Q3 2014 Sales October 16, 2014

Transcription

Q3 2014 Sales
October 16, 2014
Q3 2014 Sales
+6.5% or +6.8% like-for-like*
Turnover in €m
+6.5%
4,117
4,386
+11.6%
674
(5.0%)
+6.6%
313
3,130
752
Published
Like-for-like*
Total
Sales
+6.5%
+6.8%
Product
Sales
+6.6%
+7.4%
298
3,336
Currencies had a slight negative impact
of € 11m or 0.3% on total sales and
of € 14m or 0.5% on product sales
Q3 2013
Monoliths
Q3 2014 Sales – October 16, 2014
Q3 2014
Development, Tooling, Prototypes
2
Product Sales
* Like-for-like: At constant exchange rates and scope
Very strong growth in Europe,
Positive momentum is materializing in North America
Product sales by region in €m
Europe
1,651
1,804
+9.2%
+9.4%

In Europe (excl. Russia) in Q3, light vehicle
production increased by 2%** from an already
higher base (+6% in Q3 2013)

Faurecia largely outperformed European light
vehicle production, driven mainly by
Renault-Nissan (+20%*), Daimler (+67%*) and
by Ford (+12%*)

In North America light vehicle production
increased by 8%**.
For Faurecia positive sales momentum
is materializing and should amplify
in the next quarters.

Product sales to FCA soared 21%*, those
to Nissan and Daimler increased by 11%*
and 6%* respectively whilst product sales
to Cummins jumped by 18%*

Thanks to numerous launches, sales will
increase above market rate in Q4 and in 2015
+2%
Q3 2013
Q3 2014
Published
Like-for-like*
LV Production **
North America
835
Q3 2013
855
Q3 2014
+2.4%
+2.9%
Published
Like-for-like*
+8%
LV Production **
3
** Faurecia estimates as of October 13, 2014
Strong growth in Asia
and sharp contraction in South America
Asia
423
496
+17.4%
+17.8%
+4%
Q3 2013 Q3 2014
Published
Like-for-like*
190
-20%
-17.0%
145
Q3 2013 Q3 2014
Published
Like-for-like*
In Asia, light vehicle production increased
by 4%** and by 10%** in China.

Faurecia significantly outperformed both Asian
and Chinese light vehicle production.

In China product sales increased by 21%*.

In Asia, product sales to PSA rose by 36%*
and those to GM by 19%* whilst product sales
to BMW soared 76% thanks to the success of
the X1 and the 3-series in China

In South America light vehicle production
contracted by 20%** after a 17% decline in H1.
Faurecia’s product sales slightly outperformed
the market thanks to sales to VW (+41%*) with
the ramp-up of the Up and the success of the
Saveiro

With the Brazilian economy in recession,
and the Argentinean economy facing severe
turmoil, light vehicle production will continue
to decrease sharply in the coming quarter.
For 2014 we expect LV production to decline
by around 15%**.
LV Production **
South America
-23.6%

LV Production **
4
Positive momentum starting for Automotive Seating
Temporary slowdown for Emissions Control Technologies
Product sales by business group in €m
1,164

Faurecia Automotive Seating’s (FAS) product
sales increased by 6%* in Europe and by 7%*
in North America thanks to the ramp-up of new
models. In Asia, product sales increased 19%.
Product sales to Renault-Nissan increased by
20%* which is now FAS’ second largest
customer

FAS will continue to experience a solid growth
in Q4 and also in 2015 and 2016 thanks to new
program launches for Renault-Nissan, GM,
Ford and PSA.

Faurecia Emissions Control Technologies
(FECT) experienced a temporary slowdown
of its growth.

Product sales in Asia were up 13%* largely
outperforming light vehicle production in
China and in Asia despite a moderate growth
in Korea in line with light vehicle production.
In North America product sales rose by 2%
thanks to Cummins (+18%*) and Chrysler
(+2%*). In Europe product sales rose 2%*.
FECT will resume its above Group sales’
momentum in 2015
1,095
+6.4%
Q3 2013
806
Q3 2014
Published
Like-for-like*
824
+2.2%
Q3 2013
+7.0%
Q3 2014
Published
+3.7%
Like-for-like*
5
Strong growth for Interior Systems
and for Automotive Exteriors
949
856
+10.9%
Q3 2013
373
Q3 2013
Q3 2014
Published
399
+6.9%
Q3 2014
Published

Interior Systems’ product sales rose 11.3%*.

In Europe product sales grew by 21%* with
sales to Daimler up 96%*, Ford up 18%*,
Renault-Nissan and PSA up 11%*.

