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.

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,

“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.”