DGAP-Adhoc

Progress-Werk Oberkirch AG reports preliminary figures for fiscal year 2020 and successful liquidity management with high free cash flow - Seite 2

- 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

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24-Feb-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

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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