Friedrich Vorwerk : 26/03/2024 | Friedrich Vorwerk Group SE - Annual Report 2023 | 950 kB

ANNUAL REPORT

as at 31 December 2023

FRIEDRICH VORWERK GROUP SE

21255 Tostedt

Friedrich Vorwerk in figures

Page 2

Friedrich Vorwerk in figures

	Financial year		2023			2022		∆2023
								/2022
			€k			€k		%
	Order backlog		1,000,803			315,091		217.6
	Order intake		1,059,065			370,474		185.9
	Earnings figures (adjusted*)		€k			€k		%
	Revenue		373,355			368,161		1.4
	Operating performance		373,278			368,159		1.4
	Total performance		395,354			391,910		0.9
	Cost of materials		-196,874			-188,582		4.4
	Staff costs		-127,997			-119,235		7.3
	EBITDA		31,992			50,089		-36.1
	EBITDA margin		8.6%			13.6%
	EBIT		14,067			33,754		-58.3
	EBIT margin		3.8%			9.2%
	EBT		12,876			30,759		-58.1
	EBT margin		3.4%			8.4%
	Consolidated net profit after non-controlling		10,241			17,341		-40.9
	interests
	EPS in €		0.51			0.87		-40.9
	Average number of shares outstanding		20,000,000			20,000,000		0.0
	Earnings figures (IFRS)		€k			€k		%
	EBITDA		31,992			50,089		-36.1
	EBIT		13,913			33,426		-58.4
	Group result		10,149			17,139		-40.8
	EPS in €		0.51			0.86		-40.8
	Figures from the statement of financial		31 Dec			31 Dec
	position (IFRS)		€k			€k	%
	Non-current assets		137,697			131,070		5.1
	Current assets		173,579			177,009		-1.9
	thereof cash funds		56,530			45,876		23.2
	Issued capital		20,000			20,000		0.0
	Other equity		151,542			143,181		5.8
	Total equity		171,542			163,181		5.1
	Equity ratio		55.1%			53.0%
	Non-current liabilities		46,004			54,751		-16.0
	Current liabilities		93,730			90,147		4.0
	Total assets		311,276			308,079		1.0
	Net financial debt
	(net debt (-) / net cash (+))**		42,064			27,242		54.4
	Employees (reporting date)		1,695			1,657		2.3

• For a detailed account of the adjustments, please refer to the information provided in the section on results of operations, financial position and net assets.

** This figure includes the value of securities.

	Contents
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Contents
Friedrich Vorwerk in figures	2
Contents	3
Report of the Supervisory Board	4
Combined Management Report and Group Management Report	7
Economic report	8
Business development / significant events	10
Research and development	11
Segments	13
Financial position and financial performance	15
Principles and objectives of financial management	21
Controlling system	21
Report on risks and opportunities	22
Principles of the risk management system	25
Accounting-related and non-financial internal control system	26
Declaration on corporate governance	26
Disclosures in accordance with section 289a and section 315a HGB	32
Disclosures in accordance with section 312 (3) AktG	33
Report on expected development	33
Events after the end of the reporting period	33
Non-financial statement	34
EU taxonomy	38
IFRS Consolidated Financial Statements 2023	46
IFRS consolidated income statement	46
IFRS consolidated statement of comprehensive income	47
IFRS consolidated statement of financial position	48
IFRS consolidated statement of cash flows	50
IFRS consolidated statement of changes in equity	52
Notes to the Consolidated Financial Statements 2023	53
I. Methods and principles	53
II. Notes to the consolidated statement of financial position	65
III. Notes to the statement of comprehensive income	80
IV. Segment reporting	84
V. Notes to the consolidated statement of cash flows	86
VI. Additional disclosures on financial instruments	87
VII. Objectives and methods of financial risk management	88
VIII. Other mandatory information	91
Assurance of the legal representatives	96
Independent Auditor's Report	97
Financial calendar	104
Conferences	104
Contact	105
Legal notice	105

Report of the Supervisory Board

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Report of the Supervisory Board

In the year under review, the Supervisory Board endured that it was continuously informed about the business and strategic development of the company and advised and monitored the Management Board in accordance with the tasks and responsibilities required of it by law, the Articles of Association. This meant that the Supervisory Board was informed about the strategy, business policy and planning, the risk situation as well as the net assets, financial position and results of operations of the FRIEDRICH VOR- WERK Group at all times. It also reviewed the company's risk management and compliance, and is of the opinion that these fully satisfy requirements. The Supervisory Board was directly involved in all decisions of particular significance to the company. The Supervisory Board granted its approval for individual transactions to the extent that this was necessary in accordance with the law, the Articles of Association or the Rules of Procedure.

