Forvia Sales Q1 2022
Nanterre (France), April 26, 2022
FIRST-QUARTER 2022 SALES
- Q1 2022 SALES OF €5.3bn, UP 33% ON A REPORTED BASIS
(including first two months of consolidation of
HELLA)
- ORGANIC SALES GROWTH OF +1.1% (Faurecia stand-alone),
OUTPERFORMING AUTOMOTIVE PRODUCTION BY 530bps
- FIRST RELEASE OF FORVIA’S FY 2022 GUIDANCE (including
11 months of consolidation of HELLA)
- INCREASED FINANCIAL FLEXIBILITY TO GET THROUGH THE
CURRENT UNCERTAIN ENVIRONMENT, thanks to covenant renegotiation,
suspended dividend payment in 2022 and upgraded asset divestment
program by end 2023
in €m |
Q1 2021 |
Currency effect |
Organic
growth |
Scope effect (HELLA 2 months) |
Q1 2022 |
Reported change |
Group
sales |
4,005 |
129 |
46 |
1,143 |
5,322 |
+32.9% |
% last year’s sales |
|
+3.2% |
+1.1% |
+28.5% |
|
|
Ww
auto. prod.* (m units) |
19,721 |
|
-4.2% |
|
18,885 |
|
Outperformance (bps) |
|
|
530 |
|
|
|
* Source: S&P Global Mobility (ex-IHS Markit) dated April
2022 (vehicles segment in line with CAAM for China)
Q1 SALES OF €5.3bn, UP 33% ON A REPORTED BASIS AND UP
1.1% ON AN ORGANIC BASIS
- Sales included first two months (February and March) of
consolidation of HELLA for €1.1bn.
- On an organic basis (Faurecia stand-alone and excl. currency
effect), sales were up 1.1%, outperforming the market by
530bps.
- In March sales were up 35% on a reported basis but down 6% on
an organic basis, mainly reflecting a 20% organic drop in Europe
due to the war in Ukraine, not fully offset by organic growth in
all other regions (sales in China grew by 6%, despite first Covid
restrictions in some areas).
FIRST RELEASE OF FY 2022 GUIDANCE FOR FORVIA
(Faurecia including 11 months of consolidation of
HELLA)
Based on an updated and cautious assumption for
worldwide automotive production of 74.2 million light vehicles in
2022 (vs. an assumption of 78.7m in February), the FY 2022 guidance
for FORVIA is:
- Sales between €23 billion and €24 billion
(including c. €1.5 billion from the combined effect of currencies
and raw materials),
- Operating margin between 4% and 5%,
- Net cash-flow at breakeven.
This guidance assumes an automotive production
of 15.1 million LVs in Europe and 20.1 million LVs in China
(vehicles segment in line with CAAM, i.e. excluding vehicles >
3.5t), is based on full-year average currency rates of 1.13 for
USD/€ and of 7.20 for CNY/€ and takes into account the Group’s
latest update of net impact from cost inflation.
INCREASED FINANCIAL FLEXIBILITY
In order to increase the Group’s financial
flexibility to get through the current uncertain environment:
- Faurecia has proactively renegotiated its debt covenant with
banks: covenant level will not be tested at June 30, 2022 and will
be of 3.75x at December 31, 2022 (instead of 3.0x) before returning
to 3.0x as from June 30, 2023,
- The Board of Directors has decided, at its latest meeting held
yesterday, to propose at the next Shareholders’ meeting convened on
June 1 to exceptionally suspend dividend payment in 2022,
- Faurecia has decided to upgrade its asset divestment program
from a target of €500 million of proceeds to be closed by end 2023
to a target of €1 billion of proceeds to be closed by end
2023.
Patrick
KOLLER, CEO of Faurecia, declared:
“Since the
announcement of our full-year 2021 results, the environment has
significantly changed with the start of the war in Ukraine and
Covid-related restrictions in China.
Our industry has again
to adapt to a challenging environment generating new uncertainty,
after two difficult years due to the pandemic and the shortage of
semiconductors, whose effects are continuing to impact the
automotive industry.
Even if the war in
Ukraine should mainly impact activity in Europe, we have to adapt
to this new disruption, whose duration and magnitude of impacts, as
of today, remain uncertain.
