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Sales breakdown by geographical area and application

GEOGRAPHICAL AREA
 

(EURO THOUSAND) 31.12.2023 % 31.12.2022 % CHANGE %
Italy 359,463 9.3% 354,814 9.8% 4,649 1.3%
Germany 747,032 19.3% 668,399 18.4% 78,633 11.8%
France 125,650 3.3% 111,781 3.1% 13,869 12.4%
United Kingdom 184,414 4.8% 178,425 4.9% 5,989 3.4%
Other European countries 496,923 12.9% 436,292 12.0% 60,631 13.9%
India 139,835 3.6% 131,154 3.6% 8,681 6.6%
China 543,733 14.1% 568,044 15.7% (24,311) -4.3%
Japan 25,884 0.7% 23,551 0.6% 2,333 9.9%
Other Asian countries 49,174 1.3% 51,555 1.4% (2,381) -4.6%
South America (Argentina and Brazil) 80,954 2.1% 64,818 1.8% 16,136 24.9%
North America (USA, Mexico and Canada) 1,062,663 27.7% 1,011,271 27.9% 51,392 5.1%
Other countries 33,477 0.9% 28,907 0.8% 4,570 15.8%
Total 3,849,202 100.0% 3,629,011 100.0% 220,191 6.1%

 

 

APPLICATION

(EURO THOUSAND) 31.12.2023 % 31.12.2022 % CHANGE %
Passenger Car 2,829,736 73.5% 2,639,658 72.7% 190,078 7.2%
Motorbike 457,353 11.9% 477,084 13.1% (19,731) -4.1%
Commercial Vehicle 377,418 9.8% 350,232 9.7% 27,186 7.8%
Racing 183,852 4.8% 161,777 4.5% 22,075 13.6%
Miscellaneous 843 0.0% 260 0.0% 583 224.2%
Total 3,849,202 100.0% 3,629,011 100.0% 220,191 6.1%

 

NET SALES BREAKDOWN BY GEOGRAPHICAL AREA

ricavi-area-geografica-eng

NET SALES BREAKDOWN BY APPLICATION

ricavi-settore-eng

CONSOLIDATED STATEMENT OF INCOME

(EURO THOUSAND) 31.12.2023 31.12.2022 Change %
Revenue from contracts with customers 3,849,202 3,629,011 220,191 6.1%
Cost of sales, operating costs and other net charges (2,518,848) (2,404,558) (114,290) 4.8%
Income from non-financial investments 17,044 16,931 113 0.7%
Personnel expenses (681,620) (616,180) (65,440) 10.6%
GROSS OPERATING INCOME 665,778 625,204 40,574 6.5%
% on revenue from contracts with customers 17.3% 17.2%    
Depreciation, amortisation and impairment losses (251,706) (242,360) (9,346) 3.9%
NET OPERATING INCOME 414,072 382,844 31,228 8.2%
% on revenue from contracts with customers 10.8% 10.5%    
Interest income (expense) from investments (22,072) (610) (21,462) 3518.4%
RESULT BEFORE TAXES 392,000 382,234 9,766 2.6%
% on revenue from contracts with customers 10.2% 10.5%    
Taxes (84,837) (88,193) 3,356 -3.8%
Result from discontinued operations 136 (180) 316 -175.6%
RESULT BEFORE MINORITY INTERESTS 307,299 293,861 13,438 4.6%
% on revenue from contracts with customers 8.0% 8.1%    
Minority interests (2,260) (1,028) (1,232) 119.8%
NET RESULT FOR THE YEAR 305,039 292,833 12,206 4.2%
% on revenue from contracts with customers 7.9% 8.1%    
BASIC AND DILUTED EARNINGS PER SHARE (euro) 0.94 0.90    

(*) The item is obtained by adding the following items of the Consolidated Statement of Income: “Other revenues and income”, “Costs for capitalised internal works”, “Raw materials, consumables and goods” and “Other operating costs”.

Statement of financial position

The Group's Statement of Financial Position reflects reclassifications of consolidated accounting statements, as described in the following pages. In detail:

  • "Financial assets/liabilities" include the following items: “Investments" and "Other financial assets";
  • the item "Other receivables and non-current liabilities" is made up of the following items: “Receivables and other non-current assets", "Deferred tax assets” and "Other non-current liabilities";
  • "Net financial debt" includes current and non-current payables to banks and other financial liabilities (including lease liabilities), net of cash and cash equivalents and current financial assets.


