EQS-News

FRIWO achieves guidance in the 2023 financial year – return to profitability in 2024 and clearly positive momentum expected for subsequent years - Seite 3

 

Outlook for 2024: Upturn expected in the second half of the year and first earnings contributions from the e-mobility joint venture in India

The Executive Board is cautiously optimistic for the 2024 financial year despite a persistently difficult and volatile environment. It is difficult to predict how demand will develop in the first half of the year due to the recessionary trends in key sales markets. However, FRIWO believes there is a good chance of a significant recovery in demand in the second half of the year. In addition to the aforementioned cost efficiency measures, the easing of material prices and energy costs should also have a positive impact. Against this backdrop, the Executive Board is forecasting Group revenue of 100 to 120 million euros and a break-even Group EBIT for the 2024 financial year, with the operating break-even point to be reached again over the course of the year. This includes further up-front costs for the establishment of the joint venture in India, in which FRIWO holds a 49.9% stake. This activity is expected to contribute to earnings for the first time in the 2024 financial year, which will have a positive impact on the financial result. The ramp-up of production at the site near New Delhi, which is operated jointly with the Indian UNO MINDA Group, is proceeding according to plan, meaning that incoming orders and letters of intent in the mid-triple-digit million euro range for e-drive solutions are expected to be processed over the next few years. In addition, FRIWO is still in the process of opening up further markets in Southeast Asia for e-mobility system solutions.

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]

 

 

About FRIWO:

FRIWO AG, listed in the General Standard of the Frankfurt Stock Exchange and headquartered in Ostbevern/Westphalia, is an international manufacturer of technically leading chargers and e-drive solutions. FRIWO offers a whole range of applications with customized systems from a single source. Founded in 1971, the company has evolved from a supplier of power supply products to a full-range provider of sophisticated and customized solutions for electromobility. Today, the product portfolio includes not only high-quality power supply solutions, but also battery charging solutions for a wide range of applications. In addition, all components of a modern electric drive solution are also available: from the display to the motor control and drive unit to the control software. With modern development centres, production facilities and sales locations in Europe, Asia and the USA, FRIWO is present in all the world’s major markets. FRIWO’s most important customers are leading brands in their respective markets and rely on FRIWO products to provide their customers with the highest quality. The main shareholder of FRIWO AG is a subsidiary of VTC GmbH & Co. KG, Munich. For more information, please visit our website at https://www.friwo.com