FRIWO AG revises its annual forecast for 2023 downwards in view of a further tightening of the demand situation in Europe in the e-mobility, industrial and tools segments. Only the medical segment is developing solidly. After the operating development in the third quarter was also significantly below the previous year?s level and the order situation did not pick up as expected, the Executive Board now expects a total annual turnover of around 110 million euros.

This is based on the premise that there will be no further cancellations or postponements of existing orders from customers in the fourth quarter, as has happened so far in 2023. Previously, the expectations here were 120 ? 130 million euros.

The lack of turnover will also have a noticeable negative impact on the result. Thus, instead of the previously forecast balanced EBIT (earnings before interest and taxes), an EBIT loss in the mid single-digit million euro range is now anticipated. This includes substantial start-up costs for the India joint venture and negative currency effects.

In view of the weak operational development, the Executive Board reserves the right to take measures to improve cost efficiency. The resulting burdens are not included in the above forecast.