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EDAG Engineering Group AG: First half of 2023 concluded with strong order intake and 10.3% revenue growth - Seite 2

 

Order intake grew by 16.1 percent in the first half of the year, reaching EUR 502.3 million. The continued strong growth also led to a further increase in working capital, resulting in a negative free cash flow of 26.4 million euros (previous year: EUR -18.4 million). As of June 30, 2023, the company had 8,596 employees worldwide (previous year: 7,997 employees).

 

In July 2023, EDAG successfully placed a promissory note loan with a total financing volume of EUR 100 million and durations of between three and seven years. The funds raised will be used on the one hand to refinance existing liabilities in the amount of EUR 80.5 million and on the other hand to finance the further growth of the company.

 

"The successful transaction in a challenging market and industry environment demonstrates the confidence in our company and the strategic orientation of the EDAG Group. We have thus aligned our corporate financing to the dynamic growth in the mobility industry and the current fundamental transformation of the automotive sector," explains Holger Merz, CFO of the EDAG Group.

 

"With our 360-degree engineering approach, we are a partner and enabler of the digital and sustainable transformation in the mobility and production world of tomorrow," explains Cosimo De Carlo, CEO of the EDAG Group. "Very robust order intake in all three segments therefore allows us to look ahead with confidence to the second half of the year, despite the gloomy macroeconomic environment."

 

For the 2023 financial year, EDAG expects further growth and a stable earnings development. These estimates are, however, subject to considerable uncertainties, which arise in particular from the war in Ukraine and possible further geopolitical conflicts, energy price and wage cost developments, as well as the availability of sufficient qualified personnel.

 

Revenue is expected to grow by around 4 percent to 7 percent.

The adjusted EBIT margin is expected in a range of around 4 percent to 7 percent.

 

 

 

About EDAG

The EDAG Group is the world's largest independent engineering service provider to the global mobility industry. We regard mobility as a fully integrated ecosystem, and offer our customers technological solutions for more sustainable, emission-free and intelligently networked mobility. With a global network of some 60 branches, EDAG provides engineering services in the Vehicle Engineering, Electrics/Electronics and Production Solutions segments.