(Finance) – IVECO closed fiscal year 2023 with a adjusted net profit of 352 million euros (127 million euros increase compared to 2022), while adjusted EPS is equal to 1.23 euros (increasing by 0.45 euros compared to 2022).
THE revenues consolidated amounted to 16,213 million euros, up by 12.9%. Net revenues from Industrial Activities amounted to 15,877 million euros, up 12.1%, mainly due to better prices and greater volumes and mix. Adjusted EBIT rose to 940 million euros (up 413 million euros compared to 2022), with a margin of 5.8% (up 210 bps compared to 2022). The adjusted EBIT of Industrial Activities of 818 million euros doubles compared to 424 million euros in 2022 with a margin of 5.2% (up 220 bps compared to 2022).
“In our ‘Year 2’ as an independent listed group, that of Transformation, our turnover exceeded 16 billion euros, supported by solid pricing and positive volumes and mix”, underlined the CEO Gerrit Marxadding “customers perceive and appreciate our progress, requesting our commercial vehicles, buses and engines, as we are gradually introducing the
our new Model Year 2024 across the entire commercial vehicle range and by reducing our order backlog in a normalizing market context.”
There net liquidity of Industrial Activities stands at 1,852 million euros (1,727 million euros at 31 December 2022), negatively impacted by the devaluation of the Argentine peso in December 2023 higher than expected; excluding this extraordinary devaluation the net liquidity of Industrial Activities was equal to around 2 billion of Euro. Free cash flow from Industrial Activities positive for 412 million euros (positive for 690 million euros in 2022) mainly thanks to the strong performance of the business, partially offset by the currency devaluation mentioned above. Investments by Industrial Activities growing by 25% compared to 2022.
Available liquidity at 4,748 million euros to 31 December 2023up by €384 million compared to December 31, 2022, including €2,000 million of available credit lines.
As for the outlook, Marx said “we expect the diverse set of our businesses to offset it challenging industrial context expected for 2024providing results in terms of EBIT and cash flows at one level comparable to that of 2023″. The manager then announced on Capital Markets Day on March 14ensuring that on that occasion “greater granularity will be achieved on the strategy of each of our Business Units – currently grouped in Commercial and Specialty Vehicles – and on our financial objectives for the coming years”.
The Board of Directors intends to propose to the shareholders the payment of an annual dividend of 0.22 euros per ordinary share, for a total of approximately 59 million euros. The proposed dividend remains subject to formal approval by the Board and approval by the annual Shareholders’ Meeting to be held on 17 April 2024 and it is expected that the date of entitlement to receive the dividend (record date) will be 23 April 2024 , with ex-dividend date on 22 April 2024 and payment on 24 April 2024.