PRESS RELEASE

from Progress-Werk Oberkirch AG (isin : DE0006968001)

PWO Supervisory Board meeting to approve financial statements

EQS-News: PWO AG / Key word(s): Annual Results/Dividend
PWO Supervisory Board meeting to approve financial statements

21.03.2024 / 16:09 CET/CEST
The issuer is solely responsible for the content of this announcement.


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

 

PWO Group: Pushing boundaries in lightweight metal solutions

1,200 PRODUCT SOLUTIONS | 3,000 EMPLOYEES | 9 LOCATIONS | OVER 100 YEARS OF EXPERIENCE

We are a global company in the mobility industry that is helping to shape the environmentally friendly mobility of the future through innovations and is entirely independent of combustion engines.

With our expertise in climate-friendly lightweight construction, we are technology leaders and combine economic efficiency with sustainability. We develop and produce sophisticated metal components and complex subsystems at the frontiers of what is technologically feasible. We meet the challenges of our time with innovative and sustainable concepts. And above all, we aim to seize the opportunities they offer.

As a values-based employer with informal structures at a global level, we offer our employees a meaningful environment for realizing their personal prospects. Transparent and responsible corporate governance is an integral part of our self-image.

Our corporate strategy is summed up by the slogan PEOPLE. PLANET. PROGRESS.

 

 



21.03.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
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Language:English
Company:PWO AG
Industriestraße 8
77704 Oberkirch
Germany
Phone:+49 (0)7802 84-844
Fax:+49 (0)7802 84-789
E-mail:ir@pwo-group.com
Internet:www.pwo-group.com
ISIN:DE0006968001
WKN:696800
Listed:Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Tradegate Exchange
EQS News ID:1863517

 
End of NewsEQS News Service

1863517  21.03.2024 CET/CEST

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