Third-quarter 2021 sales
|
Q3 2020* |
Q3 2021 |
Change |
9m 2020* |
9m 2021 |
Change |
|
|
Group sales (€m) |
3,823 |
3,426 |
-10.4% |
9,907 |
11,208 |
+13.1% |
|
At constant scope and currencies |
-11.4% |
|
|
+15.1% |
||
|
Worldwide automotive production** (000 vehicles) |
19,510 |
15,762 |
-19.2% |
48,283 |
53,203 |
+10.2% |
* 2020 sales figures restated for IFRS 5 (see in Appendix)
** IHS Markit forecast dated October 2021, as usually restated i.e. vehicles segment in line with CAAM for China
Q3 SALES AT €3.4bn WITH STRONG OUTPERFORMANCE OF 780bps, IN A MARKET THAT CONTINUED TO BE SEVERELY IMPACTED BY SEMICONDUCTOR SHORTAGE AND CONSEQUENT STOP-AND-GOs
- All Business Groups and Regions posted significant outperformance
- Clarion Electronics and Asia posted organic growth of 7.3% and 6.5% respectively
CONFIRMED FY 2021 GUIDANCE, AS RECENTLY UPDATED
- Sales of c. €15.5bn and strong organic sales outperformance > +600bps
- Operating margin of 6.0% to 6.2% of sales
- Net cash flow of c. €500m and net-debt-to-EBITDA ratio ≤ 1.5x at year-end
HELLA ACQUISITION PROCESS ON TRACK
- Takeover Offer launched on Sept. 27 to end on Nov. 11
- Antitrust clearances underway, expected closing early 2022 confirmed
- Faurecia and Hella launched the project “One” to be ready at closing
Market conditions remained tough in the past quarter, impacted by adverse supply chain conditions, primarily semiconductors, that impacted automotive production and generated high volatility in OEM programs. In these challenging conditions, Faurecia nevertheless reached a solid sales outperformance and confirms its capability to achieve a strong operating leverage in 2021.
On top of tightly managing the short-term performance, we are also focusing on successfully closing the acquisition process of Hella and prepare our companies to combine their strengths and create strong value for all stakeholders.
