EDAG Engineering Group AG: Continuous increase in sales and earnings in the
2023 financial year - significant increase in free cash flow to EUR 10.9 million
EQS-News: EDAG Engineering Group AG / Key word(s): Annual Report/Annual
Results
EDAG Engineering Group AG: Continuous increase in sales and earnings in the
2023 financial year - significant increase in free cash flow to EUR 10.9
million
27.03.2024 / 07:10 CET/CEST
The issuer is solely responsible for the content of this announcement.
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Press release
EDAG Engineering Group AG:
Continuous increase in sales and earnings in the 2023 financial year -
significant increase in free cash flow to EUR 10.9 million
* Sales increase by 6.1% to EUR 844.3 million
* Adjusted EBIT increases to EUR 52.6 million
* Earnings after tax at the previous year's level of EUR 28.9 million
* New record order intake of EUR 861.9 million
* Solid growth and stable earnings development forecast for 2024
Arbon, 27 March 2024 EDAG, leading independent engineering services provider
to the global mobility industry, today published its report on the 2023
financial year. Despite the challenging market environment, the company
succeeded in continuing its growth course and at the same time significantly
improving key figures.
At EUR 844.3 million, Group sales revenue was 6.1% above the previous year's
level of EUR 796.1 million. This result also represents the highest turnover
in the company's history. The growth is attributable to the positive
development of all three segments. The Electrics/Electronics segment saw the
strongest growth with an increase of 14.9 percent, followed by Production
Solutions with 3.7 percent and Vehicle Engineering with 1.9 percent.
The Adjusted Group EBIT rose to EUR 52.6 million (previous year: EUR 50.5
million). This corresponds to an adjusted EBIT margin of 6.2% (previous
year: 6.3%). The EBIT increased from EUR 51.1 million to EUR 53.9 million.
At EUR 28.9 million, earnings after taxes in the 2023 financial year are at
the previous year's level.
Incoming orders increased to a new record level of EUR 861.9 million in the
reporting period (previous year: EUR 850.2 million). As of December 31,
2023, EDAG employed 8,880 employees worldwide (previous year: 8,412
employees).
The EDAG Group expects further growth and stable earnings development for
the 2024 financial year. In addition to the opportunities, the forecast is
also associated with risks that arise primarily from changes in market
developments for our customers and, as a result, for us. Geopolitical
uncertainties, the development of energy prices and wage costs as well as
the availability of sufficiently qualified personnel also have an influence
on this.
'The EDAG Group once again developed positively in the 2023 financial year.
We have made important progress in the areas of software and digitalization.
Based on these competencies, we plan to continue to grow in a challenging
environment in 2024,' explains CEO Cosimo De Carlo.
Revenue is expected to grow by around 4 percent to around 6 percent.
The adjusted EBIT margin is expected in a range of around 5 percent to
around 6 percent.
The investment ratio is expected to be in a range of around 4 percent.
In view of the business performance in 2023, the Board of Directors will
propose to the Annual General Meeting on June 19, 2024 that a dividend of
EUR 0,55 per share be distributed for the 2023 financial year. This
corresponds with the level of the previous year.
Selected key financial figures
(mEUR) FY 2023 FY 2022
Group Revenues 844,3 796,1
Vehicle Engineering 484,9 475,7
Electrics/Electronics 262,4 228,3
Production Solutions 114,0 109,9
Group adjusted EBIT 52,6 50,5
Vehicle Engineering 34,7 33,9
Electrics/Electronics 15,3 14,9
Production Solutions 2,6 1,8
EAT 28,9 28,9
Trade Working Capital 139,2 101,4
CapEx 30,2 30,1
Free Cash-Flow 10,9 4,3
Net financial debt/assets (-/+) -52,1 -15,5
(w/o leasing)
About the EDAG Group
The EDAG Group is a globally leading, independent engineering services
provider that combines excellent engineering with the latest technology
trends.
With a global network of some 70 branches, the EDAG Group realizes projects
in the Vehicle Engineering, Electrics/Electronics and Production Solutions
segments. Drawing on more than 50 years of engineering experience, EDAG's
proprietary 360-degree development approach has become a hallmark of quality
in the holistic development of vehicles and smart factories. The company's
interdisciplinary expertise in the areas of software and digitization
provides it with crucial skills to actively shape dynamic transformation
processes as an innovative partner.
With an interdisciplinary team of around 8,900 experts, the EDAG Group
develops unique mobility and industrial solutions for customers that include
the world's leading automotive and non-automotive companies. The company is
listed on the stock exchange since 2015 and generated revenues of EUR 844
million in 2023.
For more information, see the EDAG Group website: www.edag.com
Contacts:
Public Relations
Felix Schuster
Head of Marketing & Communications
Mobile: +49 (0) 173 - 7345473
Mail: pr@edag.de
www.edag.com
Investor Relations
Christian Schütze
Head of Investor Relations
Phone: +49 (0) 611- 7375 360
Mobile: +49 (0) 175- 8020 226
Mail: ir@edag-group.ag
www.edag.com
Forward-looking statements
This release contains forward-looking statements. These statements are based
on current estimates and projections of the EDAG Executive Board and
currently available information. They are not guarantees of future
performance, involve certain risks and uncertainties that are difficult to
predict, and are based upon assumptions as to future events that may not be
accurate. Many factors could cause the actual results, performance or
achievements of EDAG to be materially different from those that may be
expressed or implied by such statements. EDAG does not assume any obligation
to update the forward-looking statements contained in this release.
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Language: English
Company: EDAG Engineering Group AG
Schlossgasse 2
9320 Arbon
Switzerland
Phone: +41 71 54433-0
E-mail: ir@edag-group.ag
Internet: www.edag.com
ISIN: CH0303692047
WKN: A143NB
Listed: Regulated Market in Frankfurt (Prime Standard);
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Munich, Stuttgart
EQS News ID: 1866727
End of News EQS News Service
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1866727 27.03.2024 CET/CEST