DGAP-Ad-hoc: Friedrich Vorwerk Group SE / Key word(s): Quarterly / Interim Statement
Disclosure of inside information acc. to Article 17 MAR
FRIEDRICH VORWERK increases revenue by 11% in the first quarter with an adjusted EBIT margin of 9.2% and achieves record order intake of €124 million
Tostedt, 13 May 2022 – Friedrich Vorwerk Group SE (ISIN DE000A255F11), a leading provider of energy infrastructure solutions for gas, electricity and hydrogen applications, increased its revenue in the first quarter of 2022 by 11% year-on-year from €52.5 million to €58.4 million. Order intake increased significantly by 90% to €123.5 million in the first quarter, providing the company with an excellent basis for accelerating its growth in the further course of the year. The main driver of the high order intake in the first quarter was the Adjacent Opportunities segment, which among other things contains the Group's extensive turnkey capabilities in the field of district heating solutions, which are currently in high demand. At €377.9 million, the order backlog as of March 31, 2022 reached a new all-time high in the company's history.
At €5.4 million, adjusted EBIT was below the prior-year figure of €8.5 million. The reason for the lower profitability was on the one hand the simultaneous kick-off of several major projects, which was associated with significant ramp-up costs. On the other hand, costs in connection with the integration of the recently acquired Gottfried Puhlmann Group also had a temporary adverse impact on the earnings situation. For the further course of the year, the company expects a return to the forecasted EBIT margin of 15%.
Against the backdrop of increasingly ambitious climate targets, Europe's energy infrastructure is facing an unprecedented investment program. Also, as a reaction to the ongoing Russia-Ukraine war, Germany is currently evaluating options to fundamentally transform its energy system, which will likely result in numerous additional infrastructure measures. Examples include the construction and grid integration of new LNG terminals. FRIEDRICH VORWERK therefore expects demand to continue to grow strongly across all target markets.
The full quarterly statement can be found at www.friedrich-vorwerk.de.
Friedrich Vorwerk Group SE
Chairman of the Supervisory Board
Court of Registration
13-May-2022 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
|Company:||Friedrich Vorwerk Group SE|
|Listed:||Regulated Market in Frankfurt (Prime Standard)|
|EQS News ID:||1351629|
|End of Announcement||DGAP News Service|
1351629 13-May-2022 CET/CEST