Net Invested Capital at 31 December 2023 amounted to €2,590,611 thousand, up by €117,770 thousand compared to €2,472,841 thousand at 31 December 2022.

Net financial debt for 2023 amounted to €454,768 thousand compared to €502,044 thousand at 31 December 2022. Net financial debt decreased by €47,276 thousand in the year, mainly due to the combined effect of the following factors:

  • the positive effect of gross operating income of €665,778 thousand, with a €62,924 thousand increase in working capital;
  • net investments totalling €412,159 thousand and increases in leased assets for €20,731 thousand;
  • payment of taxes totalling €86,640 thousand;
  • the Parent’s payment of the approved dividends in the amount of €90,754 thousand;
  • dividends received by the associates totalling €10,040 thousand and by investees not included in the consolidation area amounting to €12,167 thousand.


The Explanatory Notes to the Consolidated Financial Statements provide detailed information on the financial position and its assets and liabilities items.


STATEMENT OF FINANCIAL POSITION

(EURO THOUSAND) 31.12.2023 31.12.2022 CHANGE
Property, plant and equipment 1,522,879 1,367,832 155,047
Intangible assets 300,732 300,422 310
Financial assets/liabilities 354,518 325,614 28,904
Other receivables and non-current liabilities 135,517 87,688 47,829
Fixed capital 2,313,646 2,081,556 232,090
      11.1%
Inventories 621,697 586,034 35,663
Trade receivables 604,877 594,253 10,624
Other receivables and current assets 94,539 130,345 (35,806)
Current liabilities (979,374) (860,086) (119,288)
Provisions/deferred taxes (64,774) (59,248) (5,526)
Hedging assets/liabilities 0 (13) 13
Net working capital 276,965 391,285 (114,320)
      (29.2%)
Net invested capital from discontinued operations 0 0 0
NET INVESTED CAPITAL 2,590,611 2,472,841 117,770
      4.8%
Equity 2,099,419 1,947,013 152,406
Employees’ leaving entitlement and other provisions 36,445 24,086 12,359
Medium/long-term financial debt 628,983 596,894 32,089
Short-term net financial debt (174,215) (94,850) (79,365)
Net financial debt 454,768 502,044 (47,276)
      (9.4%)
Net financial debt from discontinued operations (21) (302) 281
COVERAGE 2,590,611 2,472,841 117,770
      4.8%

 

NET RESULT
(euro million)

risultato-netto-eng

TURNOVER PER EMPLOYEE
(€ thousand)

fatturato-dipendente-eng

NET INVESTED CAPITAL
(euro million)

capitale-investito-eng

NET FINANCIAL DEBT
(euro million)

indebitamento-eng

STATEMENT OF CASH FLOWS

(EURO THOUSAND) 31.12.2023 31.12.2022
NET FINANCIAL POSITION AT BEGINNING OF YEAR (*) (502,044) (411,837)
Net operating income 414,072 382,844
Depreciation, amortisation and impairment losses 251,706 242,360
Gross operating income 665,778 625,204
Investments in property, plant, and equipment (369,084) (249,398)
Investments in intangible assets (43,733) (34,542)
Increases in leased assets (20,731) (37,465)
Investments in financial assets (3,338) (31,512)
Disposals of property, plant and equipment and intangible assets 658 1,805
Amounts (paid)/received for the acquisition/disposal of subsidiaries 0 (3,395)
Net investments (436,228) (354,507)
Change in inventories (35,503) (113,151)
Change in trade receivables (11,794) (127,511)
Change in trade payables 88,937 62,332
Change in other liabilities 32,836 (43,802)
Change in receivables from others and other assets (4,551) 16,123
Translation reserve not allocated to specific items (7,001) (4,313)
Change in working capital 62,924 (210,322)
Change in provisions for employee benefits and other provisions 13,975 25,566
Operating cash flows 306,449 85,941
Interest income and expense (21,583) (928)
Result from discontinued operations 136 (180)
Current taxes paid (86,640) (71,167)
Dividend paid in the year to minority shareholders (2,122) (800)
Buy-back of own shares (65,620) 0
Interest (income)/expense from investments, net of dividends received (7,004) (1,871)
Dividends paid in the year (90,754) (87,389)
Net cash flows 32,862 (76,395)
Effect of translation differences on net financial position 14,414 (13,812)
NET FINANCIAL POSITION AT END OF YEAR (*) (454,768) (502,044)

(*) See Note 13 of the Explanatory Notes to the Consolidated Financial Statements for a reconciliation with financial statements data.

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