Half Year Results. "Technical perfection, automotive passion" 23 July 2002

Transcription

1 Half Year Results "Technical perfection, automotive passion" 23 July 2002

2 Presentation outline Faurecia in brief 1 st half year: major events 1 st half year: results 2 nd half year: perspectives 2

3 Presentation outline Faurecia in brief 1 st half year: major events 1 st half year: results 2 nd half year: perspectives 3

4 Faurecia: an engineering and services company for the automotive industry 2001 sales 9.6 billion 60,000 employees (30/06/02) 22 R&D centers 150 production sites 27 countries 4

5 The 6 Faurecia modules 5

6 Automotive Seating World ranking 3 European ranking 1 European market share 25% 6

7 Instrument panels World ranking 3 European ranking 1 European market share 37% 7

8 Door panels World ranking 3 European ranking 1 European market share 35% 8

9 Acoustics World ranking 4 European ranking 2 European market share 14% 9

10 Exhaust Systems World ranking 2 European ranking 1 European market share 23% 10

11 Front-end modules World ranking 2 European ranking 2 European market share 10% 11

12 Strategic vision 6 modules + innovation capability Growth above market and return to profitability 12

13 Example of innovation Seat-mounted safety belt with upper seat-back adjustment 13

14 Example of innovation MPV seat 14

15 Example of innovation High integrated door module 16

16 Example of innovation ALES Light weight muffler 19

17 Our capacity for innovation will continue to generate above market growth In billions of euros % p.a

18 Above market growth and return to profitability Financial improvement projects including restructuring of industrial assets and creation of competitive sites 21

19 Creation of new competitive production sites Opening Somain (France) Sochaux (France) Bakov (Czech Rep.) Heilbronn (Germany) Anting (China) Port Elisabeth (S. Africa) Neckarsulm (Germany) Sandouville (France) Porto Real (Brazil) Mulhouse (France) Ben Arous (Tunisia) Nelas ( Portugal) Bragança (Portugal) Walbrzych 1 (Poland) Changchun (China) Cologne (Germany) S. Bernardo/Campo (Br.) Legnica (Poland) Walbrzych 2 (Poland) Deeside (UK) Golçuk (Turkey) Neuenstadt (Germany) Vesoul (France) Vigo (Spain) Daeki (Korea) Closing Tredegar (UK) Nogent/Seine (France) Stanford (UK) Toledo (USA) Stadeln (Germany) Senones (France) Rennes (France) 22

20 Presentation outline Faurecia in brief 1 st half year: major events 1 st half year: results 2 nd half year: perspectives 23

21 Despite the first half year decline in automotive production in Europe In thousands of vehicles First half 2002 Variation 2002/2001 VW Group 1,811 (8.9)% PSA Peugeot Citroën 1,530 (1.6)% Renault Nissan 1,338 (2.4)% Ford Group 1,093 (12.5)% GM Group 830 (14.9)% Fiat Group 740 (11.4)% DaimlerChrysler 750 (2.6)% BMW / Mini % Toyota % Others % TOTAL 8,916 (5.4)% 24

22 Faurecia is achieving above market growth Sales (excl.catalytic converters) +15.1% +19.5% +17.1% European production +2.6% +2.7% +1.7% +0.8% +6.2% % -4.9% -8.1% -2.5% Q Q Q Q Q Q

23 thanks to progress with DaimlerChrysler, GM and Toyota. Sales by OEM in millions of euros First half 2002 Variation 2002/2001 PSA Peugeot Citroën 1,236.5 (7.5)% VW Group 1,130.8 (3.0)% Renault Nissan (0.8)% Ford Group (5.6)% GM Group % DaimlerChrysler % BMW (0.2)% Toyota % Others % Total 4,958.0 (2.0)% 26

24 This growth is supported by major production start-ups Citroën C3 Corsa Brazil Ford Expedition Ford Fiesta (Europe + Brazil) Mercedes E Class Mercedes CLK MPV PSA-Fiat Nissan Primera Opel Vectra Renault Espace Renault Vel Satis 27

