October 16, Q Sales

Transcription

1 October 16, 2014 Q Sales

2 Q Sales +6.5% or +6.8% like-for-like* Turnover in m +6.5% 4, % (5.0%) +6.6% 4, Total Sales +6.5% +6.8% 3,130 3,336 Product Sales +6.6% +7.4% Currencies had a slight negative impact of 11m or 0.3% on total sales and of 14m or 0.5% on product sales Q Q Monoliths Development, Tooling, Prototypes Product Sales 2 * Like-for-like: At constant exchange rates and scope

3 Very strong growth in Europe, Positive momentum is materializing in North America Product sales by region in m 1,651 1, % +9.4% Europe +2% 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%*) Q Q LV Production ** Q Q North America +8% +2.4% +2.9% LV Production ** 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 * Like-for-like: At constant exchange rates and scope ** Faurecia estimates as of October 13, 2014

4 Strong growth in Asia and sharp contraction in South America Product sales by region in m Asia In Asia, light vehicle production increased by 4%** and by 10%** in China Q Q % +17.8% +4% LV Production ** 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 Q Q % South America -17.0% -20% LV Production ** 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%**. 4 * Like-for-like: At constant exchange rates and scope ** Faurecia estimates as of October 13, 2014

5 Positive momentum starting for Automotive Seating Temporary slowdown for Emissions Control Technologies Product sales by business group in m 1,095 1,164 Q Q % +7.0% 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 Q Q % +3.7% 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 * Like-for-like: At constant exchange rates and scope

6 Strong growth for Interior Systems and for Automotive Exteriors Product sales by business group in m % +11.3% 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, ) Q Q In Asia product sales rose 34%* % +7.4% 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%* Q Q * Like-for-like: At constant exchange rates and scope

7 9M 2014 sales

8 9M 2014 sales +2.5% or +4.8% like-for-like* Turnover in m +2.5% 13,382 2,061 1, % (3.7%) +1.5% 13,714 2,274 1,014 Total Sales +2.5% +4.8% 10,268 10,426 Product Sales +1.5% +4.3% Currencies had an overall negative impact of 295m or 2.2% on total sales and of 237m or 2.3% on product sales 9M M 2014 Monoliths Development, Tooling, Prototypes Product Sales 8 * Like-for-like: At constant exchange rates and scope

9 Strong growth in Europe, Still penalized by H1 decline in North America Product sales by region in m 5,921 Europe 5,535 In Europe (excl. Russia) light vehicle production increased by 6%** after 9M. +7.0% +7.5% +6% Faurecia outperformed European light vehicle production, driven mainly Renault-Nissan (+12%*), Ford (+17%*) and Daimler (+52%*) 9M M 2014 LV Production ** North America 2,830 2, % -5.9% +5% 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%* 9M M 2014 LV Production ** 9 * Like-for-like: At constant exchange rates and scope ** Faurecia estimates as of October 13, 2014

10 Strong growth in Asia over 20% and sharp contraction in South America Product sales by region in m Asia 1,222 1,430 9M M % +20.7% +5% LV Production ** 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%. South America In South America light vehicle production contracted by 18%** M M % -11.0% -18% LV Production ** 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. 10 * Like-for-like: At constant exchange rates and scope ** Faurecia estimates as of October 13, 2014

11 Automotive Seating is in a transition year Emissions Control Technologies is growing fast Product sales by business group in m 3,686 3,631 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. 9M M % +0.8% Automotive Seating will experience a solid growth in Q and also in 2015 and 2016 thanks to new program launches mainly for Renault-Nissan, GM, Ford and PSA. 2,507 2,540 9M M % +5.3% 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 11 * Like-for-like: At constant exchange rates and scope

12 Strong growth for Interior Systems and Automotive exteriors is in line with the Group Product sales by business group in m 2,841 2,970 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%*. +4.5% +7.7% 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, ) 9M M 2014 In Asia product sales rose 51%* driven by Ford (+39%*) 1,233 1, % +4.8% Automotive Exteriors grew its product sales by 4.8%* mainly driven by Europe (+6%*) with sales to Daimler up 51%* and to Ford (+15%*). 9M M * Like-for-like: At constant exchange rates and scope

13 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

14 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

15 Q Highlights The board of directors met on October 16, 2014 and reviewed Q3 sales and the prospects for the fourth quarter. 15

16 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 Europe incl. Russia Europe Q3 was stable with Russia and Ukraine down 15%. +5% +3/4% North America Faurecia is expecting light vehicle production in North America to continue to grow South America Worse than -10% Faurecia / IHS Automotive, October 2014 China +8/9% 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% 16