The Management Board complied with its duties to provide information and reported to the Supervisory Board regularly, promptly and comprehensively, both verbally and in writing, on the economic and financial situation of the company, its strategic development, investment projects, risk management and com- pliance. The Supervisory Board discussed all measures requiring its approval in depth with the Management Board in advance. Between the meetings of the Supervisory Board as well, the Chairman of the Supervisory Board received detailed information and was therefore always aware of all key matters to the company and the Group. The strategic focus and development of the Group were jointly coordinated by the Management Borad and the Supervisory Board.

The Supervisory Board held four ordinary and two extraordinary meetings in the 2023 financial year. The Management Board was represented at all meetings, unless the Supervisory Board was discussing matters concerning the Management Board itself. All members of the Supervisory Board attended all meet- ings, some of which were held in digital form.

In good time prior to the Supervisory Board meetings, the Management Board sent detailed reports and presentations to the members of the Supervisory Board. Where decisions requiring approval were neces- sary, the documents contained detailed decision and investment proposals.

Main issues discussed and resolutions of the Supervisory Board

At the individual meetings, the Supervisory Board analysed the company's current business development together with the Management Board and discussed the strategic focus. The topics discussed included the economic situation of the company and the individual subsidiaries. In the 2023 financial year, the Supervisory Board's deliberations focused on the Group's earnings position in the fourth quarter of 2022 and in the reporting year, which was negatively impacted in particular by the sharp rise in energy and material prices but also by a single major plant construction project in the financial year, as well as contract negotiations and strategic capacity planning with regard to various major projects in the field of land cable construction.

The meeting of the Supervisory Board on 30 January 2023 focused in particular on

• Critical discussion of the preliminary earnings figures for the 2022 financial year
• Discussion of the forecast for the 2023 financial year
• the package of measures to improve project controlling
• and the recovery of IT systems after the cyberattack in November 2022.

The meeting of the Supervisory Board on 1 March 2023 focused on the following topics:

• analysing the development of working capital in the past financial year
• the status of implementation of the package of measures to improve project controlling
• the focus topic of personnel recruitment and development
• Optimisation of the calculation process
• and the preparation of the Annual General Meeting.

At its meeting on 20 March 2023, the Supervisory Board then dealt with

• the audit of the annual and consolidated financial statements
• the resolution on the application of the German Corporate Governance Code
• the extension of the Management Board contracts of Torben Kleinfeldt (CEO) and Tim Hameister (CFO) for Friedrich Vorwerk Group SE
• and the course of business as well as the status of major projects in the first quarter.

Report of the Supervisory Board

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At its meeting on 1 June 2023, the Supervisory Board dealt with the following topics following the Annual General Meeting:

• the evaluation of the course of the Annual General Meeting
• Reviewing the effectiveness of the compliance management system
• the status of ongoing major projects and their earnings situation
• the preparations and available capacities for the upcoming award of contracts for the realisation of extra-high voltage direct current (HVDC) transmission lines
• the status of ongoing optimisation measures in the areas of costing, resource planning and per- sonnel
• and the schedule of responsibilities of the Management Board.

The meeting of the Supervisory Board on 18 September 2023 focused in particular on

• Investment planning for the year 2024
• the status of ongoing major projects and their earnings situation
• the detailed range of services offered by the Halle site as well as an in-depth tour led by the manager responsible on site
• and the development of net cash and cash equivalents and working capital in the current financial year.

The meeting of the Supervisory Board on 8 December 2023 focused on the following topics:

• Critical discussion of the package of measures in the areas of costing and contract management
• the strategic development of the Group with regard to the allocation of resources to the numerous infrastructure projects in the areas of electricity, hydrogen and natural gas
• the detailed discussion of the 2024 budget
• and the discussion of the investment project in Ludwigsfelde.

