Q Sales Michel Favre, CFO. October 22, 2013

Transcription

1 Q Sales Michel Favre, CFO October 22,

2 Total sales up +5.2% like-for-like (+0.8% published) Q3 Total sales by type in m 4,086 4, % Published Like for like* Total sales +0.8% +5.2% 3, ,130 Product sales -2.7% +1.9% Q Q Currencies had an overall negative impact of 165m or 4.0% of total sales Product sales Development, tooling, R&D, other Monoliths *: Like for like (Constant currencies & scope) 2 Currencies had an overall negative impact of 165m or 4.0% of total sales Scope had an overall negative impact of 18.5m or 0.5% of total sales. - During Q3 2013, Faurecia Interior Systems North America transferred the cockpit assembly business of the Louisville (KY) factory to SAS, a non consolidated JV (50% Faurecia / 50% Continental) reducing total sales by 24.5m. - Sora Composites, acquired on July 13, 2012 added 4.0m of total sales to Faurecia Automotive Exteriors in Europe. - Plastal France, is consolidated since August 30, 2012 has added 2.0m of total sales to Faurecia Automotive Exteriors in Europe. Monoliths sales increased 10.8% to 674m. On a like for like* basis the growth rate is 15.0%. R&D, Tooling, Prototypes and other sales rose 20.2% to 313m. On a like for like* basis, sales increased by 23.5%. * Like for like: constant currencies & scope 2

3 Product sales are negatively impacted by currencies Q3 Product sales in m 3,217 (129) Currencies (20) Scope 62 Volume/Mix 3,130 Published -2.7% Like for like* +1.9% Currencies -4.0% Q Q *: Like for like (Constant currencies & scope) 3 Currencies had an overall negative impact of 129m or 4.0% of product sales Scope had an overall negative impact of 19.7m or 0.6% of product sales. - The transfer of the cockpit assembly business of the Louisville (KY) factory to SAS a non consolidated JV (50% Faurecia / 50% Continental) had a negative impact of 24.5m on Faurecia s Interior Systems North American product sales. - Sora Composites, acquired on July 13, 2012 added 3.8m of product sales to Faurecia Automotive Exteriors in Europe. - Plastal France, consolidated since August 30, 2012 has added 1.0m of product sales to Faurecia Automotive Exteriors in Europe. 3

4 Faurecia keeps growing fast in Asia and S. America Change Q / Q Total World: Production : +4% Sales : +2% North America: Production : +6% Sales : -5% Total Europe: Production : +2% Sales : -1% South America: Production : +4% Sales : +27% Asia : Production : +4% (1) Sales : +25% (1) China Production: +8%, Sales: +26% Production: Light vehicles production Source: IHS Automotive (Oct 2013) Sales: Faurecia product sales (like for like) 4 4

5 Europe Expected back to growth in Q4 Q3 Product sales in m 1,675 1, % -1.0% Ford +15%* Jaguar Land-Rover +57%* Published Like for like* Emissions Control +3%* Interior Systems +7%* Q Q Currencies Scope -12m (Pound Sterling, Forint, Ruble, Turkish Lira) 5m (Sora Composites ( 4m) and Plastal France ( 1m)) Estimated light vehicle production: +2% (Source IHS Automotive, October 2013) *: Like for like (Constant currencies & scope) 5 5

6 North America Stabilization and technical factors Q3 Product sales in m Q Q % -5.3% Published Like for like* Positives Nissan +39%* now close to 10% of our North American sales Daimler +39%* full year impact of the 2012 M/G Class Commercial Vehicles +19%* Emissions Control +6%* Currencies Scope -54m (US dollar and Canadian dollar) -25m (Transfer of the Louisville (KY) cockpit assembly business to a non consolidated JV (SAS: 50% Faurecia / 50% Continental) Estimated light vehicle production: +6% (Source IHS Automotive, October 2013) Negatives BMW X5/X6 model change over with less content on new model. X5/X6 is in our Top 5 vehicles in North America Extended summer shutdowns to prepare for model change over (Chrysler, Ford) *: Like for like (Constant currencies & scope) 6 6

7 Asia Continued strong growth Q3 Product sales in m +21.4% +24.9% China +26%* now close to 11% of product sales Ford +103%* close to 15% of our Asian sales Renault-Nissan: 49%* Published Like for like* Emissions Control +27%* Q Q Interior Systems +79%* Currencies -12m (Renminbi, Indian Rupee) Estimated light vehicle production: +4% (o/w China +8%) (Source IHS Automotive, October 2013) *: Like for like (Constant currencies & scope) 7 7

