PWO Group stays on track for success in the first half of the year
Carlo Lazzarini (CEO): \"At a time when the global economy is experiencing uneven development and sales figures in the mobility industry are rather subdued, our strength demonstrates the PWO Group's high level of competitiveness.\"
- Continuing positive business performance
- Strong new business once again
- Expectation for free cash flow 2024 upgraded
- Other forecasts for the financial year 2024 confirmed
Oberkirch, August 9, 2024 – The PWO Group is systematically expanding its market position. In the first half of 2024, revenue and EBIT excluding currency effects both exceeded their prior-year figures. The lifetime volume of new business in this six-month period follows on from the exceptionally strong performance in previous years and thus signals further growth in the future. At the same time, the construction of our new development and production site in Serbia is progressing rapidly. The country has developed into an important center of the European mobility industry.
Our expansion is based on the solid foundations provided by a statement of financial position that is already very strong today. We are constantly refining the management of the individual items and freeing up additional resources in the process. This is reflected in particular in the high level of free cash flow in the reporting period.
The PWO Group achieved the following key figures in the first half of 2024:
- Revenue: EUR 288.6 m (previous year: EUR 280.5 m)
- EBIT excluding currency effects: EUR 15.5 m (previous year: EUR 14.9 m)
- EBIT including currency effects: EUR 15.3 m (previous year: EUR 14.2 m)
- Profit for the period: EUR 6.7 m (previous year: EUR 8.5 m)
- Capital expenditure: EUR 10.6 m (previous year: EUR 5.4 m)
- Free cash flow: EUR 25.7 m (previous year: EUR 10.3 m)
- Equity ratio: 36.6 percent (12/31/2023: 37.0 percent)
- Lifetime volume of new business: around EUR 410 million (previous year: around EUR 415 million)
Based on the positive performance in the first half of 2024, we are raising our forecast for free cash flow and confirming our expectations for the other key performance indicators.
Our various initiatives to improve the liquidity-based management of the PWO Group are now bearing lasting fruit. Despite the planned increase in capital expenditure in the second half of the year, we are now assuming that we will be able to achieve a figure in the already double-digit million euro range in 2024 (previously: positive free cash flow in the mid-single-digit million euro range).
These forecasts are based on the assumptions that 2024 will not see any major disruptions in supply chains, for example 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 half-year financial report is published on the PWO website at https://www.pwo-group.com/en/investors-press/news-publications/press-releases/.
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
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