The recent acquisition
of HELLA, closed at the end of January, makes us stronger and more
resilient than ever but it has also de facto increased our debt
leverage. As part of our agile management of the crisis, we have
decided to proactively negotiate with banks a temporary waiver on
our debt covenant in order to increase our financial flexibility.
In addition, we have also revised upward our planned asset
divestment program to be achieved by the end of 2023.
Further to these
measures, the Board of Directors has also decided to propose to our
next Shareholders’ meeting to exceptionally suspend dividend
payment in 2022.
Our full-year 2022
guidance for FORVIA (Faurecia + 11 months of consolidation of
HELLA), that we release today for the first time, is based on a
cautious assumption for worldwide automotive production of 74.2
million vehicles, reflecting the current low visibility, and
nevertheless demonstrates the strong resilience of FORVIA.
We are more than ever
convinced about the huge potential of profitable growth and value
creation of FORVIA, accelerated by the acquisition of HELLA that
enhances our advanced technology portfolio and generates
significant synergies. We also strongly reaffirm our commitment to
reduce indebtedness post-HELLA acquisition, taking all necessary
measures to accelerate return to the planned deleveraging
trajectory, even if the current context imposes some delay in
2022.”
- The Board of Directors, under the chairmanship of
Michel de ROSEN, met on April 25 and, on this occasion, reviewed
the present press release.
- “Operating income” presented as Faurecia’s main
performance indicator is Operating income before amortization of
intangible assets acquired in business combinations.
- “Adjusted EBITDA” is Operating income as defined above
+ depreciation and amortization of assets; to be fully compliant
with the ESMA (European Securities and Markets Authority)
regulation, this term of “Adjusted EBITDA” will be used by the
Group as of January 1, 2022 instead of the term “EBITDA” that was
previously used (this means that “EBITDA” aggregates until 2021 are
comparable with ‘Adjusted EBITDA” aggregates as from
2022).
- “Debt covenant” is the ratio “Net financial debt at the
end of the period” vs. “Adjusted EBITDA over the last 12 months”;
it is tested twice every year, at June 30 and at December
31.
- All other definitions are explained at the end of this
Press Release, under the section “Definitions of terms used in this
document”.
- All figures related to worldwide or regional automotive
production refer to the S&P Global Mobility (ex-IHS Markit)
forecast dated April 2022 (vehicles segment in line with CAAM for
China, i.e. excluding vehicles > 3.5t).
GROUP SALES
in €m |
Q1 2021 |
Currency effect |
Organic growth |
Scope effect (HELLA 2 months) |
Q1 2022 |
Reported change |
Group
sales |
4,005 |
129 |
46 |
1,143 |
5,322 |
+32.9% |
% last year’s sales |
|
+3.2% |
+1.1% |
+28.5% |
|
|
Worldwide auto. prod.* (m units) |
19,721 |
|
-4.2% |
|
18,885 |
|
Outperformance (bps) |
|
|
530 |
|
|
|
* Source: S&P Global Mobility (ex-IHS Markit) dated April
2022 (vehicles segment in line with CAAM for China)
Sales in the quarter amounted to €5,322
million, up 32.9% on a reported basis.
They included:
- A positive currency effect of €129 million representing 3.2% of
last year’s sales, mainly due to the USD and CNY vs. the euro
- A scope effect of €1,143 million representing 28.5% of last
year’s sales, due to the first two months of consolidation of HELLA
(starting February 1, 2022)
On an organic basis, sales grew by 1.1% in the
quarter. While January and February posted solid organic growth,
March mainly reflected the disruptions in supply chain for European
automakers, due to the war in Ukraine, but also initial effects
from Covid-19 restrictions in some Chinese areas.
On an organic basis, sales in March were down 6%
at Group level: this included a drop of c. 20% in European sales,
not fully offset by growth in all other regions (in China, organic
growth in March remained in positive territory at +6%, well below
that recorded in January and February).
The 1.1% organic sales growth in the
quarter is to be compared with a 4.2% drop in worldwide automotive
production, i.e. an outperformance of 530bps.
