EANS-News: Progress-Werk Oberkirch AG / PWO confirms preliminary figures for fiscal year 2012 and announces proposal for a higher dividend

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Corporate news transmitted by euro adhoc. The issuer/originator is solely
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Subtitle: - Record revenues and earnings in fiscal year 2012 -
Continued growth in revenues and EBIT expected in 2013 - Management
proposes an increased dividend of EUR 1.60 per share (p/y: EUR 1.40)
to the Annual General Meeting

annual result

Oberkirch (euro adhoc) - Press Release

Oberkirch, March 25, 2013 - In today's meeting, the Supervisory Board
of Progress-Werk Oberkirch AG reviewed, discussed, and approved the
financial statements and the consolidated financial statements for
the 2012 fiscal year. The financial statements of Progress-Werk
Oberkirch AG are thus adopted.

The preliminary figures for fiscal year 2012, which were already
announced on February 14, 2013, have been confirmed. Group revenues
grew 8.2 percent to EUR 358.1 million (p/y: EUR 331.1 million), EBIT
grew 9.0 percent to EUR 20.9 million (p/y: EUR 19.2 million) and the
net income for the period rose 12.7 percent to EUR 10.2 million (p/y:
EUR 9.0 million).

This favorable operating development was mainly due to PWO's foreign
locations. In total, the international locations achieved revenue
growth of 20.5 percent to EUR 123.2 million and a tripling of EBIT to
EUR 3.7 million (p/y: EUR 1.2 million). With the exception of the
Chinese location, which still finds itself in its initial stages, the
remaining locations generated a positive contribution to earnings.
The development of the Czech and the Canadian locations was
particularly pleasing and EBIT at those locations rose significantly.
The Oberkirch location however had to handle charges from
occasionally exceeding its capacity limits in the premium segment
while at the same time being affected by the weakness in the volume
segment of the European automobile market. Despite this difficult
environment, the German location could still generate a satisfactory
result which was only slightly below the prior year.

In addition, fiscal year 2012, was characterized by higher
investments at all locations. EUR 41.2 million (p/y: EUR 28.0
million) was invested in expanding capacity for the continued growth
of the Group. The Group's balance sheet ratios had a noticeable
improvement due to the capital increase executed in May. This had
resulted in an increase in the equity ratio to 38.0 percent (p/y:
31.1 percent) and a reduction in gearing (net debt in percent of
equity) to 86 percent (p/y: 121 percent).

For the current fiscal year, PWO is cautiously optimistic. Despite an
increase in market uncertainty, a revenue increase of 8 percent to
EUR 390 million is expected for the Group as a result of further
series start-ups. EBIT should rise disproportionally in the range of
EUR 23 million.

In consideration of the favorable outlook, the Management Board and
the Supervisory Board have today decided to propose an increase in
the dividend to EUR 1.60 per share (p/y: EUR 1.40) to the Annual
General Meeting on May 22, 2013.

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
over 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