Progress-Werk Oberkirch AG: PWO confirms preliminary figures for the first half of 2020

Oberkirch, August 3, 2020 - PWO today presented its half-year financial report for the 2020 fiscal year and confirmed the preliminary figures that were reported on July 23, 2020 in an ad hoc announcement. After the first quarter, which was in line with plans, the second quarter, as anticipated, was dominated by effects from the corona pandemic and the largest economic slump in the post-war period that resulted.

Revenue in the second quarter fell to EUR 49.5 million (p/y: EUR 113.5 million), and total output to EUR 49.6 million (p/y: EUR 113.7 million). EBIT before currency effects fell to EUR -5.6 million (p/y: EUR 4.7 million). EBIT including currency effects decreased to EUR -6.0 million (p/y: EUR 3.9 million). Net income for the period and earnings per share were EUR -6.2 million (p/y: EUR 1.2 million) and EUR -1.98 (p/y: EUR 0.40) respectively.

In the first half-year, revenue amounted to EUR 158.2 million (p/y: EUR 236.9 million), and total output equaled EUR 158.5 million (p/y: EUR 237.5 million). EBIT before currency effects amounted to EUR 1.0 million (p/y: EUR 10.8 million), and EBIT including currency effects decreased to EUR -0.1 million (p/y: EUR 9.8 million). Net income for the period declined to EUR -2.9 million (p/y: EUR 4.5 million), and earnings per share dropped to EUR -0.94 (p/y: EUR 1.42).

Free cash flow was positive in both reporting periods and exceeded the previous year's level in the first half-year, with EUR 12.4 million (p/y: EUR 10.8 million). Net debt was reduced to EUR 122.5 million as of June 30, 2020, compared with EUR 132.5 million at the end of the previous fiscal year. As of June 30, 2020, the equity ratio, at 30.3 percent, was at the same level as on December 31, 2019 (30.1 percent).

The outlook for the second half of the year still cannot be reasonably quantified. For this reason, we are currently unable to present a new forecast for the current fiscal year. Our management currently aims to do all that is necessary in the short term in order to respond appropriately to the respective challenges. At the same time, we are keeping an eye on opportunities and intend to strengthen the Group's long-term competitiveness. We are very confident that this approach will continue to prove successful as we move forward.

Progress-Werk Oberkirch AG
The Management Board

PWO company profile
PWO is a partner to the global automotive industry for the development and production of advanced metal components and subsystems using lightweight construction. The Group has developed a unique knowledge in the forming and joining of metals over the course of its more than 100-year history since it was founded in 1919. With our expertise in cost-efficient lightweight construction, we contribute to environmentally friendly driving and greater distances.

All of the Group's more than 1,000 products contribute to automotive comfort and safety. More than 90 percent of revenue is independent of the vehicle's type of drivetrain. Approximately 3,000 employees on three continents at five production sites and four assembly plants ensure the highest level of delivery reliability and quality.