SALES BY BUSINESS GROUP
in €m |
Seating |
Interiors |
Clean Mobility |
Clarion Electr. |
HELLA(2 months) |
Group |
Q1 2021 |
1,544 |
1,225 |
1,038 |
199 |
|
4,005 |
Currency
effect |
62 |
17 |
40 |
9 |
|
129 |
% last year’s sales |
+4.0% |
+1.4% |
+3.9% |
+4.6% |
|
+3.2% |
Organic
growth |
69 |
-55 |
16 |
15 |
|
46 |
% last year’s sales |
+4.5% |
-4.5% |
+1.6% |
+7.4% |
|
+1.1% |
Scope effect (HELLA 2 months) % last year’s sales |
|
|
|
|
1,143 n/m |
1,143 +28.5% |
Q1
2022 |
1,675 |
1,187 |
1,094 |
223 |
1,143 |
5,322 |
reported growth |
+8.5% |
-3.1% |
+5.4% |
+12.1% |
n/m |
+32.9% |
Seating (31% of Group consolidated sales in the
period)
Strong sales outperformance of 870bps, driven
by:
- Strong organic growth of +43.9% in China, vs. Chinese
automotive production of +8.9%; this reflected increase in sales
with Chinese OEMs, new entrants, and a major American EV
carmaker,
- Solid organic growth of +4.6% in North America, vs. American
automotive production of -1.8%; this reflected contribution from
the new programs that started in H2 2021.
In Europe, sales were down 10.8%, vs. European automotive
production of -18.3%, reflecting the impact in March of supply
chain disruptions due to the war in Ukraine.
Situation for the greenfield program in Michigan (USA) is under
control and the estimation of over-costs in H1 2022 is confirmed at
€(30)m.
Interiors (22% of Group consolidated sales in
the period)
Organic sales were broadly in line with automotive
production, down 4.5%, impacted by:
- Lower sales from SAS (15% of Q1 2021 sales) that dropped by
9.4% year-on-year, more impacted by shortage of semiconductors and
the war in Ukraine in March,
- Organic sales drop of 8.5% in Europe, nevertheless strongly
outperforming the 18.3% drop in European automotive
production.
Clean Mobility (21% of Group consolidated sales
in the period)
Strong sales outperformance of 580bps, driven
by:
- Strong organic growth of +7.4% in North America, vs. North
American automotive production
of
-1.8%; this reflected sales with Stellantis and Ford,
- Resilient organic growth in Europe (broadly stable), another
strong outperformance vs. European automotive production of -18.3%,
mainly reflecting sales for commercial vehicles.
Clarion Electronics (4% of Group consolidated
sales in the period)
Strong sales outperformance of 1,160bps with +7.4%
organic growth, reflecting the positive effect of the strategic
refocus; it was driven by:
- Strong organic growth of +20.8% in China, vs. Chinese
automotive production of +8.9%; impact on the activity in Q1 from
Covid variant and semiconductor shortage was limited,
- Strong organic growth of +33.8% in North America, vs. North
American automotive production of -1.8%; sales to RNM were the main
contributor.
Scope effect from the consolidation of HELLA for €1.1bn
in Q1 2022 (two months)
Faurecia has been consolidating HELLA since
February 1, 2022.
As HELLA is a listed company with its own public
communication and a different fiscal year from that of Faurecia
(HELLA’s fiscal year is ending May 31, 2022), Faurecia will be
reporting the quarterly sales contribution from HELLA as “Scope
effect” all along 2022, as a combined figure for all HELLA’s
activities and geographies.
SALES BY GEOGRAPHY
in €m |
Europe |
North Am. |
Asia |
o/w China |
RoW |
HELLA(2 months) |
Group |
Q1 2021 |
1,970 |
952 |
928 |
670 |
154 |
|
4,005 |
Currency
effect |
-34 |
75 |
76 |
76 |
12 |
|
129 |
% last year’s sales |
-1.7% |
+7.9% |
+8.2% |
+11.3% |
+7.5% |
|
+3.2% |
Organic
growth |
-171 |
61 |
135 |
121 |
20 |
|
46 |
% last year’s sales |
-8.7% |
+6.4% |
+14.6% |
+18.0% |
+12.9% |
|
+1.1% |
Scope effect (HELLA 2 months) % last year’s sales |
|
|
|
|
|
1,143 n/m |
1,143 +28.5% |
Q1
2022 |
1,765 |
1,088 |
1,140 |
867 |
186 |
1,143 |
5,322 |
reported growth |
-10.4% |
+14.3% |
+22.8% |
+29.4% |
+20.4% |
n/m |
+32.9% |
Europe (45% of Group consolidated sales in the
period; comments below are related to Faurecia’s standalone
perimeter sales in the region, excluding sales contribution from
HELLA)
Sales in Europe were down 8.7% in Q1, reflecting the 20% drop in
sales in March due to supply chain disruptions related to the war
in Ukraine.
