(AOF) – Forvia revealed its 2023 annual results which were close to its expectations and those of analysts. Over the period, the group generated a net profit of 222 million euros, compared with a net loss of 382 million euros in 2022 and an operating profit of 1.44 billion euros, an improvement of 35. 7% over one year and representing 5.3% of sales, compared to 4.3% posted in 2022. The automotive equipment manufacturer, born in 2022 from the merger between Faurecia and the German industrialist Hella, has also published a figure of business up 10.9%, to 27.25 billion euros.
Net cash flow increased by 34.3 to 649 million euros.
For the current financial year, the company is targeting a turnover of between 27.5 billion and 28.5 billion euros while anticipating an operating margin of between 5.6% and 6.4% and a flow net cash flow greater than or equal to that generated in 2023.
A new competitiveness plan in Europe: “EU-Forward”
Forvia also announced the launch of a new competitiveness plan in Europe, called “EU-Forward” and spanning the period from 2024 to 2028.
This project could impact up to 10,000 jobs over the five-year period and is expected to result in increased restructuring costs.
The group indicated that it expects savings of around 500 million euros on an annual basis in 2028.
In addition, the board of directors of Forvia will propose to the general meeting to be held on May 30 the payment of a dividend of 0.50 euros per share, to be paid in cash, for the 2023 financial year.
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