Board proposed a dividend per share of EUR 0.55 (prev. year: EUR 1.30) for the financial year 2008. In doing so, PWO continues to position itself on the capital market as an investment offering an attractive yield. The annual report 2008 is released on the internet at www.progress-werk.de and can be requested as a printed copy.
Progress-Werk Oberkirch AG The Management Board
PWO Group profile: a global future in the automotive supplies industry PWO is one of the world´s leading suppliers of high-precision metal components for the automotive industry, specialising in vehicle safety and comfort. Its unmatched expertise in the fields of metal-forming and joining technology has been acquired over nearly ninety years since the company´s foundation in 1919. Today, PWO´s German production site in Oberkirch employs around 1,100 staff. With other sites in the Czech Republic, China, Mexico and Canada, the Group has now achieved a global presence with a total workforce of around 1,900.
PWO acts as a partner to the automotive industry in the development and production of innovative products. The Group manufactures millions of components on a just-in-time and zero-defect basis. In close collaboration with customers, PWO is expanding its international production sites in order to supply local markets. PWO has already achieved significant success on its way of global expan-sion. The company has orders on hand which will lead to strong growth of revenue and EBIT once the industry will return to normalised sales figures.
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Rückfragehinweis:
Contact: Bernd Bartmann, Member of the Board
Phone: +49 7802 / 84-347
Fax: +49 7802 / 84-789
e-mail: bernd.bartmann@progress-werk.de
Branche: Auto
ISIN: DE0006968001
WKN: 696800
Börsen: Börse Frankfurt / Regulierter Markt/Prime Standard
Börse Berlin / Freiverkehr
Börse Hamburg / Freiverkehr
Börse Stuttgart / Freiverkehr
Börse Düsseldorf / Freiverkehr
Börse München / Freiverkehr
Original content of: Progress-Werk Oberkirch AG, transmitted by news aktuell