Quarterly report Q3 2023 published

Kölleda, 29 November 2023 - Funkwerk AG, one of the technologically leading providers of innovative communication, information and security systems as well as technical services, achieved an increase in sales in the first nine months of 2023. Turnover 102.3 million after € 79.7 million in the same period of 2022, which corresponds to an increase of € 28.4 %, with part of the growth resulting from the expansion of the Group to include Hörmann Kommunikation & Netze GmbH (KN), Kirchseeon, and the Polish company Radionika Sp. Z o.o., Krakow, which have been fully consolidated since 1 August 2022 and 1 June 2023 respectively.

The Incoming orders of the Funkwerk Group increased to EUR 118.9 million in the first three quarters of 2023 (previous year: EUR 99.6 million), mainly due to the consolidation of KN, which accounted for over EUR 30 million of the orders. In addition, various large orders were received, particularly in the Passenger Information Systems division, each of which extend over several years. In contrast, the previous year's figure included large orders in the Train Radio division for the government subsidised project for interference-resistant radio systems in Germany, which is limited until the end of 2022. The Group-wide Order backlog amounted to EUR 169.3 million as at 30 September 2023 (previous year: EUR 169.6 million).

The operating result (EBIT) remained below the previous year's figure in the reporting period at EUR 12.8 million (previous year: EUR 15.1 million), but in line with planning.

The Net assets and financial position of the Funkwerk Group remained good: The equity ratio improved from 56.4 % at the end of 2022 to 57.1 % as at 30 September 2023. Cash and cash equivalents fell from EUR 50.7 million to EUR 21.2 million in the first nine months. This was mainly due to investments for the acquisition of Radionika and the site expansion in Kölleda as well as the dividend payment of EUR 1.50 per dividend-bearing share. The number of employees in the Group Employees (excluding trainees) rose to 672 employees in the first nine months (31.12.2022: 622), which was due to both the new additions to the Radionika workforce and new hires.

For 2023 as a whole, Funkwerk currently expects consolidated sales in the range of € 147 million to € 152 million (2022: € 132.1 million; previous forecast: € 142 million to € 148 million) and EBIT of between € 18 million and € 21 million (2022: € 28.3 million; previous forecast: € 17 million to € 20 million).