FURCF - Forvia SE (FURCF) Q4 2023 Earnings Call Transcript
2024-02-19 14:31:05 ET
Forvia SE (FURCF)
Q4 2023 Earnings Conference Call
February 19, 2024, 4:30 AM ET
Company Participants
Patrick Koller - Chief Executive Officer
Olivier Durand - Executive Vice President and Group Chief Financial Officer
Conference Call Participants
Jose Asumendi - JPMorgan
Michael Jacks - Bank of America
Sanjay Bhagwani - Citi
Christoph Laskawi - Deutsche Bank
Michael Niedzielski - ROCE Capital
Presentation
Patrick Koller
So, ladies and gentlemen, good morning, and welcome to our 2023 Results Presentation. The agenda for today, we will start with the 2023 highlights, the '23 result review, which will be made by Olivier. We will speak about 2024 onwards, and especially focusing on a new project we have, which is EU-Forward. And then we will -- I will give you the guidance for 2024 and confirm 2025, our Power25 ambition.
2023 highlights. So the key achievements in '23, I think we were able to achieve our Power25 targets and the deleveraging is on track and you will see it in more details. We achieved on strong, selective and profitable order intake of EUR31 billion. We are going ahead with our integration and corresponding synergies ahead of our roadmap. And again, we will give you here more details. And we have an effective focus on ESG performances. And here, we will show you the concrete results we have.
I suggest to go through now a video, which will summarize what we achieved in 2023.
[Video Presentation]
We are not used to look back, but I think that it makes sense to see what we did with the teams around the world. 2023 in three key figures, the first one, the growth, organic growth of 14%, an outperformance of 430 basis points, an operating margin at 5.3% of sales, plus 100 basis points versus last year, a net debt reduced by close to EUR1 billion.
About [indiscernible] through and strong net cash flow of EUR649 million and the completion of our first EUR1 billion disposal program. Just as a reminder, we started in the second half of 2022. So I think it's a pretty good performance considering also the environment in which we are working.
The net debt to adjusted EBITDA multiples reduced to 2.1 times, again improved by 100 basis points versus June 2022. In a nutshell, all 2023 guidance targets met on track with Power25 priorities and targets. Maybe to tell you here also one point, we have decided to be back on dividends with a dividend of EUR0.5.
It's not in our -- the historical level. We will progressively go back to the historical level, but this is to show you our confidence in our capacity to deliver. But also, it is taking into account, the investments we will have to make to achieve euro -- EU-Forward....
Forvia SE (FURCF) Q4 2023 Earnings Call Transcript