2023 financial report of the Passat company

The Passat company publishes a turnover of €63.9 million for the year 2023, recording a significant increase of 53.3% compared to the previous year. However, operating income and group share of net income fell by 59.4% and 37.5% respectively. The majority of sales come from the French market, which represents 86% of the group's total activity, with a turnover of €54.9 million, up 73.2% compared to 2022.

Despite these positive revenue figures, Passat reports an operational loss in its US operations, where sales declined and a slight operational improvement in Southern Europe. The Echelon Fit business, although recent, continues to suffer losses, although they are reduced compared to the previous year. On an overall financial level, Passat maintains a healthy balance sheet with low debt.

Faced with economic uncertainties, including the effects of international tensions on raw materials, management has decided not to distribute a dividend for the year 2023. Passat is banking on innovation and a multi-channel deployment strategy to support its future growth.