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

Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement.

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".

end of announcement euro adhoc

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

Digital press kit: http://www.ots.at/pressemappe/EASY_36822/aom

Rückfragen & Kontakt:

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