PWO Supervisory Board meeting to approve financial statements

Press release

PWO Supervisory Board meeting to approve financial statements

Carlo Lazzarini (CEO): “We have pursued a shareholder-friendly dividend policy for many years. With the proposed increase for 2023 we are continuing this tradition.”

• Provisional figures for fiscal 2023 confirmed
• Dividend of EUR 1.75 per share (PY: EUR 1.65 per share) proposed
• 2024 forecast confirmed

Oberkirch, March 21, 2024 – The Supervisory Board of PWO AG reviewed, discussed and approved the annual financial statements and consolidated financial statements for fiscal 2023 at its meeting today. The annual financial statements of PWO AG have thus been adopted. The provisional figures for fiscal 2023 reported on February 22, 2024 are confirmed.

Provisional figures for 2023 confirmed

Key performance indicators of the Group developed as follows in fiscal 2023:

• Revenue: EUR 555.8 million (PY: EUR 530.8 million)
• EBIT before currency effects: EUR 28.2 million (PY: EUR 27.5 million)
• Capital expenditure: EUR 26.5 million (PY: EUR 19.8 million)
• Free cash flow: EUR 11.3 million (PY: EUR -5.8 million)
• Equity ratio: 37.0% (PY: 37.8%)
• Net leverage ratio: 2.1 years (PY: 2.3 years)
• Lifetime volume of new business: around EUR 845 million (PY: around EUR 890 million)
• Scope 1 & 2 greenhouse gas emissions: 9,417 t (PY: 11,772 t)

Due to the positive development in the 2023 fiscal year, the Executive Board and Supervisory Board will propose a dividend of EUR 1.75 per share at the Annual General Meeting. A dividend of EUR 1.65 per share was distributed for the previous year.

Further improvements in revenue and EBIT expected in 2024

We also confirm the key data for the 2024 forecast published on February 22, 2024 and specify the expectations for other key performance indicators.

• Revenue: around EUR 570 million
• EBIT before currency effects: EUR 29 million to EUR 32 million
• Capital expenditure: around EUR 40 million
• Free cash flow: in the mid single-digit positive million euro range
• Equity ratio: sideways
• Net gearing ratio: < 2.5 years
• Lifetime volume of new business: EUR 550 million to EUR 600 million
• Scope 1 & 2 greenhouse gas emissions: 7,400 to 7,750 t

We have continued to extensively develop the PWO Group both strategically and operationally in recent years and are convinced that the positive trend will continue in the future. By establishing a new production site in Serbia, we are strengthening our presence in Eastern Europe in the vicinity of important customers and investing in an important growth region for the European mobility industry. Despite the tense geopolitical situation, we are cautiously optimistic about the future.

Our forecast is still based on the assumption 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 2023 Annual Report is scheduled for March 28, 2024. All reports of the PWO Group are published on its website at https://www.pwo-group.com/en/investors-press/news-publications/reports/.
 

PWO AG

The Executive Board

Contact:
Charlotte Frenzel

Investor Relations & Corporate Communications
phone +49 179 6904 237
e-mail charlotte.frenzel.ext.ma@pwo-group.com