8 South America Strong growth Q3 Product sales in m % Published +26.9% Like for like* Ford +59%* now our largest client in the region VW +30%* Emissions Control +27%* Q Q Interior Systems +34%* Currencies -41m (Brazilian Real, Argentine Peso) Estimated light vehicle production: +4% (Source IHS Automotive, October 2013) *: Like for like (Constant currencies & scope) 8 8

9 Strong growth for Emissions Control Technologies Q3 Product sales by business group in m 3,217 3, % ,177 1,095 Q Q Published TOTAL -2.7% Automotive Exteriors -2.3% Interior Systems Emissions Control -3.8% 4.9% Automotive Seating -7.0% Automotive Seating Emissions Control Technologies Interior Systems Automotive Exteriors *: Like for like (Constant currencies & scope) Like for like* +1.9% -2.7% +3.6% +10.4% -3.5% Scope Negative impact for Interior Systems of 25m Positive impact for Automotive Exteriors of 5m 9 Automotive Seating: Currencies had a negative impact of 42m or 3.5% of product sales. The BMW X5/X6 model changeover was also a burden. Sales to Nissan rose 38%* that is now Automotive Seating s 3rd largest client worldwide. Emissions Control Technologies: Currencies had a negative impact of 43m or 5.5% of product sales. Sales to Ford increased 24%*. Ford is now FECT s largest client. Commercial vehicles sales increased by close to 30%* (28.4%*). Interior Systems: Currencies had a negative impact of 42m or 4.7% of product sales. The cockpit assembly business transfer of the Louisville (KY) factory to SAS, a non consolidated JV (50% Faurecia / 50% Continental) had a negative impact of 25m or 2.8% of product sales. Sales to Ford continued to grow at a rapid pace (+13%*) along with those to Renault-Nissan (+14%*). Automotive Exteriors: Currencies had a small negative impact of 3m (or 0.8% of product sales) as this business group is still mostly in Europe (> 90%). Scope changes were positive by 5m. * Like for like: constant currencies & scope 9

10 2013 guidance is reiterated Sales bn Operating Income Full year improvement confirmed North America improvement to accelerate in H2 Europe fixed cost reduction of 50m positively impacting H2 Asia to continue with high profitability Net cash flow Full year net cash flow positive before restructuring (estimated at 120m) 10

11 2013 Investor Day Paris, Monday November 25 When (Paris time) From 10.30am until 4.30pm Where Pavillon Gabriel Avenue Gabriel Paris France Underground station Concorde To register Send an to: The event will also be available on our website:

12 Backup 9M

13 Total sales up 4.1% 9M Total sales by type in m 12,850 2, % 13,382 2,061 1,053 Published Like for like* Total sales +4.1% +4.3% 9,970 10,268 Product sales +3.0% +2.8% 9M M 2013 Product sales Development, tooling, R&D, other Monoliths *: Like for like (Constant currencies & scope) 13 13

14 Product sales are negatively impacted by currencies but it is offset by scope changes 9M Product sales in m ,268 9,970 (216) 236 Currencies Scope Volume/Mix Published +3.0% Like for like* +2.8% Q Q *: Like for like (Constant currencies & scope) 14 Currencies had an overall negative impact of 216m or 2.2% of product sales Scope had an overall positive impact of 236m or 2.4% of product sales. - Ford Saline (Interior Systems, North America) that was acquired on June 1, 2012 is adding 196.4m of product sales - Borgers/Mecaplast (Interior Systems, Europe) was acquired on March 1, 2012 and is adding 6.9m (of product sales) - Interior Systems North America transferred the cockpit business of the Louisville (KY) factory to SAS, a non consolidated JV (50% Faurecia / 50% Continental) reducing product sales by 24.5m - Sora Composites (Automotive Exteriors, Europe) that was acquired on July 13, 2012 is adding 26.8m (of product sales) - Plastal France (Automotive Exteriors, Europe) that is consolidated since August 30, 2012 is adding 30.4m of product sales 14

15 Faurecia is on the fast track in Asia and S. America Change 9M-2013 / 9M-2012 Total World : Production : +2% Sales : +3% North America : Production : +5% Sales : +3% Total Europe : Production : -2% Sales : -3% South America : Production : +11% Sales : +30% Production: Light vehicles production Source: IHS Automotive Sales: Faurecia product sales (like for like) Asia : Production : +3% (1) Sales : +23% (1) China Production: +11%, Sales: +26% 15 15