Committees and composition of the Supervisory Board

The members of the Supervisory Board are

• Dr Christof Nesemeier (Chairman)
• Dr Julian Deutz (Deputy Chairman)
• Heike von der Heyden

The Supervisory Board has three members. There is a separate Audit Committee, which includes all members of the Supervisory Board. Dr Julian Deutz was elected chairman of the audit committee. Due to its size and composition, the Supervisory Board currently sees no need for the formation of further commit- tees.

Corporate Governance

In the awareness that corporate governance makes an essential contribution to responsible management and control of the company's management aimed at creating value, the Supervisory Board continued to deal with topics and issues in the area of corporate governance in 2023. Together with the Management Board, the Supervisory Board issued the annual declaration in accordance with section 161 of the Ak- tiengesetz (AktG - German Stock Corporation Act) on the recommendations of the German Corporate Governance Code. Further information on corporate governance can be found in the combined corporate governance declaration in accordance with section 315(5) in conjunction with section 289f of the Han- delsgesetzbuch (HGB - German Commercial Code). The combined corporate governance declaration also contains the corporate governance report prepared by the Management Board and the Supervisory Board as well as the declaration on the recommendations of the German Corporate Governance Code. The combined corporate governance declaration can be accessed at all times on the Friedrich Vorwerk Group SE website at www.friedrich-vorwerk-group.de.The members of the Management Board and the Supervisory Board disclose any conflicts of interest to the Supervisory Board without delay. In the year under review, the Supervisory Board received no reports or indications of conflicts of interest on the part of members of the Management Board and Supervisory Board.

Report of the Supervisory Board

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Audit of annual and consolidated financial statements

The Supervisory Board duly awarded the audit mandate for the annual financial statements and the consolidated financial statements as well as for the combined management and group management report for the 2023 financial year to RSM GmbH Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft, Düsseldorf, which was elected as auditor by the Annual General Meeting on 1 June 2023. The auditor has confirmed to the Supervisory Board that there are no professional, financial or other relationships between the auditor, its executive bodies and audit managers on the one hand and the company and its executive body members on the other hand that could give rise to doubts about its independence.

The auditor informed the Supervisory Board on 2 October 2023 that a part of the business operations of the former RSM GmbH had been transferred to Nexia GmbH Wirtschaftsprüfungsgesellschaft Steuerber- atungsgesellschaft by way of universal succession as a result of a demerger agreement, which also includes the existing contractual relationship with the company.

The annual financial statements of Friedrich Vorwerk Group SE as of 31 December 2023 and the joint management report for Friedrich Vorwerk Group SE and the FRIEDRICH VORWERK Group were prepared in accordance with the principles of commercial law, the consolidated financial statements as of 31 De- cember 2023 in accordance with the International Financial Reporting Standards (IFRS) and audited by Nexia GmbH Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft, Düsseldorf (formerly: RSM GmbH Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft, Düsseldorf), which was elected by the Annual General Meeting and commissioned by the Chairman of the Supervisory Board, and issued with an unqualified audit opinion dated 18 March 2024.

The Supervisory Board examined the annual financial statements prepared by the Management Board, the joint management report for Friedrich Vorwerk Group SE and the FRIEDRICH VORWERK Group, the proposal for the appropriation of net profit and the consolidated financial statements and discussed them with the auditor at its meeting on 18 March 2024. All questions of the Supervisory Board were answered comprehensively by the auditor. The Supervisory Board received the audit report in good time before the meeting. Following the completion of its examination, the Supervisory Board did not raise any objections to the annual financial statements, the management report and the consolidated financial statements. The consolidated financial statements were approved by the Supervisory Board on 18 March 2024. The annual financial statements of Friedrich Vorwerk Group SE have therefore been adopted.

The Supervisory Board shares the opinion of the Management Board as expressed in the combined management and Group management report and approves the proposal of the Management Board on the appropriation of the net profit, namely the distribution of a dividend of €0.12 per entitled share for the 2023 financial year.

The Supervisory Board would like to thank the Management Board, the management teams of the subsidiaries and all employees of the FRIEDRICH VORWERK Group for their enormous commitment to the company in these challenging times.

Tostedt, 18 March 2024

The Supervisory Board

Dr Christof Nesemeier

Chairman

Combined Management Report and Group Management Report

Page 7

Combined Management Report and Group Management Report

General information

The Friedrich Vorwerk Group SE, Tostedt, forms the FRIEDRICH VORWERK Group with its subsidiaries.

