• Latest
  • Trending
UK court to hear compensation case of London Capital & Finance bondholders

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

Gates Cambridge Scholarship celebrates 20th anniversary

Gates Cambridge Scholarship celebrates 20th anniversary

Israel-Gaza conflict rages as US envoy visits

Israel-Gaza conflict rages as US envoy visits

Police and Crime Commissioner to end funding for heroin addiction treatment scheme

Police and Crime Commissioner to end funding for heroin addiction treatment scheme

News Press Live
  • Home
  • News
    • All
    • Crime
    • Economy
    • News of England
    • News of Northern Ireland
    • News of Scotland
    • News of Wales
    Gates Cambridge Scholarship celebrates 20th anniversary

    Gates Cambridge Scholarship celebrates 20th anniversary

    Israel-Gaza conflict rages as US envoy visits

    Israel-Gaza conflict rages as US envoy visits

    Police and Crime Commissioner to end funding for heroin addiction treatment scheme

    Police and Crime Commissioner to end funding for heroin addiction treatment scheme

    Nicola Sturgeon’s own economic adviser warns Indyref2 puts recovery at risk

    Nicola Sturgeon’s own economic adviser warns Indyref2 puts recovery at risk

    Horse Racing Getting back on track

    Rochdale hopes machine centre will manufacture revival in fortunes

    The sad state of Cardiff city centre after a year of lockdown as shops lose fight to hold on

    The sad state of Cardiff city centre after a year of lockdown as shops lose fight to hold on

    Convoy drives through London shouting  the Jews, rape their daughters’

    Convoy drives through London shouting the Jews, rape their daughters’

    Conflict intensifies in Gaza as Israeli strikes destroy Gaza tower housing

    Trending Tags

      • Crime
      • Economy
      • News of England
      • News of Northern Ireland
      • News of Scotland
    • Royal Family
    • Tv & Showbiz
    • World News
    • JOBS
    • Sport
      • Football
      • Watch Live Score Football (Soccer) Videos
    • Login
    • Register
    • Latest Headlines
    • Advertise With Us
    • Find A Job
    Monday, January 30, 2023
    Watch Live Sport
    • Home
    • News
      • All
      • Crime
      • Economy
      • News of England
      • News of Northern Ireland
      • News of Scotland
      • News of Wales
      Gates Cambridge Scholarship celebrates 20th anniversary

      Gates Cambridge Scholarship celebrates 20th anniversary

      Israel-Gaza conflict rages as US envoy visits

      Israel-Gaza conflict rages as US envoy visits

      Police and Crime Commissioner to end funding for heroin addiction treatment scheme

      Police and Crime Commissioner to end funding for heroin addiction treatment scheme

      Nicola Sturgeon’s own economic adviser warns Indyref2 puts recovery at risk

      Nicola Sturgeon’s own economic adviser warns Indyref2 puts recovery at risk

      Horse Racing Getting back on track

      Rochdale hopes machine centre will manufacture revival in fortunes

      The sad state of Cardiff city centre after a year of lockdown as shops lose fight to hold on

      The sad state of Cardiff city centre after a year of lockdown as shops lose fight to hold on

      Convoy drives through London shouting  the Jews, rape their daughters’

      Convoy drives through London shouting the Jews, rape their daughters’

      Conflict intensifies in Gaza as Israeli strikes destroy Gaza tower housing

      Trending Tags

        • Crime
        • Economy
        • News of England
        • News of Northern Ireland
        • News of Scotland
      • Royal Family
      • Tv & Showbiz
      • World News
      • JOBS
      • Sport
        • Football
        • Watch Live Score Football (Soccer) Videos
      No Result
      View All Result
      News Press Live
      No Result
      View All Result

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

      UK court to hear compensation case of London Capital & Finance bondholders
      15.4k
      VIEWS
      Share on FacebookShare on Twitter

      Progress-Werk Oberkirch AG / Key word(s): Annual Results
      Progress-Werk Oberkirch AG reports preliminary figures for fiscal year 2020 and successful liquidity management with high free cash flow

      24-Feb-2021 / 19:45 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 reports preliminary figures for fiscal year 2020
      Successful liquidity management with high free cash flow

      – Free cash flow of almost EUR 29 million achieved along with a further decline in debt

      – EBIT margin of before currency expenses and special items sharply positive

      – High non-recurring expenses incurred amid the restructuring of the Oberkirch site

      – Successful development of international locations

      – Group has been significantly strengthened for the future

      Oberkirch, February 24, 2021 – The PWO Group is today publishing preliminary figures for fiscal year 2020. Despite the impact of the corona pandemic, the preliminary figures reflect our successful liquidity management during the greatest crisis of the post-war period and the very positive performance of our international locations. The high level of non-recurring expenses for the strategic repositioning and restructuring of the Oberkirch location weighed on the performance, however.

