february 09, 2024 - Iveco
Iveco Group 2023 Full Year and Fourth Quarter Results
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.
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