The Management Board of Inter Cars S.A. (the “Company”) announces preliminary estimated consolidated financial results of the Inter Cars Group for 2023.
Preliminary estimated consolidated revenue to be posted by the Group for 2023 was PLN 18,029m, up by approximately 18% year on year, with estimated net profit at approximately PLN 700m, down by around 6% year on year.
Preliminary estimated consolidated net profit of the Group for the fourth quarter of 2023 was PLN 119m, down by approximately 40% on the figure posted for the fourth quarter of 2022.
The Group’s estimated debt ratio (net debt to EBITDA) as at 31 December 2023 was approximately 1.82, up by 10% compared with the end of 2022.
The Group had an estimated inventory level of PLN 4,478m as at 31 December 2023, up by approximately 9% year on year.
According to the Company’s Management Board, key factors that led to the decline in profit throughout 2023 included lower profit margins due to a strengthening of the Polish currency (złoty) against the euro and pressures prevailing in certain markets; higher cost of salaries and wages to accommodate pay pressures; foreign exchange losses on settlements with foreign distribution companies; and rising interest rates.
The Company’s Management Board further announces that details concerning the final results recorded by the Company and the Inter Cars Group in 2023 will be provided in the consolidated and separate periodic reports for 2023, which will be published on 25 April 2024.
Legal basis:
Article 17(1) of MAR − Inside information
Art. 17.1 of MAR − Inside information
- Krzysztof Soszyński - Vice President of the Management Board
- Piotr Zamora - Member of the Management Board