EQS-News: Progress-Werk Oberkirch AG / Key word(s): Annual Results
Satisfactory business development in 2022
Outlook for the fiscal year 2023 further specified
Carlo Lazzarini (CEO): "2022 was a successful year for us. Several of our locations exceeded key revenue thresholds. For the first time, the PWO Group realized revenues of more than EUR 500 million. And with the highest volume of new business in the company's history, we underscored the strength of our market position. Innovations in metal forming at the limits of what is technologically possible - this is what PWO stands for."
Oberkirch / Valašské Meziříčí / Kitchener / Puebla / Suzhou Oberkirch, March 7, 2023 - The PWO Group was able to realize a satisfactory business development in fiscal year 2022 and exceed its forecasts, as already reported for key figures in an ad hoc announcement on February 23, 2023.
We now publish the preliminary and unaudited figures for 2022 as follows:
Increase in revenue and further growth investments planned for 2023
Furthermore, we specify the outlook already published on February 23, 2023 for key figures as follows:
New start-up and ramp-up of series production are expected to drive the PWO Group's growth in fiscal year 2023. As already reported, EBIT before currency effects will probably not reach the previous year's level because significantly increased purchase prices, some of which will be effective for a full twelve-month period for the first time, as well as higher personnel and energy costs, especially in Germany, will burden the earnings situation. Irrespective of this, we plan to press ahead with the expansion of our international locations.
The forecast for new business in 2023 is lower due to the high volume achieved in 2022. This is partly because we have already received orders expected for 2023 in 2022 and our customers will therefore have fewer high-volume orders to place in 2023. Therefore, the years 2022 and 2023 have to be considered in total. This still significantly exceeds the targets in the medium-term plan for this period.
For reasons of prudence, we will continue to manage our investments strictly in the future and, depending on further global political and economic developments, regularly review our growth strategy for the coming years and realign it accordingly if necessary.
Our forecast is based on the assumptions that there will be no major disruptions in the supply chains in 2023, for example due to pandemic-related restrictions or economic sanctions, that energy will be available in sufficient quantities, and that there will be no significant deviations from the anticipated price developments.
Progress-Werk Oberkirch AG
The Executive Board
Investor Relations & Corporate Communications
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.
07.03.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
|Company:||Progress-Werk Oberkirch AG|
|Phone:||+49 (0)7802 84-844|
|Fax:||+49 (0)7802 84-789|
|Listed:||Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Tradegate Exchange|
|EQS News ID:||1576819|
|End of News||EQS News Service|