EANS-News: Progress-Werk Oberkirch AG / PWO Half-Year report: High growth and net income for the period doubled

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6-month report

Subtitle: - Revenue growth of nearly 12 percent
- Net income for the period soared 113 percent
- Outlook for fiscal year 2012 confirmed

Oberkirch (euro adhoc) - Oberkirch, August 2, 2012 - Today,
Progress-Werk Oberkirch AG released its interim financial report for
the second quarter and the first half of fiscal year 2012.

The PWO Group continued to grow strongly and improve its earnings. In
particular, the positive development of our international sites
persisted. Net income for the period saw an above-average increase
and continued to benefit from a declining tax burden.

In the six month period, revenue rose 11.7 percent to EUR 178.7
million (p/y: EUR 160.1 million) and total output rose 14.0 percent
to EUR 182.3 million (p/y: EUR 160.0 million). EBIT for the half year
improved by a favourable 37.7 percent to EUR 10.8 million (p/y: EUR
7.8 million). Net income for the period soared 113.3 percent to EUR
5.3 million (p/y: EUR 2.5 million). Earnings per share increased to
EUR 1.99 (p/y: EUR 0.99).

The second quarter of 2012 also developed positively. Total output -
the Group's key performance indicator - grew 13.5 percent to EUR 90.2
million (p/y: EUR 79.5 million). Growth in revenue was lower at EUR
87.6 million (p/y: EUR 83.0 million), or an increase of 5.6 percent.
This resulted from an increase in finished goods and
work-in-progress, as at the reporting date, whereas the previous year
had seen a decrease. This effect will balance out in the remainder of
the year.

EBIT in the second quarter improved 42.3 percent to EUR 4.7 million
(p/y: EUR 3.3 million). Net income for the period rose to EUR 2.1
million (p/y: EUR 0.9 million) and earnings per share more than
doubled to EUR 0.75 (p/y: EUR 0.35).

Currency effects in the context of valuation differences at the
reporting date and exchange rate differences, as well as currency
effects from hedge accounting which had negatively impacted the
previous year's results, had no material impact in the first half of
2012.

Revenue growth at our German site was slightly below expectation;
however, the development was still within the normal range of
fluctuation. Particularly pleasing is the strong growth of our two
locations in the NAFTA area. Driven by the ramp-up of series
productions, we have raised revenue in that area by more than 60
percent in the first half of the year and have reached a clearly
positive EBIT. The EBIT at our Czech site also strongly improved. In
China, we are not yet operating profitably, as planned.

The business performance in the first six months of this year
supports our expectations for fiscal year 2012. We confirm our
outlook for revenue of around EUR 360 million (p/y: EUR 331.1
million) and EBIT of around EUR 25 million (p/y: EUR 19.2 million).
Net income for the period should show above-average improvement
benefitting from continued positive tax effects.

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
around 1,500 staff members. The Group is globally represented with
further sites in Canada, the Czech Republic, China and Mexico employs
around 2,800 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".

Further inquiry note:
Bernd Bartmann (CFO)
Phone: +49 7802 / 84-347
Fax: +49 7802 / 84-789
e-Mail: bernd.bartmann@progress-werk.de

end of announcement euro adhoc
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company: Progress-Werk Oberkirch AG
Industriestraße 8
D-77704 Oberkirch
phone: +49(0)7802 84-0
mail: info@progress-werk.de
WWW: http://www.progress-werk.de
sector: Automotive Equipment
ISIN: DE0006968001
indexes:
stockmarkets: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart,
regulated dealing/prime standard: Frankfurt
language: English