Progress Werk Oberkirch : reports preliminary figures for fiscal year 2020 and successful liquidity management with high free cash flow

DGAP-Ad-hoc: Progress-Werk Oberkirch AG / Key word(s): Annual Results Progress-Werk Oberkirch AG reports preliminary figures for fiscal year 2020 and successful liquidity management with high free cash flow 24-Feb-2021 / 19:45 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. Ad hoc announcement pursuant to Article 17 MAR PWO reports preliminary figures for fiscal year 2020 Successful liquidity management with high free cash flow - Free cash flow of almost EUR 29 million achieved along with a further decline in debt - EBIT margin of before currency expenses and special items sharply positive - High non-recurring expenses incurred amid the restructuring of the Oberkirch site - Successful development of international locations - Group has been significantly strengthened for the future Oberkirch, February 24, 2021 - The PWO Group is today publishing preliminary figures for fiscal year 2020. Despite the impact of the corona pandemic, the preliminary figures reflect our successful liquidity management during the greatest crisis of the post-war period and the very positive performance of our international locations. The high level of non-recurring expenses for the strategic repositioning and restructuring of the Oberkirch location weighed on the performance, however. At almost EUR 29 million, we achieved nearly twice the level of free cash flow as in 2019. Net debt was reduced by EUR 30 million. Our international locations were extraordinarily successful and compensated for a large part of the non-recurring expenses presented below that were incurred by the Oberkirch site. The following figures for the 2020 fiscal year are preliminary and unaudited, previous year's figures have been partially adjusted: - Revenue: EUR 371.2 million (previous year: EUR 458.5 million) - EBIT before currency effects: EUR -8.1 million (previous year: EUR 22.1 million), and EUR 15.9 million adjusted for special items - EBIT including currency effects: EUR -10.1 million (previous year: EUR 19.8 million), and EUR 13.9 million adjusted for special items - Net income for the period 2020: EUR -11.7 million (previous year: EUR 9.1 million) - Free cash flow 2020: Almost EUR 29 million (previous year: EUR 15.0 million) - Net debt 2020: EUR 102.5 million (previous year: EUR 132.5 million) - Equity ratio: 28.8% (previous year: 30.4%) The special items consist of the previously communicated non-recurring expenses for staff adjustments at the Oberkirch site of EUR 18.4 million and non-recurring special charges of EUR 8.7 million, primarily for impairments of non-current assets and provisions for onerous contracts. With these measures, we are laying the foundation for the future viability of the Oberkirch production site. At the Chinese site, in contrast, we were able to generate positive non-recurring effects amounting to EUR 3.1 million. We continue to assess the challenges in 2021 as high, as the pandemic situation remains uncertain. In addition, bottlenecks for critical components, such as semiconductors, are impacting the supply chains and, in some areas, are currently leading to a reduction in automotive production. We firmly believe that with the course set in 2020 and our recently expanded financial scope, as communicated, the PWO Group is significantly better equipped to deal even more effectively with future challenges. An outlook for the 2021 fiscal year will be published on March 25, 2021 together with the final figures 2020. EBIT before currency effects, free cash flow, and net debt are not performance measures under IFRS. Information on the calculation of these figures can be found on pages 19 and 24 of the 2019 Annual Report, available on our website at https://www.progress-werk.de/en/investors-press/news-publications/reports/annual-report-2019/. Progress-Werk Oberkirch AG The Management Board End of the ad hoc announcement 24-Feb-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

Language:	English
Company:	Progress-Werk Oberkirch AG
	Industriestraße 8
	77704 Oberkirch
	Germany
Phone:	[phone]
Fax:	[phone]
E-mail:	[e-mail]
Internet:	www.progress-werk.de
ISIN:	DE0006968001
WKN:	696800
Listed:	Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Tradegate Exchange
EQS News ID:	1170920

End of Announcement	DGAP News Service

1170920  24-Feb-2021 CET/CEST