29.12.2020 Progress-Werk Oberkirch AG  DE0006968001

DGAP-Adhoc: Progress-Werk Oberkirch AG: PWO accelerates restructuring of Oberkirch site


DGAP-Ad-hoc: Progress-Werk Oberkirch AG / Key word(s): Miscellaneous
Progress-Werk Oberkirch AG: PWO accelerates restructuring of Oberkirch site

29-Dec-2020 / 10:44 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 accelerates restructuring of Oberkirch site

- Oberkirch site to focus even more strongly on its core competencies

- Voluntary program successfully completed

- Further adjustment in staff number by around 120 to 150 employees resolved

Oberkirch, December 29, 2020 - As early as in the fall of 2018, PWO had already initiated comprehensive and long-term programs for efficiency enhancements and process improvements at all its locations. These were complemented by extensive adjustments in 2020 due to the effects of the corona pandemic. It was not possible, however, to carry out the compulsory redundancies at the Oberkirch location until December 31, 2020, due to a supplementary collective agreement which includes job security. Therefore, in order to make the necessary staff adjustments, we first launched a voluntary program, which has now been successfully completed. Under this program, around 200 employees will leave the site; the vast majority by the end of 2020. Around half of these employees are permanent employees and the other half are temporary employees.

At the same time, the Oberkirch location must place an even stronger focus on its core competencies. Nevertheless, as staff costs in Germany, as an industrial location, have risen sharply on a continuous basis in recent years, some current series productions are strongly burdened by high labor costs. These higher costs can no longer be sufficiently offset by productivity measures. Furthermore, our customers have relocated an ever-growing portion of their production to Eastern Europe, resulting in a change in the locations to which PWO delivers. We must therefore also consider relocating production to Eastern Europe in order to avoid losing existing series productions. We are already extremely competitive in that region through our fast-growing plant in the Czech Republic. For this reason, at today's meeting, the Executive Board decided to further adjust the capacities of the Oberkirch site to bring it in line with the expected future level of capacity utilization.

This adjustment will include, among others, a further reduction in staff by 120 to 150 employees, mainly from the permanent workforce in the production area. The Executive Board is striving for the most socially responsible implementation of this plan as possible in consultation with the employee representatives and will begin negotiations on this shortly. The expected costs for this reduction in staff numbers, which will result in an additional burden on EBIT in the 2020 fiscal year, will presumably be in the upper single-digit-million euro range. The anticipated savings of EUR 9 million is expected to fully materialize in the 2022 fiscal year for the first time. The preliminary figures for the 2020 fiscal year are not yet available and will be published as scheduled on February 24, 2021.

In focusing on its core competencies, the Oberkirch site will be further strengthened technologically. With the tools offered by the Internet of Things, modern, data-driven manufacturing can be implemented even faster. This will increase competitiveness by reducing the use of resources on an ongoing basis while further improving process efficiency and manufacturing quality, which is ultimately the prerequisite for future growth.

Disclaimer: EBIT is not a performance measure under IFRS. Information on the calculation of this figure can be found on page 19 of the 2019 Annual Report, which is available on the Company's website at https://www.progress-werk.de/en/investors-press/news-publications/reports/annual-report-2019/.

Progress-Werk Oberkirch AG
The Executive Board
End of the ad hoc announcement

29-Dec-2020 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
Phone: +49 (0)7802 84-347
Fax: +49 (0)7802 84-789
E-mail: [email protected]
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: 1157686

End of Announcement DGAP News Service

1157686  29-Dec-2020 CET/CEST


Die wichtigsten Finanzdaten auf einen Blick
  2015 2016 2017 2018 2019 2020 2021e
Umsatzerlöse1 404,60 409,61 461,01 476,27 458,62 371,15 406,00
EBITDA1,2 42,92 44,65 44,96 42,70 45,98 21,17 45,40
EBITDA-Marge3 10,61 10,90 9,75 8,97 10,03 5,70 11,18
EBIT1,4 18,09 19,73 20,53 18,43 19,93 -10,10 17,30
EBIT-Marge5 4,47 4,82 4,45 3,87 4,35 -2,72 4,26
Jahresüberschuss1 7,54 9,52 10,06 6,64 9,10 -11,66 7,60
Netto-Marge6 1,86 2,32 2,18 1,39 1,98 -3,14 1,87
Cashflow1,7 31,11 46,30 38,31 38,45 47,95 49,20 46,00
Ergebnis je Aktie8 2,41 3,05 3,22 2,12 2,91 -3,73 2,40
Dividende8 1,55 1,60 1,65 1,35 0,00 0,00 0,50
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2020 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: KPMG

WKN Kurs in € Einschätzung Börsenwert in Mio. €
696800 32,600 Halten 101,88
KGV 2022e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
15,90 12,18 1,28 15,24
0,84 2,07 0,27 13,20
Dividende '20 in € Dividende '21e in € Div.-Rendite '21e
in %
0,00 0,50 1,53 19.05.2021
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
10.05.2021 02.08.2021 03.11.2021 30.03.2022
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
10,12% 11,51% 68,04% 61,39%
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Automobilzulieferer , 696800 , PWO , XETR:PWO