FORVIA THIRD-QUARTER 2023 SALES
NANTERRE (FRANCE)OCTOBER 20, 2023
THIRD-QUARTER 2023 SALES
STRONG OUTPERFORMANCE AND ORGANIC GROWTH,
ROBUST ORDER INTAKE
MAINTAINING FOCUS ON CASH GENERATION
WHILE ACCELERATING DELEVERAGING THROUGH:
- TIMELY COMPLETION OF THE €1BN DISPOSAL
PROGRAM
- LAUNCH OF AN ADDITIONAL €1BN DISPOSAL
PROGRAM
GROUP (in €m) |
|
|
Q3 2022* |
Currency |
Organic |
Q3 2023 |
Reported |
|
|
|
|
effect |
growth |
|
change |
Worldwide auto. production (m units)** |
21 513 |
|
|
22 318 |
3,7% |
Sales |
|
|
6 370 |
-524 |
683 |
6 528 |
2,5% |
|
|
% of last year's sales |
|
-8,2% |
+10.7% |
|
|
|
|
outperformance (bps) |
|
|
700bps |
|
|
*
Restated for SAS (part of the "Interiors" Business Group),
presented as Discontinued operations as from January 1, 2022 |
|
**
Source: S&P Global Mobility dated October 2023 |
|
|
|
|
|
·ORGANIC GROWTH OF +10.7%, REFLECTING
ROBUST OUTPERFORMANCE IN ALL BUSINESS GROUPS AND REGIONS
o Global outperformance of
700bps, driven by outperformance in China of 1,210bps
·ROBUST ORDER INTAKE IN Q3
o Nine-month order intake
amounted to €22 billion, with average profitability above POWER25
objectives
o Selectivity in order intake
allows significant reduction in upfront expenses
·COMPLETION OF THE €1BN DISPOSAL
PROGRAM
o All remaining deals to be
closed by end 2023 were timely closed, leading to more than €1
billion of cash proceeds, in line with the objective
·LAUNCH OF AN ADDITIONAL €1BN DISPOSAL
PROGRAM TO ACCELERATE DELEVERAGING BEYOND THE POWER25 OBJECTIVE
o The recently-announced
divestment by HELLA of its 50% stake in BHTC is the first
transaction of this new program
·FY 2023 GUIDANCE CONFIRMED
o Sales between €26.5 billion and
€27.5 billion,
o Operating margin between 5.2%
and 6.2% of sales,
o Net cash flow > 1.5% of
sales,
o Net debt/Adj. EBITDA ratio
between 2.0x and 2.2x at December 31, 2023.
Patrick KOLLER, Chief Executive Officer
of FORVIA, declared:
“The third quarter marked a new step towards
FORVIA’s POWER25 objectives.
The Group maintained strong organic growth and
outperformed automotive production across all Business Groups and
Regions, in an environment that remains volatile and
characterized by new risks, such as the evolution of the UAW strike
in the US that started in September.
Our order intake is robust and continues to
support the Group’s future profitability growth and cash
generation.
During the quarter, we have successfully
completed our one-billion euros asset disposal program with the
closing of the three remaining transactions.
In a context of persistent inflation and high
interest rates, we announce today the launch of an additional
one-billion euros disposal program to accelerate the reduction of
our debt and financial expenses. This new program will further
strengthen and simplify our portfolio and, along with continuous
improvement in cash flow generation from operations, accelerate the
Group’s deleveraging beyond the POWER25 objective.”
- The Board of Directors, under the chairmanship of
Michel de ROSEN, met on October 18 and reviewed the present press
release.
- All financial terms used in this press release are
explained at the end of this document, under the section
“Definitions of terms used in this document”.
- IFRS 5 – Discontinued operations
Faurecia’s SAS Cockpit Modules division
(assembly and logistics services), that was part of the “Interiors”
Business Group and whose disposal was announced on February 19,
2023 and now effective, is presented as Discontinued operations.
Impacts on the Group’s 2022 consolidated figures are presented in
Appendix, at the end of this document.