Nevertheless, sales showed a solid outperformance of
960bps, vs. European automotive production of -18.3%:
- All Business Groups posted an outperformance of at least 750bps
in the region,
- Commercial vehicles and sales to Ford (mainly for Interiors)
posted organic growth in the quarter.
North America (25% of Group consolidated sales
in the period; comments below are related to Faurecia’s standalone
perimeter sales in the region, excluding sales contribution from
HELLA)
Strong organic growth of +6.4%, reflecting a solid sales
outperformance of 820bps:
- All Business groups posted strong outperformance of at least
600bps in the region,
- Positive effect from the contribution of the new Seating
programs that started in H2 2021,
- Strong increase in sales with a major American EV carmaker and
RNM.
Asia (26% of Group consolidated sales in the
period; comments below are related to Faurecia’s standalone
perimeter sales in the region, excluding sales contribution from
HELLA)
Double-digit organic growth of +14.6%%, reflecting a
solid sales outperformance of 1,350bps, driven by:
- Strong organic growth of +18.0% in China, vs. Chinese
automotive production of +8.9%; this reflected strong sales in
Seating with Chinese OEMs, a major American EV maker and new
entrants,
- Sales in China continued to grow in March but at a lower pace
(+6%) than in the first two months, as a consequence of the first
impacts of Covid-19 restrictions in some areas.
Rest of the world (4% of Group consolidated
sales in the period; comments below are related to Faurecia’s
standalone perimeter sales in the region, excluding sales
contribution from HELLA)
In South America, which represented c. 3/4 of the total, organic
sales were up 17.5%, a very strong outperformance of 3,020bps
mainly driven by sales to the Stellantis group.
FORVIA FY 2022 GUIDANCE (Faurecia including 11 months
of consolidation of HELLA)
On April 19,
2022 S&P Global Mobility (ex-IHS
Markit) released its latest forecast for worldwide
automotive production in 2022: S&P Global
Mobility now forecasts 77.3 million light vehicles
(LVs), vs. 80.7 million forecasted in February 2022,
before the start of the war in Ukraine, and vs. 73.4 million
produced in 2021.
Most of the 3.4 million drop in
S&P Global Mobility’s
forecast between February 2022 and April 2022 is related
to:
- Europe for 2.2 million LVs: Europe is now
forecasted at 16.5 million LVs vs. 18.7 million forecasted in
February 2022 and 15.9 million produced in 2021,
- North America for 0.5 million LVs: North
America is now forecasted at 14.7 million vs. 15.2 million
forecasted in February 2022 and 13.0 million produced in 2021,
- China for only 0.4 million LVs: China is now
forecasted at 21.3 million LVs vs. 21.7 million forecasted in
February 2022 and 21.0 million produced in 2021.
Faurecia’s updated assumption for
worldwide automotive production in 2022 is more cautious than that
of S&P Global Mobility, at
74.2 million LVs vs. the previous assumption of 78.7
million estimated in February 2022, before the start of the war in
Ukraine and Covid restrictions in China.
By region, Faurecia’s updated assumption is more
cautious than S&P Global Mobility’s latest forecast mainly as
regards Europe (1.4 million LVs less than S&P Global Mobility’s
latest forecast) and China (1.2 million LVs less than S&P
Global Mobility’s latest forecast).
Based on this
updated assumption of
worldwide automotive production of 74.2
million LVs in 2022
(vs. previous assumption of 78.7 million in
February 2022), the FY 2022 guidance for
FORVIA (Faurecia including 11 months of
consolidation of HELLA) is:
- Sales between €23
billion and €24
billion (including c. €1.5 billion from the
combined effect of currencies and raw
materials),
- Operating margin between 4% and 5%,
- Net cash-flow at breakeven.
