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 China and Mexico, we expect to see significantly above-average EBIT growth in the years ahead.

In this way, we will be able to manage the Group safely and soundly through a period of more volatile sales development in the automotive industry. This is how we intend to persuade investors.

	2018 Business development	2019 Forecast
Revenue	EUR 485 million	EUR 480-490 million
EBIT	EUR 19.6 Million (before currency effects)	EUR 18-19 million
Free cash flow	EUR 8.1 million	Positive
Equity ratio	28.1 percent	Slight improvement
Dynamic leverage ratio (net debt/EBITDA)	3.1 years	Slight improvement
Investments according to segment reporting	EUR 35.3 million	Slightly above the volume of 2018
Lifetime new business volume (series and tool orders)	EUR 304 million	Estimated roughly EUR 500 million

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