DGAP-Adhoc

Progress-Werk Oberkirch AG 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