Component manufacturer, Faurecia, will cancel its dividend for 2012 as the company looks to increase cash generation to drive its performance this year.

Unveiling its 2012 results, Faurecia posted consolidated net income (Group share) of EUR142m with total sales up 7.3% to EUR17.4bn, while second half sales rose 7% to EUR8.6bn.

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“In 2012, Faurecia continued to show strong growth in particular in North America with an increase in sales of 41% and in Asia with an increase of 24%,” said Faurecia chairman and CEO, Yann Delabriere.

“We accelerated the geographical re-balancing of sales as well as the diversification of the customer base.

“We continue to have a very strong commercial momentum as demonstrated by the record order intake of EUR17.8bn. The action plans we have underway to offset the ongoing drop in European vehicle production and focus on cash generation will enable us to see an improvement in our performance in 2013.”

A snapshot of Europe’s difficulties can be gauged by product sales totalling EUR7.41bn for the Continent, compared to EUR7.86bn in 2011, representing a decline of 6%, in line with the drop in automotive production.

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During the second half, product sales fell 7%, to EUR3.42bn.

However, in North America, product sales reached EUR3.65bn, a 41% increase compared to the 2011 figure of EUR2.58bn, outpacing the 17% rise in automotive production.

This performance was buoyed by the acquisition of Saline and the development of Faurecia’s commercial vehicles business with Cummins. Product sales in the second half of 2012 rose 44% to EUR1.95bn.

In Asia, product sales stood at EUR1.39bn, versus EUR1.12bn posted in 2011, representing an increase of 24%, with automotive production up 12%.

Product sales in China increased 25% to EUR1.1bn.