FULL-YEAR 2019 RESULTS

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FULL-YEAR 2019 RESULTS

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ALL 2019 FINANCIAL TARGETS ACHIEVED DEMONSTRATING RESILIENCE AND FOCUS ON CASH
2020 GUIDANCE ON TRACK TO ACHIEVE MEDIUM-TERM AMBITIONS
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2019 KEY FIGURES

  • Sales of €17.8 billion, up 1.4% on a reported basis; down 3.0% at constant currencies and excluding the scope effect from Clarion, i.e. an outperformance of 280bps vs. worldwide automotive production growth (-5.8%, source: IHS Markit February 2020)
  • Increased operating income to €1,283 million and operating margin at 7.2% (7.4% excluding the dilutive impact of Clarion)
  • Net cash flow of €587 million, up 11% year-on-year

 

HIGH-QUALITY RECORD ORDER INTAKE

  • Record order intake in 2019 resulted in cumulative three-year rolling order intake of €68 billion

 

INCREASE IN PROPOSED DIVIDEND TO €1.30 PER SHARE (vs. €1.25 paid in 2019)

 

2020 GUIDANCE ON TRACK TO ACHIEVE MEDIUM-TERM AMBITIONS

With the assumption that worldwide automotive production should be down c. 3% in 2020, Faurecia’s full-year 2020 guidance is as follows:

  • Solid reported sales growth, including:
    • a scope effect representing c. 500bps of sales growth (3 months of Clarion + 11 months of SAS),
    • an outperformance of 100 to 200bps vs. worldwide automotive production (at constant scope & currencies)
  • Improvement in profitability, with operating margin above 7.2% of sales
  • Continued strong cash generation, with net cash flow above €500 million
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In 2019, we further demonstrated our resilience in a very challenging environment whilst continuing to deploy our transformation strategy. We achieved all our financial targets thanks to our agility to adapt to market conditions that worsened during the year. At the same time, we actively implemented our strategy focused on the Cockpit of the Future and Sustainable Mobility. We created our new Business Group, Faurecia Clarion Electronics, which has a clear and robust roadmap for profitable growth, and we acquired the remaining 50% stake in SAS that we will consolidate as from this year. We also continued our investment in Fuel Cell Electric Vehicles through the creation of a 50/50 joint venture with Michelin. I thank all Faurecia teams for their effective contribution to the strong performance of 2019 and would like in particular to offer our support and sympathy to our colleagues in China.
2020 should be another challenging year in terms of market conditions. We expect, at this stage, a drop of about 3% in worldwide automotive production. We have the appropriate plans in place to improve our performance. We will remain focused on resilience and cash generation. Our guidance is fully aligned with our medium-term vision and ambitions presented last November at our Capital Markets Day.
In 2020, we will accelerate the deployment of our convictions through our key initiatives including a strong focus on Total Customer Satisfaction and our program to become CO2 Neutral by 2030. Our objective is to ensure sustainable value creation for all of Faurecia’s stakeholders.

Auteur
Patrick Koller
Fonction de l'auteur
CEO of Faurecia
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For more information, please check the full press release below.

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