Investment Case & Forecasts - Progress-Werk Oberkirch AG

PWO sets itself apart with innovative components and subsystems for a wide range of automotive applications. More than 90 percent of PWO’s revenue is independent of a vehicle’s type of drivetrain. We enjoy the highest reputation from our customers for our worldwide delivery capabilities with the maximum in quality and reliability. This is how we built our first-class market position.

Our current focus is on strengthening our profitability through a variety of cost reductions and far-reaching process improvements. In this way, we will be able to manage the Group through the structural change in the automotive industry. This is how we intend to persuade investors.

Forecast for 2020
The indications we are receiving from customers as to the development they expect in the second half of the year continue to range widely. We therefore believe that there is still too much uncertainty as to whether the sales and production of the automotive manufacturers in 2020 will develop in line with the experts' current forecasts and to base reliable corporate planning on these expectations. For this reason we are still unable to present a new forecast for the 2020 fiscal year.

Forecast for 2020

The indications we are receiving from customers as to the development they expect in the second half of the year continue to range widely. We therefore believe that there is still too much uncertainty as to whether the sales and production of the automotive manufacturers in 2020 will develop in line with the experts' current forecasts and to base reliable corporate planning on these expectations. For this reason we are still unable to present a new forecast for the 2020 fiscal year.

Tables are unavailable in mobile view.

Business development in 2019
Revenue	EUR 458.6 million
EBIT	EUR 22.2 Million (before currency effects)
Free cash flow	EUR 15.0 million
Equity ratio	30.1 percent
Dynamic leverage ratio (net debt/EBITDA)	2.9 years
Investments according to segment reporting excluding the effect from the first-time adaption of IFRS 16	EUR 33.9 million
Lifetime new business volume (series and tool orders)	EUR 510 million

Tables are unavailable in mobile view.