Press Release - Release of financial statements for 2021

Prodrive Technologies Group B.V. (hereafter: ‘Prodrive’) realized a growth in net sales of almost 10%, to EUR 305 million in 2021. Supply chain constraints and COVID-19 related lockdowns and sickness waves limited the targeted output growth. Prodrive Technologies’ net profit came in at 10 million euro in 2021, amounting to 3.3% of net sales. Prodrive’s workforce grew from an average of 1456 in 2020 to an average of 1838 full-time-equivalent (FTE) employees in 2021. On December 31^st of 2021, Prodrive Technologies employed 2077 FTE.

On December 24^th of 2021, the signing of a minority investment from HAL Investments B.V. was announced. The transaction was completed on February 17^th of 2022, after which HAL Investments B.V. has been holding 31,45% of Prodrive Technologies Group B.V. shares alongside Prodrive’s founders Pieter Janssen, Hans Verhagen, and personnel.

Pieter Janssen, CEO: “Despite the very challenging circumstances for our business and our employees, we are proud to have booked a second year of profitable growth in the COVID-19 era, without applying for COVID-19 subsidies. We are looking forward to realizing our ambitious growth path with HAL on board.”

Karel van Gerven, CFO: “Our order book has increased by more than 50% over the last 12 months, but we will not be able to fulfill all of this demand in this calendar year as growth will be dependent on the development of supply chain constraints. Our teams are working hard on a day-to-day basis on finding solutions around complex macro-economic developments together with our customers and suppliers. Both material availability and the rapid development of costs remain challenging.”

The order book is filled with a substantial amount of newly introduced products alongside a growing demand for existing products. Prodrive’s Research and Development efforts and new product introductions are all aligned with its focus on technological megatrends related to the global energy transition, the digitization of society, and the progression of advanced and affordable healthcare. These initiatives are part of a multi-year investment plan in R&D, buildings, and equipment in Europe, Asia-Pacific, and North American regions.