- Profitability increased significantly
- Quality of statement of financial position improved considerably
- Strong increase in new business

Oberkirch, March 3, 2022 - The PWO Group is publishing its provisional figures for fiscal 2021 today. In a very challenging environment again for the economy as a whole and for the mobility sector, we managed to improve EBIT before currency effects significantly to a level of EUR 22.1 million. As a result of our successful liquidity management, a clearly positive free cash flow was generated and the dynamic leverage ratio was more than halved. The equity ratio increased significantly.

Our international locations once again developed extremely successfully. At our home location in Oberkirch, we implemented extensive adjustment measures with strong commitment from our employees and thereby significantly strengthened the production location.

The following figures for fiscal 2021 are provisional and unaudited:

- 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)

It is also particularly pleasing that we managed to increase the lifetime volume of new business by more than 40% to around EUR 570 million. All our locations generated high volumes, and at the international locations these easily exceeded annual revenue in 2019, prior to the pandemic, in some cases.

In particular, instrument panel carriers contributed significant volumes. In the future, we will manufacture these at our Czech locations, for example, for the all-electric touring saloon of a European customer, who we are supplying with these products for the first time. PWO locations in eastern Europe and China will supply instrument panel carriers to several customer locations for another customer.

Overall, we were successful across our entire product range. We are systematically further strengthening our global engineering expertise to push the limits of what is technologically feasible in environmentally friendly lightweight construction. As a company that is entirely independent of combustion engines, we are a sought-after partner for our customers in the transformation of the mobility industry. To prepare for future growth, we already invested in new production space in the past fiscal year, particularly at our locations in Mexico and Czechia. In addition, considerable additional land was purchased at the Czech location.

The publication of the final figures for fiscal 2021 is scheduled for March 24, 2022.
The 2021 Annual Report will be published on March 30, 2022 on the PWO website at https://www.progress-werk.de/de/investoren-presse/news-publikationen/berichte/.

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.