DGAP-News: PWO reports figures for the second quarter and the first half year of 2013
(firmenpresse) - DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Half Year Results
PWO reports figures for the second quarter and the first half year of
2013
31.07.2013 / 08:00
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- Strong second quarter of 2013: Disproportionate increase in net income
for the period
- International locations support positive development
- Forecasts for 2013 confirmed: Growth in revenues and EBIT is expected
Oberkirch, July 31, 2013 - Today, Progress-Werk Oberkirch AG released its
interim financial report for the second quarter and first half year of
2013.
The PWO Group's growth gained considerable momentum in the second quarter:
Revenues, total output, and EBIT each demonstrated double-digit growth
versus the prior year. Net income for the period climbed by one third.
Presently, this positive development is being driven by the high
performance quality of our locations in Canada and the Czech Republic.
Hence, we are increasingly benefiting from our international positioning.
Revenues and total output in the reporting quarter rose considerably over
the prior year with respective increases of 11.3 percent to EUR 97.5
million (p/y: EUR 87.6 million) and 10.8 percent to EUR 100.0 million (p/y:
EUR 90.2 million). EBIT climbed 10.2 percent to EUR 5.2 million (p/y: EUR
4.7 million). As a result of declining financial expenses and a lower tax
rate, net income from the period rose 31.9 percent to EUR 2.8 million (p/y:
EUR 2.1 million). Earnings per share improved 18.7 percent to EUR 0.89
(p/y: EUR 0.75) despite the 11.7 percent increase in the average number of
shares versus the prior year as a result of the capital increase in May
2012.
The strong second quarter more than compensated for the moderate
performance at the start of the year. As a result, the Group saw an
improvement in the first half of 2013 over the prior year. Revenues and
total output rose 7.2 percent to EUR 191.6 million (p/y: EUR 178.7 million)
and 8.6 percent to EUR 198.1 million (p/y: EUR 182.3 million) respectively.
EBIT increased 2.2 percent to EUR 11.0 million (p/y: EUR 10.8 million). At
EUR 6.0 million (p/y: EUR 5.3 million), net income for the period clearly
exceeded the previous year's level by 13.5 percent. Earnings per share
amounted to EUR 1.91 and remained slightly below last year's level of EUR
1.99 due to the higher number of shares.
The high level of tool inventories as of the end of the first half will be
invoiced in the course of the second half of the year. Thus, only from that
point the earning's contributions will be recognized.
This mainly concerns the German location which is also affected by the
current weakness of the European automotive market and from the significant
increase in energy and staff costs. Measures to counteract these strains
have been implemented.
The Mexican location was stabilized and is currently working at the
break-even level. The profitability of this location is successively being
improved. We are also optimistic that we will reach the break-even point in
China very soon, not only as a result of the high growth in the series
business, but also due to the increased use of this location by the Group
for tool production.
We remain confident that in the second half of the current fiscal year we
will exceed the revenues and EBIT figures of the first half and
consequently confirm ourforecasts for 2013. We continue to expect an
increase in revenues of 8 percent to approximately EUR 390 million. EBIT
should be in the order of EUR 23 million. We particularly expect higher
overall revenues and profits compared to the prior year from our
international locations. These are expected to increase their EBIT to more
than EUR 6 million (p/y: EUR 3.7 million).
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 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 over 1,500 staff members. The Group is globally
represented with further sites in Canada, the Czech Republic, China and
Mexico employs approximately 3,100 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'.
End of Corporate News
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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: info(at)progress-werk.de
Internet: www.progress-werk.de
ISIN: DE0006968001
WKN: 696800
Listed: Regulierter Markt in Frankfurt (Prime Standard), Stuttgart;
Freiverkehr in Berlin, Düsseldorf, Hamburg, München
End of News DGAP News-Service
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223438 31.07.2013
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Datum: 31.07.2013 - 08:00 Uhr
Sprache: Deutsch
News-ID 283225
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