EQS-News

FRIWO streamlines production structures in Vietnam – operating targets confirmed for 2023 with the aim to return to profitability in 2024 - Seite 2

As the transaction has extensive implications for the annual financial statements for 2023 in accordance with IFRS, it is necessary to postpone the publication of the audited key figures and the annual report to April 25, 2024 (previously March 28, 2024).

"We are consistently focusing FRIWO on its core activities and streamlining our cost and asset structures worldwide. This will allow us to react more leanly and flexibly to future market changes and noticeably improve our balance sheet quality and cash flows. Following confirmation of the operating targets for 2023, we see positive momentum for a return to profitability in 2024 and, in view of our great growth potential in Asia, expect sustainable profitable growth in the mid-term," commented Rolf Schwirz, CEO of FRIWO AG, on the development. 

Confirmation of 2023 forecast – Aiming for a return to profitability in 2024

According to preliminary, unaudited key figures, FRIWO has achieved its operating targets for 2023. In October 2023, the forecast for Group sales was adjusted to around 110 million euros and for the operating result (EBIT - earnings before interest and taxes) to a loss in the mid-single-digit million euro range. In this light and in view of the earnings contributions expected from the e-mobility joint venture in India from the second quarter onwards, the FRIWO Management Board expects the company to return to a profitable growth path in the 2024 financial year. With regard to sales development, visibility is still difficult due to the only gradual stabilization of demand in the core business in Europe at the beginning of the year, particularly from the two-wheeler sector. FRIWO is therefore only planning to publish a more concrete sales forecast with the release of the annual financial statements.

 

Further information on the company can be found on FRIWO’s investor relations pages at: https://www.friwo.com/en/about/investor-relations/
 

Contact investor relations and media
FRIWO AG
Ina Klassen
[phone]
[e-mail]    

Peter Dietz
[phone]
[e-mail]

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21.03.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
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