Faurecia has recorded annual sales increasing 9.9% to EUR20.7bn (US$11.2bn), with operating income of EUR913m, up 35%.
Key operational achievements were improved industrial performance leading to strong operating leverage in Europe, profitability breakthrough in North America and what Faurecia terms “new normal” conditions in China.
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There was double digit growth for Automotive Seating and a closing the gap for Emissions Control Technologies.
Profitability was “sharply up for Interior Systems, while disposal of Automotive Exteriors was a “major step” in refocusing the business portfolio.
Net debt was almost eliminated through sale of Automotive Exteriors and conversion of the convertible bond.
“In 2015, Faurecia achieved a solid performance with confirmed momentum in the second half and all guidances were exceeded for both fiscal year and second half,” said Faurecia chairman and CEO, Yann Delabrière,
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By GlobalData“A breakthrough in profitability was achieved in both semesters but especially in the second half when operating margin reached 4.8% already within the 2016 target range. In North America, profitability in the second half was above 5% largely surpassing the 2016 target.
“In December, Faurecia announced a major step in refocusing its portfolio with the disposal of Automotive Exteriors.
“It enhances our financial flexibility to accelerate investments in high added-value technologies.”
