EANS-News: Progress-Werk Oberkirch AG / PWO confirms preliminary figures for financial year 2010 and announces dividend proposal

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annual result

Oberkirch, 15 March 2011 (euro adhoc) - - The Supervisory Board
approved the annual financial statements and the consolidated
financial statements for financial year 2010 - At the Annual General
Meeting, the Management and Supervisory Board propose a dividend per
share of EUR 1.00 - Revenue is expected to grow at a rate of up to 15
percent per year until 2012

The Supervisory Board of Progress-Werk Oberkirch AG examined,
discussed and approved the annual financial statements and the
consolidated financial statements for the 2010 financial year at its
meeting yesterday; the annual financial statements of Progress-Werk
Oberkirch AG were thereby adopted.

The preliminary figures released on 14 February 2011 were confirmed.
Group revenue grew by 28.0 percent in 2010 to reach EUR 264.2 million
(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 came in at EUR 16.0
million (p/y EUR -4.9 million). Currency effects made only a small
positive contribution to consolidated results in the amount of EUR
0.6 million. Results for the period increased to EUR 6.5 million (p/y
EUR -8.9 million) as a result of the tax ratio, which was lower than
expected. Earnings per share were EUR 2.58 (p/y EUR -3.58).

All sites of the Group contributed to the positive performance. Our
German site continues to be the benchmark, the profit zone has been
reached in the Czech Republic on a sustainable basis, our sites in
the NAFTA region have exhibited improvement and development of our
site in China continues as planned.

Due to these encouraging results, we were able to generate positive
free cash flow after interest of EUR 3.4 million (p/y EUR -10.4
million) in financial year 2010 despite higher investments of EUR
16.8 million (p/y EUR 12.7 million). The equity ratio rose to 30.9
percent (p/y 30.0 percent), while gearing (net debt as a percent of
equity) dropped to 115.8 percent (p/y 128.7 percent).

The Management Board and Supervisory Board therefore decided to
readopt the traditionally shareholder-friendly dividend policy at PWO
and propose a dividend of EUR 1.00 per share at the Annual General
Meeting on 25 May 2011.

The Group will continue to grow strongly. Based on the amount of
existing orders received, revenue growth of up to 15 percent is
expected for both of the next two financial years. Our site in China
is still in the development stage and will begin to have a more
noticeable effect on Group revenue only after 2012. The growth
opportunities that the Chinese market offers are thus not contained
in this forecast. EBIT is expected to rise at a disproportionate rate
in the next two years, while the tax ratio is expected to drop
further.

PWO will present the figures for financial year 2010 in a press and
analyst conference at 11:00 a.m. today in Frankfurt. The annual
report 2010 will be released on 31 March 2011 online and on 14 April
2011 in printed form.

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:

Charlotte Frenzel
Tel.: +49 (7802) 84-844
E-Mail: ir@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