2021 guidance adjusted to reflect major revision by IHS Markit of worldwide automotive production forecast for H2 2021
23 Setembro 2021 - 03:14AM
2021 guidance adjusted to reflect major revision by IHS Markit of
worldwide automotive production forecast for H2 2021
Nanterre (France), September 23, 2021
2021 GUIDANCE ADJUSTED TO REFLECT MAJOR
REVISION BY IHS MARKIT OF WORLDWIDE AUTOMOTIVE PRODUCTION
FORECAST FOR H2 2021
The latest forecast for worldwide
automotive production, released last Thursday by IHS Markit,
reflected a strong reset of the expected figures for H2 2021. This
sharp reduction is primarily attributable to a higher than expected
impact from semiconductor shortage that creates high volatility in
OEM programs.
Worldwide automotive production1 for H2 2021 is
now estimated by IHS Markit at:
- 34.5 million vehicles for H2 2021 (of which
16.1 million in Q3 and 18.4 million in Q4) vs. 39.3 million
vehicles in the previous forecast dated August (of which
18.1 million in Q3 and 21.2 million in Q4),
resulting in FY 2021 worldwide automotive
production now estimated at:
- 72.0 million vehicles for FY 2021 vs. 76.8 million
vehicles in the previous forecast dated August.
Faurecia’s financial guidance for 2021 was
explicitly based on the assumption of 76.6 million vehicles
produced in the full year, i.e. 39.1 million vehicles produced in
H2 2021.
Due to current high volatility and,
consequently, low reliability of OEM programs (collected through
EDI) and taking into account the sharp reduction by 4.8 million
vehicles to be produced in H2 according to the latest forecast of
IHS Markit, which is our reference for the industry, Faurecia
revises its financial guidance for the full year 2021.
Based on the assumption of 72 million vehicles
produced in the full year 2021, Faurecia now targets:
- Sales of c. €15.5bn with strong organic sales
outperformance > +600bps (vs. previous guidance of ≥
€16.5bn with strong organic sales outperformance > +600bps)
- Operating margin between 6.0% and 6.2% of
sales (vs. previous guidance of c. 7% of sales)
- Net cash flow of c. €500m and net debt-to-EBITDA ratio
≤ 1.5x at year-end (vs. previous guidance of net cash flow
> €500m and net debt-to-EBITDA ratio < 1.5x at year-end)
In 2020, with worldwide automotive production at
similar level (71 million vehicles) and sales of €14.5bn,
Faurecia generated an operating margin of 2.9% of sales and net
cash flow of €13 million.
The revised 2021 guidance, adjusted to
reflect the sharp reduction in worldwide automotive production to
72 million vehicles in FY 2021, confirms Faurecia’s strong
operating leverage and effectiveness of resilience
actions.
About FaureciaFounded in 1997,
Faurecia has grown to become a major player in the global
automotive industry. With 266 industrial sites, 39 R&D centres
and 114,000 employees in 35 countries, Faurecia is a global leader
in its four areas of business: seating, interiors, Clarion
Electronics and clean mobility. The Group’s strong technological
offering provides carmakers with solutions for the cockpit of the
future and sustainable mobility. In 2020, the Group reported total
turnover of €14.7 billion. Faurecia is listed on the Euronext Paris
market and is a component of the CAC Next 20 index. Find out more
at: www.faurecia.com
Press contact |
Analysts/Investors contact |
Eric Fohlen-WeillCorporate Communications DirectorTel.: +33 (0)1 72
36 72 58eric.fohlen-weill@faurecia.com |
Marc MailletInvestor Relations Vice PresidentTel.: +33 (0)1 72 36
75 70marc.maillet@faurecia.com |
|
Matthieu FernandezDeputy Investor RelationsTel.: +33 (0)6 22
02 01 54matthieu.fernandez@faurecia.com |
1 IHS Markit forecast dated September, as
usually restated by Faurecia, i.e. vehicles segment in line with
CAAM China (excluding vehicles > 3.5t)
- 2021 09 23 Faurecia Press Release GB vdef
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