PWO confirms preliminary results for 2007

Corporate news announcement processed and transmitted by Hugin ASA.
The issuer is solely responsible for the content of this
announcement.
----------------------------------------------------------------------
--------------

Oberkirch, April 10, 2008 - Confirming its preliminary results
announced on February 19, 2008, Progress-Werk Oberkirch AG today
presented its annual report for 2007. The Group continued its solid
performance over the course of the 2007 financial year, recording
significant growth in both revenues and earnings. Having been
revised upwards in November 2007, the targets projected by the
company were met in full.

Group sales revenue rose to ¤259.6 million (prev. year: ¤225.3m),
while total output, i.e. net sales plus inventory changes plus work
performed by the enterprise and capitalised, increased to ¤262.6
million (prev. year: ¤227.0m) and EBIT edged up to ¤16.8 million
(prev. year: ¤15.8m). Growth was driven by significant organic
expansion at PWO's Oberkirch site in Germany, as well as by the
first-time inclusion of the new Mexican subsidiary Cartec S.A. de
C.V., which recorded total output of ¤19.9 million.

Owing to higher interest expenses, EBT rose at a less pronounced rate
to ¤13.0 million (prev. year: ¤12.7m). A temporary rise in the
company's tax rate - in the previous financial year, the tax rate had
been influenced by the compulsory capitalisation of corporation tax
credits -, led to a reduction in net profit to ¤7.8 million (prev.
year: ¤8.8m). Thus, earnings per share for the 2007 financial year
stood at ¤3.14 (prev. year: ¤3.54).

The Management Board and Supervisory Board will be proposing to the
Annual General Meeting of Shareholders an increase of the dividend
per share for the Fiscal Year 2007 to ¤1.30 (prev. year: ¤1.20). PWO
can continue to present itself to the capital markets as an
investment with a substantial dividend yield.

Having positioned itself as a strong player in the international
arena, PWO has created a launch pad from which to pursue its
ambitious revenue and earnings targets for the coming three years, as
outlined on previous occasions. The game plan needed to achieve these
goals has already been set in motion, and therefore the main focus
now is on driving growth during this period and mitigating the
associated risks.

For 2008, the Group has forecast revenue growth towards the upper end
of the single-digit percentage range as well as a comparable, or even
more pronounced, increase in EBIT. Calculated in absolute terms, the
Group's European business sites are likely to be the principal growth
drivers over the course of the 2008 financial year. The largest gain
in sales revenue, estimated at 50%+, is expected to stem from the
ramp-up of series production at the Valasské Mezirici facility in the
Czech Republic.

The 2007 annual report has been published on the company's website at
www.progress-werk.de.

Progress-Werk Oberkirch AG
The Management Board

Contact:
Progress-Werk Oberkirch AG
Bernd Bartmann
Director of Administration/Finance, Management Board Member
Tel.: 07802 / 84-347
Fax: 07802 / 84-789
E-mail : bernd.bartmann@progress-werk.de
www.progress-werk.de

--- End of Message ---

Progress-Werk Oberkirch AG
Industriestrasse 8 Oberkirch

WKN:
696800; ISIN: DE0006968001; Index: CLASSIC All Share, Prime All
Share, CDAX;
Listed: Amtlicher Markt in Frankfurter Wertpapierbörse, Prime
Standard in Frankfurter Wertpapierbörse,
Freiverkehr in Börse Berlin, Freiverkehr in Bayerische Börse München,

Freiverkehr in Börse Düsseldorf, Amtlicher Markt in Börse Stuttgart,

Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg, Freiverkehr
in Niedersächsische Börse zu Hannover;