Press release

Transcription

Press release

Press release
Nanterre (France), October 13, 2016
3.7%* value-added sales growth in Q3-2016,
or 1.6%* total sales growth,
2016 guidance fully confirmed
Sales growth is broken down as follows:

Value-Added sales - Total sales less traded Monoliths sales. Value-Added sales do represent the real
group activity.
Value-added sales reached € 3,531.3 million in Q3, up 3.7% (vs Q3 2015) at constant exchange rates and
scope. They were down 0.3% on a reported basis mainly due to negative exchange rates variations of
€ 75.0 million (-2.1%). Scope impact (mainly the Fountain Inn plant disposal at end of June 2016) was
negative by 1.9%.

Monolith sales1 were down 7.9% (vs Q3 2015) organic at € 710.0 million and down 9.0% on a reported
basis. This decline was mainly coming from lower precious metal prices.

Consolidated sales stood at € 4,241.3 million in the third quarter of 2016, up 1.6% (vs Q3 2015) at
constant exchange rates and scope. Reported sales were down 1.9%. Over the quarter, exchange rate
variations negatively impacted the business activity by 1.9%. Scope impact (mainly the Fountain Inn plant
disposal at end of June 2016) was negative by 1.5%.
VALUE-ADDED SALES PER REGION
(All variations are year over year and organic; for reported figures see Appendix)

In Europe (including Russia), value-added sales decreased 1.9% to € 1,694.6 million, against € 1,747.3
million during the third quarter of 2015. European light vehicle production declined 2% (IHS estimate).
Faurecia benefitted from strong sales to Renault-Nissan (+15%) and BMW (+9%) but was penalized by
lower sales to VW and Ford.

In North America, value-added sales reached € 1,050.7 million, down 0.5%, while production grew close
to 2% (IHS estimate). Sales to Nissan grew 12% which is now our third largest client in this region. Sales
were still penalized by lower production of the Chrysler 200 (€ -38 m or 340bp) and new launches in rampup phase.

In Asia, value-added sales grew by 17.9% to € 587.5 million in the third quarter driven mainly by a 15%
increase in China (to € 448.0m). At the same time, light vehicle production rose 10% (IHS estimate).
Faurecia sales to Chinese automakers grew very fast (+40%) and now represent 14% of the overall
business in China.

In South America, value-added sales surged 50.2% to € 142.7 million, while production was down 10%
(IHS estimate). This strong performance is driven by new programs being taken-over from struggling
suppliers. Sales to Ford soared 135%, those to PSA expanded by 44% and those to Renault-Nissan grew
25%.
*: Organic: at constant exchange rates & scope
1 Monoliths: precious metals and ceramics used in emissions control systems.
Page 1/8
Press release
VALUE-ADDED SALES BY BUSINESS GROUP
(All variations are year over year and organic; for reported figures see Appendix)
Automotive Seating
Value-Added sales reached €1,515.4 million, up 9.4%. North American and Asian sales were up respectively
8% and 16%. This very strong performance is driven by the full effect of new programs, mainly for RenaultNissan (+19%), Ford (+165%), BMW (+10%) and PSA (+6%).
Emissions Control Technologies
Value-Added sales reached € 960.0 million, up 2.8%. Sales in Asia increased 25% and in South America by
31%. Sales to VW group grew 17% those to Renault-Nissan by 16% whilst those to Geely-Volvo surged 57%.
Interior Systems
Value-Added sales totaled € 1,055.9 million, down 2.9%. North American product sales dropped 16%, mainly
driven by the Chrysler 200 and also production adjustment of the Ford F-150. Sales to Renault-Nissan rose
10%. Interior Systems was impacted by temporary negative mix.
Faurecia fully confirms its FY 2016 guidance:



Total sales up between 1% and 3% (organic);
Operating margin minimum of 5%;
Net cash flow minimum of € 300m.
NEXT EVENTS

