Texte
|
in €m |
H1 2018 |
H1 2019* |
Change |
|
Sales At constant currencies and excluding Clarion |
8,991 |
8,972 |
-0.2% -2.8% |
|
Operating income |
647 |
645 |
-0.4% |
|
as % of sales |
7.2% |
7.2% |
stable |
|
Net cash flow |
247 |
257 |
+3.9% |
|
Net income, Group share |
342 |
346 |
+1.0% |
*First application of IFRS16 as of January 1, 2019 (impacts detailed in appendix and no pro forma for 2018 accounts).
All definitions are explained at the end of this Press Release.
SALES OUTPERFORMANCE OF 420bps AT CONSTANT CURRENCIES (excluding Clarion)
- All three historical Business Groups outperformed worldwide automotive production (-7.0%, source: IHS Markit forecast dated July 16 – vehicles segment in line with CAAM for China)
- All regions, except North America (impacted by the end of production of a significant Seating program for Daimler in Cottondale), outperformed local automotive production
RESILIENT PROFITABILITY AT 7.2% OF SALES (including Clarion)
- Improved or stable margin in all three historical Business Groups, thanks to structural initiatives and increased agility
- Operating margin at 7.3% of sales, excluding Clarion
NET CASH FLOW OF €257m AND NET INCOME OF €346m INCLUDED HIGHER RESTRUCTURING TO ADAPT TO MARKET CONDITIONS AND COSTS RELATED TO THE ACQUISITION OF CLARION
FULL-YEAR GUIDANCE CONFIRMED
- Sales growth outperformance at constant currencies between 150 to 350bps (excluding Clarion consolidation)
- Operating income increase in value and operating margin of at least 7% (including Clarion consolidation as from April 1)
- Net cash flow at least €500m (including Clarion consolidation as from April 1)
Texte
• The 2019 half-year consolidated statements have been approved by the Board of Directors at its meeting held on July 22, 2019, under the chairmanship of Michel de Rosen. These financial statements have been subject to a limited review and the external auditors have issued their report.
• Application of IFRS16 as from January 1, 2019:
o Faurecia is using the simplified retrospective method, according to which there will be no pro forma of the previous year
o All lease contracts are accounted for in the balance sheet with a “Right to use the asset” as an asset and a corresponding debt representing the obligation to pay the future leases
o The impact of IFRS16 on Faurecia’s main indicators are detailed in appendix
• Fourth new Business Group “Faurecia Clarion Electronics” reported as from January 1, 2019:
o This new Business Group mainly regroups the operations of Coagent (consolidated as from January 1, 2018 and previously classified within “Interiors”), Parrot Faurecia Automotive (sales consolidated as from January 1, 2019) and Clarion (consolidated as from April 1, 2019)
o Due to time constraints related to the first consolidation of Clarion, it was accounted for only two months (April and May) in the half-year consolidated statements. The month of June will be caught up at the financial closing of September 30.
• All figures related to worldwide or regional automotive production for the half-year refer to IHS Markit forecast dated July 16 – vehicles segment in line with CAAM for China.
• All definitions are explained at the end of this Press Release, under the section “Definitions of terms used in this document”.
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