Faurecia has posted a half-year operating income loss of EUR114m (US$134m), including EUR20m of COVID-19-related one-offs, while sales fell from EUR8.97bn to EUR6.17bn.
“In the current unprecedented crisis due to COVID-19, Faurecia is demonstrating agility and resilience,” said Faurecia CEO, Patrick Koller.
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“Since the very beginning, we have focused on three priorities. The health of our employees and the creation of the right conditions for the safe restart of production were our top priority. Secondly, we closely managed the Group’s liquidity and implemented all the necessary measures to maintain a sound financial structure. Thirdly, we took quick actions to improve our resilience, on top of what has been achieved since mid-2018.
“At the same time, we strengthened our relationships with customers, as shown by our strong order intake and numerous customer recognition awards and we continued the deployment of our strategy. I would like to thank the whole Faurecian community for its commitment during this extremely difficult period.
“The accelerated deployment of our key resilience initiatives and additional structural actions will allow us to further increase resilience and return to solid profit and cash generation in the second half of the year.
“In the medium term, our focus on key priorities in the new post-COVID market environment, gives us confidence in our ability to achieve our profitability and cash generation ambition for 2022.”
