DGAP-News: Progress-Werk Oberkirch AG: PWO reports results for the third quarter and the nine-month period of 2013
(firmenpresse) - DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Quarter Results
Progress-Werk Oberkirch AG: PWO reports results for the third quarter
and the nine-month period of 2013
04.11.2013 / 08:00
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- Positive development in the third quarter
- EBIT improved, further appreciable increase in net income for the
period
- Forecasts for 2013 confirmed
Oberkirch, November 4, 2013 - Today, Progress-Werk Oberkirch AG released
its interim financial report for the third quarter and nine-month period of
2013.
At the start of the third quarter, our operating development was rather
subdued. This is typical for the summer holiday months and made the
operating development in September all the more pleasing. Our efforts at
cost reduction and efficiency improvements are showing results. We are also
making valuable progress in improving our balance sheet ratios: In the
third quarter, a distinct positive free cash flow was achieved.
In the reporting quarter, revenues increased only 2.5 percent to EUR 93.0
million (p/y: EUR 90.7 million) and, at EUR 94.2 million (p/y: EUR 94.1
million), total output remained at the prior year's level. Nevertheless,
EBIT increased a disproportional 8.2 percent to EUR 4.7 million (p/y: EUR
4.4 million) and the EBIT margin expanded to 5.0 percent (p/y: 4.6
percent). Due to a decline in financial expenses and a falling tax rate,
the net income from the period climbed 48.7 percent to EUR 2.6 million
(p/y: EUR 1.7 million). Earnings per share improved to EUR 0.82 (p/y: EUR
0.55).
In the nine-month period, revenues and total output climbed 5.6 percent to
EUR 284.7 million (p/y: EUR 269.4 million) and 5.7 percent to EUR 292.3
million (p/y: EUR 276.5 million), respectively. EBIT increased 3.9 percent
to EUR 15.8 million (p/y: EUR 15.2 million). At EUR 8.6 million (p/y: EUR
7.0 million), net income for the period exceeded the previous year's level
by 22.2 percent. Earnings per share rose to EUR 2.74 (p/y: EUR 2.49).
Currently, the development at our individual locations is dominated by
extremely diverse market factors. In Germany, we needed to compensate for
the burdens arising from the weakness in the European automotive market as
well as from the sharp rise in energy and staff costs. The Czech and
Canadian locations continue with their very positive development. Mexico
has stabilized and in China we are approaching a volume of revenues which
will allow a marked improvement in the earnings situation. Here, we expect
EBIT to break even in the fourth quarter of 2013 and are aiming to achieve
a balanced EBIT on average for the upcoming fiscal year.
In addition, a marked improvement was shown in the Group's balance sheet
ratios. In the third quarter, free cash flow after interest paid and
received amounted to EUR 6.1 million (p/y: EUR -8.0 million) and thus made
a visible improvement in the balance sheet ratios. Stringent management of
current assets and a limitation on investment will also continue to be the
focus in the future.
We reconfirm our forecasts for fiscal year 2013 and continue to expect an
increase in revenues to approximately EUR 390 million. The EBIT should be
in the order of EUR 23 million.
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 automotive
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 currently
employs over 1,500 staff members. The Group is globally represented with
further sites in Canada, the Czech Republic, China, and Mexico and employs
around 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 divisions '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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237155 04.11.2013
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Datum: 04.11.2013 - 08:00 Uhr
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