Progress-Werk Oberkirch AG: PWO Supervisory Board meeting to approve financial statements

EQS-News: Progress-Werk Oberkirch AG / Key word(s): Annual Results
Progress-Werk Oberkirch AG: PWO Supervisory Board meeting to approve financial statements
23.03.2023 / 12:39 CET/CEST
The issuer is solely responsible for the content of this announcement.

Carlo Lazzarini (CEO): “2022 was a very successful year for the PWO Group. Among all the successes, the new sales markets that we tapped are particularly noteworthy. In our traditional business, we support our customers by providing efficient solutions that help them achieve their decarbonization goals. Now, we aim to make an even greater contribution to reducing the overall use of fossil fuels on our planet in the future.”


  • Provisional figures for fiscal 2022 confirmed
  • Dividend of EUR 1.65 per share (previous year: EUR 1.50) to be proposed to Annual General Meeting
  • Refinancing agreements were concluded that have a significantly higher volume than before


Oberkirch / Valašské Meziříčí / Kitchener / Puebla / Suzhou / Oberkirch, March 23, 2023 – The Supervisory Board of Progress-Werk Oberkirch AG reviewed, discussed and approved the annual financial statements and consolidated financial statements for fiscal 2022 at its meeting today. The annual financial statements of Progress-Werk Oberkirch AG have thus been adopted. The provisional figures for fiscal 2022 reported on March 7, 2023 are confirmed.

The PWO Group’s key performance indicators developed as follows in fiscal 2022:


  • Revenue: EUR 530.8 million (previous year: EUR 404.3 million)
  • EBIT before currency effects: EUR 27.5 million (previous year: EUR 22.1 million)
  • Capital expenditure: EUR 19.8 million (previous year: EUR 16.2 million)
  • Free cash flow: EUR -5.8 million (previous year: EUR 4.9 million)
  • Equity ratio: 37.8% (December 31, 2021: 33.6%)
  • Net leverage ratio: 2.3 years (December 31, 2021: 2.2 years)
  • Lifetime volume of new business: Around EUR 890 million (previous year: around EUR 570 million)


Due to positive business development, we will propose a dividend of EUR 1.65 per share to the Annual General Meeting. In the previous year, a dividend of EUR 1.50 per share was distributed.


We are also pleased to announce that we have concluded a new syndicated loan with a volume of EUR 155 million and a term of 3 years plus an extension option for up to 2 years. The signing of another bilateral loan of EUR 10 million is currently being implemented. With these agreements, the existing syndicated credit facility of EUR 110 million and bilateral credit facilities of EUR 20 million are being replaced ahead of their maturity in the third quarter of 2023.


Dr. Cornelia Ballwießer (CFO): “We have replaced existing financing agreements early and with a considerably higher volume. As such, we have succeeded in securing financing for the Group’s growth trajectory while also creating scope to allow us to seize additional future opportunities for profitable growth.”


Progress-Werk Oberkirch AG

The Executive Board



Charlotte Frenzel

Investor Relations & Corporate Communications

+49 179 / 6904 237






PWO Group profile


We are a global company in the mobility industry, and regard ourselves as an engineering house that takes the lead in shaping the environmentally friendly mobility of the future through innovations and is entirely independent of combustion engines.


With our expertise in climate-friendly lightweight construction, we are technology leaders, and combine economic efficiency with sustainability. We develop and produce sophisticated metal components and complex subsystems at the frontiers of what is technologically possible.


As a serious employer with informal structures at a global level, we are home to 3,000 employees at 8 locations on 3 continents.


Our actions are driven by inner motivation and conviction, which is why sustainability is one of the core values of our Group.


We see the need to meet the challenges of our time with innovative and sustainable concepts. But most of all, we aim to take the related opportunities.


Our corporate strategy is summed up in the slogan PEOPLE. PLANET. PROGRESS.


23.03.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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