Supplier ZF Friedrichshafen claimed said it achieved financial targets for 2023.

In a “highly volatile global economy”, the company increased sales 6.5% year on year to EUR46.6bn from EUR43.8bn.

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Adjusted EBIT rose from EUR2bn to EUR2.4bn.

Adjusted EBIT margin was 5.1% versus 4.7%.

CEO Holger Klein said: “2024 will be a year of implementation and we will set the course for more focus, efficiency and competitiveness.”

Improved free cash flow in the second half of 2023 allowed ZF to repay liabilities of EUR2bn and reduce debt by EUR400m to “below” EUR10bn.

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The outlook for fiscal year 2024 remained “cautious, characterised by a weak economic environment with inflation and geopolitical conflicts.”

“Given stable exchange rates and considering planned corporate transactions, ZF expects group sales of EUR45bn in 2024”, a statement said.