Progress-Werk Oberkirch AG: EBIT before currency effects within target range of full-year forecast at PWO

DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Quarterly / Interim Statement/9 Month figures
03.11.2021 / 08:00
The issuer is solely responsible for the content of this announcement.

- Good performance despite sector weakness caused by supply bottlenecks
- New business projected to exceed expectations for 2021

- Expansion of foreign locations continues


Oberkirch, November 3, 2021 - Generating EBIT before currency effects of EUR 17.3 million, the PWO Group has already achieved the forecast range for 2021 as a whole of EUR 15 million to EUR 18 million after the first nine months. This is evidence of us successfully managing a challenging market phase, and we remain on track despite high volatility caused by supply bottlenecks, especially for semiconductors, and subsequent significant production cuts and massive price increases.

New business also continued to perform well. In the nine-month period, we brought in considerable new business of around EUR 405 million. We expect new business to remain brisk in the remaining weeks of this fiscal year, and so we are confident that we will surpass the forecast rise in new business "in the direction of EUR 500 million". This success reflects our strong market position. We address the three areas of the mobility of the future: electrification, safety and comfort. As one of the few companies in the sector, we are also almost entirely independent of internal combustion engines and work with all vehicles, regardless of the type of drive. This combination makes us an attractive partner to OEMs and tier 1 suppliers.

Carlo Lazzarini, CEO of PWO AG, said: "We were already being realistic about developments in the mobility industry at the start of the year. This allowed us to respond immediately when the risks materialized. Our goals are to guide PWO safely through the challenging market phases at present, to make our Group more competitive and to continue generating considerable growth on international markets. We have already achieved these in the first nine months of 2021. Nevertheless, this is only the start - we expect to continue reaping the benefits of the work we are doing at the moment next year."

In the first nine months of 2021, the PWO Group achieved the following key figures:
Revenue: EUR 308.8 million (p/y: EUR 256.4 million)
EBIT before currency effects: EUR 17.3 million (p/y: EUR -3.9 million)
EBIT including currency effects: EUR 17.0 million (p/y: EUR -5.3 million)
Net income/loss for the period: EUR 11.5 million (p/y: EUR -7.6 million)
Earnings per share: EUR 3.67 (p/y: EUR -2.42)
Lifetime volume of new business: EUR 405 million (p/y: EUR 350 million)
Prior-year figures are adjusted on the basis of altered accounting.
Given the high level of new business, we are currently rapidly expanding our locations, chiefly in Czechia and Mexico. The first new assembly and logistics halls are scheduled to open at the start of 2022.

Business performance in the mobility industry remains exceptionally volatile at present. Supply uncertainties, especially for semiconductors, combined with rising prices tend to result in inflated call-offs along the entire supply chain as all market participants attempt to reduce their own supply risks. However, call-off figures are not usually revised downwards until very close to the production deadline. The permanent need to make changes to production quantities and, in turn, production processes, naturally creates inefficiencies. Given this, it is not currently possible to reliably assess Q4 performance. Accordingly, we are reiterating our forecast range for revenue and EBIT before currency effects for the 2021 fiscal year.

More detailed information can be found in our nine-month statement, 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.

03.11.2021 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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