- All figures related to worldwide or regional automotive
production refer to the S&P Global Mobility forecast dated
October 2023.
ACCELERATING
DELEVERAGING BEYOND THE POWER25 OBJECTIVE
Completion in Q3 of the €1bn disposal
program executed according to plan and with good
valuations
On October 2, FORVIA closed the sale of its
commercial vehicle aftertreatment business in Europe and North
America to Cummins, thus reaching the last step to close in due
time the execution of its disposal program announced in April 2022
and targeting €1 billion cash proceeds by end 2023.
This program was designed to reduce the Group’s
debt, increased by the acquisition of a majority stake in HELLA,
early February 2022.
It was achieved in less than 15 months and
comprised of:
- c. 40% from operations related to non-consolidated
joint ventures: the sale by HELLA of its 33% stake in HBPO
to its co-shareholder Plastic Omnium (closed in 2022) and the entry
of Stellantis into the capital of Symbio, previously held 50/50
with Michelin and now held in equal stake by the three companies
(closed in Q3 2023),
- c. 60% from divestments of consolidated non-strategic
assets to automotive industrial players: the sale of the
Indian Interiors business to TAFE (closed in 2022), the sale of the
SAS Cockpit Modules division to the Motherson group (closed in Q3
2023) and, lastly, the sale of the commercial vehicle
aftertreatment business in Europe and North America to Cummins
(closed on October 2).
These three consolidated non-strategic assets
represented combined sales of c. €1.3 billion on an annual
basis.
All operations carried out under this program
have strengthened the Group’s focus on its strategic priorities and
were executed with good valuations. Combined cash proceeds slightly
exceeded the €1 billion target, with c. €320 million in 2022 and c.
€700 million in 2023.
Launch of an additional €1bn disposal
program to accelerate deleveraging
FORVIA announces today the launch of a new
disposal program for €1 billion.
This program will further strengthen and
simplify the Group’s portfolio, as well as accelerate deleveraging
beyond the POWER25 objective.
In a context of interest rates that are expected
to remain high for a longer period, this additional disposal
program will contribute to significantly reduce debt and financial
expense.
The expected impact of this program on the
Group’s consolidated sales and EBITDA is limited.
The POWER25 objective of improvement in net cash
flow generation to 4% of sales in 2025 will be achieved through
operating leverage, synergies, capex and R&D control and
inventory reduction.
The first step of this new program is the
recently-announced disposal by HELLA of its 50% stake in BHTC,
co-owned with MAHLE, for a total enterprise value of €600 million
(€300 million for each of the two co-owners). The transaction is
subject to approval by the relevant foreign trade and antitrust
authorities and closing is expected to take place by mid-2024.
OTHER MAIN
RECENT EVENTS
Effective end of the Michigan Seating
operations for the Grand Wagoneer at the end of September, as
planned
FORVIA and the Chinese carmaker CHERY
join forces for smart cockpit development
- FORVIA and CHERY will jointly develop a smart cockpit software
and a hardware platform integrating FORVIA’s products and
technologies, to be integrated in CHERY vehicles and create an
in-vehicle and out-vehicle systematic, integrative, and intelligent
brand-new user experience.
- Both companies will establish ‘dual-carbon’ and ESG goals,
jointly promoting green and sustainable development.
Inauguration in Allenjoie (France) of
the first mass production plant of hydrogen storage tanks early
October
- This plant will serve the automotive and hydrogen distribution
& storage industries for the European market:
- Capacity of 100,000 tanks per annum by 2030
- Best-in-Class 4.0 industrial site
- FORVIA is the 1st automotive supplier in the world to have
production footprint across major regions including Europe, China,
South-Korea and soon in North America.
NINE-MONTH
ORDER INTAKE OF €22 BILLION WITH AVERAGE PROFITABILITY ABOVE
POWER25 OBJECTIVES
In Q3, FORVIA continued to record strong order
intake, totaling €22 billion since the start of the year.
