PWO decides not to utilize KfW loans

Ad hoc disclosure pursuant to Art. 17 MAR

PWO decides not to utilize KfW loans

Oberkirch, August 26, 2021 - The Executive Board of PWO AG has today resolved to terminate the existing KfW loans, which have not been utilized to date, early.

The general prohibition on dividend payments therefore also ceases to apply.

The loan agreements from the KfW Special Program 2020 ("KfW-Unternehmerkredit 037") with a volume of EUR 30 million were concluded in February 2021 in order to further extend the available financial scope and to better mitigate the risks associated with the potentially longer duration of the coronavirus pandemic. Not including the KfW loans, PWO again had undrawn lines of credit of around EUR 100 million on June 30, 2021.

Despite the challenging market conditions, business went well in the first half of 2021. The current success is based on the strong performance of the international sites and the increasingly positive effects of the adjustments made at the Oberkirch production site so far. We thus successfully counteracted the negative economic impact of the coronavirus pandemic. At the same time, we are working hard to continue all productivity programs, especially in order to ensure the market success of the Oberkirch production site in the future. The good new business in the first half of the year has also made us confident about the future.

We occupy an excellent position in the three mobility trends of electrification, safety and comfort and enjoy a high reputation among our customers. The high performance of our international sites, the currently high level of new business and the extensive inquiries about a wide range of new projects all point to successful business performance in the years to come.

Progress-Werk Oberkirch AG
The Executive Board

End of ad hoc disclosure