Progress-Werk Oberkirch AG: PWO: Supervisory Board meeting to approve financial statements; Start of transformative sustainability in 2022

- Provisional figures for 2021 confirmed
- Dividend payment resumed: Distribution of EUR 1.50 per share proposed to the Annual General Meeting
- Accelerating the move to net zero emissions

Oberkirch, March 24, 2022 - The Supervisory Board of Progress-Werk Oberkirch AG reviewed, discussed and approved the annual financial statements and consolidated financial statements for fiscal 2021 at its meeting today. The annual financial statements of Progress-Werk Oberkirch AG have thus been adopted. The provisional figures for fiscal 2021 reported on March 3, 2022 are confirmed.

- Revenue: EUR 404.3 million (previous year: EUR 371.2 million)

- EBIT before currency effects: EUR 22.1 million (previous year: EUR -8.1 million)

- EBIT after currency effects: EUR 21.8 million (previous year: EUR -10.1 million)

- Net income for the period: EUR 14.7 million (previous year: EUR -11.7 million)

- Capital expenditure: EUR 16.2 million (previous year: EUR 13.8 million)

- Free cash flow: EUR 4.9 million (previous year: EUR 29.1 million)

- Equity ratio: 33.6% (previous year: 28.7%)

- Dynamic leverage ratio: 2.2 years (previous year: 4.8 years)

- Lifetime volume of new business: Around EUR 570 million (previous year: around EUR 400 million)

Thanks to extensive structural measures that have now been completed at the Oberkirch production site in combination with the good performance of subsidiaries abroad, visible success was made in improving competitiveness and satisfying net income for the period was recognized in fiscal 2021. Accordingly, the Executive Board and the Supervisory Board are proposing a dividend of EUR 1.50 per share for fiscal 2021 to the 2022 Annual General Meeting.

Responsibility for our planet and the lives of future generations is the basis of what we do. As a company that is entirely independent of combustion engines and has excellent engineering expertise in product and process development in metal forming and in joining technologies, we are ideally positioned for the carbon neutral mobility of the future. This allows us to focus all available resources on shaping our future. We launched a comprehensive project to further develop our sustainability strategy in 2021 to keep accelerating our move towards net zero emissions.

Carlo Lazzarini, CEO of PWO, said: "From our perspective, the need for society as a whole to take action with regard to sustainability in the economy is greater than ever - not only for climate and environmental issues, but also in terms of social aspects and responsible corporate governance. We are committed to overall sustainability in all of these areas and will continue to systematically increase our voluntary commitments."

Dr. Cornelia Ballwießer, CFO of PWO, added: "Time is of the essence. This is why we have emphasized putting this into practice at PWO. Innovation and technology will be the key to sustainable growth and help increase the value of the Group. We have set ambitious milestones and will report on our progress regularly."

The challenges for the current and future fiscal years are immense in today's geopolitical situation. Mastering them, taking the right steps with caution and foresight, is the task of management in tandem with the motivated workforce at every position in the company.

The 2021 Annual Report will be published on March 30, 2022 on the PWO website at https://www.progress-werk.de/en/investors-press/news-publications/reports/.

Progress-Werk Oberkirch AG
The Executive Board

PWO profile
With our innovative, climate-friendly 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 4th industrial revolution.

We address the 3 areas of the mobility of the future: electrification, safety and comfort. We are already independent of the combustion engine today. Around 3,000 employees at 8 locations on 3 continents ensure maximum delivery reliability and quality.