Progress-Werk Oberkirch AG: Supervisory Board meeting to approve the financial statements and kick-off for new positioning on the capital market

Press Release

PWO - Supervisory Board meeting to approve the financial statements and kick-off for new positioning on the capital market

- 2020 preliminary figures confirmed

- Positive development in fiscal year 2021 firmly in sight

- Executive Board presents new positioning on the capital market

Oberkirch, March 25, 2021 - At its meeting today, the Supervisory Board of Progress-Werk Oberkirch AG reviewed, discussed and approved the annual financial statements and consolidated financial statements for the 2020 fiscal year, thereby adopting the annual financial statements of Progress-Werk Oberkirch AG. The preliminary figures for the 2020 fiscal year, previously reported on February 24, 2021, have been confirmed. Selected prior-year figures have been adjusted due to changes in accounting.

Revenue: EUR 371.2 million (p/y: EUR 458.5 million)
EBIT before currency effects: EUR -8.1 million (p/y: EUR 22.1 million); adjusted for extraordinary items: EUR 15.9 million
EBIT including currency effects: EUR -10.1 million (p/y: EUR 19.8 million)
Net income/loss for the period: EUR -11.7 million (p/y: EUR 9.1 million)
Earnings per share: EUR -3.73 (p/y: EUR 2.90)

The preliminary figures for the Group's other performance indicators were also confirmed. Due to the unappropriated retained loss, a proposal for the appropriation of earnings will not be made to the Annual General Meeting.

Last year we set the course to improve earnings and rapidly expand the Group's market position in the 2021 fiscal year. Extensive unutilized credit lines give us the scope we need to quickly implement our strategic goals.

Fiscal year 2021 will also be marked by an engaging image for PWO on the capital market. To achieve this, the Executive Board presented PWO's newly revised and expanded equity story to the Supervisory Board today:

As a global player in the mobility industry, we offer our customers innovation-driven solutions and continue to push the boundaries of what is technologically possible in metal forming. In addition, we are focusing even more strongly on sustainability and digitalization and continuing to develop them into the key drivers of our future success.

Carlo Lazzarini, CEO of PWO, says: "With the beginning of the new fiscal year, we are sending a signal of departure for a new path. We are actively shaping the mobility of the future and provide sustainable solutions for the core topics of electrification, safety & comfort."

Dr. Cornelia Ballwießer, CFO of PWO, emphasizes: "PWO possesses tremendous substance and potential in equal measure. We intend to use these advantages to position ourselves even stronger on the capital market in the future."

The 2020 Annual Report presenting PWO's up-to-date equity story will be available as of March 30, 2021 on the company's website at www.progress-werk.de.

Progress-Werk Oberkirch AG
The Executive Board

Company Profile PWO
PWO is a partner to the global mobility industry for the development and production of advanced metal components and subsystems using lightweight construction. The Group has developed a unique knowledge in the forming and joining of metals over the course of its more than 100-year history since it was founded in 1919. With our expertise in lightweight construction, we contribute to environmentally friendly driving and greater distances.

All of the Group's more than 1,000 products contribute to electrification, safety and comfort. More than 90 percent of revenue is independent of the vehicle's type of drivetrain. Approximately 3,000 employees on three continents at five production sites and three assembly plants ensure the highest level of delivery reliability and quality.