This guidance assumes an automotive production
of 15.1 million LVs in Europe and 20.1 million LVs in China
(vehicles segment in line with CAAM, i.e. excluding vehicles >
3.5t), is based on full-year average currency rates of 1.13 for
USD/€ and of 7.20 for CNY/€ and takes into account the Group’s
latest update of net impact from cost inflation. The guidance
released on February 21, 2022 was a guidance for Faurecia
standalone and didn’t include any effect from the consolidation of
HELLA and any impact from the war in Ukraine or Covid-related
restrictions in China that had not started yet at that time.
INCREASED FINANCIAL FLEXIBILITY TO GET THROUGH THE
CURRENT UNCERTAIN ENVIRONMENT THANKS TO COVENANT RENEGOTIATION,
EXCEPTIONAL SUSPENSION OF DIVIDEND PAYMENT IN 2022 AND UPGRADE OF
ASSET DIVESTMENT PROGRAM
On January 31, 2022, in line with the expected
timeline, Faurecia closed the strategic and transformative
acquisition of HELLA, creating the 7th largest automotive supplier
in the world.
Faurecia now holds 81.5% of HELLA, for which it
paid a total price of €5.4 billion: €0.5 billion was paid in shares
through a Faurecia’s capital increase reserved to the Hueck/Roepke
Family pool (now holding 8.95% of Faurecia’s share capital) and
€4.9 billion was paid in cash to other HELLA shareholders and to
the Family pool for the part not paid in Faurecia shares.
Unexpectedly, on February 24, 2022, the war in
Ukraine started, creating significant uncertainty on market
conditions, mainly for the European automotive industry. Visibility
on the duration and magnitude of this war’s impacts is currently
low, both in terms of volumes and cost inflation.
On top of this low visibility, the pandemic in
China represents an additional risk on volumes in 2022.
In this uncertain environment and to increase
its financial flexibility, Faurecia has proactively renegotiated
its debt covenant with banks. Banks were fully supportive of
Faurecia’s strategy and deleveraging strategy and agreed that debt
covenant will not be tested at June 30, 2022 and will be of 3.75x
at December 31, 2022 (instead of 3.0x) before returning to 3.0x as
from June 30, 2023. This new temporary covenant limit of 3.75x at
year-end has been tailored to offer enough headroom, even in the
current uncertain environment.
Further increasing financial flexibility is the
decision taken by Faurecia to increase its asset divestment program
from a target of €500 million of proceeds to be closed by end 2023
(as indicated in August 2021 when the HELLA acquisition was
announced) to a target of €1 billion of proceeds to be closed by
end 2023.
Lastly, the Board of Directors, at its meeting
held yesterday (April 25, 2022), decided to propose to the next
Shareholders’ meeting to exceptionally suspend dividend payment in
2022 to further contribute to the increase in financial flexibility
(instead of €1 per share as previously announced on February 21,
2022).
NEXT STEPS REGARDING THE REFINANCING OF THE
ACQUISITION OF HELLA AND CONFIRMED DELEVERAGING
STRATEGY
As regards the refinancing of the HELLA
acquisition, given recent market conditions, Faurecia has decided
not to launch a capital increase yet, waiting for more favorable
conditions.
As a reminder, the bridge-to-equity offers time
headroom until mid-February 2023, while the bridge-to-bond offers
even more headroom until mid-August 2023.
This time headroom and the increase in financial
flexibility gained through covenant renegotiation, suspended
dividend and upgraded asset divestment program give comfort to
Faurecia in order to wait for adequate market conditions and launch
the next steps in the refinancing process of the acquisition of
HELLA.
Faurecia is strongly committed to deleverage its
financial structure, post the acquisition of HELLA. Even if the
unexpected current market conditions impose some delay on the short
term vs. the initial plan, Faurecia confirms that it will take all
necessary actions to return as soon as possible to its deleveraging
trajectory.
SAVE THE DATES
- The annual Shareholders’ meeting will be held at Faurecia’s
headquarters, in Nanterre, on June 1, 2022 (instead of June 8,
2022, as previously announced on February 21, 2022). A press
release will be issued shortly to give all relevant details about
this meeting.