Order intake further reinforces the Group’s
exposure to fast-growing segments and geographies:
- €5.0bn in China, representing 23% of the
Group’s total order intake, mainly reflect the strengthening of the
partnership with BYD and new awards with other Chinese OEMs. The
share of Chinese OEMs within total China order intake rose from 53%
of the 2022 first-nine months Group’s order intake to 65% in the
same period in 2023,
- €5.6bn in Electronics, representing 26% of the
Group’s total order intake, highlight the strength of HELLA’s
portfolio of technologies,
- €10.5bn in Electric Vehicles (EVs + FCEVs),
representing 48% of the Group’s total order intake, up 5 points
compared to 2022,
- €11.1bn in Premium & SUVs, representing
more than 51% of the Group’s, included major conquests across the
regions.
Commercial selectivity in order intake
will translate into improved financial metrics:
- The order intake recorded in the first nine months of 2023 has
an average operating margin above the Group’s POWER25 objectives as
well as above the order intake registered in the same period of
2022,
- Additionally, upfront investments related to this order intake
is reduced by c. 20% vs. upfront investments registered in the same
period of 2022.
Q3 2023 MARKET
ENVIRONMENT
Worldwide automotive production in Q3
was up 3.7% at 22.3 million Light Vehicles (source:
S&P dated October 2023)
In FORVIA’s main regions, trends were as
follows:
- Europe (42% of Group sales in
Q3): production was up 6.3% at 3.9 million LVs, on
a low base of Q3 2022 impacted by the war in Ukraine,
- North America (25% of Group sales in Q3):
production was up 9.3% at 4.0 million LVs,
- China (23% of Group sales in Q3):
production was broadly flat (-0.3%) at 7.3 million
LVs, on a high base of Q3 2022 that benefited from a
catch-up effect from Covid impact in Q2 2022.
The UAW strike in the US that started in
September was of very limited impact on Q3 2023 (c. €6 million of
lost sales).
Based on the strike actions decided until today
by the workers’ unions and on the measures implemented by its
customers, FORVIA’s current best estimate for the impact on Group
sales in October 2023 is about €55 million vs. FORVIA’s October
2022 sales in North America of c. €600 million (of which c. €300
million with Ford, GM and Stellantis).
Risks beyond October will depend on the
evolution of the strike and cannot be estimated at this stage.
FORVIA has already implemented measures that
will allow the Group to quickly react to any eventual
intensification of the strike and mitigate as much as possible the
impact on the Group’s profitability.
Q3 2023 SALES
AT GROUP LEVEL
GROUP (in €m) |
|
|
Q3 2022* |
Currency |
Organic |
Q3 2023 |
Reported |
|
|
|
|
effect |
growth |
|
change |
Worldwide auto. production (m units)** |
21 513 |
|
|
22 318 |
3,7% |
Sales |
|
|
6 370 |
-524 |
683 |
6 528 |
2,5% |
|
|
% of last year's sales |
|
-8,2% |
+10.7% |
|
|
|
|
outperformance (bps) |
|
|
700bps |
|
|
*
Restated for SAS (part of the "Interiors" Business Group),
presented as Discontinued operations as from January 1, 2022 |
|
**
Source: S&P Global Mobility dated October 2023 |
|
|
|
|
|
In Q3 2023, consolidated sales amounted
to €6,528 million: +2.5% on a reported basis and +10.7% on an
organic basis, representing an outperformance of
700bps
- Sales change included a significant negative currency effect of
€524 million or -8.2% of last year’s sales, mainly due to the
depreciation of the Chinese yuan, US dollar, Argentinian peso and
Turkish lira vs. the euro.
- Organic growth amounted €683 million or +10.7% of last year’s
sales, representing a strong outperformance of 700bps compared to
worldwide automotive production that was up 3.7% during the
period.
Out of the 700bps:
- c. +600bps came from volumes and regional mix,
- c. +100bps came from inflation pass-through.
Although discussions with some OEMs about
inflation compensation remain tough, the Group confirms expecting
to recover a higher percentage of inflation in H2 vs. H1. It now
expects to reach at year-end c. 85% of cumulated inflation.
All Business Groups recorded a strong
outperformance of at least c. 500bps.