16 Product sales increased 3.0% 9M Product sales by region in m 9, % 10,268 1, Published Like for like* 2,659 2,830 TOTAL +3.0% Asia +22.3% +2.8% +23.0% South America +12.4% +29.7% 5,671 5,535 North America +6.5% Europe -2.4% +3.0% -3.1% 9M M 2013 Europe North America South America Asia Other *: Like for like (Constant currencies & scope) 16 Europe: Currencies had a negative impact of 21m (or 0.4% of product sales) Scope is positive by 64m (or 1.1% of product sales) - Borgers/Mecaplast (Interior Systems, Europe) that was acquired on March 1, 2012 is adding 6.9m - Sora Composites (Automotive Exteriors, Europe) that was acquired on July 13, 2012 is adding 26.8m - Plastal France (Automotive Exteriors, Europe) that is consolidated since August 30, 2012 is adding 30.4m North America: Currencies had a negative impact of 81m or 3.0% of product sales Scope had an overall positive impact of 172m or 6.5% of product sales. - Ford Saline (Interior Systems, North America) that was acquired on June 1, 2012 is adding 196.4m - Interior Systems North America transferred the cockpit business of the Louisville (KY) factory to SAS, a non consolidated JV (50% Faurecia / 50% Continental) reducing product sales by 24.5m Asia: Currencies are marginally negative ( 6m) South America: Currencies are largely negative ( 86m) equivalent to 17.3% of product sales 16

17 Solid business growth overall 9M Product sales by business group in m 9,970 1, % 10,268 1,233 Published Like for like* 2,623 2,841 TOTAL +3.0% +2.8% Automotive Exteriors 4.3% -0.2% 2,429 2,507 Interior Systems +8.3% +4.3% Emissions Control +3.2% +6.2% 3,735 3,686 Automotive Seating -1.3% +0.5% 9M M 2013 Automotive Seating Emissions Control Technologies Interior Systems Automotive Exteriors *: Like for like (Constant currencies & scope) 17 Automotive Seating: Currencies are negative by 68m (or 1.8% of product sales) Emissions Control: Currencies have a negative impact of 71m equivalent to 2.9% of product sales Interior Systems: Currencies have a negative impact of 73m (or 2.8%). Scope has an overall positive impact of 179m (or 6.8% of product sales) - Ford Saline (Interior Systems, North America) that was acquired on June 1, 2012 is adding 196.4m - Borgers/Mecaplast (Interior Systems, Europe) that acquired on March 1, 2012 is adding 6.9m - Interior Systems North America transferred the cockpit business of the Louisville (KY) factory to SAS, a non consolidated JV (50% Faurecia / 50% Continental) reducing sales by 24.5m Automotive Exteriors: Currencies are marginally negative ( 4m) while scope is positive by 57m - Sora Composites (Automotive Exteriors, Europe) that was acquired on July 13, 2012 is adding 26.8m - Plastal France (Automotive Exteriors, Europe) that is consolidated since August 30, 2012 is adding 30.4m 17

18 Backup APPENDIX 18 18

19 Scope changes in Q3 & 9M Q in m Company Acquisition Business Group Region Q Q date Product Sales Total Sales Sora Composites 13-Jul-12 Automotive Exteriors Europe 3,8 4,0 Plastal France 30-Aug-12 Automotive Exteriors Europe 1,0 2,0 Louisville (KY) DISPOSAL Interior Systems North America -24,5-24,5 9M 2013 in m Company Acquisition Business Group Region 9M M 2013 date Product Sales Total Sales Borgers/Mecaplast 1-Mar-12 Interior Systems Europe 6,9 8,6 Ford Saline (MI) 1-Jun-12 Interior Systems North America 196,4 203,9 Sora Composites 13-Jul-12 Automotive Exteriors Europe 26,8 33,6 Plastal France 30-Aug-12 Automotive Exteriors Europe 30,4 34,3 Louisville (KY) DISPOSAL Interior Systems North America -24,5-24,5 19

20 Contact & Share / bond data Investor Relations Eric-Alain Michelis 2, rue Hennape Nanterre France Tel: Cell: Fax: eric-alain.michelis@faurecia.com Web site: Share Data Bloomberg Ticker: EO:FP Reuters Ticker: EPED.PA Datastream: F:BERT ISIN Code: FR ADR Data Ticker: FURCY Ratio: 2 ADRs for 1 share Agent: Citi Bonds ISIN Codes 2016 bonds : XS convertible : FR bonds : XS convertible : FR

21 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

22 SMM Web Conf October 22, 2013