https:\/\/www.ivecogroup.com\/media\/corporate_press_releases<\/a> or consulting the accompanying PDF:<\/p>\nIveco Group consolidated revenues of \u20ac3.0 billion (up 2% year on year).<\/strong>
\nAdjusted net income of \u20ac42 million and adjusted EBIT of \u20ac102\u00a0million. <\/strong>
\nFree cash flow of Industrial Activities <\/strong>negative<\/strong> \u20ac166 million, \u20ac137 million better than Q1 2021.<\/strong><\/p>\nConsolidated revenues<\/strong> of \u20ac3,048 million<\/strong>, up 1.7%. Net revenues of Industrial Activities<\/strong> of \u20ac3,010 million<\/strong>, up 1.5%, mainly due to positive price realization and better mix.<\/p>\nAdjusted EBIT <\/strong>of \u20ac102 million<\/strong> (\u20ac134 million in Q1 2021), with a 3.3%<\/strong> margin<\/strong>. Adjusted EBIT of Industrial Activities<\/strong> of \u20ac82 million<\/strong> (\u20ac116 million in Q1 2021), with \u20ac34 million increase in Commercial and Specialty Vehicles. Powertrain adjusted EBIT of \u20ac45\u00a0million (\u20ac89\u00a0million in Q1 2021).<\/p>\nAdjusted net income<\/strong> of \u20ac42 million<\/strong> (adjusted net profit of \u20ac69 million in Q1 2021), which excludes a negative after-tax impact of \u20ac51\u00a0million in connection with our operations in Russia and in Ukraine, primarily due to the impairment of certain assets. Adjusted diluted earnings per share<\/strong> of \u20ac0.15 <\/strong>(adjusted diluted earnings per share of \u20ac0.21 in Q1 2021).<\/p>\nReported income tax expense of \u20ac22 million, with adjusted effective tax rate<\/strong> (adjusted ETR) of 38%<\/strong> in Q1 2022. The adjusted ETR reflects the different tax rates applied in the jurisdictions where the Group operates, the unbenefited losses in certain jurisdictions and other discrete items.<\/p>\nFree cash flow of Industrial Activities<\/strong> was negative \u20ac166<\/strong>\u00a0million<\/strong>, a \u20ac137 million improvement compared to Q1 2021 due to lower seasonal working capital absorption, notwithstanding the impact of component shortages on inventory level. Net cash of Industrial Activities<\/strong> at \u20ac765<\/strong>\u00a0million <\/strong>(\u20ac1,063 million at 31st<\/sup> December 2021).<\/p>\nAvailable liquidity<\/strong> at \u20ac3,390 million<\/strong> as of 31st<\/sup> March 2022, up \u20ac1,954\u00a0million from 31st<\/sup> December 2021, including \u20ac1,400 million undrawn syndicated committed revolving credit facility (\u20ac500 million syndicated term facility was executed and fully utilized in Q1 2022) and \u20ac200 million undrawn committed revolving credit facilities signed in Q1 2022.<\/p>\n