EANS-News: Progress-Werk Oberkirch AG / PWO confirms preliminary figures for 2008

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Oberkirch (euro adhoc) - - PWO releases annual report 2008
- Outlook for 2009 continues to be impacted by greater uncertainty
- Slight recovery after slump at the start of the year

Oberkirch, April 16, 2009 - Progress-Werk Oberkirch AG today presents
the annual report 2008 and confirms the preliminary figures released
on February 24, 2009.

The unprecedented slump in the international automotive industry in
the fourth quarter of 2008 led to a huge decline in standby orders at
PWO and negatively impacted both Group earnings and revenue. In the
financial year 2008, the Group generated revenue of EUR 260.4 million
(prev. year: EUR 259.6 million) and a total output of EUR 264.8
million (prev. year: EUR 262.6 million). EBIT totalled EUR 7.7
million and was considerably lower than the previous year´s figure of
EUR 16.7 million. One-off exceptional costs have also had an impact
on results. Positive earnings for 2008 were generated at the
Oberkirch site in Germany as well as at the Kitchener site in Canada
despite the North American market still being in considerable
decline. The sites in the Czech Republic and Mexico on the other hand
have not yet reached break even. Construction continued on the site
for the new subsidiary in China. As anticipated, the start-up losses
incurred there had a negative impact on Group EBIT of around EUR 1
million in the financial year 2008. Overall, net profit amounted to
EUR 1.4 million (prev. year: EUR 7.7 million) and earnings per share
totalled EUR 0.58 (prev. year: EUR 3.10).

The current uncertainty about how automotive markets will develop
continues to make it difficult to generate revenue and earnings
forecasts for the financial year 2009. After the dramatic decline in
revenue in January and February, there has however been a slight
upturn in standby orders since March. Our primary goals for 2009 are
stabilising Group earnings and managing investments with the aim of
avoiding additional need for financing.

At the Annual General Meeting, the Management Board and Supervisory
Board proposed a dividend per share of EUR 0.55 (prev. year: EUR
1.30) for the financial year 2008. In doing so, PWO continues to
position itself on the capital market as an investment offering an
attractive yield. The annual report 2008 is released on the internet
at www.progress-werk.de and can be requested as a printed copy.

Progress-Werk Oberkirch AG
The Management Board

PWO Group profile: a global future in the automotive supplies
industry PWO is one of the world´s leading suppliers of
high-precision metal components for the automotive industry,
specialising in vehicle safety and comfort. Its unmatched expertise
in the fields of metal-forming and joining technology has been
acquired over nearly ninety years since the company´s foundation in
1919. Today, PWO´s German production site in Oberkirch employs around
1,100 staff. With other sites in the Czech Republic, China, Mexico
and Canada, the Group has now achieved a global presence with a total
workforce of around 1,900.

PWO acts as a partner to the automotive industry in the development
and production of innovative products. The Group manufactures
millions of components on a just-in-time and zero-defect basis. In
close collaboration with customers, PWO is expanding its
international production sites in order to supply local markets. PWO
has already achieved significant success on its way of global
expan-sion. The company has orders on hand which will lead to strong
growth of revenue and EBIT once the industry will return to
normalised sales figures.

Ende der Mitteilung euro adhoc
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ots Originaltext: Progress-Werk Oberkirch AG
Im Internet recherchierbar: http://www.presseportal.de

Rückfragehinweis:

Contact: Bernd Bartmann, Member of the Board

Phone: +49 7802 / 84-347

Fax: +49 7802 / 84-789

e-mail: bernd.bartmann@progress-werk.de

Branche: Auto
ISIN: DE0006968001
WKN: 696800
Börsen: Börse Frankfurt / Regulierter Markt/Prime Standard
Börse Berlin / Freiverkehr
Börse Hamburg / Freiverkehr
Börse Stuttgart / Freiverkehr
Börse Düsseldorf / Freiverkehr
Börse München / Freiverkehr