- Medium-term 2025 perspectives for FORVIA will be presented at a
Capital Markets Day to be held early November 2022.
Faurecia's Q1 2022 sales presentation is also available on the
Faurecia website: www.faurecia.com
A webcast will be held today at 08:00am (Paris time). If you
wish to follow the presentation using the webcast, please access
the following link:
https://edge.media-server.com/mmc/p/iqimnwdh
A replay will be available as soon as possible. You may also
follow the presentation via conference call:
- France: +33 (0)1 70 95 03 46
- United Kingdom: +44 (0) 2071 928338
- United States: +1 646-741-3167
Confirmation code: 5870436
Financial calendar
June 1,
2022
Annual Shareholders’ Meeting
July 25,
2022:
H1 2022 Results (before market hours)
October 21,
2022:
Q3 2022 sales (before market hours)
Early November, 2022: Capital
Markets Day
Contacts
Pressmedia@forvia.com |
|
|
|
|
Analysts/InvestorsMarc MAILLETHead of Investor
RelationsTel: +33 (0)1 72 36 75 70marc.maillet@forvia.com |
Matthieu FERNANDEZDeputy Head of Investor
RelationsTel: +33 (0)6 22 02 01
54matthieu.fernandez@forvia.com |
|
About Faurecia
Faurecia, company of the Group FORVIA, is a global automotive
technology leader. With 257 industrial sites, 39 R&D centers
and 111,000 employees in 33 countries, Faurecia operates through
four areas of business: Seating, Interiors, Clarion Electronics and
Clean Mobility. In 2021, the Group reported total turnover of €15.6
billion. Faurecia is listed on the Euronext Paris market and is a
component of the CAC Next 20 index. www.faurecia.com
About FORVIA
FORVIA, the world’s seventh largest automotive
technology player, comprises the complementary technology and
industrial strengths of Faurecia and HELLA. With over 300
industrial sites and 66 R&D centers, 150,000 people, including
more than 35,000 engineers across 40+ countries, FORVIA provides a
unique and comprehensive approach to the automotive challenges of
today and tomorrow. Composed of 6 business groups with 24 product
lines, FORVIA is focused on becoming the preferred innovation and
integration partner for OEMs worldwide. The Group provides
solutions for a safe, sustainable, advanced and customized
mobility, FORVIA aims to be a change maker committed to foreseeing
and making the mobility transformation happen. www.forvia.com
DISCLAIMER
This presentation contains certain
forward-looking statements concerning Faurecia. Such
forward-looking statements represent trends or objectives and
cannot be construed as constituting forecasts regarding the future
Faurecia’s results or any other performance indicator. In some
cases, you can identify these forward-looking statements by
forward-looking words, such as "estimate," "expect," "anticipate,"
"project," "plan," "intend," "objective", "believe," "forecast,"
"foresee," "likely," "may," "should," "goal," "target," "might,"
"would,", “will”, "could,", "predict," "continue," "convinced," and
"confident," the negative or plural of these words and other
comparable terminology. Forward looking statements in this document
include, but are not limited to, financial projections and
estimates and their underlying assumptions including, without
limitation, assumptions regarding present and future business
strategies (including the successful integration of HELLA within
the Faurecia Group), expectations and statements regarding
Faurecia's operation of its business, and the future operation,
direction and success of Faurecia's business.
Although Faurecia believes its expectations are
based on reasonable assumptions, investors are cautioned that these
forward-looking statements are subject to numerous various risks,
whether known or unknown, and uncertainties and other factors,
including the ongoing global impact of the COVID-19 pandemic
outbreak and the duration and severity of the outbreak on
Faurecia’s business and operations, all of which may be beyond the
control of Faurecia and could cause actual results to differ
materially from those anticipated in these forward-looking
statements. For a detailed description of these risks and
uncertainties and other factors, please refer to public filings
made with the Autorité des Marchés Financiers (“AMF”), press
releases, presentations and, in particular, to those described in
the section 2."Risk factors & Risk management” of Faurecia's
2021 Universal Registration Document filed by Faurecia with the AMF
on April 6th, 2022 under number D. 22-0246 (a version of which is
available on www.faurecia.com).Subject to regulatory requirements,
Faurecia does not undertake to publicly update or revise any of
these forward-looking statements whether as a result of new
information, future events, or otherwise. Any information relating
to past performance contained herein is not a guarantee of future
performance. Nothing herein should be construed as an investment
recommendation or as legal, tax, investment or accounting
advice.