Q3 2023 SALES
BY BUSINESS GROUP
|
|
|
|
|
|
|
|
|
|
in
€m |
|
|
Seating |
Interiors |
Clean Mobility |
Electronics |
Lighting |
Lifecycle Sol. |
GROUP |
|
|
% of Q3 2023 consolidated sales |
31% |
17% |
18% |
16% |
14% |
4% |
100% |
Q3 2022 IFRS 5* |
|
|
1 960 |
1 111 |
1 207 |
1 001 |
850 |
240 |
6 370 |
Currency effect |
|
|
-166 |
-105 |
-128 |
-68 |
-43 |
-15 |
-524 |
|
% of last year's sales |
|
-8,5% |
-9,5% |
-10,6% |
-6,8% |
-5,0% |
-6,0% |
-8,2% |
Organic growth |
|
|
222 |
123 |
103 |
106 |
92 |
39 |
683 |
|
% of last year's sales |
|
11,3% |
11,0% |
8,5% |
10,6% |
10,8% |
16,1% |
10,7% |
Outperformance (bps) |
|
|
760 |
730 |
480 |
690 |
710 |
1 240 |
700bps |
Q3 2023 |
|
|
2 016 |
1 129 |
1 182 |
1 039 |
899 |
264 |
6 528 |
|
Reported change |
2,8% |
1,6% |
-2,1% |
3,9% |
5,8% |
10,0% |
2,5% |
*
Restated for SAS (part of the "Interiors" Business Group),
presented as Discontinued operations as from January 1, 2022 |
|
|
|
**
Source: S&P Global Mobility dated October 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- SEATING (31% of Group consolidated sales in the
period)
Seating posted organic growth of 11.3% in Q3, an
outperformance of 760bps, mainly reflecting strong sales in China
and Europe.
- In China, activity with BYD and other Chinese OEMs led to
organic growth above 20%,
- In Europe, robust sales growth was mostly driven by BMW and
Mercedes.
- INTERIORS (17% of Group consolidated sales in the
period)
Interiors also posted double-digit organic
growth of 11,0% in Q3, an outperformance of 730bps, driven by
strong performance in Europe and China.
- In Europe, organic growth exceeded 20%, driven by strong
activity with Ford, RNM and JLR,
- In China, organic growth also exceeding 20% was supported by
sales momentum with Chinese OEMs, new players and a US EV car
maker.
- In North America, sales were slightly up on an organic basis,
thanks to a good level of activity with GM and BMW.
- CLEAN MOBILITY (18% of Group consolidated sales in the
period)
Clean Mobility posted an organic growth of 8.5%,
an outperformance of 480bps.
Asia, North America and Europe, all three,
recorded mid-single digit organic growth with regional
outperformance in Asia, driven by HKMC and Chinese OEMs; organic
growth in North America was driven by significant sales development
with Stellantis and double-digit growth with Ford.
- ELECTRONICS (16% of Group consolidated sales in the
period)
Electronics posted an organic growth of +10.6%,
an outperformance of 690bps, driven by continued success with
electrification components like high-voltage battery management
systems and radar sensors.
By geography:
- Americas posted strong double-digit organic growth,
- Europe and Asia posted high-single digit growth.
- LIGHTING (14% of Group consolidated sales in the
period)
Lighting posted an organic growth of +10.8%, an
outperformance of 710bps, benefiting from higher production in all
regions and increased demand for the latest technologies for
electric vehicles.
By geography:
- North America and Asia recorded double-digit growth,
- Europe posted mid-single digit organic growth.
- LIFECYCLE SOLUTIONS (4% of Group consolidated sales in
the period)
Lifecycle solutions posted an organic growth of
+16.1%, an outperformance of 1,240bps, an acceleration driven by
increased contribution from the truck and bus segment.
By geography, sales grew by more than 20% in
Europe and close to 10% in North America.
