EANS-Adhoc: Progress-Werk Oberkirch AG / PWA reports gratifying trends in 2010 financial year

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ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
adhoc with the aim of a Europe-wide distribution. The issuer is solely
responsible for the content of this announcement.
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annual report

14.02.2011

- Revenue and EBIT exceed forecast - Net income and earnings per
share ahead of expectations due to lower tax rate

Oberkirch, February 14, 2011 - As the result of a strong fourth
quarter, Progress-Werk Oberkirch AG has exceeded its 2010
consolidated revenue forecast of more than EUR 250 million and EBIT
forecast of around EUR 15 million. These forecasts were upgraded
during the course of the year. The figures are preliminary.

Consolidated revenue was up by 28.0 percent to EUR 264.2 million in
2010 (p/y: EUR 206.4 million) and total output increased by 30.9
percent to EUR 270.7 million (p/y: EUR 206.8 million). EBIT reached
EUR 16.0 million (p/y: EUR -4.9 million). Currency effects made a
small positive contribution of EUR 0.6 million to consolidated
earnings, as a consequence of which the forecast was exceeded also
excluding these impacts.

At approximately EUR 6.5 million, net income for the year was
significantly higher than anticipated to date (p/y: EUR -8.9 million)
and earnings per share amounted to almost EUR 2.60 (p/y: EUR -3.58).
This arises from the first-time recognition of the tax credits due to
an investment development scheme at our location in the Czech
Republic, thereby reducing the Group's tax rate in the 2010 financial
year to prospectively around 34 percent.

All sites contributed to the positive trend in the 2010 financial
year. Our German plant remains our Group benchmark. We have reached
the profitability zone on a sustainable basis in the Czech Republic.
Our sites in the NAFTA region reported good trends, and the expansion
in China continues to run to schedule.

Net income results for the coming financial years will also be
further strengthened by the recognition of tax credits. We anticipate
Group revenue to grow at up to 15 percent per year until 2012, and a
further marked earnings improvement, on the basis of orders already
on hand. These pleasing prospects provide us with the scope to not
only further strengthen our balance sheet, but also return to a
shareholder-friendly dividend policy.

We will publish our final figures for the 2010 financial year on
March 15, 2011 at a press and analysts conference, and the 2010
annual report will be available on the PWO website from March 31
(www.progress-werk.de).

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 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 1,200 staff members. The Group is globally represented with
further sites in China, Canada, Mexico and the Czech Republic, and
employs around 2,100 staff 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
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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