PWO raises new business forecast due to high level to date and intends to expand capacity in eastern Europe

Progress-Werk Oberkirch AG / Key word(s): Incoming Orders/Strategic Company Decision
PWO raises new business forecast due to high level to date and intends to expand capacity in eastern Europe

09-Jun-2022 / 17:54 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Ad hoc disclosure pursuant to Art. 17 MAR

PWO raises new business forecast due to high level to date and intends to expand capacity in eastern Europe

- Lifetime volume of circa EUR 405 million gained in first 5 months of 2022

- Customer inquiries unchanged at very high level

- New annual forecast for new business: close to EUR 600 million

- Group’s strategic alignment being adjusted regionally

- Capacity to be expanded in eastern Europe with additional location

Oberkirch, June 9, 2022 – PWO’s sustainable business model, which is completely independent from combustion engines, combined with its global sales approach and focus on its development capabilities, are increasingly paying off. In the first 5 months of the current fiscal year, we already gained new business with a lifetime volume, including the associated tool scopes, of circa EUR 405 million. Because both the number and volume of inquiries for additional orders are at an extremely high level, the Executive Board has decided to raise the forecast for the lifetime volume of new business in fiscal 2022. It now expects to gain a new business volume close to EUR 600 million (previously: more than EUR 500 million) in the year as a whole.

Thus, PWO is continuing its global growth strategy. Once again, we were particularly successful in developing innovative solutions for instrument panel carriers. The Czech locations gained another major new order for vehicle models for which PWO will deliver instrument panel carriers for the first time. From 2023 onward, the Mexican locations will also produce seat components for one of our biggest customers. Last but not least, the process of seizing opportunities in new markets is progressing fast: After an initial prototype contract for fuel cell components, the contract for series production over several years has now been awarded.

We anticipate a sustained high level of new business in the future. As the European mobility industry has shifted added value to eastern Europe on a massive scale in recent years, a very high share of current inquiries relates to production there. Our current Czech locations will not be able to meet this additional demand in the long run, as their expansion capacity will be exhausted in the medium term. For this reason, the Executive Board today adopted the strategic resolution to expand capacity in eastern Europe in the future and give the PWO Group an additional eastern European location. Details of this will be communicated in due course.

PWO is appreciated by its customers worldwide as a partner in the transformation of the sustainable mobility industry. This is particularly reflected in the high level of new business. We are making systematic use of our options to generate further targeted growth. New sales markets will also contribute to this. With the order for fuel cell components, we have shown that we can successfully apply our extensive expertise at the frontiers of what is technologically possible in metal forming and associated joining technologies to new products. This underscores the company's high level of innovative strength.

Progress-Werk Oberkirch AG
The Executive Board

End of ad hoc disclosure

09-Jun-2022 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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