EQS-News: PWO reports provisional figures for 2023

PWO reports provisional figures for 2023
 

Carlo Lazzarini (CEO): “We again performed very well in 2023. Our aim for 2024 is to continue the PWO Group’s success story. We have laid the foundations for expanding our global market position, increasing profitability and decarbonizing our business.”
 

• Successful business performance in 2023
• Promising prospects for 2024

Oberkirch, February 22, 2024 - The PWO Group performed well in the 2023 fiscal year. Our initial preliminary and unaudited figures for the past year are as follows:

• Revenue: EUR 555.7 million (forecast: around EUR 550 million; p/y: EUR 530.8 million)
• EBIT before currency effects: EUR 28.1 million (forecast: EUR 26 million to EUR 29 million; p/y: EUR 27.5 million)
• Capital expenditure: EUR 26.5 million (forecast: around EUR 40 million; p/y: EUR 19.8 million)
• Lifetime volume of new business: around EUR 845 million (forecast: up to EUR 900 million; p/y: around EUR 890 million)
• Scope 1 & 2 greenhouse gas emissions: 9,417 t (forecast: 12,150 t to 12,760 t; p/y: 11,772 t)

We have continued to extensively develop the PWO Group both strategically and operationally in recent years. Our business model, which is entirely independent of internal combustion engines, puts us in an excellent position to help shape the green mobility of the future. This leading role is supported primarily by our profitable and fast-growing international activities, which is why the last fiscal year was another successful one for us.

With revenue meeting our original expectations, we were able to raise our forecast for EBIT before currency effects twice in 2023 and comfortably achieved the most recent forecast range. We again managed our investments with a clear focus on demand and with the goal of optimizing liquidity. We generated growth with far lower investment than originally planned, thus bolstering our financial position. Furthermore, we raised our guidance for the lifetime volume of new business twice in the course of the fiscal year, which we had not anticipated. The volumes acquired were almost in line with the extremely high prior-year figure. Greenhouse gas emissions were lower than forecast thanks to ongoing efforts to decarbonize our business.

Further improvements in revenue and EBIT expected in 2024

The key figures in our forecast for 2024 are as follows:
 

• Revenue: around EUR 570 million
• EBIT before currency effects: EUR 29 million to EUR 32 million
• Capital expenditure: around EUR 40 million
• Lifetime volume of new business: EUR 550 million to EUR 600 million
• Scope 1 & 2 greenhouse gas emissions: 7,400 to 7,750 t

Despite muted macroeconomic and sector expectations, we expect the PWO Group to generate clear revenue growth in the 2024 fiscal year. The start-up and ramp-up of series production from the successful new business in recent years are set to shore up growth, while passing on declining material prices to customers will likely have a negative impact. EBIT before currency effects is expected to fall within a range of EUR 29 million to EUR 32 million. We expect to see higher income, especially at our international locations.

To safeguard the growth that is anticipated in the next few years and establish our production site in Serbia, we intend to invest around EUR 40 million in the 2024 fiscal year, far more than in the reporting year.

The forecast for new business in 2024 is lower than the volume achieved in 2023. There are two main reasons for this: Firstly, we want to safely and efficiently scale up the many new start-ups planned for the years ahead to series production. Secondly, we also want to be able to closely manage our investments in the future as a precautionary measure.

Our aim is to continue to systematically reduce greenhouse gas emissions while maintaining the PWO Group’s growth. A further increase in the proportion of green electricity is set to play a key role in this respect in the 2024 fiscal year.

Our forecast is based on the assumptions that 2024 will see no major disruption to supply chains, e.g. due to geopolitical tensions 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 publication of the final figures for the 2023 fiscal year is scheduled for March 21, 2024. Further details on the forecast for the 2024 fiscal year will be provided as soon as possible.

PWO AG
The Executive Board

Contact:

Charlotte Frenzel
Investor Relations & Corporate Communications
T. +49 179 6904 237
M. charlotte.frenzel.ext.ma@pwo-group.com