The individual financial statements of Friedrich Vorwerk Group SE were prepared in accordance with the provisions of the German Commercial Code (HGB), taking into account the supplementary provisions of the German Stock Corporation Act (AktG), while the consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), including the interpretations of the IFRS Interpretations Committee (IFRS IC) on the IFRS, as adopted in the EU and the supplementary provisions of German commercial law in accordance with section 315e(1) HGB.

The combined management report comprises the FRIEDRICH VORWERK Group (also referred to as the "Group" or "FRIEDRICH VORWERK") as well as the parent company, Friedrich Vorwerk Group SE. It was prepared in accordance with the provisions of the German Commercial Code German Accounting Standard (GAS) No. 20. Additional information on the annual financial statements of Friedrich Vorwerk Group SE is included in the section on the results of operations, financial position and net assets.

Unless stated otherwise, all information in this report refers to 31 December 2023 or the financial year from 1 January to 31 December 2023. Percentages and figures in this report may be subject to rounding differences.

Purely to improve readability, this report refrains from the simultaneous use of masculine, feminine or other gender linguistic forms. All references to persons apply to all genders unless stated otherwise.

Business model

FRIEDRICH VORWERK is a major beneficiary of the European energy transition. Ever since the company was founded in 1962, our name has stood for technical expertise, reliable work and innovative solutions in designing, building and operating energy infrastructure in our three core markets of natural gas, electricity and hydrogen.

Thanks to our integrated turnkey approach and a number of own components and technologies, we are able to offer our customers high-quality and bespoke solutions from a single source. We thus enable utility companies, grid operators, industrial companies and municipalities to operate complex energy networks and systems.

As one of the most dynamic German companies in the areas of planning & design, energy grids, energy transformation and service & operations, we cover all essential steps of the value chain. This way, we are not only helping our customers to operate reliable and cost-efficient energy infrastructure, but also making a significant contribution to the security of energy supply in Europe. Our basis for this is the synthesis of state-of-the-art technology and the knowledge and experience of around 1,700 qualified employees at 15 locations in Germany and Europe.

The energy transition will bring a fundamental reorganisation of the European energy markets, from which we will benefit significantly in our core markets of natural gas, electricity and hydrogen, and increasingly also district heating. FRIEDRICH VORWERK therefore continues to focus on dynamic and at the same time profitable growth - especially in those markets where holistic solutions are in demand.

Our goal is to keep aligning our service and product portfolio in line with the requirements of our core markets and the needs of our customers. We are pursuing this path not only through investments in our products and technologies as well as in our locations and employees, but also through selective and value-generating acquisitions.

Combined Management Report and Group Management Report

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Economic report

General economic environment

The global economy proved to be more robust than initially expected in 2023 against the backdrop of rising living costs and a massive tightening of monetary policy. For example, the United States and several large emerging and developing countries achieved better-than-expected economic growth in the second half of 2023. Rising government and private spending contributed to the upturn. There was also an expansion on the supply side, which was reflected in a broad increase in labour force participation and the elimination of bottlenecks in supply chains. In order to curb the strong growth in inflation, the major central banks raised key interest rates to a restrictive level in 2023, with significant consequences for debt refinancing, the availability of credit and corporate and residential construction investment.

In view of favourable global supply developments, inflation has fallen faster than expected and market expectations of future interest rate cuts have contributed to a fall in longterm interest rates and a recovery on the equity markets.

The International Monetary Fund (IMF) expects global gross domestic product (GDP) to grow by 3.1% in 2023 as a whole, with economic development varying greatly from region to region and over the course of the year. Compared to the previous year, in which global GDP grew by 3.5%, growth will therefore be somewhat weaker. The average annual global inflation rate for 2023 is estimated at 6.8%, which is significantly lower than the previous year's figure of 8.7%.

The upturn in momentum was not felt everywhere. Growth in the eurozone was particularly subdued, due to factors including subdued consumer sentiment, the ongoing impact of high energy prices and restrained corporate investment. For the year as a whole, the European Commission is forecasting GDP growth of 0.5% for the European Union, which is significantly lower than the previous year's figure of 3.6%. Overall economic output remained largely unchanged from the fourth quarter of 2022 to the fourth quarter of 2023. Nevertheless, the labour markets in the eurozone remain tense. The demographically induced shortage of labour is increasing search costs and reducing companies' recruitment opportuni- ties. This is reflected in the EU labour market with persistently high employment and participation rates and a comparatively low unemployment rate of 5.9% at the end of the year. After seven months of declining inflation rates, inflation in the EU rose slightly to 3.4% in December 2023 compared to the same month of the previous year.

