{"id":15131,"date":"2023-07-07T07:29:03","date_gmt":"2023-07-07T05:29:03","guid":{"rendered":"https:\/\/www.friwo.com\/?p=15131"},"modified":"2023-07-07T09:33:21","modified_gmt":"2023-07-07T07:33:21","slug":"friwo-adjusts-annual-forecast-for-2023-based-on-declining-demand","status":"publish","type":"post","link":"https:\/\/www.friwo.com\/en\/press\/friwo-adjusts-annual-forecast-for-2023-based-on-declining-demand\/","title":{"rendered":"Ad hoc: FRIWO adjusts annual forecast for 2023 based on declining demand"},"content":{"rendered":"

Ostbevern, 7 July 2023<\/strong> – FRIWO – an international manufacturer of leading technical charging devices and e-drive solutions – is adjusting its annual forecast for 2023 against the backdrop of a noticeable drop in demand in Europe, particularly from the e-mobility segment. After the booming year of 2022, the company had already anticipated a much more subdued development and communicated a revenue forecast of 140 – 160 million euros (2022: 185 million euros) with a slight increase in profitability at the end of March 2023. Following a considerably lower development in the second quarter compared to the previous year, the company’s Executive Board has now reduced the annual targets for 2023 to 120 – 130 million euros revenue with a balanced EBIT (earnings before interest and taxes). These targets include the substantial start-up costs for the India joint venture as well as negative currency effects.<\/p>\n

In the light of a continuing positive trend towards e-mobility drive solutions, FRIWO expects a return to sustainable profitable growth from 2024 onwards, at which time a significant upturn in earnings is anticipated based on the expected profit contributions from the fast-growing e-mobility business in India as well as a significant pick-up in business activity in Europe and North America. The joint venture with the Indian UNO MINDA (FRIWO holds 49.9%) has started its production near New Delhi according to plan and is already supplying Indian two- and three-wheeler manufacturers with e-drive solutions. In addition to orders and letters of intent in the mid three-digit million euro range from regional customers, a first order from a Japanese customer has already been placed. For the next quarters, the company anticipates further contracts in India as well as from Japanese producers.<\/p>\n

FRIWO will publish its report on the first six months of the 2023 financial year as planned on 10 August 2023.<\/p>\n

Contact Investor Relations und Medien<\/strong>
\nFRIWO AG
\nIna Klassen
\n+49 (0) 2532 81 869
\nir@friwo.com<\/p>\n

Peter Dietz
\n+49 (0 )69 97 12 47 33
\ndietz@gfd-finanzkommunikation.de<\/p>\n","protected":false},"excerpt":{"rendered":"

Ostbevern, 7 July 2023 – FRIWO – an international manufacturer of leading technical charging devices and e-drive solutions – is adjusting its annual forecast for 2023 against the backdrop of a noticeable drop in demand in Europe, particularly from the e-mobility segment. 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