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    EO   FR0000121147

FAURECIA SE

(EO)
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Faurecia : Half-year 2021 results

07/26/2021 | 01:38am EDT
07.26.2021
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Half-year 2021 results
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Strong performance in H1 2021

  • Sales of €7.8bn in H1, up 32% on an organic basis
  • Sales outperformance of 760bps in Q2 and 170bps in H1
  • Strong operating leverage and cash generation in H1: operating margin of 6.6%, EBITDA margin of 14.2% (above H1 2019) and net cash flow of €290m (above H1 2019)
  • Significant deleveraging over H1 with net-debt-to-EBITDA at 1.5x as of June 30
  • Solid order intake of €12bn in H1 2021, on track to reach the targeted €26bn in FY 2021
in€m

H1 2020*

H1 2021

YoY change

Sales

6,084

7,783

+27.9%

At constant scope and currencies

+31.8%

Operating income

513

1,109

2.2x

As % of sales

8.4%

14.2%

+580bps

Operating income

(100)

510

n/m

As % of sales

-1.6%

6.6%

+820bps

Net cash flow

(1,026)

290

n/m

*H1 2020 restated for IFRS 5 (see in appendix)

Upgraded FY 2021 guidance

  • Sales ≥ €16.5bn and strong organic sales outperformance > +600bps (confirmed)
  • Operating margin of c. 7% of sales, close to pre-covid levels (confirmed)
  • Net cash flow > €500m (vs. C. €500m previously) and net-debt-to-ebitda ratio

This guidance assumes worldwide automotive production of at least 39 million vehicles in H2 and no major lockdown impacting production or retail sales in any automotive region during the period.

Fully aligned with 'New Perspectives' presented at the recent Capital Markets Day

  • New capital structure through successful spin-off and employee shareholding plan
  • Focus on zero emissions hydrogen solutions, through the acquisition of CLD in China, and on ESG strategy, through ambitious CO2 neutrality program and recent successful issuance of green bonds
  • Fully on track to reach 2022 targets and 2025 ambition
Citation

We delivered a strong performance in H1, despite two main adverse effects: the shortage of semiconductors and raw material inflation. I would like to thank all Faurecia teams for this performance.

Our operations proved again very resilient with strong operating margin of 6.6% of sales, demonstrating our efficient leverage. We delivered strong net cash flow of 290 million euros and recorded a solid order intake of 12 billion euros, reflecting our potential for accelerating profitable growth.

We are convinced that automotive production has hit a low in Q2 and should gradually rebound in the coming quarters, despite shortage of semiconductors likely to last until the end of H1 2022. In this context, we will pay strict attention to cost flexibilization and cash generation, thus allowing deleveraging and profitable growth.

Auteur
Patrick Koller
Fonction de l'auteur
CEO of Faurecia
Related content
Date
07.26.2021
Fichier
Catégorie
Press release

Disclaimer

Faurecia SA published this content on 26 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 July 2021 05:37:01 UTC.


© Publicnow 2021
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Financials
Sales 2021 16 429 M 19 263 M 19 263 M
Net income 2021 501 M 587 M 587 M
Net Debt 2021 2 865 M 3 359 M 3 359 M
P/E ratio 2021 11,0x
Yield 2021 2,95%
Capitalization 5 215 M 6 121 M 6 114 M
EV / Sales 2021 0,49x
EV / Sales 2022 0,40x
Nbr of Employees 104 739
Free-Float 90,8%
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Number of Analysts 18
Last Close Price 38,70 €
Average target price 56,09 €
Spread / Average Target 44,9%
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Managers and Directors
Patrick Koller Chief Executive Officer & Director
Michel Favre Group Chief Financial Officer & Executive VP
Michel de Rosen Chairman
Christophe Schmitt Executive Vice-President-Group Operations
Odile Desforges Independent Director
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