25 improving the diversification of Faurecia s customer portfolio Sales first half 2002: 4.9 billion Others BMW 6% 7% 25% PSA Peugeot Citroën Daimler Chrysler GM Group Ford Group 6% 7% 10% 16% 23% VW Group Renault Nissan 28

26 Strong growth for automotive seating Sales First half First half Variation in millions of euros Automotive Seating 1, , % Other modules of the vehicle interior 1, , % Exhaust Systems 1, % excl. sales of cat. converters % Front-end % Total 5, , % excl. sales of cat. converters 4, , % 29

27 Presentation outline Faurecia in brief 1 st half year: major events 1 st half year: results 2 nd half year: perspectives 30

28 Good resistance of the EBITDA Key figures First half Second half First half Variation in millions of euros /H /H Sales 5, , , % +8.9% EBITDA % +18.2% % of sales 6.2% 5.6% 6.1% Operating income % +22.0% % of sales 3.0% 2.3% 2.6% 31

29 Rebound for modules of the Vehicle Interior in millions of euros First half Second half First half Variation /H /H Modules of the Vehicle Interior Sales 3, , , % +12.0% Op. margin (%) 3.3% 2.2% 2.8% Other modules Sales 1, , , % +0.9% Op. margin (%) 2.4% 2.6% 2.1% Total 5, , , % +8.9% Op. margin (%) 3.0% 2.3% 2.6% 32

30 Slight decline in gross margin Income statement in millions of euros First half First half Variation /2001 Sales 5, , % Gross margin % % of sales 8.4% 8.1% R&D expenses Gross % Net % % of sales 2.8% 2.4% SG&A expenses % % of sales 2.6% 3.1% Operating income % % of sales 3.0% 2.6% 33

31 Net income at breakeven Income statement in millions of euros First half First half 2001* 2002 Operating income Net financial expenses (51.9) (45.1) Other net income and (expenses) (3.5) (2.6) Tax (30.0) (24.6) Net income of consolidated companies Income from associated companies Goodwill amortization (50.9) (54.7) Net income before minority interests Minority interests (12.7) (7.3) Net income (Group share) Net income per share ( ) before goodwill amortization * pro forma 34

32 Control of net debt Cash flow in millions of euros First half First half Year 2001* * Cash flow (Increase)/decrease in working capital (15.6) Cash flow from operations Capital expenditure (208.8) (181.9) (438.2) Others (8.4) 40.0 (61.6) (Increase)/decrease of net financial debt (7.4) (87.6) Net financial debt (as at period end) (1,647.5) (1,644.7) (1,761.3) Cash flow per share (in ) * pro forma 35

33 Stability of gearing Consolidated balance sheet in millions of euros 31/12/01 30/06/02 31/12/01 30/06/02 Current assets 2, ,340.7 Inventories Fixed assets (net) 1, ,713.4 Goodwill 1, ,886.0 Current liabilities 2, ,854.7 Net financial debt 1, ,644.7 Retirement liabilities Other non-current liabilities Minority interests Shareholders equity 2, ,996.1 Total assets 6, ,931.3 Total liabilities and equity 6, ,931.3 Shareholders equity per share (in ) GEARING

34 Presentation outline Faurecia in brief 1 st half year: major events 1 st half year: results 2 nd half year: perspectives 37

35 European automotive production in decline Production volume forecasts 2002 / 2001 First half Second half Year Europe (5.4)% (2.6)% (4.1)% North America +4.7% +3.2% +4.0% Mercosur (14.6)% (5.1)% (10.3)% 38

36 but sales should rise by at least 5% Start-ups Audi A8 BMW Z4 Chevrolet Savana Ford Connect Renault Mégane Saab 9-3 Saturn Ion Seat Cordoba VW Touareg VW Polo Brésil Citroën Picasso and Berlingo Partner Opening of new sites Legnica (Poland) Golçuk (Turkey) Walbrzych 2 (Poland) 39

37 "Technical perfection, automotive passion"