In Germany, price-adjusted gross domestic product fell by 0.3% in 2023, following growth of 1.9% in the previous year. Over the course of 2023, economic output essentially moved sideways, with the slight growth in the first half of the year being cancelled out by the downward trend in the second half. In terms of the year as a whole, the economic weakness was primarily due to declining consumption and weak foreign business. Construction activity also continued to trend downwards. Consumer prices in Germany increased by 5.9% on average in 2023 compared to 2022. According to the Federal Statistical Office (Destatis), the inflation rate for 2023 was therefore lower than in the previous year, when it was 6.9%. As in the previous year, inflation for 2023 was influenced by the effects of the war and crisis situations, but over the course of the year there was an easing in price trends, particularly for energy, in the form of lower inflation rates and a downward price trend in October and November 2023. The IMF is forecasting German economic growth of 0.5% for 2024.

Combined Management Report and Group Management Report

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General industry environment

The FRIEDRICH VORWERK Group plays an active role in creating a safe and forward-looking sustainable energy infrastructure, and is thus a key player in the European energy revolution.

In 2023, the market for products and services in the field of energy infrastructure continued to be characterised by the ongoing energy transition. According to the German government's plans, at least 80% of Germany's gross electricity consumption is to be covered by renewable energies by 2030 in order to achieve climate protection targets and become independent of fossil fuel imports. In the first half of 2023, legislative amendments were presented to accelerate certain approval procedures. In addition, the Heat Planning and Decarbonisation of Heating Networks Act was passed on 17 November 2023 and came into force on 1 January 2024. The Act obliges the federal states and municipalities to draw up municipal heating plans for a comprehensive, greenhouse gas-neutral heating supply.

The outbreak of the Russian war of aggression against Ukraine in 2022 further increased the urgency of these energy policy measures. As a result of the unexpected loss of Russia as a reliable and favourable energy supplier, the Federal Republic of Germany, like many other European countries, was confronted with the challenge of developing alternative energy sources at record speed and creating the necessary infrastructure. First and foremost is the development of a functioning import infrastructure for liquefied natural gas (LNG), which has been fast-tracked since 2022 with the help of the LNG Acceleration Act and for which the German government has pledged up to €10 billion in investment over the coming years. The first floating LNG terminal, the terminal in Wilhelmshaven, went into operation in December 2022, followed by two more in Lubmin and Brunsbüttel in January 2023. Six more floating or stationary terminals are currently in the planning or construction phase. In addition to the billions spent on the import termi- nals, considerable additional investment is required in large connection pipelines that allow the imported natural gas to be fed into the existing network on land.

At the same time, massive pressure is being exerted on the rapid development and expansion of renewable energies and the hydrogen economy. Hydrogen is considered crucial for a climate-neutral energy supply in the future. In the second half of 2023, important steps were taken to establish a 9,700-kilometre hydrogen core network in Germany. The core network will initially be used to transport hydrogen nationwide and, as the first network expansion phase, will form a basic framework for the whole of Germany. Between 2025 and 2032, the hydrogen pipelines will gradually go into operation. Existing natural gas pipelines can be converted for 60% of the network. Further regions and locations will then be connected in subsequent development stages and the network will be optimised and expanded in line with demand. To this end, an integrated network development plan for gas and hydrogen will be drawn up every two years on the basis of scenario and demand-based planning. The first integrated network development plan is to be confirmed by the Federal Network Agency in 2026. On 15 November 2023, the Federal Cabinet approved the legal framework for an integrated hydrogen and gas network development plan and core network financing. Although Germany is building its own hydrogen infrastructure, it plans to cover a large proportion of the hydrogen it needs (around 50 to 70% in 2030) through imports from abroad. To this end, the hydrogen core network is to be closely embedded in the European hydrogen network and further cooperation with other EU member states is to be established.

