Iveco Group 2022 First Quarter Results

PRESS RELEASES

The following is an extract from the “Iveco Group 2022 First 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 €3.0 billion (up 2% year on year).
Adjusted net income of €42 million and adjusted EBIT of €102 million.
Free cash flow of Industrial Activities negative €166 million, €137 million better than Q1 2021.

Consolidated revenues of €3,048 million, up 1.7%. Net revenues of Industrial Activities of €3,010 million, up 1.5%, mainly due to positive price realization and better mix.

Adjusted EBIT of €102 million (€134 million in Q1 2021), with a 3.3% margin. Adjusted EBIT of Industrial Activities of €82 million (€116 million in Q1 2021), with €34 million increase in Commercial and Specialty Vehicles. Powertrain adjusted EBIT of €45 million (€89 million in Q1 2021).

Adjusted net income of €42 million (adjusted net profit of €69 million in Q1 2021), which excludes a negative after-tax impact of €51 million in connection with our operations in Russia and in Ukraine, primarily due to the impairment of certain assets. Adjusted diluted earnings per share of €0.15 (adjusted diluted earnings per share of €0.21 in Q1 2021).

Reported income tax expense of €22 million, with adjusted effective tax rate (adjusted ETR) of 38% in Q1 2022. The adjusted ETR reflects the different tax rates applied in the jurisdictions where the Group operates, the unbenefited losses in certain jurisdictions and other discrete items.

Free cash flow of Industrial Activities was negative €166 million, a €137 million improvement compared to Q1 2021 due to lower seasonal working capital absorption, notwithstanding the impact of component shortages on inventory level. Net cash of Industrial Activities at €765 million (€1,063 million at 31st December 2021).

Available liquidity at €3,390 million as of 31st March 2022, up €1,954 million from 31st December 2021, including €1,400 million undrawn syndicated committed revolving credit facility (€500 million syndicated term facility was executed and fully utilized in Q1 2022) and €200 million undrawn committed revolving credit facilities signed in Q1 2022.

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