TI Fluid Systems plc (TIFS.L) reported that its loss attributable to owners of the parent company for fiscal year 2022 was 279.1 million euros or 54.39 euros cents per share compared to a profit of 14.3 million euros or 2.73 euros cents per share last year, reflecting the lower operating performance and the exceptional impairment charge.
Adjusted net income was 43.5 million euros in 2022, compared to 58.3 million euros in 2021, primarily driven by the unrecovered inflationary cost increases discussed.
Annual revenue was 3.3 billion euros, up 10.5% from 2021, while it was up 5.2% at constant currency basis.
The Board has decided to recommend a final dividend of 1.54 euro cents per share amounting to 7.9 million euros. 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 Group expects Adjusted EBIT margin to expand above 6% this year. Adjusted Free Cash Flow is expected to return to approximately 30% of Adjusted EBITDA.
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