EANS-News: Progress-Werk Oberkirch AG / PWO reports results for the third quarter and the nine month period of 2012

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9-month report

Subtitle: - Favourable development in the nine month period
- Considerable earnings weakness in the third quarter
- Improved EBIT expected in the fourth quarter
- Recently communicated outlook for 2012 confirmed

Oberkirch (euro adhoc) - Oberkirch, October 31, 2012 - Today,
Progress-Werk Oberkirch AG released its interim financial report for
the third quarter and the first nine months of fiscal year 2012.

In the nine month period, the PWO Group's revenues and earnings
developed very positively overall. However, in the third quarter,
EBIT and net income for the period were below the previous year's
levels. This was the result of weaker- than-expected high margin
series sales due to market conditions. In addition, the Group
experienced a marked increase in maintenance and repair expenses
following the high capacity utilisation in the first half of 2012.
Since some of the charges in the third quarter are non-recurring,
earnings are already expected to show an improvement in the fourth
quarter.

In the nine month period, revenues increased 11.8 percent to EUR
269.4 million (p/y: EUR 241.0 million). Total output rose 13.9
percent to EUR 276.5 million (p/y: EUR 242.7 million). Earnings
before interest and taxes (EBIT) improved favourably by 16.0 percent
to EUR 15.2 million (p/y: EUR 13.1 million) and net income for the
period rose 34.1 percent to EUR 7.0 million (p/y: EUR 5.2 million).
Earnings per share increased to EUR 2.49 (p/y: EUR 2.09).

In the third quarter of 2012, revenues and total output rose 12.1
percent to EUR 90.7 million (p/y: EUR 80.9 million) and 13.8 percent
to EUR 94.1 million (p/y: EUR 82.7 million), respectively. EBIT and
net income for the period declined to EUR 4.4 million (p/y: EUR 5.2
million) and to EUR 1.7 million (p/y: EUR 2.7 million), respectively.

Currency effects had no material impact at the EBIT level. Therefore,
the EBIT in the reporting period and in the prior year period only
reflect the operating development of the Group.

Our German site continued to generate growth in the nine month period
as well as in the third quarter. However, EBIT was slightly below the
previous year's level as a result of capacity induced special
charges. Our Czech site continued to develop favourably and has
increased earnings. Particularly pleasing is the on-going strong
growth of our two locations in the NAFTA area. Driven by the ramp-up
of series productions, we have raised revenue in that region by
nearly 60 percent in the first nine months of the year and have
reached a clearly positive EBIT. As planned, China not yet operating
profitably.

As reported on October 19, 2012, we expect consolidated revenues to
grow around 10 percent to approximately EUR 360 million (p/y: EUR
331.1 million) in fiscal year 2012. From today's perspective it
appears that this will include effects of around EUR 5 million from
currency translations and around EUR 3 million in additional tool
sales from outsourced orders, neither of which will have an impact on
earnings. Nevertheless, EBIT is expected to see an above-average
increase of 15-20 percent.

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 2,900 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