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Faurecia SE — Earnings Release 2010
Apr 19, 2010
1321_iss_2010-04-19_7656f88c-97b9-4972-8a4c-2cd7e0a26bef.pdf
Earnings Release
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Press release
Nanterre, April 19, 2010
First-quarter sales 2010
- Product sales up 41%*:
- o 92%* increase in Asia;
- o 68%* increase in North America;
- o 31%* increase in Europe.
Upward revision of first-half growth forecasts.
* Sales excluding monoliths, tooling and development for third parties like-for-like and at constant exchange rates.
Faurecia's consolidated sales for the first quarter of 2010 stood at 3,202 million euros, up by 59.5%. It includes 533 million euros from Emcon (up 33% at constant exchange rates), consolidated since January 1, 2010. On a like-for-like basis, first-quarter growth stood at 32.2%.
GROUP SALES
Product sales are a good indication of activity—comprising delivery of parts and components to automakers—and were up 40.7% (at constant exchange rates and on a comparable basis) in relation to the first quarter of 2009, totaling 2,534 million euros. These integrate 271 million euros generated by Emcon, up 41% (at constant exchange rates and on a comparable basis) versus the first quarter of 2009.
| Million euros (EUR) | Q1 2010 | Q1 2009 | Change* |
|---|---|---|---|
| Product Sales | 2,534 | 1,603 | 40.7% |
| Automotive Seating | 1,062 | 778 | 36.7% |
| Interior Systems | 670 | 454 | 46.3% |
| Emissions Control Technologies | 563 | 190 | 46.1% |
| Automotive Exteriors | 239 | 181 | 32.9% |
* like-for-like and at constant exchange rates
Press release
Sales of monoliths, included in exhaust system catalytic converters, stood at 487 million euros, up 26.6% (at constant exchange rates and on a comparable basis). The drop in precious metal prices included in monoliths partially compensates the increase in volumes delivered.
Billing for development, tooling and prototype costs totaled 181 million euros, down 23.8% versus the first quarter of 2009, which saw high billing for General Motors and Chrysler.
SALES BY REGION
Product sales for key regions in the first quarter of 2010 were as follows:
- In Europe, product sales totaled 1,766 million euros, up 31.1%* in line with automotive production for the period;
- In North America, product sales stood at 422 million euros, up 68.3%*;
- In South America, product sales totaled 111 million euros, up 40.0%*;
- In Asia, product sales stood at 193 million euros, up 91.6%*. (88.2%* in China and 99.0%* in South Korea).
* at constant exchange rates and on a comparable basis
SALES BY ACTIVITY
Note: variations at constant exchange rates and on a comparable basis.
Automotive Seating
Product sales totaled 1,062 million euros, an increase of 36.7 %:
- up 25.2% in Europe;
- up 78.1% in North America;
- up 84.1% in South America, driven by sales of the Peugeot 206 and Renault Logan Sandero;
- up 121.2% in Asia, boosted by the launch of the Citroën C4 and healthy sales for the Nissan Teana and the Volkswagen Golf.
Interior Systems
Product sales stood at 670 million euros, up 46.3% on a comparable basis:
- up 43.6% in Europe, with the launch of the new Citroën C3 and sales of the Ford Fiesta and Mercedes S-Class;
- up 55.7% in North America;
- up 34.8% in South America;
- up 73.9% in Asia.
Emissions Control Technologies
Product sales totaled 563 million euros, an increase of 46.1%:
- up 27.6% in Europe;
- up 67.7% in North America;
- up 19.8% in South America;
- up 74.2% in Asia (82.5% in China and 57.6% in South Korea).
Automotive Exteriors
Product sales totaled 239 million euros, up 32.9%. Significantly, 97% of product sales came from Europe.
OUTLOOK FOR THE FIRST HALF OF 2010
First-quarter sales have led Faurecia to an upward revision of its growth prospects for the first half 2010, initially forecast at 15%.
Given the level of activity expected in the second quarter, growth in product sales should reach 28-30%, at constant exchange rates and on a comparable basis.
Faurecia is one of the world's leading (# 5 worldwide) automotive equipment suppliers with four key Business Groups: Automotive Seating, Emissions Control Technologies, Interior Systems and Automotive Exteriors. In 2009, the Group posted sales of 9.3 billion euros. It employs 62,000 people in 32 countries at 200 sites and 33 R&D centers. Faurecia is listed on the NYSE Euronext Paris stock exchange. For more information visit: www.faurecia.com
Contacts: Media Olivier Le Friec Manager Media Relations Tel: +33 (0)1 72 36 72 58 Mob: +33 (0)6 76 87 30 17 [email protected] Analysts/Investors Eric-Alain Michelis Vice President Investor Relations Tel: +33 (0)1 72 36 70 94 Mob: +33 (0) 6 64 64 61 29 [email protected]
ANNEXE
| Sales | |
|---|---|
| ------- | -- |
| Million euros (EUR) | Q1 2010 | Q1 2009 | Change* |
|---|---|---|---|
| Consolidated sales | 3,202 | 2,008 | 32.2% |
| of which Product sales | 2,534 | 1,603 | 40.7% |
| of which Monolith sales | 487 | 184 | 26.6% |
| of which Development, Tooling and Prototype costs for third parties |
181 | 221 | -23.8% |
* at constant exchange rates and on a comparable basis
| Pro-forma sales | |||
|---|---|---|---|
| Million euros (EUR) | Q1 2010 | Q1 2009 | Change* |
| Consolidated sales | 3,202 | 2,008 | 32.2% |
| of which : Faurecia | 2,670 | 2,008 | 32.0% |
| of which : Emcon Technologies | 532 | 396 | 33.0% |
| Product Sales | 2,534 | 1,792 | 4.% |
| of which : Faurecia | 2 264 | 1 603 | 40.7% |
| of which : Emcon Technologies | 270 | 189 | 41.0% |
| Monolith Sales | 487 | 375 | 26.6% |
| of which : Faurecia | 244 | 184 | 26.6% |
| of which : Emcon Technologies | 243 | 191 | 26.6% |
| Development, Tooling & Prototype Sales | 181 | 237 | -23.8% |
| of which : Faurecia | 162 | 221 | -26.7% |
| of which : Emcon Technologies | 19 | 16 | 16.2% |
* at constant exchange rates and on a comparable basis
Product sales by region
| Million euros (EUR) | Q1 2010 | Q1 2009 | Change* |
|---|---|---|---|
| Product Sales | 2,534 | 1,603 | 40.7% |
| of which : Europe | 1,766 | 1,269 | 31.1% |
| of which : North America | 422 | 185 | 68.3% |
| of which : South America | 111 | 45 | 40.0% |
| of which : Asia | 193 | 93 | 91.6% |
| of which : China | 157 | 80 | 88.2% |
* at constant exchange rates and on a comparable basis