EANS-News: Progress-Werk Oberkirch AG / PWO confirms 2011 preliminary results and announces 2012 expectations

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

annual result

Subtitle:
- Foreign locations see profit turnaround
- Earnings per share rose by 40 percent
- Further positive development expected

Oberkirch (euro adhoc) - Oberkirch, March 14, 2012 - Today, at the
analyst and press conference in Frankfurt, Progress-Werk Oberkirch AG
is announcing its final results for fiscal year 2011 and will confirm
their preliminary figures previously reported on February 16, 2012.

Group revenue rose significantly by 25.3 percent to EUR 331.1 million
(p/y: EUR 264.2 million). This amount included approximately EUR 20
million in material price increases. Total output increased by 21.5
percent to EUR 328.8 million (p/y: EUR 270.7 million) and EBIT
increased to EUR 19.2 million (p/y: EUR 16.0 million). Currency
effects had a positive effect and amounted to EUR 1.0 million (p/y:
EUR 0.6 million). The tax rate continued to decline as expected.
Accordingly, net income and earnings per share increased
disproportionately by around 40 percent to EUR 9.0 million (p/y: EUR
6.5 million) or EUR 3.61 per share (p/y: EUR 2.58 per share).

In fiscal year 2011, PWO´s foreign locations experienced a profit
turnaround and had contributed a total of EUR 1.1 million (p/y: EUR
-1.9 million) to EBIT. In 2012, they are expected to see another
significant improvement in earnings. At the headquarters in
Oberkirch, which is the Group´s benchmark, we also anticipate a
continued positive development.

Based on the currently existing call orders from our customers, we
expect Group revenue to grow to approximately EUR 360 million in
2012. This forecast assumes a considerably lower impact from material
price increases. In terms of EBIT, the Group aims to achieve
approximately EUR 25 million. Net income and earnings per share are
expected to see disproportionately higher increases due to the
continued slide in the tax rate. Based on early indications for 2013
and 2014, the positive revenue trend and above-average earnings
growth should continue.

The 2011 Annual Report will be available on PWO´s home page
(www.progress-werk.de) as of March 30, 2012 and the printed version
of the 2011 Annual Report will be available on April 12, 2012.

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 1,400 staff members including temporary workers. The Group is
globally represented with further sites in China, Canada, Mexico and
the Czech Republic, and employs around 2,600 staff around the world
including temporary workers.

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".

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

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