Iveco Group consolidated revenues of €3.4 billion (up ~2% year on year).
Adjusted net income of €60 million and adjusted EBIT of €118million.
Net cash of Industrial Activities at €625 million.
Consolidated revenues of €3,371 million, up 1.5%. Net revenues of Industrial Activities of €3,329 million, up 1.1%, mainly due to strong positive price realization.
Adjusted EBIT of €118 million (€126 million in Q2 2021), with a 3.5% margin (3.8% margin in Q2 2021). Adjusted EBIT of Industrial Activities of €91 million (€110million in Q2 2021), with positive price realization close to offset higher raw material and energy cost.
Adjusted net income of €60 million (adjusted net income of €77 million in Q2 2021), which excludes a negative after-tax impact of €15million from the first time adoption of the hyperinflationary accounting in Turkey. Adjusted diluted earnings per share of €0.20 (adjusted diluted earnings per share of €0.26 in Q2 2021).
Reported income tax expense of €29 million, with adjusted effective tax rate (adjusted ETR) of 33% in Q2 2022 (35% in H1 2022). The adjusted ETR reflects the different tax rates applied in the jurisdictions where the Group operates and other discrete items.
Net cash of Industrial Activities at €625million (€1,063 million at 31st December 2021 or €765million at 31st March 2022). Free cash flow of Industrial Activities was negative €111million, €293million lower compared to Q2 2021 due to working capital absorption deriving from the impact of component shortages on inventory level and lower production vs Q2 2021.
Available liquidity at €3,495 million as of 30th June 2022, up €105 million from 31st March 2022, including €2,000 million of undrawn committed facilities.