Q3 2023 SALES
BY REGION
in
€m |
|
|
|
EMEA |
AMERICAS |
ASIA |
GROUP |
|
|
% of Q3 2023 consolidated sales |
|
43% |
28% |
29% |
100% |
Q3 2022 IFRS 5* |
|
|
|
2 622 |
1 849 |
1 898 |
6 370 |
Currency effect |
|
|
|
-93 |
-192 |
-239 |
-524 |
|
% of last year's sales |
|
|
-3,5% |
-10,4% |
-12,6% |
-8,2% |
Organic growth |
|
|
|
282 |
171 |
230 |
683 |
|
% of last year's sales |
|
|
10,8% |
9,2% |
12,1% |
10,7% |
Regional auto production** (m units) |
|
5,9% |
7,6% |
1,7% |
3,7% |
Outperformance (bps) |
|
|
|
490 |
160 |
1 040 |
700bps |
Q3 2023 |
|
|
|
2 811 |
1 828 |
1 889 |
6 528 |
|
Reported change |
|
7,2% |
-1,2% |
-0,5% |
2,5% |
*
Restated for SAS (part of the "Interiors" Business Group),
presented as Discontinued operations as from January 1, 2022 |
|
**
Source: S&P Global Mobility dated October 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
- EMEA (43% of Group consolidated sales in the
period)
In Europe (representing over 95% of the region),
sales grew organically by 10.3%, while automotive production was up
6.3%. Organic growth was mainly attributable to Seating and
Interiors; all Business Groups grew organically year-on-year.
- AMERICAS (28% of Group consolidated sales in the
period)
In North America (representing c. 90% of the
region), sales grew organically by 5.9%. Organic growth was mainly
attributable to Clean Mobility, Electronics and Lighting.
In South America (representing c. 10% of the
region), sales grew organically by 36.9%. Organic growth was driven
by Clean Mobility and Seating.
- ASIA (29% of Group consolidated sales in the
period)
In China (representing c. 80% of the region),
sales grew organically by 11.8%, while automotive production was
broadly stable (-0.3%), i.e. a strong outperformance of c.
1,210bps. Organic growth was mainly attributable to Seating,
boosted by sales to Chinese OEMs including BYD.
In the rest of Asia (representing c. 20% of the
region), sales grew organically by 13.7%. Organic growth was mainly
driven by Electronics.
CONFIRMED FY 2023
GUIDANCE
FORVIA confirms its guidance for the full-year
2023:
- Sales between €26.5 billion and €27.5
billion,
- Operating margin between 5.2% and 6.2% of
sales,
- Net cash flow > 1.5% of sales,
- Net debt/Adj. EBITDA ratio between 2.0x and 2.2x at
December 31, 2023.
This guidance is based on:
- Unchanged assumption of worldwide automotive production of
around 86 million LVs in 2023 (vs. S&P’s latest forecast dated
October 2023 of 88.5 million LVs),
- Full-year average currency rates of 1.09 for €/USD and of
7.70 for €/CNY.
It assumes no major lockdown or market event
impacting production or retail sales in any major automotive
region.
CONFIRMED
POWER25 OBJECTIVES
The Group’s FY 2025 objectives, as presented at
the Capital Markets Day held on November 3, 2022, do not reflect
the positive effects of the additional €1bn disposal program, whose
launch is announced today:
- Sales of c. €30bn
- Operating margin > 7% of sales
- Net cash flow at 4% of sales
- Net debt/Adjusted EBITDA ratio < 1.5x at December
31, 2025
These financial objectives were based on the
following main assumptions:
- Worldwide automotive production of 88 million vehicles in 2025,
more conservative than S&P’s latest forecast dated October 2023
of 90.5 million LVs,
- 2025 currency rates of USD/€ @ 1.05 and CNY/€ @ 7.00.
They assume no major lockdown or market event
impacting production or retail sales in any major automotive region
over the period.
CALENDAR
(provisional)
- January 9-12, 2024: CES in Las Vegas
(USA)
- February 19, 2024: FY 2024
Results (before market hours)
*
* *
A webcast will be held today, Friday October 20, 2023 at 8:00am
(Paris time).
