(Milan:IVG),
The following is an extract from the “Iveco Group 2024 Full Year and Fourth Quarter Results (*). 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:
The Board of Directors approves FY 2024 preliminary results, which mark another year of solid performance, and recommends an annual cash dividend of EUR0.33 per common share
The Board is considering separating the Defence business during 2025
through a spin-off
Consolidated revenues amounted to EUR15,289 million compared to EUR15,978 million in 2023. Net revenues of Industrial Activities were EUR14,948 million compared to EUR15,640 million in 2023, with positive price realisation partially offsetting lower volumes in Truck and Powertrain.
Adjusted EBIT was EUR982 million (EUR11 million increase compared to 2023) with a 6.4% margin (up 30 bps compared to 2023). Adjusted EBIT of Industrial Activities was EUR851 million (EUR849 million in 2023), with positive price realisation more than offsetting lower volumes. Adjusted EBIT margin of Industrial Activities was 5.7% (up 30 bps compared to 2023), with margin improvements in Bus, Defence and Powertrain.
Adjusted net income was EUR569 million (up EUR181 million compared to 2023) after excluding from the EUR394 million reported net income, primarily the loss of EUR145 million from the transfer of the Fire Fighting business, EUR96 million in engine campaign costs, and a EUR94 million tax benefit due to the recognition of deferred tax assets in the German jurisdiction. Adjusted diluted earnings per share was EUR2.09, up EUR0.74 compared to 2023.
Net financial expenses amounted to EUR211 million (EUR443 million in 2023), an improvement of EUR232 million compared to 2023 mainly due to a more contained cost of hedge impact in Argentina, resulting from the implemented hedging strategy, and an improvement in the Argentinian hyperinflation accounting impact.
Reported income tax expense was EUR69 million, with an adjusted Effective Tax Rate (adjusted ETR) of 26% in 2024. The adjusted ETR reflects the different tax rates applied in the jurisdictions where the Group operates and some other discrete items.
Free cash flow of Industrial Activities was positive at EUR402 million (EUR450 million in 2023) as a result of an optimised management of production levels to adapt to a lower industry demand, and an effective hedging strategy to reduce the Argentinian foreign exchange exposure.
Available liquidity was EUR5,474 million as of 31st December 2024, up EUR726 million from 31st December 2023, including EUR1,900 million of undrawn committed facilities.
(*) 2024 financial data shown refers to Continuing Operations only, unless otherwise stated. Continuing Operations exclude the Fire Fighting business which, following the signing of a definitive agreement for the transfer of its ownership, has been classified as Discontinued Operations; the transfer was completed on 3rd January 2025. 2023 comparative figures have been recast consistently.
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