Iveco Danmark A/S

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Financial review The Light Market: 3.5 - 7 Tons IVECO's core market 2023 finished with a decrease of 8.3 % in volume compared to 2022. IVECO finished the year with a MS of 14.6 % which was 0.8 % higher than in 2022 The Medium Market: 7.01 - 15.99 Tons The medium market decreased in 2023 by 1.4 % compared to 2022. IVECO finished the year with a MS of 11.6% which was 2.2% lower than in 2022. The Heavy Marked: + 16 Tons The heavy market increased by 0.3 % in 2023 compared to 2022. IVECO achieved a MS 2.4 % which was an increase compared to 2022 of 0.1 %. 2023 is as expected. Aftersales Market Spare part sales and Services in Denmark increased by 5,8 % compared to 2022. The main reasons for the increase were price increases driven by production cost development and component shortage. Outlook The global supply chain still shows a pressure on input costs and logistics, however with less disruptions to the procurement environment, which has decreased the volatility of production schedules. Previous Global supply chain issues are in the outlook for 2024 to some extent replaced by uncertainty on market demand, which now represented the main challenge for the operations in the year. Market demand uncertainty is mainly driven by macroeconomic uncertainty in the markets and the development of the geopolitical risk currently observed. For 2024 we expect an activity level slightly below the one of 2023 and a profit after tax between 10-12 million DKK after tax. Due to the currently unforeseeable global consequences of the macroeconomic development and the geopolitical situation, these estimates and assumptions are subject to increased uncertainty. Actual results could differ materially from the estimates and assumptions used in preparation of the financial statements. If in the future such estimates and assumptions, which are based on management’s best judgment at the date of the Consolidated Financial Statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the period in which the circumstances change. Uncertainty There is uncertainty associated with buy-back obligations on trucks. The uncertainty refers to the guaranteed repurchase price and the assessment of the market value of the trucks at the time of repurchase. Expected buy-back values are continuously assessed throughout the lifetime of the contracts. The company's repair and service contracts run for several years, where the risk factor is related to loss on these contracts. An ongoing assessment of the expected costs level is done compared to the actual cost development of the contracts.