FY 2016 results: Thursday, February 9, 2017 (8:00 am Paris time)
A conference call for analysts, investors and media with Michel Favre, Chief Financial Officer, will take place
today (October 13, 2016) at 6:00 pm (Paris time). You can also scan the QR-code below from your
smartphone or tablet. It can also be followed online at: http://www.faurecia.com/en/finance
Dial-in numbers: France: +33 1 76 77 22 21 / UK: +44 203 427 1903 / USA: +1 212 444 0896
Confirmation code: 7176786
For more details, a financial presentation is available for download on Faurecia’s website at
www.faurecia.com.
Page 2/8
Press release
About Faurecia
Faurecia is one of the world's largest automotive equipment suppliers, with three key Business Groups: Automotive Seating, Emissions
Control Technologies and Interior Systems. In 2015, the Group posted total sales of €20.7 billion. At December 31, 2015, Faurecia
employed 103,000 people in 34 countries at 330 sites and 30 R&D centers. Faurecia is listed on the NYSE Euronext Paris stock exchange
and trades in the U.S. over-the-counter (OTC) market. For more information, visit www.faurecia.com
Contacts
Media
Olivier Le Friec
Head of Media Relations
Tel: +33 1 72 36 72 58
Cell: +33 6 76 87 30 17
[email protected]
Analysts/Investors
Eric-Alain Michelis
Director of Financial Communications
Tel.: +33 1 72 36 75 70
Cell: +33 6 64 64 61 29
[email protected]
Definitions of terms used in this document:
1.
Operating income
Operating income is the Faurecia group’s principal performance indicator. It corresponds to net income of fully consolidated
companies before:
 other operating income and expense, corresponding to material, unusual and non-recurring items including reorganization
expenses and early retirement costs, the impact of exceptional events such as the discontinuation of a business, the closure or
sale of an industrial site, disposals of non-operating buildings, impairment losses recorded for property, plant and equipment or
intangible assets, as well as other material and unusual losses;
 income on loans, cash investments and marketable securities;
 finance costs;
 other financial income and expense, which include the impact of discounting the pension benefit obligation and the return on
related plan assets, the ineffective portion of interest rate and currency hedges, changes in value of interest rate and currency
instruments for which the hedging relationship does not satisfy the criteria set forth in relationship cannot be demonstrated under
IAS 39, and gains and losses on sales of shares in subsidiaries;
 taxes.
2.
Monoliths
Monoliths are components used in catalytic converters for exhaust systems. Monoliths are directly managed by automakers. They are
purchased from suppliers designated by them and invoiced to automakers on a pass-through basis. They are traded sales.
3.
Value-Added sales : Total sales less traded Monoliths sales
Value-Added sales are defined as: Total sales less traded Monoliths sales. Value-Added sales do represent the real group activity.
For Automotive Seating and Interior Systems, total sales are equivalent to value-added sales as there are no monoliths. Emissions
Control Technologies is our only business group with Monoliths sales.
4.
Net cash-flow
Net cash-flow is defined as follow: Net cash from (used in) operating and investing activities less (acquisitions)/disposal of equity
interests and businesses (net of cash and cash equivalents), other changes and proceeds from disposal of financial assets.
Page 3/8
Press release
APPENDIX
Q3-2016 DATA
Sales by type
Product
in €m
Automotive Seating
Interior Systems
TOTAL
R&D &
Q3 2016
Value-Added*
Monoliths
Total
Tooling
1,448.8
66.6
1,515.4
1,515.4
897.9
904.2
62.1
151.7
960.0
1,055.9
710.0
1,670.0
1,055.9
3,250.9
280.4
3,531.3
710.0
4,241.3
* Value-Added sales: Total sales less Monoliths sales


Product sales (parts and components delivered to automakers) totaled € 3,250.9 million during the third
quarter of 2016, up 2.4% organic and down 1.8% on a reported basis. Exchange rate variations were
negative 2.2% on the business activity or € 73.4m;
Development, tooling and prototype sales increased by 20.9% organic, or up 20.2% on a reported
basis, in the third quarter of 2016 to € 280.4 million. It was reflecting a high level of program development
which will translate into future sales growth;
in €m
Q3 2015
Currencies
Scope
Restated IFRS 5
Organic
Q3 2016
(like for like)*
Reported
Total sales
Var in %
4,322.0
-83.3
-1.9%
-66.2
-1.5%
68.8
1.6%
4,241.3
-1.9%
Value-Added** sales
Var in %
3,542.1
-75.0
-2.1%
-66.2
-1.9%
130.4
3.7%
3,531.3
-0.3%
Product sales
3,308.9
-73.4
-64.4
79.8
3,250.9
Var in %
*: At constant exchange rates & scope
**: Value-Added sales: Total sales less Monoliths sales
-2.2%
-1.9%
2.4%
-1.8%
Page 4/8
Press release
in €m
Q3 2015
Q3 2016
Restated IFRS 5
Total sales
Automotive Seating
Interior Systems
TOTAL
Value-Added** sales
Automotive Seating
Interior Systems
TOTAL
Var in %
Var in %
Reported
Like for like*
1,415.9
1,731.7
1,174.4
4,322.0
1,515.4
1,670.0
1,055.9
4,241.3
7.0%
-3.6%
-10.1%
-1.9%
9.4%
-2.0%
-2.9%
1.6%
1,415.9
951.6
1,174.4
3,541.9
1,515.4
960.0
1,055.9
3,531.3
7.0%
0.9%
-10.1%
-0.3%
9.4%
2.8%
-2.9%
3.7%
Product sales
Automotive Seating
1,347.1
1,448.8
7.5%
10.1%
Interior Systems
891.4
1,070.4
897.9
904.2
0.7%
-15.5%
3.0%
-7.7%
TOTAL
3,308.9
3,250.9
-1.8%
2.4%
Sales by region
in €m
Q3 2015
Q3 2016
Restated IFRS 5
Var in %
Reported
Like for like*
LV production**
Value-Added sales
Europe (incl. Russia)
North America
Asia
South America
Rest of the World
1,747.3
1,117.1
527.3
109.7
40.8
1,694.6
1,050.7
587.5
142.7
55.7
-3.0%
-5.9%
11.4%
30.1%
36.5%
-1.9%
-0.5%
17.9%
50.2%
47.9%
-2%
+2%
+10%
-10%
NS
TOTAL
3,542.2
3,531.3
-0.3%
3.7%
+5%
Product sales
North America
Asia
South America
1,600.1
1,063.1
506.6
100.9
1,543.7
964.8
557.6
131.6
-3.5%
-9.3%
10.1%
30.4%
-2.3%
-3.8%
16.7%
52.1%
-2%
+2%
+10%
-10%
38.2
53.3
39.5%
51.6%
NS
3,308.9
3,250.9
-1.8%
2.4%
+5%
Rest of the World
TOTAL
**: Source IHS estimates, October 5, 2016
Page 5/8
Press release
9M-2016 DATA



Exchange rate variations were negative (€316 m or -2.3% on total sales year-to-date);
Monoliths sales were negatively impacted by lower precious metal prices. It represented a negative impact
of around €230 m (or close to 930 bp) for the first 9 month;
The disposal of the Fountain Inn plant (USA) at the end of June 2016 will have a negative impact on total
(& value-added) sales or around $95 m in H2 2016.
Sales by type
Product
in €m
R&D &
9M 2016
Value-Added*
Monoliths
Total
Tooling
Automotive Seating
4,583.7
230.9
4,814.6
Interior Systems
2,833.7
3,128.2
207.7
468.7
3,041.4
3,596.9
2,320.0
5,361.4
3,596.9
10,545.6
907.3
11,452.9
2,320.0
13,772.9
TOTAL
4,814.6
* Value-Added sales: Total sales less Monoliths sales
in €m
9M 2015
Currencies
Scope
Restated IFRS 5
Total sales
Var in %
Value-Added** sales
Var in %
Product sales
13,810.7
11,330.0
10,540.6
Var in %
Organic
9M 2016
(like for like)*
Reported
-316.3
-2.3%
-285.4
-2.5%
-268.2
-112.3
-0.8%
-112.3
-1.0%
-110.2
390.8
2.8%
520.6
4.6%
383.4
13,772.9
-0.3%
11,452.9
1.1%
10,545.6
-2.5%
-1.0%
3.6%
0.0%
Page 6/8
Press release
in €m
9M 2015
9M 2016
Restated IFRS 5
Total sales
Automotive Seating
Interior Systems
TOTAL
Var in %
Var in %
Reported
Like for like*
4,519.5
5,542.9
3,748.3
13,810.7
4,814.6
5,361.4
3,596.9
13,772.9
6.5%
-3.3%
-4.0%
-0.3%
9.0%
-0.7%
0.5%
2.8%
4,519.5
3,061.1
4,814.6
3,041.4
6.5%
-0.6%
9.0%
3.1%
3,748.3
11,330.0
3,596.9
11,452.9
-4.0%
1.1%
0.5%
4.6%
4,285.3
2,866.6
3,388.7
4,583.7
2,833.7
3,128.2
7.0%
-1.1%
-7.7%
9.5%
1.9%
-2.3%
TOTAL
10,540.6
10,545.6
0.0%
3.6%
Value-Added** sales
Automotive Seating
Interior Systems
TOTAL
Product sales
Automotive Seating
Interior Systems
Sales by region
in €m
9M 2015 9M 2016
Restated IFRS 5
Value-Added sales
North America
Asia
South America
Rest of the World
TOTAL
Product sales
North America
Asia
South America
Rest of the World
TOTAL
Var in %
Reported
Like for like*
LV production**
5,898.0
3,276.0
1,768.8
360.8
149.2
3.5%
-3.6%
1.6%
-0.7%
13.9%
4.6%
-1.4%
9.2%
27.2%
36.4%
3%
3%
5%
-16%
NS
11,330.0 11,452.9
1.1%
4.6%
3%
5,697.0
3,398.5
1,740.4
363.2
131.0
5,212.1
3,211.9
1,663.4
5,376.7
3,032.7
1,664.4
3.2%
-5.6%
0.1%
4.2%
-3.3%
7.7%
3%
3%
5%
330.0
123.2
331.6
140.2
0.5%
13.8%
29.4%
36.1%
-16%
NS
10,540.6 10,545.6
0.0%
3.6%
3%
**: Source IHS estimates, October 5, 2016
Page 7/8
Press release
in €m
Q1-15
Total sales by BG
Automotive Seating
Interior Systems
Automotive Exteriors
TOTAL
o/w Monoliths
1,455.9
1,936.7
1,232.9
515.0
5,140.4
922.3
Q2-15 Q3-15
REPORTED
1,647.4
1,856.1
1,301.6
561.5
5,366.7
778.4
1,415.9
1,721.6
1,159.1
452.6
4,749.3
779.9
Q4-15
2015
Q1-15
1,669.0 6,188.2
1,935.6 7,450.0
1,325.0 5,018.6
506.0 2,035.1
5,435.5 20,691.9
823.8 3,304.4
1,455.9
1,936.7
1,259.2
0.0
4,651.8
922.3
Q2-15 Q3-15 Q4-15
RESTATED IFRS 5
1,647.4
1,856.1
1,333.4
0.0
4,836.9
778.4
1,415.9
1,731.7
1,174.4
0.0
4,322.0
779.9
2015
Q1-16
1,668.7 6,187.9
1,947.0 7,471.5
1,343.0 5,110.0
0.0
0.0
4,959.6 18,770.4
823.8 3,304.4
1,582.3
1,842.6
1,231.7
0.0
4,656.7
816.5
Q2-16 Q3-16 Q4-16
REPORTED
1,716.9
1,848.8
1,309.3
0.0
4,874.9
793.4
1,515.4
1,670.0
1,055.9
0.0
4,241.3
710.0
Value-Added sales 4,218.1 4,588.3 3,969.4 4,611.7 17,387.5 3,729.5 4,058.5 3,542.1 4,135.8 15,466.0 3,840.2 4,081.5 3,531.3
Product sales by BG
Automotive Seating 1,386.1 1,552.0 1,347.1
965.2
992.4
883.4
Interior Systems 1,130.2 1,156.5 1,056.0
Automotive Exteriors
475.2
489.0
418.8
TOTAL 3,956.7 4,189.9 3,705.2
1,541.2 5,826.4 1,386.1 1,552.0 1,347.1
1,003.7 3,844.7
965.2
992.4
891.4
1,109.3 4,452.0 1,154.6 1,181.4 1,070.4
442.5 1,825.5
0.0
0.0
0.0
4,096.8 15,948.6 3,505.9 3,725.8 3,308.9
1,541.1 5,826.3 1,524.8 1,610.1 1,448.8
1,013.8 3,862.8
952.9
962.0
897.9
1,123.1 4,529.5 1,108.9 1,136.0
904.2
0.0
0.0
0.0
0.0
0.0
3,678.0 14,218.6 3,586.6 3,708.1 3,250.9
Product sales by region
Europe (incl. Russia) 2,174.7 2,265.9 1,959.9 2,156.3 8,556.8 1,763.8 1,848.2 1,600.1 1,769.6 6,981.7 1,879.4 1,953.7 1,543.7
North America 1,051.4 1,166.3 1,087.9 1,094.6 4,400.2 1,018.9 1,129.9 1,063.1 1,072.7 4,284.6 1,020.6 1,047.2
964.8
Asia
563.9
592.9
506.6
708.0 2,371.4
563.9
592.9
506.6
708.0 2,371.4
560.1
546.7
557.6
South America
124.0
122.5
112.6
90.6
449.7
116.7
112.4
100.9
80.4
410.4
86.9
113.1
131.6
Rest of the World
42.7
42.3
38.2
47.3
170.5
42.7
42.3
38.2
47.3
170.5
39.7
47.3
53.3
TOTAL 3,956.7 4,189.9 3,705.2 4,096.8 15,948.6 3,505.9 3,725.8 3,308.9 3,678.0 14,218.6 3,586.6 3,708.1 3,250.9
Page 8/8
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