Progress-Werk Oberkirch AG: PWO with positive business performance in the first half of 2021

DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Half Year Report
02.08.2021 / 08:00
The issuer is solely responsible for the content of this announcement.

- New business continually high
- Ongoing productivity programs take effect
- Forecast for revenue and EBIT before currency effects confirmed
- Group's development makes good progress

Oberkirch, August 2, 2021 - PWO is today presenting its half-year financial report for the 2021 fiscal year and reporting positive business performance. The success is based on the strong performance of our international sites and the increasingly positive effects of the adjustments made at the Oberkirch production site so far.

Carlo Lazzarini, CEO, says: "We are staying the course in a market environment that has become even more challenging recently, with supply bottlenecks for critical intermediate products. We maintained our delivery capability throughout the first half of 2021. At the same time, we are positioning the Group so as to bring its strengths to bear in a challenging global market. We have now made considerable progress on this journey."

In the first half of 2021, the PWO Group achieved the following key figures:
Revenue: EUR 213.7 million (p/y: EUR 157.1 million)
EBIT before currency effects: EUR 13.3 million (p/y: EUR 0 million)
EBIT including currency effects: EUR 13.2 million (p/y: EUR -1.2 million)
Net income/loss for the period: EUR 8.8 million (p/y: EUR -3.8 million)
Earnings per share: EUR 2.82 (p/y: EUR -1.21)
Lifetime volume of new business: EUR 265 million (p/y: EUR 160 million)
Prior-year figures are adjusted on the basis of altered accounting.

We are particularly happy with the continually high level of new business, which a lifetime volume of around EUR 265 million, which underscores our first-class market positioning in the three mobility trends of electrification, safety and comfort. The new orders relate to all of our locations. In particular, the volume of new business at the Mexican site in the first half of the year significantly exceeded the respective levels of total revenue in both 2020 and 2019.

For the second half of the year, we still expect negative effects or risks for the results of operations overall due primarily to the continuing strain in the supply chains, the shortage of raw materials and intermediate products, and a probable further rise in purchase prices. In addition, some positive effects of the first half of the year cannot continue to the same degree. Not least, we are working hard to continue all the measures initiated under our productivity programs. As soon as additional findings from our efficiency analyses are available, we will evaluate them in terms of their savings potential and any necessary non-recurring expenses and take the resulting next steps. The potential to increase profitability at the Oberkirch production site will make more of a positive impact in future fiscal years. On the basis of the measures taken and the positive business performance in the first half of the year, we are confirming the forecast for revenue and EBIT before currency effects for the current fiscal year published on April 23, 2021.

More detailed information can be found in our half-year financial report, which is available on our website at

Progress-Werk Oberkirch AG
The Executive Board

PWO profile
With our innovative lightweight solutions, we are the preferred partner of the global mobility industry. As an engineering house, we are constantly driving forward the development and production of sophisticated metal components and complex subsystems.

Under the slogan "People, Planet, Progress," we use our technological leadership at the boundaries of what is technologically feasible in metal forming and joining to serve our customers and business partners. Responsibility is at the heart of everything we do. We see our business as a "force for good," as our contribution to a positive development in the future for the benefit of our customers, employees and shareholders as well as for our environment. To this end, we are focusing on digitalizing all of our processes using the tools of the fourth industrial revolution.

We address the three areas of the mobility of the future: electrification, safety and comfort. More than 90 percent of our revenue is independent of combustion engines. Around 3,000 employees at five production locations and three assembly sites on three continents ensure maximum delivery reliability and quality.

02.08.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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