Jammu Tawi: Vitesco Technologies, a leading international provider of modern drive technologies and electrification solutions for sustainable mobility, is today publishing its consolidated financial statements for fiscal year 2023. The company had already published preliminary results on February 23, 2024, in which it fully achieved – and in some cases exceeded – its own forecast for all key financials.CEO Andreas Wolf: “2023 was a challenging but successful year. Our company achieved further profitable growth, won important orders, and advanced its leading position in the electromobility market.”Profitability and cash flow well above company and market expectations In 2023, Vitesco Technologies increased its consolidated sales to €9.23 billion despite a persistently challenging market environment (2022: €9.07 billion). Adjusted for changes in the scope ofconsolidation and exchange-rate effects, sales increased by 4.4 percent.Due to the further improvement in operating performance, the company's adjusted EBIT margin of 3.7 percent (2022: 2.5 percent) was much higher than its forecast range of 2.9 percent to 3.4 percent. The adjusted EBIT thus amounted to €341.1 million (2022: €225.5 million).Thanks to improved profitability and despite higher investments and the financial burden from the contract manufacturing business with Continental, free cash flow amounted to €84.9 million in fiscal year 2023 (2022: €123.2 million). This was higher than Vitesco Technologies' own forecast of approximately €50 million and the market consensus of €71 million.