In North America product sales were down 3%*
but growth will return in Q4 and in 2015
with the ramp-up of many Ford new models
(F-150, Mustang, …)

In Asia product sales rose 34%*

Automotive Exteriors grew its product sales
by 7.4%* mainly driven by Europe (+5%*)
with sales to Daimler up 62%* and to PSA
increasing by 7%*
+11.3%
Like-for-like*
+7.4%
Like-for-like*
6
9M 2014 sales
9M 2014 sales
+2.5% or +4.8% like-for-like*
Turnover in €m
+2.5%
13,382
2,061
1,053
13,714
+10.3%
(3.7%)
2,274
Published
Like-for-like*
Total
Sales
+2.5%
+4.8%
Product
Sales
+1.5%
+4.3%
1,014
+1.5%
10,268
10,426
Currencies had an overall negative impact
of € 295m or 2.2% on total sales and
of € 237m or 2.3% on product sales
9M 2013
Monoliths
9M 2014
Development, Tooling, Prototypes
8
Product Sales
Strong growth in Europe,
Still penalized by H1 decline in North America
Europe
5,921
5,535
9M 2013
9M 2014
+7.0%
+7.5%
Published
Like-for-like*
+6%

In Europe (excl. Russia) light vehicle
production increased by 6%** after 9M.

Faurecia outperformed European light vehicle
production, driven mainly Renault-Nissan
(+12%*), Ford (+17%*) and Daimler (+52%*)

In North America light vehicle production
increased by 5%**.
For Faurecia positive sales momentum
is starting to materialize since Q3 and should
amplify in the next quarters.

During the first 9 month, product sales to GM
and Nissan increased by 9%*. Those to
Cummins soared by 24%*
LV Production **
North America
2,830
2,557
-9.7%
9M 2013
9M 2014
Published
-5.9%
Like-for-like*
+5%
LV Production **
9
Strong growth in Asia over 20%
and sharp contraction in South America
Asia
1,430
1,222
9M 2013
+17.0%
9M 2014
Published
+20.7%
+5%
Like-for-like*

In Asia, light vehicle production increased
by 5%** and by 12%** in China.

Faurecia significantly outperformed both Asian
and Chinese light vehicle production.

In China product sales increased by 22%*.

In Asia, product sales to Ford rose by 35%*
and those to BMW by 67%* whilst sales to
Renault-Nissan soared 21%.

In South America light vehicle production
contracted by 18%**.

Faurecia’s sales outperformed the market
thanks increasing sales to VW (+25%*), FCA
(+49%*) and to Toyota (+22%*)

Faurecia is anticipating LV production
in the region to decline by around 15%
for the full year.
LV Production **
South America
-25.8%
561
9M 2013
-11.0%
416
9M 2014
-18%
Published
Like-for-like*
LV Production **
10
Automotive Seating is in a transition year
Emissions Control Technologies is growing fast
3,686
3,631
9M 2013
9M 2014
2,507
2,540
-1.5%
+0.8%
Published
Like-for-like*
+5.3%
+1.3%
9M 2013
9M 2014
Published
Like-for-like*
11

Automotive Seating’s product sales increased
by 2%* in Europe and by 18%* in Asia.
In North America (-8%*) it’s a year of transition
and the momentum is turning positive (+7%*
in Q3 2014) and it will amplify in the coming
quarters.

Automotive Seating will experience a solid
growth in Q4 2014 and also in 2015 and 2016
thanks to new program launches mainly for
Renault-Nissan, GM, Ford and PSA.

Emissions Control Technologies keeps
growing faster than group.

Product sales in Asia are up 16%* largely
outperforming light vehicle production in
China and in Asia despite a moderate growth
in Korea in line with light vehicle production.
In North America product sales rose by 3%*
thanks to GM (+5%*), FCA (+3%*) and
Cummins (+24%*).
After 9M, CVE product sales represent now
more than 8% of the BG’s product sales
Strong growth for Interior Systems
and Automotive exteriors is in line with the Group
2,841
2,970
+4.5%
9M 2013
1,233
9M 2013
9M 2014
Published
+7.7%
Like-for-like*
1,285
9M 2014
+4.2%
+4.8%
Published
Like-for-like*
12

Interior Systems’ product sales rose 7.7%*.

In Europe product sales grew by 18%*
with sales to Ford up 20%*, Daimler up 69%*,
Renault-Nissan and VW Group up 10%*.

