PROGRESS-WERK OBERKIRCH AG (FRA:PWO) EQS-News: PWO Group continues positive development in first 9 months of 2023
Transparency directive : regulatory news
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EQS-News: PWO AG
/ Key word(s): 9 Month figures/Quarterly / Interim Statement
PWO Group continues positive development in first 9 months of 2023
Carlo Lazzarini (CEO): “We are making good progress in all areas of strategic importance to the Group. The independence of our business model from internal combustion engines, high innovative strength, global expansion, green transformation - these are the building blocks with which we are shaping the future.”
Oberkirch, November 8, 2023 – In the first 9 months of the year, the PWO Group achieved a business performance that exceeded its planning. The forecasts for key performance indicators for the 2023 fiscal year were therefore raised on October 6, 2023 – in some cases for the second time this year.
The high level of new business in recent years is now resulting in an ongoing stream of new series production start-ups and ramp-ups that conspicuously exceed ramp-downs. Intensive cooperation in global teams also allows for continuous improvements in operating processes that have a positive impact on earnings.
Our high capacity for innovation when it comes to developing new solutions in environmentally friendly lightweight construction is valued by our customers all around the world. We contribute to shaping the ramp-up of e-mobility and are part of numerous electric vehicles and platforms. With components for battery management systems and electrohydraulic brake servos that enable braking energy to be recovered, we are applying our expertise in metal forming at the frontier of what is technologically possible and continuously expanding our range of solutions.
In the third quarter, we again set the course to further strengthen our competitiveness and be able to keep manufacturing our products as close to our customers as possible in the future. We have acquired 100,000 square meters of land for our new production site in Eastern Europe and the ground-breaking ceremony for the construction of the first building will take place shortly.
In addition, we are speeding up our green transformation and, as previously reported, will switch completely to green power at our locations in China by 2026 already. At our Mexican locations, too, we are firmly pressing ahead with plans to reduce our carbon footprint.
The following key figures were achieved in the PWO Group in the first 9 months of 2023:
We are confirming our current forecasts for the 2023 fiscal year. In the case of the anticipated capital expenditure of EUR 40 million (previous year: EUR 19.8 million), implementation or the cash outflow of part of this volume may not take place until the 2024 fiscal year due to reporting date effects. This would have a positive effect on the balance sheet ratios as of the end of the 2023 fiscal year and on free cash flow in the reporting year. Our expectations for the 2023 fiscal year are still based on the assumptions that there will be no major disruptions to supply chains in the fourth quarter of 2023 – for example due to pandemic-related restrictions, economic sanctions, or further intensification of geopolitical tensions – and that energy will be available in sufficient quantities and there will be no significant deviations from the anticipated price developments. The statement on the third quarter and the first 9 months of 2023 will be published on the PWO website at https://www.pwo-group.com/en/investors-press/news-publications/reports/ today. 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 | MORE THAN 100 YEARS OF EXPERIENCE
We are a global company in the mobility industry that contributes to shaping the environmentally friendly mobility of the future with innovations and is positioned entirely independent of internal combustion engines.
As a values-based employer with informal structures at a global level, we offer our employees a meaningful environment for realizing their personal potential. Transparent and responsible corporate governance is a key part of our self-image.
We have summed up our corporate strategy in the motto PEOPLE. PLANET. PROGRESS.
08.11.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
| 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: | 1767249 |
| End of News | EQS News Service |
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1767249 08.11.2023 CET/CEST