Combined Management Report and Group Management Report

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Business development / significant events

As in previous years, the 2023 financial year was characterised by several major projects that were carried out in parallel. In the Energy Grids segment, these primarily include the two district heating projects "Fernwärme Bremen" and "Fernwärme Hamburg" as well as the connecting pipeline to the LNG terminal in Brunsbüttel. In the Energy Transformation segment, the projects for the construction of the "Legden compressor station" and the "Elten compressor station" are particularly noteworthy.

The largest project in terms of production output in the 2023 financial year was the realisation of the ETL 180 connecting pipeline to the LNG terminal in Brunsbüttel, which FRIEDRICH VORWERK carried out as a member of a joint venture. The difficult ground conditions were particularly challenging here, which led to a significantly higher order volume. Nevertheless, the majority of the work was completed in the financial year; the pipeline was commissioned in the first quarter of 2024.

The "Fernwärme Bremen" and "Fernwärme Hamburg" projects involve the construction of two district heating connection pipelines in the Hanseatic cities of Bremen and Hamburg. The aim of both district heating pipelines is to transport and distribute industrially generated heat to regions where the heat can be used for heating. Following the installation of both pipelines, several hundred thousand tonnes of CO2 can be saved each year. Both projects will make an important contribution to achieving the climate tar- gets. The majority of the work on the district heating pipeline in Bremen was completed in 2023. The project will be completed in 2024, while the construction of the district heating pipeline in Hamburg is expected to extend into 2025.

The "Wilhelmshaven connection pipeline" project, which was mechanically completed under great time pressure in the previous year, was finalised in the reporting year, including the extensive recultivation work.

The Energy Grids division recorded by far the Group's largest order intake in 2023. In August 2023, the Group successfully completed phase 2 of the tendering process for the A-Nord underground cable route via its subsidiary Bohlen & Doyen. With the final agreement with the transmission system operator Am- prion on the construction work to be performed and the associated reference price, the second phase was formally concluded and the contractors immediately entered the execution phase. In addition to the civil engineering work and the construction of the protective conduit systems required for the underground cables along the approximately 300 km long route, the project scope also includes the parallel construction of the offshore grid connection systems BorWin4 and DolWin4, which are also to be realised by Amprion, over a distance of around 100 km. Apart from Bohlen & Doyen, the consortium of contractors consists of six other partner companies. The agreed project volume is around €1.5 billion due to the expanded scope of the project. Bohlen & Doyen will be responsible for the majority of the work on the Lower Saxony side of the route, as well as the majority of the necessary horizontal drilling along the entire route. As a result, Bohlen & Doyen's share of the total project volume is expected to be around 40%. It should be emphasised that this contract is being handled as a multi-party agreement (IPA) based on a "cost-plus-incentive-fee" remuneration structure with a bonus-malus rule. Execution in the form of preparatory work began in the third quarter of 2023; completion is currently expected in the second half of 2026.

The "Energy Transformation" segment was characterised in particular by the major projects "Legden compressor station" and "Elten compressor station". The compressor station in Legden, with an order value of over €50 million, is part of the ZEELINK project, in which FRIEDRICH VORWERK is significantly involved through various individual projects. The main components of the large-scale plant in Legden are two turbocompressor units with a gas turbine station, each with a mechanical output of approx. 13 MW. The "Energy Transformation" segment had a significant impact on the decline in the EBITDA margin in the reporting year. This is due in particular to the persistently high material and personnel costs, which primarily impacted the profitability of the projects calculated and acquired in this area in 2020 and 2021. The two major projects mentioned above were largely completed by the end of the reporting year, meaning that no further negative effects are expected in the future.

In the Service & Operation segment, several new framework agreements were concluded or extended with grid operators. The contracts include services in the areas of maintenance, cathodic corrosion pro- tection, operational management and the provision of planning services.

Other significant events

At its meeting on 20 March 2023, the Supervisory Board of Friedrich Vorwerk Group SE decided to extend the Management Board contracts of Torben Kleinfeldt and Tim Hameister. Torben Kleinfeldt was appointed CEO for a further six years until September 2029 and Tim Hameister was appointed CFO for a further four years until September 2027. In addition, the Supervisory Board of FRIEDRICH VORWERK Management SE, a subsidiary of FRIEDRICH VORWERK Group SE, resolved to appoint Torben Kleinfeldt and Kevin Loots for