FORVIA’s Q3 2023 sales presentation will be available before the
webcast on FORVIA’s website: www.forvia.com
If you wish to follow the presentation using the webcast, please
access the following
link:https://edge.media-server.com/mmc/p/rcboppbs
A replay will be available as soon as possible.
You may also follow the presentation via conference call:France:
+33 1 70 91 87 04United Kingdom:
+44
1 212 818 004United States:
+1 718 705 8796
Code: 888652
** *
PRESS |
ANALYSTS/INVESTORS |
Christophe MALBRANQUEGroup Media Relations
Director+33 (0) 6 21 96 23 53christophe.malbranque@forvia.com |
Marc MAILLETGroup Head of Investor Relations+33
(0) 1 72 36 75 70marc.maillet@forvia.com |
Iria MONTOUTOGroup Media
Relations Officer+33 (0) 6 01 03 19 89iria.montouto@forvia.com |
Sébastien LEROYDeputy Head
of Investor Relations +33 (0) 1 72 36 78
74sebastien.leroy@forvia.com |
About FORVIA, whose mission is: “We
pioneer technology for mobility experiences that matter to
people”.
FORVIA, 7th global automotive technology
supplier, comprises the complementary technology and industrial
strengths of Faurecia and HELLA. With over 290 industrial sites and
76 R&D centers, 157,000 people, including more than 15,000
R&D engineers across 40+ countries, FORVIA provides a unique
and comprehensive approach to the automotive challenges of today
and tomorrow. Composed of 6 business groups and a strong IP
portfolio of over 14,000 patents, FORVIA is focused on becoming the
preferred innovation and integration partner for OEMS worldwide. In
2022, the Group achieved a consolidated revenue of 25.5 billion
euros. FORVIA SE is listed on the Euronext Paris market under the
FRVIA mnemonic code and is a component of the CAC Next 20 and CAC
SBT 1.5° indices. FORVIA aims to be a change maker committed to
foreseeing and making the mobility transformation happen.
www.forvia.com
DISCLAIMER
This presentation contains certain
forward-looking statements concerning FORVIA. Such forward-looking
statements represent trends or objectives and cannot be construed
as constituting forecasts regarding the future FORVIA’s results or
any other performance indicator. In some cases, you can identify
these forward-looking statements by forward-looking words, such as
"estimate," "expect," "anticipate," "project," "plan," "intend,"
"objective", "believe," "forecast," "foresee," "likely," "may,"
"should," "goal," "target," "might," "would,", “will”, "could,",
"predict," "continue," "convinced," and "confident," the negative
or plural of these words and other comparable terminology. Forward
looking statements in this document include, but are not limited
to, financial projections and estimates and their underlying
assumptions including, without limitation, assumptions regarding
present and future business strategies (including the successful
integration of HELLA within the FORVIA Group), expectations and
statements regarding FORVIA's operation of its business, and the
future operation, direction and success of FORVIA's business.
Although FORVIA believes its expectations are based on reasonable
assumptions, investors are cautioned that these forward-looking
statements are subject to numerous various risks, whether known or
unknown, and uncertainties and other factors, all of which may be
beyond the control of FORVIA and could cause actual results to
differ materially from those anticipated in these forward-looking
statements. For a detailed description of these risks and
uncertainties and other factors, please refer to public filings
made with the Autorité des Marchés Financiers (“AMF”), press
releases, presentations and, in particular, to those described in
the section 2."Risk factors & Risk management” of FORVIA's 2022
Universal Registration Document filed by FORVIA with the AMF on
February 28, 2023 under number D. 23-0064 (a version of which is
available on www.forvia.com). Subject to regulatory requirements,
FORVIA does not undertake to publicly update or revise any of these
forward-looking statements whether as a result of new information,
future events, or otherwise. Any information relating to past
performance contained herein is not a guarantee of future
performance. Nothing herein should be construed as an investment
recommendation or as legal, tax, investment or accounting advice.
