EANS-Adhoc: Progress-Werk Oberkirch AG
PWA reports gratifying trends in 2010 financial year
-------------------------------------------------------------------------------- ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------------
annual report
14.02.2011
- Revenue and EBIT exceed forecast - Net income and earnings per share ahead of expectations due to lower tax rate
Oberkirch, February 14, 2011 - As the result of a strong fourth quarter, Progress-Werk Oberkirch AG has exceeded its 2010 consolidated revenue forecast of more than EUR 250 million and EBIT forecast of around EUR 15 million. These forecasts were upgraded during the course of the year. The figures are preliminary.
Consolidated revenue was up by 28.0 percent to EUR 264.2 million in 2010 (p/y: EUR 206.4 million) and total output increased by 30.9 percent to EUR 270.7 million (p/y: EUR 206.8 million). EBIT reached EUR 16.0 million (p/y: EUR -4.9 million). Currency effects made a small positive contribution of EUR 0.6 million to consolidated earnings, as a consequence of which the forecast was exceeded also excluding these impacts.
At approximately EUR 6.5 million, net income for the year was significantly higher than anticipated to date (p/y: EUR -8.9 million) and earnings per share amounted to almost EUR 2.60 (p/y: EUR -3.58). This arises from the first-time recognition of the tax credits due to an investment development scheme at our location in the Czech Republic, thereby reducing the Group's tax rate in the 2010 financial year to prospectively around 34 percent.
All sites contributed to the positive trend in the 2010 financial year. Our German plant remains our Group benchmark. We have reached the profitability zone on a sustainable basis in the Czech Republic. Our sites in the NAFTA region reported good trends, and the expansion in China continues to run to schedule.
Net income results for the coming financial years will also be further strengthened by the recognition of tax credits. We anticipate Group revenue to grow at up to 15 percent per year until 2012, and a further marked earnings improvement, on the basis of orders already on hand. These pleasing prospects provide us with the scope to not only further strengthen our balance sheet, but also return to a shareholder-friendly dividend policy.
We will publish our final figures for the 2010 financial year on March 15, 2011 at a press and analysts conference, and the 2010 annual report will be available on the PWO website from March 31 (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 unique 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 1,200 staff members. The Group is globally represented with further sites in China, Canada, Mexico and the Czech Republic, and employs around 2,100 staff 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".
end of announcement euro adhoc --------------------------------------------------------------------------------
Further inquiry note:
Bernd Bartmann (CFO)
Phone: +49 7802 / 84-347
Fax: +49 7802 / 84-789
e-Mail: bernd.bartmann@progress-werk.de
Branche: Automotive Equipment
ISIN: DE0006968001
WKN: 696800
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade
Original content of: Progress-Werk Oberkirch AG, transmitted by news aktuell