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
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 < 1.5x at year-end
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
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Date
07.26.2021
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Half-year 2021 results585.37 KB
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Press release
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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.
FORVIA SE is one of the world leaders in designing, manufacturing, and marketing automotive equipment. Net sales break down by product family as follows:
- seats (31.4%; No. 1 worldwide);
- interior car parts (18.1%; 1 worldwide): dashboards and instrument panels (No. 1 worldwide), doors and door panels, and acoustic modules;
- exhaust systems (17.7%; No. 1 worldwide);
- audiovisual and multimedia equipment (15.2%): car radios, multimedia devices, navigation systems, automatic guiding systems, location systems, safety assistance systems with CDD captor cameras, wireless communication, monitors, etc.;
- lighting equipment (13.7%);
- other (3.9%).
At the end of 2023, the group had more than 290 production sites worldwide.
Net sales are distributed geographically as follows: France (6.2%), Germany (10.9%), Europe/Middle East/Africa (29.3%), Asia (27.1%) and America (26.5%).