EXECUTION OF THE ARBITRAL SENTENCE
OPPONENT
STOKVIS AUTOMOTIVE
A
FIAT CHRYSLER AUTOMOBILES MOROCCO
& PROFIT WARNING ON 2022 ACHIEVEMENTS
After three years of arbitration proceedings, the arbitration award was rendered and was the subject, at the initiative of STOKVIS AUTOMOTIVE, of a request for exequatur which was granted on September 7, 2022, giving rise to its execution from the following November.
This resulted in the return to FIAT CHRYSLER AUTOMOBILES MAROC -FCAM- mainly of vehicles and spare parts, in return for which FCAM undertook to pay STOKVIS AUTOMOTIVE the sum of MAD 32.8 million to settle this dispute definitively. .
On the financial level, the impact of the resolution of this conflict and of a certain number of provisions for a total amount of 176.6 M MAD relating mainly to provisions for depreciation of receivables, equity securities and accounts current, currently being validated and should weigh on the performance of the STOKVIS Group and result in the recognition of a negative result for the 2022 financial year.
The settlement of this dispute will, however, allow the STOKVIS Group to turn the page on this episode and refocus its activity on its historical core business (agricultural equipment, machinery, mines and industry).
The Group also announces the launch of a reflection on a restructuring, the main lines of which will be communicated to the market once the implementation methods have been definitively adopted by its Board of Directors.
With regard to STOKVIS AUTOMOTIVE, the activity is currently at a standstill and its fate will be discussed and decided on the occasion of the next disposals of the same bodies.
This press release is available on the Group’s website www.stokvis.ma by clicking on the following link: https://www.stokvis.ma/investisseurs/For further information, contact:
Direction Finances & Support Groupe
TEL : 05 22 65 46 00 / Mail : [email protected]