In North America product sales are down 10%*
but growth will return in Q4 and in 2015 with
full impact of many launches for Ford (F-150,
Mustang, …)

In Asia product sales rose 51%* driven
by Ford (+39%*)

Automotive Exteriors grew its product sales
by 4.8%* mainly driven by Europe (+6%*)
with sales to Daimler up 51%* and to Ford
(+15%*).
2014 Guidance is confirmed
Total sales (like-for-like)
(€ 18,029m in 2013)
+ 2% / + 4%
Operating income
(€ 538m or 3.0% in 2013)
Margin improvement
between 30bp and 60bp
Net cash flow
Positive
13
Next Event
2014 Investor Day
Tuesday November 11
in Shanghai, China
Full day
Visit of 3 R&D centers
Formal presentations on Faurecia in China
and the strategy of each Business Group
Update on 2016 Group targets
14
Q3 2014 Highlights

The board of directors met on October 16, 2014 and reviewed Q3 sales and
the prospects for the fourth quarter.
15
2014 market outlook
Output in Europe to grow by +3/4% in 2014
Light vehicle production forecast
% change of unit output
World +3%
North America
+5%
South America
Worse
than
-10%
Europe
incl. Russia
Europe
Q3 was stable with Russia and Ukraine down
15%.

North America
Faurecia is expecting light vehicle production
in North America to continue to grow

South America
Light vehicle production to decline
by at least 10% (-18% YTD)

China
Light vehicle production in China
should continue to expand by +8/9%
+3/4%
China
+8/9%
Faurecia / IHS Automotive, October 2014

