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EQS-News: Friedrich Vorwerk Group SE / Key word(s): Annual Results/Forecast
FRIEDRICH VORWERK generates revenues of EUR373 million in 2023 with an EBITDA margin of 8.6% and expects further sales
and earnings growth in 2024 with an order backlog of EUR1 billion
2024-03-26 / 07:45 CET/CEST
The issuer is solely responsible for the content of this announcement.
FRIEDRICH VORWERK generates revenues of EUR373 million in 2023 with an EBITDA margin of 8.6% and expects further sales
and earnings growth in 2024 with an order backlog of EUR1 billion
Tostedt, March 26, 2024 - FRIEDRICH VORWERK Group SE (ISIN DE000A255F11), a leading provider of energy infrastructure
solutions for gas, electricity and hydrogen applications, generated revenues of EUR373.4 million and EBITDA of EUR32.0
million in the 2023 financial year, corresponding to an EBITDA margin of 8.6%. The company therefore achieved the
updated guidance published in July. Net liquidity amounted to EUR42.1 million at the end of the financial year, an
improvement of EUR14.8 million compared to the previous year. Against this backdrop, a dividend of EUR0.12 per share will
be proposed to the Annual General Meeting on June 3, 2024.
In the fourth quarter of 2023, Friedrich Vorwerk generated revenues of EUR98.2 million and EBITDA of EUR11.6 million. As
expected, revenue was down on the very strong prior-year quarter, but the EBITDA margin rose to 11.8%, which
corresponds to an increase of 5.4 percentage points compared to the previous year. The EBITDA margin also increased
significantly compared to the third quarter of 2023, which was impacted by negative one-off effects.
The company's order situation remains exceptionally positive. Order intake in the 2023 financial year reached a new
record of EUR1,059 million. The order backlog as at December 31, 2023 amounted to EUR1,001 million, more than tripling the
previous year's figure of EUR315 million. The main driver of this development is the contract awarded in August for the
execution phase of the A-Nord electricity project, which is worth around EUR600 million to FRIEDRICH VORWERK.
Particularly noteworthy is the fact that the project is being executed in a multi-party agreement (IPA) and is based on
a "cost-plus-incentive-fee" compensation structure with a bonus-malus scheme.
Based on the excellent order situation, the Management Board expects the company to continue on its growth trajectory
in the 2024 financial year and anticipates revenue of more than EUR380 million. Due to the noticeable decline in
inflationary effects on existing projects and the high-quality order backlog, the Management Board expects the recent
recovery in profitability to continue in 2024. Against this backdrop, an EBITDA margin of 11% to 13% is expected.
In order to achieve complete climate neutrality by 2050, the European energy infrastructure is facing a fundamental
transformation. In addition to a significant expansion of the electricity grid, for which an investment volume of
almost EUR320 billion is planned in Germany alone by 2045, the expansion of the hydrogen infrastructure is also rapidly
gaining momentum. For example, a hydrogen core network over 9,700 km long is to be created in Germany by 2032, for
which the transmission system operators (TSOs) anticipate additional investments of EUR19.8 billion. Around EUR13.1 billion
of this will be spent on new hydrogen pipelines. Following the recent EU state aid approval of the IPCEI projects
"Hy2Infra", numerous large-scale projects are currently being implemented, which are associated with considerable
market potential for FRIEDRICH VORWERK. Against this backdrop, the company continues to anticipate strong growth in
demand across all of its target markets.
The full 2023 annual report is available at www.friedrich-vorwerk-group.de.

Contact Details
Friedrich Vorwerk Group SE
Harburger Straße 19
21255 Tostedt
Tel +49 4182 - 2947 0
Fax +49 4182 - 6155
ir@friedrich-vorwerk.de
www.friedrich-vorwerk-group.de
Management Board
Torben Kleinfeldt (CEO)
Tim Hameister
Chairman of the Supervisory Board
Dr Christof Nesemeier
Court of Registration
District Court of Tostedt, registration number: HRB 208170

2024-03-26 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.

Archive at www.eqs-news.com  
Language:     English 
Company:      Friedrich Vorwerk Group SE 

Harburger Straße 19
21255 Tostedt
Germany

E-mail:       ir@friedrich-vorwerk.de 
Internet:     www.friedrich-vorwerk-group.de 
ISIN:         DE000A255F11 
WKN:          A255F1 
Listed:       Regulated Market in Frankfurt (Prime Standard) 
EQS News ID:  1866911 

End of News EQS News Service
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1866911 2024-03-26 CET/CEST

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END) Dow Jones Newswires

March 26, 2024 02:45 ET (06:45 GMT)