Faurecia’s Board of Directors met today to review the 2012 unaudited estimated earnings. Sales, operating income and net income are in line with the Group’s guidance. However, net financial debt was above guidance at EUR 1.8 billion as a result of the rapid slowdown in automotive production in Europe, in the last two months of the year, resulting in an increase in inventories and a lower level in the sales of receivables.
Total Sales reached EUR 17.4 billion, up 7.3% (+2.0% like-for-like). Product sales*, which stood at EUR 13.3 billion, increased by 7.3% (+1.4% like-for-like). Product sales in Europe were EUR 7.4 billion representing a drop of 5.7% over 2011 (6.9% like-for-like) slightly outperforming light vehicle production. Faurecia outpaced light vehicle production growth in North America, where the Group’s product sales rose by 41.3% (19.2% likefor-like) to reach EUR 3.6 billion, as well as in Asia where product sales grew by 24.3% (13.7% like-for-like) to EUR 1.4 billion.
Operating Income amounted to EUR 514 million or 3% of Total Sales.
Net Income (Group Share) reached EUR 140 million. It takes into account EUR 84m of restructuring charges in order to adapt to falling production levels in Europe.
Net Financial Debt at December 31, 2012 was EUR 1.8 billion. The rapid slowdown in automotive production in Europe, particularly in the last two months of the year, led to an increase in inventories (raw materials and supplies) and a lower level in the sales of receivables.
SUMMARY
Estimated 2012 full-year earnings (EUR)
Total Sales 17.4 billion
Product Sales 13.3 billion
Operating Income 514 million
Net Income 140 million
Net Financial Debt 1.8 billion
Today, Faurecia will hold a conference call hosted by Frank Imbert (CFO) at 12:30pm (EST) i.e. 6:30pm (Paris time). Slides used for this call can be downloaded here.
Dial-in numbers:
France: +33 1 70 48 01 66 UK: +44 20 3140 8286 USA: +1 646 254 3388 Confirmation code: 9287340
Final 2012 results will be published on February 12, 2013 (before market hours) and an analyst meeting will be held at 8:30am (Paris time) at Pavillon Gabriel, 5 avenue Gabriel, 75008 Paris. A webcast on www.faurecia.com and a conference call will also be available.
* Product sales: deliveries of parts and components to automakers.
