EANS-News: Progress-Werk Oberkirch AG / PWO confirms preliminary figures for financial year 2009

- Supervisory Board approves annual financial statements and
consolidated financial statements for financial year 2009
-
Supervisory Board and Management Board propose waiving a distribution
for 2009
- Forecast for financial year 2010 supported by encouraging
development at start of year
- Consistent growth in the double digit
percent region expected in each of the next three years

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Financial Figures/Balance Sheet

Subtitle: - Supervisory Board approves annual financial statements
and consolidated financial statements for financial year 2009 -
Supervisory Board and Management Board propose waiving a distribution
for 2009 - Forecast for financial year 2010 supported by encouraging
development at start of year - Consistent growth in the double digit
percent region expected in each of the next three years

Oberkirch (euro adhoc) - Oberkirch, 25 March 2010 - The Supervisory
Board of Progress-Werk Oberkirch AG examined, discussed and approved
the annual financial statements and the consolidated financial
statements for the 2009 financial year at its meeting today; the
annual financial statements of Progress-Werk Oberkirch AG were
thereby adopted.

The preliminary figures released on 25 February 2010 were confirmed.
Group revenue reached EUR 206.4 million (p/y EUR 260.4 million) and
total output was EUR 206.8 million (p/y EUR 264.8 million).
Consolidated EBIT amounted to EUR -4.9 million (p/y EUR 7.7 million)
and consolidated earnings for the period were EUR -8.9 million (p/y
EUR 1.4 million). Earnings per share were EUR -3.58 (p/y EUR 0.58).

Given the unsatisfactory earnings development against the background
of the global crisis in the automotive industry, and to protect the
Company´s financial resources the Supervisory Board and the
Management Board decided to waive a dividend distribution for
financial year 2009. The Supervisory Board and the Management Board
of Progress Werk Oberkirch AG will present a corresponding proposal
at the Annual General Meeting on 26 May 2010.

For PWO, the 2009 financial year signifies a substantial yet only
temporary deviation from its growth track: Since a number of
comprehensive series production start-ups are scheduled in 2010 and
the next two years, Group revenue is set to grow considerably
independent of whether the markets experience a general recovery or
not.

Revenue growth of around 15 percent is predicted for 2010 and each of
the following years. The encouraging start to 2010 thus supports the
expectations for the current financial year. Overall, the forecast is
to exceed the EUR 300 million mark by 2012 and increase the yearly
revenue volume in that period by around 50 percent compared to the
2009 figure. Growth will be mainly generated by new series projects.
In line with the jump in revenue, the Group´s profitability should
also return to its earlier levels by 2012. A positive net profit is
expected for 2010 and an EBIT margin in the upper single-digit area
by 2012.

The annual report 2009 will be released on 15 April 2010.

Progress-Werk Oberkirch AG
The Management Board

PWO Group profile PWO is one of the world´s leading suppliers of
high-precision metal components for the automobile industry,
specialising in vehicle safety and comfort. The company has developed
a unique know-how in the shaping and joining of metals over ninety
years of corporate development since its foundation in 1919. The
German plant in Oberkirch currently has around 1,100 employees. The
company is represented globally, with sites in China, Canada, Mexico
and the Czech Republic, and has around 1,900 employees.

PWO is a partner to the global automobile industry for the
development and production of innova-tive products in the areas of
"mechanical components for electrical and electronic systems",
"safety components for airbags, seats and steering and "structural
components and systems for the vehicle body and chassis".

Based on current contracts for new series production PWO will return
to significant growth in the coming years - regardless of whether the
markets fully recover or not.

end of announcement euro adhoc
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ots Originaltext: Progress-Werk Oberkirch AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Bernd Bartmann (CFO)

Phone: +49 7802 / 84-347

Fax: +49 7802 / 84-789

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

Branche: Automotive Equipment
ISIN: DE0006968001
WKN: 696800
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade