2015 annual results announced on February 11th, 2016 show significant improvement in Faurecia's profitability.
Fiscal year 2015: Strong performance
- Total sales at € 20.69 billion up 9.9% (+5.2%*) above worldwide automotive production growth (+1.5%);
- Operating income of € 913 million, up 35%;
- Net income of € 370 million, up 123%;
- EPS (fully diluted) of € 2.97, up 120%
- Net cash flow of € 303 million, up 40%.
Second half 2015: Confirmed momentum
- Total sales at € 10.18 billion, up 7.2% (+4.1%1) above worldwide automotive production growth (+1.6%);
- Operating income of € 489 million, up 31%;
- Net income reaching € 213 million, up 173%
- Net financial debt of € 963 million, down € 425 million (vs Dec 2014).
- Fiscal year operating margin of 4.4% up 80bp achieving guidance (> 4.0%);
- Second half operating margin of 4.8% meeting the guidance (between 4.5% and 5.0%);
- North America achieved a breakthrough of 220bp FY operating margin improvement above the guidance (> 120bp)
- Fiscal year Net cash flow at € 303 million versus above € 200 million guidance.
Proposed dividend of € 65 cents up 86% versus € 35 cents paid in 2015.
Key operational achievements:
- In Europe, excellent industrial performance leading to strong operating leverage;
- Real profitability breakthrough in North America, above 5.0% margin in H2 already exceeding 2016 target;
- Impressive agility demonstrated to transform to “New Normal” conditions in China;
- Double digit growth and benchmark performance for Automotive Seating;
- Profitability breakthrough, closing the gap with benchmark for Emissions Control Technologies;
- Profitability sharply up thanks to innovation, industrial performance and industry consolidation for Interior Systems.
Key strategic achievements:
- Automotive Exteriors disposal is a major step in refocusing the business portfolio;
- Net debt almost eliminated through sale of Automotive Exteriors and conversion of the convertible bond.
Yann Delabrière, Chairman and CEO of Faurecia commented: "In 2015, Faurecia achieved a solid performance with confirmed momentum in the second half and all the guidances were exceeded for both fiscal year and second half. A breakthrough in profitability was achieved in both semesters but especially in the second half when operating margin reached 4.8% already within the 2016 target range. In North America, profitability in the second half was above 5.0% largely surpassing the 2016 target. In December, Faurecia announced a major step in refocusing its portfolio with the disposal of Automotive Exteriors. It enhances our financial flexibility to accelerate investments in high added-value technologies. I would like to thank the Group’s entire workforce for their contribution to our excellent performance."
* At constant exchange rates and scope.