16
Back-Up
Legal statement
Q3 2014 in €m
Sales by type
Product
Automotive Seating
1,164.4
Monoliths
Total
66.2
1,230.6
39.8
1,615.7
Emissions Control Technologies
824.3
Interior Systems
949.1
156.3
1,105.4
Automotive Exteriors
398.5
35.4
433.9
Total
Q3 2013
Reported
751.6
R&D & Tooling
3,336.3
751.6
297.7
4,385.6
Currencies
Reclassification
Organic
(like-for-like)*
Q3 2014
Reported
Product sales
Var in %
3,129.9
-14.3
-0.5%
-9.5
-0.3%
230.2
7.4%
3,336.3
6.6%
Total sales
Var in %
4,116.9
-10.6
-0.3%
0.0
0.0%
279.3
6.8%
4,385.6
6.5%
17
* At constant exchange rates and scope
Back-Up
Legal statement
in €m
Q3 2013
Q3 2014
Var in %
Reported
Var in %
Like-for-like*
Automotive Seating
1,155.0
1,230.6
6.5%
7.1%
1,525.9
1,615.7
5.9%
5.7%
Interior Systems
1,011.9
1,105.4
9.2%
9.7%
424.1
433.9
2.3%
2.8%
4,116.9
4,385.6
6.5%
6.8%
1,094.8
1,164.4
6.4%
7.0%
806.2
824.3
2.2%
3.7%
Interior Systems
856.1
949.1
10.9%
11.3%
372.8
398.5
6.9%
7.4%
3,129.9
3,336.3
6.6%
7.4%
Total sales
Total
Product sales
Automotive Seating
Total
18
Back-Up
Legal statement
Q3 2013
Q3 2014
Var in %
Reported
Var in %
Like-for-like*
Var in %
LV production**
1,651.1
1,803.7
9.2%
9.4%
+2%***
North America
834.8
855.0
2.4%
2.9%
+8%
Asia
422.9
496.4
17.4%
17.8%
+10%
South America
190.3
145.4
-23.6%
-17.0%
-20%
Rest of the World
30.7
35.7
16.3%
25.5%
NS
3,129.9
3,336.3
6.6%
7.4%
+3%
Europe
Total
19
** Faurecia estimates, October 13, 2014
*** Europe excl. Russia
Back-Up
Legal statement
9M 2014 in €m
Sales by type
Product
Automotive Seating
3,631.1
2,539.5
Interior Systems
R&D & Tooling
Total
230.1
3,861.2
131.2
4,944.4
2,970.1
503.2
3,473.3
1,285.2
149.8
1,435.0
Total
10,425.8
1,014.4
13,713.9
9M 2013
Reported
Monoliths
2,273.7
2,273.7
Currencies
Scope
Reclassification
Organic
(like-for-like)*
9M 2014
Reported
Product sales
Var in %
10,267.5
-236.5
-2.3%
-18.9
-0.2%
-26.5
-0.3%
440.2
4.3%
10,425.8
1.5%
Total sales
Var in %
13,382.0
-295.1
-2.2%
-18.9
-0.1%
0.0
0.0%
645.9
4.8%
13,713.9
2.5%
20
Back-Up
Legal statement
in €m
9M 2013
9M 2014
Var in %
Reported
Var in %
Like-for-like*
Automotive Seating
3,873.6
3,861.2
-0.3%
2.0%
4,725.9
4,944.4
4.6%
7.0%
Interior Systems
3,373.3
3,473.3
3.0%
6.2%
1,409.2
1,435.0
1.8%
2.5%
Total
13,382.0
13,713.9
2.5%
4.8%
Automotive Seating
3,686.4
3,631.1
-1.5%
0.8%
2,506.9
2,539.5
1.3%
5.3%
Interior Systems
2,841.2
2,970.1
4.5%
7.7%
1,233.1
1,285.2
4.2%
4.8%
Total
10,267.5
10,425.8
1.5%
4.3%
Total sales
Product sales
21
Back-Up
Legal statement
9M 2013
9M 2014
Var in %
Reported
Var in %
Like-for-like*
Var in %
LV production**
Europe
5,535.4
5,921.1
7.0%
7.5%
+6%***
North America
2,830.3
2,557.0
-9.7%
-5.9%
+5%
Asia
1,222.1
1,429.8
17.0%
20.7%
+5%
South America
560.9
416.2
-25.8%
-11.0%
-18%
Rest of the World
118.8
101.7
-14.4%
-0.4%
NS
10,267.5
10,425.8
1.5%
4.3%
+4%
Total
22
** Faurecia estimates, October 13, 2014
*** Europe excl. Russia
Back-Up
Legal statement
Reclassification: from product to R&D sales for Group & FECT
An unmaterial amount of R&D sales was mistakenly booked by Faurecia Emissions Control Technologies as
product sales in 2013. We have restated 2013 figures accordingly.
Q3 2013
Reported
Reclassification
Q3 2013
Restated
9M 2013
Reported
Reclassification
9M 2013
Restated
Product
Monoliths
R&D, Tooling, Prototypes & Other
3,129.9
673.7
313.4
-9.5
10,267.5
2,061.1
1,053.3
-26.5
9.5
3,120.4
673.7
322.9
26.5
10,241.0
2,061.1
1,079.8
Total
4,116.9
0.0
4,116.9
13,382.0
0.0
13,382.0
Q3 2013
Reclassification
Q3 2013
9M 2013
Reclassification
9M 2013
Sales in €m
Reported
Restated
Reported
796.7
2,506.9
673.7
2,061.1
Sales by type
in €m
Product
806.2
Monoliths
673.7
R&D, Tooling, Prototypes & Other
46.0
9.5
55.5
157.9
26.5
184.4
1,525.9
0.0
1,525.9
4,725.9
0.0
4,725.9
Total
-9.5
Restated
23
-26.5
2,480.4
2,061.1
Back-Up
Legal statement
Reclassification: Impact on product sales by region
Product sales
Q3 2013
by region in €m
Reported
Europe
Reclassification
Q3 2013
9M 2013
Restated
Reported
Reclassification
9M 2013
Restated
1,651.1
-4.9
1,646.2
5,535.4
-13.3
5,522.1
North America
834.8
-2.6
832.2
2,830.3
-7.5
2,822.8
Asia
422.9
-1.8
421.1
1,222.1
-5.4
1,216.7
South America
190.3
-0.2
190.1
560.9
-0.3
560.6
Rest of World
30.7
30.7
118.8
3,120.4
10,267.5
Total
3,129.9
-9.5
24
118.8
-26.5
10,241.0
Contact & Share data
Investor Relations
Share Data
Eric-Alain Michelis
Bloomberg Ticker:
Reuters Ticker:
Datastream:
ISIN Code:
2, rue Hennape
92735 Nanterre
France
Tel: +33 1 72 36 75 70
Cell: +33 6 64 64 61 29
Fax: +33 1 72 36 70 30
E-mail: eric-alain.michelis@faurecia.com
Web site: www.faurecia.com
EO:FP
EPED.PA
F:BERT
FR0000121147
ADR Data
Ticker:
Ratio:
Agent:
FURCY
2 ADRs for 1 share
Citi Group
Bonds ISIN Codes
2016
bonds
XS0704870392
2013 Results
& 2014:Objectives
– February 12, 2014
2018 convertible : FR0011321363
2019 bonds : XS0778917814
25
Safe Habor Statement
This report contains statements that are not historical facts but rather forward-looking statements. The words
"will," "may," "designed to," "outlook," "believes," "should," "anticipates," "plans," "expects," "intends,"
"estimates" and similar expressions identify these forward-looking statements. All such statements are based
upon our current expectations and various assumptions, and apply only as of the date of this report.
Our expectations and beliefs are expressed in good faith and we believe there is a reasonable basis for them.
However, there can be no assurance that forward-looking statements will materialize or prove to be correct.
Because such statements involve risks and uncertainties such as automotive vehicle production levels, mix
and schedules, financial distress of key customers, energy prices, raw material prices, the strength of the
European or other economies, currency exchange rates, cancellation of or changes to commercial contracts,
liquidity, the ability to execute on restructuring actions according to anticipated timelines and costs, the
outcome could differ materially from those set out in the statements.
Except for our ongoing obligation to disclose information under law, we undertake no obligation to update
publicity any forward-looking statements whether as a result of new information or future events.
26

Q3 2014 Sales October 16, 2014

Transcription

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