PWO remains on track for success and raises its forecasts

Ad hoc disclosure in accordance with Article 17 MAR

PWO remains on track for success and raises its forecasts

Oberkirch, October 6, 2023 - The PWO Group continues its successful business development. Therefore, the Executive Board decided today to raise its guidance for fiscal year 2023.

The Group continues to pursue a profitable growth course. The current increase of our expectations underlines the successful implementation of this strategy. Numerous measures to increase productivity and strengthen competitiveness are now taking effect across our global site portfolio. Product mix shifts have also contributed to this. In addition, we are now realizing positive effects from optimized purchasing of outsourced services, so our risk assessment in this area has improved.

As a result, we are raising our guidance for EBIT before currency effects in fiscal 2023 to EUR 26 million - EUR 29 million (previously: EUR 23 million - EUR 26 million; fiscal 2022: EUR 27.5 million).

The more optimistic earnings outlook, together with the longer payment terms on the supplier side already explained in the half-year financial report, should lead to positive free cash flow in the mid-single-digit million euro range (previously: negative free cash flow in the mid-single-digit million euro range; fiscal 2022: EUR -5.8 million).

By the end of September 2023, we had achieved a lifetime volume of new business of just under EUR 800 million, which is significantly higher than expected. We have thus reached the upper end of the previous forecast range for fiscal year 2023. In the fourth quarter, we expect additional new orders and are therefore raising our new business outlook to up to EUR 900 million (previously: around EUR 700 to 800 million; fiscal 2022: around EUR 890 million).

All our sites will benefit from new orders in 2023. Of particular note are the additional volumes won by our sites in Czechia and Mexico since the end of the first half of the year. Our innovative solutions for climate-friendly lightweight components at the limits of what is technologically possible are in demand worldwide. With our business model completely independent of the internal combustion engine and the rapid pace at which we are reducing our greenhouse gas emissions, we are a sought-after partner in the transformation to green mobility of the future. This forms the strong foundation for our continued success.

Our forecast continues to be based on the assumptions that there will be no major disruptions in the supply chains in the fourth quarter of 2023 - for example, due to pandemic-related restrictions or economic sanctions -, energy will be available in sufficient quantities, and there will be no significant deviations from the anticipated price developments.

EBIT before currency effects, free cash flow and the life-time volume of new business are not IFRS indicators. Information on how these figures are determined can be found on pages 38, 42 and 33 of the 2022 annual report.  

PWO AG
The Executive Board

End of ad hoc disclosure
 

Contact:
Charlotte Frenzel
Investor Relations & Corporate Communications
T. +49 179 6904 237
M. charlotte.frenzel.ext.ma@pwo-group.com