17 Back-Up Legal statement Q in m Sales by type Product Monoliths R&D & Tooling Total Automotive Seating 1, ,230.6 Emissions Control Technologies ,615.7 Interior Systems ,105.4 Automotive Exteriors Total 3, ,385.6 Q Organic Q Reported Currencies Reclassification (like-for-like)* Reported Product sales 3, ,336.3 Var in % -0.5% -0.3% 7.4% 6.6% Total sales 4, ,385.6 Var in % -0.3% 0.0% 6.8% 6.5% 17 * At constant exchange rates and scope

18 Back-Up Legal statement in m Q Q Var in % Var in % Reported Total sales Automotive Seating 1, , % 7.1% Emissions Control Technologies 1, , % 5.7% Interior Systems 1, , % 9.7% Automotive Exteriors % 2.8% Total 4, , % 6.8% Product sales Automotive Seating 1, , % 7.0% Emissions Control Technologies % 3.7% Interior Systems % 11.3% Automotive Exteriors % 7.4% Total 3, , % 7.4% 18 * At constant exchange rates and scope

19 Back-Up Legal statement Product sales by region in m Q Q Var in % Var in % Var in % Reported LV production** Europe North America Asia South America Rest of the World Total 1, , % 9.4% +2%*** % 2.9% +8% % 17.8% +10% % -17.0% -20% % 25.5% NS 3, , % 7.4% +3% 19 * At constant exchange rates and scope ** Faurecia estimates, October 13, 2014 *** Europe excl. Russia

20 Back-Up Legal statement 9M 2014 in m Sales by type Product Monoliths R&D & Tooling Total Automotive Seating 3, ,861.2 Emissions Control Technologies 2, , ,944.4 Interior Systems 2, ,473.3 Automotive Exteriors 1, ,435.0 Total 10, , , , M 2013 Organic 9M 2014 Reported Currencies Scope Reclassification (like-for-like)* Reported Product sales 10, ,425.8 Var in % -2.3% -0.2% -0.3% 4.3% 1.5% Total sales 13, ,713.9 Var in % -2.2% -0.1% 0.0% 4.8% 2.5% 20 * At constant exchange rates and scope

21 Back-Up Legal statement in m 9M M 2014 Var in % Var in % Reported Total sales Automotive Seating Emissions Control Technologies Interior Systems Automotive Exteriors Total Product sales Automotive Seating Emissions Control Technologies Interior Systems Automotive Exteriors Total 3, , % 2.0% 4, , % 7.0% 3, , % 6.2% 1, , % 2.5% 13, , % 4.8% 3, , % 0.8% 2, , % 5.3% 2, , % 7.7% 1, , % 4.8% 10, , % 4.3% 21 * At constant exchange rates and scope

22 Back-Up Legal statement Product sales by region in m 9M M 2014 Var in % Var in % Var in % Reported LV production** Europe North America Asia South America Rest of the World Total 5, , % 7.5% +6%*** 2, , % -5.9% +5% 1, , % 20.7% +5% % -11.0% -18% % -0.4% NS 10, , % 4.3% +4% 22 * At constant exchange rates and scope ** Faurecia estimates, October 13, 2014 *** Europe excl. Russia

23 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 We have restated 2013 figures accordingly. Sales by type in m Q Reclassification Q M 2013 Reclassification 9M 2013 Reported Restated Reported Restated Product Monoliths R&D, Tooling, Prototypes & Other Total 3, , , , , , , , , , , ,382.0 Emissions Control Technologies Sales in m Product Monoliths R&D, Tooling, Prototypes & Other Total Q Reported ,525.9 Reclassification Q M 2013 Reclassification 9M 2013 Restated Reported Restated , , , , , , ,

24 Back-Up Legal statement Reclassification: Impact on product sales by region Product sales Q Q M M 2013 Reclassification Reclassification by region in m Reported Restated Reported Restated Europe 1, , , ,522.1 North America , ,822.8 Asia , ,216.7 South America Rest of World Total 3, , , ,

25 Contact & Share data Investor Relations Eric-Alain Michelis 2, rue Hennape Nanterre France Share Data Bloomberg Ticker: Reuters Ticker: Datastream: ISIN Code: EO:FP EPED.PA F:BERT FR Tel: Cell: Fax: eric-alain.michelis@faurecia.com Web site: ADR Data Ticker: Ratio: Agent: FURCY 2 ADRs for 1 share Citi Group Bonds ISIN Codes Results bonds & 2014 : Objectives XS February 12, bonds : XS convertible : FR

26 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

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