Half-year report 2023 published

Kölleda, 30 August 2023 - Funkwerk AG, one of the leading technology providers of innovative communication, information and security systems as well as technical services, was well utilised in the first six months of 2023 and was able to achieve its planning. The Group sales rose to € 62.1 million (previous year: € 47.9 million), whereby Hörmann Kommunikation & Netze GmbH (KN for short), which has been fully consolidated since 1 August 2022, is included in the reporting period for the first time. This means that only a limited comparison with the same period of the previous year is possible, which was once again characterised by high extraordinary sales contributions in the radio train division. These resulted from a government subsidy project for interference-resistant radio modules in Germany, which was limited in time until the end of the year.

The Incoming orders in the Funkwerk Group increased to € 72.6 million by the end of June 2023 (previous year: € 66.9 million), of which € 25.3 million was attributable to CN. The growth in the Order backlog to € 163.5 million (30 June 2022: € 91.0 million) was mainly due to the consolidation of this company.

The EBIT totalled 7.4 million euros across the Group in the first half of 2023 after 9.1 million euros in the same period of the previous year. The cost of materials rose disproportionately to sales from 19.4 million euros to 27.8 million euros, mainly due to the full consolidation of KN. The cost of materials ratio in relation to sales increased from 40.5 % to 44.8 %, while the gross profit margin decreased slightly from 65.7 % to 65.3 %. After taxes, a Net income for the period The net income for the period totalled EUR 4.2 million (previous year: EUR 6.2 million).

The Net assets and financial position of the Funkwerk Group, which employed a total of 688 people (including trainees) at the end of June 2023 (30/06/2022: 449; 31/12/2022: 649), continued to perform well: The equity ratio improved from 56.4 % at the end of 2022 to a very solid 59.5 %. Cash and cash equivalents fell from EUR 50.7 million to EUR 36.1 million in the first six months.

At the end of April 2023, Funkwerk acquired 60 % of the shares in the Polish company Radionika Sp. z o.o., which specialises in the development and manufacture of train radio terminals and communication systems for railway infrastructures. The consolidated financial statements as at 30 June 2023 include the initial consolidation of the acquired company.

In the Full year 2023 Funkwerk, including Radionika, expects consolidated sales in the range of € 142 million to € 148 million (2022: € 132.1 million) and EBIT of between € 17 million and € 20 million (2022: € 28.3 million).