From GlobeNewswire:

FORVIA’s 2023 financial results show sales up 14% on an organic basis, operating margin improved by 100bps, and net cash flow of €649m. The net debt/Adjusted EBITDA ratio reduced to 2.1x at year-end. The company also achieved cumulated net cost synergies of €190m with HELLA ahead of the roadmap.

FORVIA’s 2024 guidance includes sales between €27.5bn and €28.5bn, operating margin between 5.6% and 6.4% of sales, and net debt/Adjusted EBITDA ratio ≤ 1.9x at Dec. 31, 2024. It’s on track for its 2025 ambition, with Sales of c. €30bn and operating margin > 7% of sales.

FORVIA plans to launch “EU-FORWARD”, a project to reinforce the competitiveness and agility of the group’s operations in Europe. This aims to adapt manufacturing and R&D to the changing European environment and achieve higher profitability with EMEA representing c. 40% of sales in 2028.

The 2023 consolidated financial statements have been approved, the financial statements have been audited, and all operations carried out under the second €1 billion disposal program have strengthened the group’s focus on its strategic priorities and were executed with good valuations. Synergies with HELLA are ahead of roadmap, and cumulated net cost synergies are upgraded to more than €350 million on an annual basis.



Read more: FULL YEAR RESULTS 23 / typo page 19, +567m in