Disclosure of Inside Information pursuant to Article 17 MAR
Jun 10, 2024
As a result, the Group reported a net loss of EUR 0.5 million for 2023, compared to a net profit of EUR 1.9 million in the previous year.
The Management Board of HWA AG also expects challenging market conditions in 2024. The Company’s customer environment continues to be characterized by significant uncertainty.
Revenue from the Customer Racing aftersales business is expected to remain at a high level. In the areas of development and vehicle production, however, a further decline in revenue is anticipated. Accordingly, Group revenue for the current financial year is expected to decrease compared to the previous year.
Based on current management expectations, EBIT for 2024 is expected to be negative. At present, a negative EBIT in the low to mid single-digit million euro range is anticipated.
The expected loss for 2024 is primarily attributable to development costs associated with the in-house development of the HWA EVO. In addition, expenses related to the Company’s transformation process are weighing on earnings.
HWA AG is pursuing technological transformation and a strategic realignment towards sustainability projects, while continuing to maintain its traditional technologies and business activities. Going forward, the Company intends to diversify its project portfolio more broadly, particularly in the areas of development and manufacturing, with the objective of reducing dependence on major customers and thereby mitigating the associated risks.
HWA AG will publish its audited annual and consolidated financial statements for 2023 in due course.
Contact:
Investor Relations
HWA AG
Marc Schimmelpfennig
Benzstraße 8
71563 Affalterbach
Germany
Phone: +49 (0) 7144 8717-279
Fax: +49 (0) 7144 8718-111
E-mail: ir@hwaag.com
Company Profile of HWA AG
HWA AG is an independent 360-degree engineering specialist in the fields of motorsport and high-performance vehicles. Founded in 1998 by Hans Werner Aufrecht, the company is headquartered in Affalterbach, Germany, and employs more than 260 highly qualified professionals.
All products and services of HWA AG are guided by the principle ENGINEERING SPEED. The company’s mission is to develop the highest-quality and most effective solutions to help its partners and customers achieve their goals faster. The service portfolio ranges from the design and engineering of all vehicle components to the development and production of complete vehicles, complemented by logistics, aftersales and support services.