Faurecia has posted 2021 sales up 8.1% to EUR15.6bn (US$17.7bn).
“2021 was a foundational year for Faurecia,” said Faurecia CEO, Patrick Koller. “Firstly, the successful spin-off from PSA/Stellantis significantly increased our free float, enlarged our international shareholder base and enhanced share liquidity. Secondly, we launched the acquisition of a majority stake in Hella, a strategic and transformative investment that was successfully closed within five months.
“For the full year, we achieved another strong sales outperformance, solid operating leverage and significant cash generation. This was in spite of the acute semiconductor shortage, unprecedented OEM production volatility with widespread Stop & Go disruption and one launch issue in North America.
“We also recorded a solid order intake, leading to a cumulative EUR75bn received over the past three years, including significant awards in key business segments such as Electronics and Hydrogen.
“2022 will continue to be impacted by the semiconductor shortage, which should begin to ease from the second half of the year. In this context, we will continue our strict cost control and focus on operational efficiency to drive continuous improvement in our financial performance.
“Our most exciting challenge for 2022 will be the great opportunity to combine our operations and teams with Hella to create a powerful Group, which is far more than the sum of the two pre-existing companies. Forvia is now fully on track to deliver on its ambitions.”
Assuming worldwide automotive production recovers to 78.7m vehicles in 2022, Faurecia’s stand-alone full-year 2022 guidance is as follows:
- Sales between EUR17.5bn and EUR18bn
- Operating margin between 6% and 7%, with H2 close to pre-Covid levels
- Net cash flow of c.EUR500m before Hella acquisition impact