Progress-Werk Oberkirch AG: PWO confirms the preliminary figures for 2018

DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Annual Results

28.03.2019 / 15:04
The issuer is solely responsible for the content of this announcement.


- Supervisory Board held meeting to adopt financial statements
- Dividend proposal EUR 1.10 and an additional anniversary dividend of EUR 0.25 per share for a total dividend of EUR 1.35 (p/y: EUR 1.65)
- Revenue and EBIT before currency effects expected to stabilize in 2019

Oberkirch, March 28, 2019 - At today's Supervisory Board meeting, the Supervisory Board of Progress-Werk Oberkirch AG reviewed, discussed and approved the annual financial statements and the consolidated financial statements for the 2018 fiscal year, thereby adopting the annual financial statements of Progress-Werk Oberkirch AG. The preliminary figures for the 2018 fiscal year previously announced on February 25, 2019 were confirmed.

Group revenue increased to EUR 485.0 million in 2018 (p/y: EUR 461.0 million) due to the invoicing of upfront investments in tools, whereas total output was below the prior year at EUR 478.0 million (p/y: EUR 483.1 million). This decline reflects the lower volume of higher-margin series revenues in the reporting year.

EBIT before currency effects amounted to EUR 19.6 million (p/y: EUR 23.4 million) and EUR 18.5 million (p/y: EUR 20.5 million) including currency effects. Net income for the period was EUR 6.7 million (p/y: EUR 10.1 million), earnings per share were EUR 2.13 (p/y: EUR 3.22) and free cash flow was EUR 8.1 million (p/y: EUR 4.3 million). The equity ratio of 28.1 percent (p/y: 28.7 percent) and the dynamic leverage ratio of 3.1 years (p/y: 2.8 years) were slightly below the previous year. As already announced during the 2018 fiscal year, new business was stronger than expected and, at EUR 304 million, slightly exceeded the expected range of EUR 250 to 300 million.

In light of the disappointing development in the automotive industry in the past year, which also led to a decline in PWO's earnings, the management will propose to the Annual General Meeting on May 22, 2019 to distribute a lower dividend of EUR 1.10 per share. In recognition of the 100-year anniversary of Progress-Werk Oberkirch AG, an additional anniversary dividend of EUR 0.25 per share will also be proposed. This would bring the total dividend to EUR 1.35 per share (p/y: EUR 1.65).

As already reported, we are currently assuming that the overall restrained market development will continue in 2019, but that various new start-ups and ramp-ups will contribute to a stabilization of revenue and EBIT at the PWO Group. As a result, we expect revenue of EUR 480 - 490 million and an EBIT before currency effects of EUR 18 - 19 million in the 2019 fiscal year. Renewed positive free cash flow is expected to contribute to a slight improvement in the equity ratio and dynamic leverage ratio compared to 2018.

The 2018 Annual Report will be available on our homepage at on March 29, 2019.

Progress-Werk Oberkirch AG
The Management Board

PWO company profile
PWO is a partner to the global automotive industry for the development and production of advanced metal components and subsystems using lightweight construction. The Group has developed a unique knowledge in the forming and joining of metals over the course of its 100-year history since it was founded in 1919. With our expertise in cost-efficient lightweight construction, we contribute to environmentally friendly driving and greater distances.

All of the Group's more than 1,000 products contribute to automotive comfort and safety. More than 90 percent of revenue is independent of the vehicle's type of drivetrain. Approximately 3,400 employees on three continents at five production sites and four assembly plants ensure the highest level of delivery reliability and quality.

28.03.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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