The Big Cat ended 2023 with a meow, eking out a net profit of just €0.8 million ($0.9 mm) in the final quarter against €1.4 million prior, as sales slipped 10% to €1,982.2 million ($2,156.9 mm) from €2,196.6 million and were down in every geography on a reported basis. Constant currency sales declined 4%. As revealed last month in a pre-announcement, the Argentine peso’s extraordinary devaluation impacted revenues and contributed to a €67.1 million financial cost that torpedoed net income. International accounting standards for hyperinflation require that the year-end exchange rate ... Log in to view full article.