      At almost EUR 29 million, we achieved nearly twice the level of free cash flow as in 2019. Net debt was reduced by EUR 30 million. Our international locations were extraordinarily successful and compensated for a large part of the non-recurring expenses presented below that were incurred by the Oberkirch site.

      The following figures for the 2020 fiscal year are preliminary and unaudited, previous year’s figures have been partially adjusted:

      – Revenue: EUR 371.2 million (previous year: EUR 458.5 million)

      – EBIT before currency effects: EUR -8.1 million (previous year: EUR 22.1 million),
      and EUR 15.9 million adjusted for special items

      – EBIT including currency effects: EUR -10.1 million (previous year: EUR 19.8 million), and EUR 13.9 million adjusted for special items

      – 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

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

      — to uk.finance.yahoo.com

      Share308Tweet193SendSendShare54Pin69

      RelatedPosts

      Gates Cambridge Scholarship celebrates 20th anniversary
      News

      Gates Cambridge Scholarship celebrates 20th anniversary

      Israel-Gaza conflict rages as US envoy visits
      News

      Israel-Gaza conflict rages as US envoy visits

      Police and Crime Commissioner to end funding for heroin addiction treatment scheme
      Crime

      Police and Crime Commissioner to end funding for heroin addiction treatment scheme

      Nicola Sturgeon’s own economic adviser warns Indyref2 puts recovery at risk
      Economy

      Nicola Sturgeon’s own economic adviser warns Indyref2 puts recovery at risk

      London

      Horse Racing Getting back on track

      News

      Rochdale hopes machine centre will manufacture revival in fortunes

      Recommended Stories

      Record 273 Covid-19 cases confirmed in Northern Ireland

      Recommending ‘gay cures is insulting and abusive towards homosexuality’ warns hate crime judge

      Recommending ‘gay cures is insulting and abusive towards homosexuality’ warns hate crime judge

      Warm weather this year means autumn leaves could be extra special

      Warm weather this year means autumn leaves could be extra special

      Popular Stories

      • Joe Biden opposes guarded border between Ireland and Northern Ireland | US News

        President Biden Promises to Slash Greenhouse Gas Emissions by 50 Percent by 2030

        2636 shares
        Share 1054 Tweet 659
      • Prince Philip is dead

        2632 shares
        Share 1053 Tweet 658
      • Two US Capitol police officers injured after suspect rams car into barrier and stabbed. Suspect dead

        2372 shares
        Share 949 Tweet 593
      • Prince Harry ‘back in the UK’ ahead of Duke of Edinburgh’s funeral on Saturday

        2143 shares
        Share 857 Tweet 536
      • Juventus chairman Andrea Agnelli says European Super League can no longer go ahead

        2115 shares
        Share 846 Tweet 529
      News Press Live

      © 2021 Copyright - All rights reserved.

      Navigate Site

      • About Us
      • Terms & Conditions
      • Private Policy
      • Advertise With Us
      • Contact Us

      Follow Us

      No Result
      View All Result
      • Home
      • News
        • Crime
        • Economy
        • News of England
        • News of Northern Ireland
        • News of Scotland
      • Royal Family
      • Tv & Showbiz
      • World News
      • JOBS
      • Sport
        • Football
        • Watch Live Score Football (Soccer) Videos

      © 2021 Copyright - All rights reserved.

      Welcome Back!

      Login to your account below

      Forgotten Password? Sign Up

      Create New Account!

      Fill the forms bellow to register

      All fields are required. Log In

      Retrieve your password

      Please enter your username or email address to reset your password.

      Log In
      Are you sure want to unlock this post?
      Unlock left : 0
      Are you sure want to cancel subscription?