EANS-Adhoc: Progress-Werk Oberkirch AG / The Company confirms revenue forecast, but EBIT-forecast will not be met

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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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19.10.2012

Oberkirch, October 19, 2012 - At today's meeting, the Management
Board of Progress-Werk Oberkirch AG has analysed and assessed the
current business development of the Company. The Board came to the
conclusion that the initially expected above-average increase in
consolidated earnings before interest and taxes (EBIT) in the second
half compared to the first half will not be achieved due to current
market developments.

This is due to declining sales in high-volume standard products in
the second half of 2012 as well as significant higher expenses for
premium products. The latter is a result from producing in part above
the capacity limit. Furthermore, the company now also sees declining
sales in the premium segment in the fourth quarter.

Instead of the previous guidance for Group EBIT of a 30 percent
year-over-year increase to EUR 25 million, the Company now expects a
still above-average growth of 15 to 20 percent, i.e. EUR 22 to 23
million. However, the new forecast still associated with some degree
of uncertainty, given the current market situation.

The revenue guidance remains at ca. EUR 360 million, which is
unchanged to the forecast given in the interim financial report about
the first half 2012. However, it appears from the current perspective
that this will include effects of around EUR 5 million from currency
translations and around EUR 3 million in additional tool sales,
neither of which has an impact on earnings.

Progress-Werk Oberkirch AG
The Management Board

End of announcement

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
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issuer: 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