Progress-Werk Oberkirch AG: PWO starts the new fiscal year on track

- Revenue development temporarily affected by a shift in series start-ups
- Customer call orders confirm the volume planned for 2018
- Significant rise in EBIT and net income for the period in the first quarter
- Foundation laid to reach the full-year 2018 forecast

Oberkirch, May 3, 2018 - In the first three months of 2018, the PWO Group visibly increased its earnings while revenue growth leveled off slightly. In the first quarter, customers shifted several series start-ups, which brought some short-term relief to our capacity, giving us additional leeway to prepare for the upcoming growth planned in the current fiscal year. EBIT before currency effects increased by one third supported by improved earnings at the Oberkirch location and lower burdens from China. Since currency effects played a smaller role in the quarter than in the previous year, the increase in net income for the period and earnings per share was even stronger.

Overall Group revenue amounted to EUR 122.8 million (p/y: EUR 117.1 million) and total output to EUR 124.7 million (p/y: EUR 122.0 million). EBIT before currency effects increased strongly to EUR 7.4 million (previous year: EUR 5.6 million) and to EUR 7.5 million including currency effects (p/y: EUR 5.2 million). Net income for the period and earnings per share improved to EUR 4.0 million (p/y: EUR 2.9 million) and EUR 1.29 (p/y: EUR 0.91), respectively.

With our performance in the first quarter, we have laid the foundation for achieving our 2018 fiscal year forecast. There will, however, still be challenges, particularly the upcoming start-ups of large and complex series productions at the Oberkirch and other locations. We are also aiming for significant profitability gains in China and Mexico. Nevertheless, we are confident that we will be able to successfully master the challenges presented to us again this year.

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 almost 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.