Finance / 14/10/2015
Faurecia posts strong consolidated sales growth, up 8.3% (4.6% organic), in the third quarter of 2015
Faurecia consolidated sales stood at € 4,749.3 million in the third quarter of 2015, up 4.6% at constant exchange rates and scope. Reported sales were up 8.3%. Over the quarter, exchange rate variations added 5.9% on the business activity.
Sales growth is broken down as follows:
- Product sales (parts and components delivered to automakers) totaled € 3,705.2 million during the third quarter of 2015, up 4.8% organic and up 11.1% on a reported basis. Exchange rate variations added 6.2% on the business activity or € 207.3m;
- Monolith sales were up 10.5% organic at € 779.9 million and up 3.8% on a reported basis. Accounting harmonization for monoliths sales in Korea had a negative impact of € 96.8 million;
- Development, tooling and prototype sales contracted by 13.3% organic, or down 11.3% on a reported basis, in the third quarter of 2015 to € 264.1 million.
PRODUCT SALES PER REGION
- In Europe (including Russia), product sales increased 9.0% to € 1,959.9 million, against € 1,803.7 million during the third quarter of 2014. European light vehicle production increased 5% (Faurecia estimate). This outperformance came mainly from strong sales to Renault-Nissan (+26%), Ford (+19%) and BMW (+14%). For 2015, Faurecia confirms its sales will outperform light vehicle production.
- In North America, product sales reached € 1,087.9 million, up 6.9%, while production grew close to 5% (Faurecia estimate). The positive sales momentum will continue in the fourth quarter of 2015.
- In Asia, product sales contracted by 10.6% to € 506.6m in the third quarter driven mainly by a 16.2% contraction in China (to € 401.9m). Light vehicle production in China contracted by 9% (Faurecia estimate) with production of international joint-ventures decreasing by 13% (Faurecia estimate). Faurecia’s largest customers in China reduced their production more in order to reduce inventories. Sales to Chinese automakers grew very fast (+69%) and now represent 11% of the overall business in China.
- In South America, product sales declined 6.8% to € 112.6 million, while Faurecia estimates that production was down 19%.
- In the rest of the world (mainly South Africa), product sales increased 8.9% to € 38.2 million.
Please read the press release for more information.
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