The historical figures related to HELLA included
in this presentation have been provided to Faurecia by HELLA within
the context of the acquisition process. These historical figures
have not been audited or subject to a limited review by the
auditors of Faurecia. HELLA remains a listed company. For more
information on HELLA, more information is available on
www.hella.com.
This presentation does not constitute and should
not be construed as an offer to sell or a solicitation of an offer
to buy Faurecia securities.
APPENDICES
DEFINITIONS OF TERMS USED IN THIS
DOCUMENT
- Sales growth
Faurecia’s year-on-year sales evolution is made
of three components:
- A “Currency effect”, calculated by applying
average currency rates for the period to the sales of the prior
year,
- A “Scope effect”
(acquisition/divestment),
- And “Growth at constant currencies”.
As “Scope effect”, Faurecia presents all
acquisitions/divestments, whose sales on an annual basis amount to
more than €250 million.
Other acquisitions below this threshold are considered as
“bolt-on acquisitions” and are included in “Growth at constant
currencies”.
In 2021, there was no effect from “bolt-on acquisitions”; as a
result, “Growth at constant currencies” is equivalent to sales
growth at constant scope and currencies also presented as organic
growth.
- Operating income
Operating income is the Faurecia group’s
principal performance indicator. It corresponds to net income of
fully consolidated companies before:
- Amortization of intangible assets acquired in business
combinations;
- Other non-recurring operating income and expense, corresponding
to material, unusual and non-recurring items including
reorganization expenses and early retirement costs, the impact of
exceptional events such as the discontinuation of a business, the
closure or sale of an industrial site, disposals of non-operating
buildings, impairment losses recorded for property, plant and
equipment or intangible assets, as well as other material and
unusual losses;
- Income on loans, cash investments and marketable securities;
Finance costs;
- Other financial income and expense, which include the impact of
discounting the pension benefit obligation and the return on
related plan assets, the ineffective portion of interest rate and
currency hedges, changes in value of interest rate and currency
instruments for which the hedging relationship does not satisfy the
criteria set forth in relationship cannot be demonstrated under
IFRS 9, and gains and losses on sales of shares in
subsidiaries;
- Taxes.
- Adjusted EBITDA
Adjusted EBITDA is Operating income as defined
above + depreciation and amortization of assets; to be fully
compliant with the ESMA (European Securities and Markets Authority)
regulation, this term of “Adjusted EBITDA” will be used by the
Group as of January 1, 2022 instead of the term “EBITDA” that was
previously used (this means that “EBITDA” aggregates until 2021 are
comparable with ‘Adjusted EBITDA” aggregates as from 2022).
- Net cash-flow
Net cash-flow is defined as follow: Net cash
from (used in) operating and investing activities less
(acquisitions)/disposal of equity interests and businesses (net of
cash and cash equivalents), other changes and proceeds from
disposal of financial assets. Repayment of IFRS 16 debt is not
included.
- Net financial debt
Net financial debt is defined as follow: Gross
financial debt less cash and cash equivalents and derivatives
classified under non-current and current assets. It includes the
lease liabilities (IFRS 16 debt).
BREAKDOWN BY QUARTER OF FORVIA 2021 PROFORMA
SALES
as presented in chapter 6 of Faurecia's 2021
Universal Registration Document
Sales in €m (unaudited) |
Q1 2021 |
Q2 2021 |
Q3 2021 |
Q4 2021 |
FY 2021 |
Faurecia 2021 as released |
4,005 |
3,778 |
3,426 |
4,409 |
15,618 |
HELLA
12/2020 - 11/2021 |
1,679 |
1,622 |
1,444 |
1,572 |
6,317 |
Reciprocal operations |
-9 |
-9 |
-9 |
-9 |
-36 |
FORVIA 2021 proforma |
5,675 |
5,391 |
4,861 |
5,972 |
21,898 |
- 2022 04 26 - FORVIA Q1 2022 Sales press release
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