The historical figures related to HELLA included in this
presentation have been provided to FORVIA by HELLA within the
context of the acquisition process. These historical figures have
not been audited or subject to a limited review by the auditors of
FORVIA. HELLA remains a listed company. For more information on
HELLA, more information is available on www.hella.com. This
presentation does not constitute and should not be construed as an
offer to sell or a solicitation of an offer to buy FORVIA
securities.
DEFINITIONS OF TERMS USED IN THIS
DOCUMENT
Sales growth
FORVIA’s year-on-year sales evolution is made of
three components:
-
- A “Currency effect”, calculated by applying average currency
rates for the period to the sales of the prior year,
- A “Scope effect” (acquisition/divestment),
- And “Growth at constant currencies”.
As “Scope effect”, FORVIA presents all
acquisitions/divestments, whose sales on an annual basis amount to
more than €250 million.
Other acquisitions below this threshold are
considered as “bolt-on acquisitions” and are included in “Growth at
constant currencies”.
In 2021, there was no effect from “bolt-on
acquisitions”; as a result, “Growth at constant currencies” is
equivalent to sales growth at constant scope and currencies also
presented as organic growth.
Operating income
Operating income is the FORVIA group’s principal
performance indicator. It corresponds to net income of fully
consolidated companies before:
-
- Amortization of intangible assets acquired in business
combinations.
- Other non-recurring operating income and expense, corresponding
to material, unusual and non-recurring items including
reorganization expenses and early retirement costs, the impact of
exceptional events such as the discontinuation of a business, the
closure or sale of an industrial site, disposals of non-operating
buildings, impairment losses recorded for property, plant and
equipment or intangible assets, as well as other material and
unusual losses.
- Income on loans, cash investments and marketable securities;
Finance costs.
- Other financial income and expense, which include the impact of
discounting the pension benefit obligation and the return on
related plan assets, the ineffective portion of interest rate and
currency hedges, changes in value of interest rate and currency
instruments for which the hedging relationship does not satisfy the
criteria set forth in relationship cannot be demonstrated under
IFRS 9, and gains and losses on sales of shares in
subsidiaries.
- Taxes.
Adjusted EBITDA
Adjusted EBITDA is Operating income as defined
above + depreciation and amortization of assets; to be fully
compliant with the ESMA (European Securities and Markets Authority)
regulation, this term of “Adjusted EBITDA” will be used by the
Group as of January 1, 2022 instead of the term “EBITDA” that was
previously used (this means that “EBITDA” aggregates until 2021 are
comparable with ‘Adjusted EBITDA” aggregates as from 2022).
Net cash flow
Net cash flow is defined as follow: Net cash
from (used in) operating and investing activities less
(acquisitions)/disposal of equity interests and businesses (net of
cash and cash equivalents), other changes and proceeds from
disposal of financial assets. Repayment of IFRS 16 debt is not
included.
Net financial debt
Net financial debt is defined as follow: Gross
financial debt less cash and cash equivalents and derivatives
classified under non-current and current assets. It includes the
lease liabilities (IFRS 16 debt).
APPENDIX
IFRS 5 RESTATEMENT ON 2022 SALES & OPERATING INCOME BY
SEMESTER Faurecia’s SAS Cockpit
Modules division (assembly and logistics services), that was part
of the “Interiors” Business Group and whose contemplated disposal
was announced on February 19, 2023, has been presented as
“Discontinued operations” since the start of 2023 and impacts on
the Group’s 2022 consolidated figures are presented in the
following table. |
|
|
|
|
|
|
|
|
|
GROUP (in €m) |
H1 2022 |
H2 2022 |
FY 2022 |
|
|
as released |
restated |
as released |
restated |
as released |
restated |
|
|
in July 2022 |
for IFRS 5 |
in Feb. 2023 |
for IFRS 5 |
in Feb. 2023 |
for IFRS 5 |
Sales |
|
11,623 |
11,233 |
13,835 |
13,341 |
25,458 |
24,574 |
Operating income |
426 |
398 |
689 |
663 |
1,115 |
1,061 |
|
% of sales |
3.7% |
3.5% |
5.0% |
5.0% |
4.4% |
4.3% |
- FORVIA - 2023 Q3 SALES PR DEF
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