The company reported €15.61 billion in sales for the period, up 8.1% on the previous year, while EBITDA came in at €2.11 billion, an increase of 26.4%.

Faurecia achieved operating income for 2021 of €862 million (up 2.1 times on 2020 results) while net cash flow, before the impact of its acquisition of lighting supplier Hella, came in at €317 million.

Despite ongoing issues related to the semiconductor shortage, the company reported a solid order intake for the year. After the acquisition of Hella, the company announced plans to merge the operations under a new entity; the Forvia group.

Looking forward to 2022, the group anticipates strong sales growth, solid operating leverage and cash generation. Assuming worldwide automotive production will recover to 78.7 million vehicles in 2022, the company forecasts sales between €17.5-18 billion and an operating margin between 6 and 7%.

CEO Patrick Koller said: “2021 was a foundational year for Faurecia. Firstly, the successful spin-off from PSA/Stellantis significantly increased our free float, enlarged our international shareholder base and enhanced share liquidity. Secondly, we launched the acquisition of a majority stake in Hella, a strategic and transformative investment that was successfully closed within five months.

“For the full year, we achieved another strong sales outperformance, solid operating leverage and significant cash generation. This was in spite of the acute semiconductor shortage, unprecedented OEM production volatility with widespread Stop & Gos disruption, and one launch issue in North America.”