Progress-Werk Oberkirch AG: PWO's 100th Annual General Meeting approves all agenda items by a large majority
EQS-News: Progress-Werk Oberkirch AG / Key word(s): AGM/EGM
Carlo Lazzarini (CEO): "We continue to steadily pursue our profitable growth strategy and continuously expand the PWO Group. The high level of new business in the first quarter of 2023 underscores once again our strong market position."
Oberkirch / Valašské Meziříčí / Kitchener / Puebla / Suzhou / May 11, 2023 – Progress-Werk Oberkirch AG held its 2023 Annual General Meeting yesterday; around 61 percent of the share capital was represented.
In his speech, CEO Carlo Lazzarini reported to the shareholders on a record fiscal year for 2022. PWO achieved historic best figures for many key performance indicators and at the same time extended its comprehensive experience in cold forming and joining of metal to new applications and solutions. Thus, new markets were successfully tapped, e.g., for fuel cells or heat pumps. Net income for the period also reached an all-time high. The Executive Board and Supervisory Board therefore proposed to the 2023 Annual General Meeting the distribution of a dividend of EUR 1.65 per share for fiscal year 2022.
Another highlight of the Executive Board's report was the expansion of the PWO Group's international market position and, mirroring this, its international organization. Today, PWO is a globally active group and reaches far beyond the Progress plant in Oberkirch, thinks in terms of cross-location structures, supplies customers all over the world, and pursues its global opportunities. PWO is firmly anchored among its customers internationally as a brand with the highest reputation for innovative strength, delivery reliability, and delivery quality. We would like to carry this in our name. Therefore, the Executive Board asked for approval to change the company's name to PWO AG.
First figures reported for the first quarter of 2023
In addition, Carlo Lazzarini reported a successful start to the 2023 fiscal year. It is in line with our expectations that the EBIT before currency effects was down year-on-year in the first quarter, as the huge cost increases are now noticeably reflected in earnings and, as expected, our negotiations with our customers in this context have not yet been wrapped up. With a high level of new business, we have already reached almost half of the lower value of the target range for the full year 2023. This once again underscores our highly competitive strength in the global market.
The PWO Group's key performance indicators developed as follows in the first quarter:
Business development in the first quarter confirms our expectations, also regarding our full-year guidance. These are based on the assumptions that in 2023 there will be no major disruptions to supply chains, for example due to pandemic-related restrictions or economic sanctions, that energy will be available in sufficient quantities, and that there will be no significant deviations from the anticipated price developments.
The first quarter 2023 statement will be published on the PWO website at https://www.pwo-group.com/en/investors-press/news-publications/reports/ on May 12, 2023.
All proposed resolutions were accepted
The agenda included the presentation of the financial statements for fiscal 2022 and the resolutions on the appropriation of profits, official approval of executive activities and the election of the auditor for the annual and consolidated financial statements. There were also the resolution on the approval of the remuneration report. The shareholder representatives on the Supervisory Board were re-elected by a large majority. In addition, the aforementioned change of company name was approved and resolutions were passed to enable virtual shareholders' meetings to be held and to enable members of the Supervisory Board to participate in the shareholders' meeting by means of video and audio transmission.
Details of the results of voting will be published on PWO’s website at https://www.pwo-group.com/en/investors-press/annual-general-meeting/.
Progress-Werk Oberkirch AG
The Executive Board
Investor Relations & Corporate Communications
PWO Group profile
We are a global company in the mobility industry, that takes the lead in shaping the environmentally friendly mobility of the future through innovations and is entirely independent of combustion engines.
With our expertise in climate-friendly lightweight construction, we are technology leaders, and combine economic efficiency with sustainability. We develop and produce sophisticated metal components and complex subsystems at the frontiers of what is technologically possible.
As a serious employer with informal structures at a global level, we are home to 3,000 employees at 8 locations on 3 continents.
Our actions are driven by inner motivation and conviction, which is why sustainability is one of the core values of our Group.
We meet the challenges of our time with innovative and sustainable concepts. But most of all, we aim to take the related opportunities.
Our corporate strategy is summed up in the framework PEOPLE. PLANET. PROGRESS.
11.05.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
Progress-Werk Oberkirch AG
+49 (0)7802 84-844
+49 (0)7802 84-789
Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Tradegate Exchange
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