Iveco Group 2023 Full Year and Fourth Quarter Results
09 Februar 2024 - 7:30AM
The following is an extract from the “Iveco
Group 2023 Full Year and Fourth Quarter Results” press release.The
complete press release can be accessed by visiting the media
section of the Iveco Group corporate website:
https://www.ivecogroup.com/media/corporate_press_releases or
consulting the accompanying PDF:
Iveco Group consolidated revenues of €16
billion (up 13% year-on-year).
Adjusted EBIT of €940 million (up
€413 million compared to 2022)
and adjusted net income of €352 million
(up €127 million compared to 2022).
Positive free cash flow of Industrial
Activities of €412 million.
Recommended annual cash dividend of €0.22
per common share.
Capital Markets Day to be held on
14th March 2024.
Consolidated revenues of
€16,213 million, up 12.9%. Net revenues of
Industrial Activities of €15,877 million,
up 12.1%, mainly due to positive price realisation and higher
volumes and mix.
Adjusted EBIT of
€940 million (€413 million
increase compared to 2022), with a 5.8%
margin (up 210 bps compared to 2022).
Adjusted EBIT of Industrial Activities of
€818 million
(€424 million in 2022) and margin at
5.2% (up 220 bps compared to 2022), with a strong
price realisation throughout the year.
Adjusted net income of
€352 million (€127 million increase compared
to 2022). Adjusted diluted earnings per share of
€1.23 (up €0.45 compared to 2022).
Financial expenses of
€450 million (vs
€206 million in 2022), increasing mainly as a consequence of higher
interest rates, as well as the impact of the Argentine peso
devaluation and of hyperinflationary accounting in Argentina.
Reported income tax expense of €153 million,
with adjusted effective tax rate (adjusted ETR) of
28% reflecting different tax
rates applied in the jurisdictions where the Group operates and
some other discrete items.
Net cash of Industrial
Activities at
€1,852 million (€1,727
million at 31st December 2022), negatively affected by the
higher than expected Argentine peso devaluation in December 2023;
excluding this extraordinary devaluation, net cash of Industrial
Activities was ~ €2 billion.
Free cash flow of Industrial Activities
positive at
€412 million (vs positive at
€690 million in 2022) primarily due to strong business
performance, partially offset by the above mentioned currency
devaluation. Investments of Industrial Activities
up 25% versus 2022.
Available liquidity at
€4,748 million as of 31st December 2023, up
€384 million from 31st December 2022, including €2,000 million
of undrawn committed facilities.
- 20240209_PR_IVG_FY&Q4_2023
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