Faurecia reports strong sales growth

France
Published:  16 February, 2015

Faurecia one of the worlds leading tier-1 suppliers to the automotive industry has published a strong financial performance in 2014 but has been impacted by negative currency fluctuations. The France based Group is a leading supplier of leather seating and interiors for many of the worlds leading OEM’s.

Faurecia total sales for fiscal 2014 stood at €18.83 billion, an increase of 4.4% over 2013 sales of €18.03 billion. Like-for-like growth stood at 5.5%, when adjusted to allow for the negative effects of currency fluctuations, representing €173 million (-1.0%), and scope, representing a decline of €19 million (-0.1%).

During the second half of 2014, total sales climbed by 8.4%. Changes in exchange rates had a positive impact of €112 million (+1.3%). This represents a growth of 7.1% at constant exchange rates.

Product sales (delivery of parts and components to automakers) stood at €14.09 billion, up 2.9% over 2013 sales of €13.69 billion. Like-for-like growth totalled 4.4%, when adjusted to allow for the negative impact of currency fluctuations, representing €147 million (-1.1%), and changes in scope, representing a drop of €57 million (-0.4%). Product sales rose 6.8% in the second half of 2014. Changes in exchange rates had a positive impact of €75 million (+1.1%) while changes in scope had a negative impact of €21 million (-0.3%). This represents a change of 6.0% at constant exchange rates and scope.

Global automotive production is estimated to have grown by 3.3% in 2014. Growth remained strong in North America and Asia, with respective increases in automotive production of 5.0% and 4.1%. Automotive production grew by 3.2% in Europe, representing a total increase of 5.7% excluding Russia, where production fell by 16.0%.

Yann Delabrière, Chairman and CEO of Faurecia commented: "In 2014, Faurecia achieved a solid sales increase, mainly driven by outstanding growth in China, where sales rose by over 20% for the sixth consecutive year, and in Europe, where growth stood at 7%, much higher than the growth of automotive production. Faurecia accelerated its technological leadership in all of its Business Groups, with first orders for new technologies in emissions control for commercial vehicles, energy recovery and composite tailgates. Faurecia is well on the way to meeting its targets for 2016.”