The Company's dividend policy is to target an annual dividend of approximately 30% of Adjusted Net Income, one-third payable following the half year results and two-thirds following the Group's final results.
The Board has decided to recommend a final dividend of 1.54 Euro cents per share amounting to €7.9 million. This final dividend, together with the 2022 interim dividend of 1.00 Euro cents per share paid in September 2022, makes a total dividend for 2022 of 2.54 Euro cents per share, totalling €13.0 million. The total dividend is 30% of Adjusted Net Income. Subject to shareholder approval at the Annual General Meeting on 16 May 2023, the final dividend will be paid on 23 June 2023 to those on the register on 26 May 2023, the Dividend Record Date and will be converted to Sterling at a fixed rate on the same date.
The Group continues to remain confident in its business model, cost flexibility, strong cash generation, experienced management team, and successful transition to electrification.
Other Financial Highlights:
- New business bookings on a lifetime revenue basis of €1.3 billion for BEV platforms and €1.3 billion for HEV platforms, strengthening their conviction in their strategic pivot to electrification; 35% or €0.44 billion of BEV bookings were in China
- Revenue of €3,268.3 million, up 10.5% at actual exchange rates and 5.2% at constant currency
- Adjusted EBIT of €180.0 million
- Adjusted Free Cash Flow generation of €78.4 million
- Strong balance sheet and liquidity; cash position of €491.0 million at 31 December 2022; term loans mature in 2026 and unsecured senior notes in 2029
- Statutory Operating Loss of €217.0 million includes a €317.4 million non-cash exceptional impairment charge
- Net cash generated from operating activities of €167.5 million