Faurecia Business Report FY2009
Business Highlights
Financial Overview |
(in million euros) |
| FY2009 | FY2008 | Rate of change (%) |
Factor | |
| Sales | 9,292.2 | 12,010.7 | (22.6) | 1) |
| Operating income | (91.7) | 91.2 | - | - |
Factor
1)
-Product sales with the Renault-Nissan Group advanced 34.8% in the second six months of the year, driven by a 62.9% surge in the fourth quarter.
-Product sales in the second half were also higher with Ford, Hyundai, Toyota and BMW up 12.6%, 4%, 4.9% and 0.3% respectively. This enabled the Company to limit the year-on-year decreases in sales with these customers to 9.1%, 10.8%, 20.3% and 18.2%.
-Product sales with the PSA Peugeot Citroen Group climbed 15.8% in the fourth quarter but slipped 3.1% for the second half overall and 22.5% for the full year.
-Product sales with the Volkswagen Group fell 11.5% in the second half and 20.3% for the full year despite a 2.0% increase in the last quarter. Product sales with Audi retreated 17.3% in the second half and 22.3% for the full twelve months of 2009.
-Product sales with the General Motors group gained ground in the fourth quarter, with growth coming in at 6.1%, but slipped back 5.3% in the second half and 23.8% over the year as a whole.
-Product sales with Daimler and Chrysler decreased by 36.9% and 23.6% respectively in the second half and by 50.2% and 57.2% for the full year.
Automotive Seating
-Automotive Seating generated sales of 3,990.9 million euros, down 20.2% year-on-year on a reported basis and 20.4% at constant exchange rates.
<Europe>
-In Europe, product sales contracted 19.4% year-on-year to 2,908.1 million euros.
<Asia>
-China bucked the downward trend, reporting a 21.6% rise in sales to 244.3 million euros, in line with market growth.
<North America>
-In North America sales plunged 58.0% in the first six months of the year, but picked up in the second half led by the impact of the car scrappage scheme implemented by the government. Consequently, sales dropped by a more contained 15.7% in the second half, bringing the overall year-on-year decrease to 37.5%.
<South America>
-In South America, product sales climbed 4.2% for 2009 as a whole on the back of 24.5% growth posted in the second half.
Interior Systems
-Interior Systems sales totaled 2,611.7 million euros in 2009, down 21.0% on a reported basis and 19.9% at constant exchange rates.
<Europe>
-Overall product sales in Europe came to 1,621.3 million euros, down 21.5% year on year. The decline was 2.6% in the second half, with the region's fourth-quarter product sales climbing 11.1%.
<North America>
-North America's product sales totaled 294.6 million euros, losing 30.7% for the full year but only 13.0% in the second half following a more contained decrease of just 2.3% in the fourth quarter.
<Asia>
-In Asia, the Interior Systems business continued along the growth path in China with product sales advancing 27.4% to 80.8 million euros.
<South America>
-Product sales in South America climbed 4.2% to 109.2 million euros, with the region posting 13.7% growth at constant exchange rates for the second half.
Emissions Control Technologies
-Emissions Control Technologies sales amounted to 1,826.1 million euros, down 32.7% at constant exchange rates and 20.9% excluding catalytic converter monoliths.
<Europe/ North America>
-Product sales excluding catalytic converter monoliths retreated 20.1% in Europe and 45.3% in North America.
<Asia>
-Asia posted a 15.7% increase, however, led by the 33.8% growth reported by China. In South Korea, product sales dipped by 7.3%.
<South America>
-South America experienced 15.7% growth in product sales during the year.
Automotive Exteriors
-Automotive Exteriors sales slipped 8.8% to 863.5 million euros in 2009.
Contracts
-In June 2009, the Company was named by Ford Motor Company as a member of its Aligned Business Framework (ABF), the automaker's network of key suppliers. The Company's Interiors and Exhaust Systems product groups joined ABF. (From a press release on Jul 8, 2009)-The Company supplies instrument panels, center consoles, and front door panels for the 2011 Ford Fiesta, a model for the North American market. The program will be supported by its Puebla, Mexico, production facility. (From a press release on Dec. 2, 2009)
Recent Developments in France
-The Company opened the Global Seat Mechanisms Center, which is located at Caligny near Flers in western France.>>>See Investment for more details
Acquisitions
-The Company announced that it has signed an agreement to acquire EMCON Technologies LLC, a leading exhaust system supplier in Troy, MI, U.S.A. Faurecia Emissions Control Technologies (FECT), a new company, will be formed by combining the Company's Exhaust Systems division and EMCON Technologies together. The acquisition of EMCON Technologies will be paid by the issue of approx. 20 million new the Company's shares. The post-deal sales of FECT are expected to reach 5.2 billion Euros. Through this acquisition, the Company will enhance its production and sales network in the Americas and make a full-scale entry into the market of trucks, buses and off-road vehicles. (From an article in the Nikkan Jidosha Shimbun on Nov. 13, 2009)R&D
R&D Expenditure |
(in million euros) |
| FY2009 | FY2008 | FY2007 | |
|
Gross Costs |
493.2 | 613.0 | 613.1 |
R&D Structure
-The Company holds 3,500 engineers and technicians and 28 Research& Development and Design & Development centers.Investment Activities
Capital Expenditure by Business Segment |
(in million euros) |
| FY2009 | FY2008 | FY2007 | |
| Interior modules | 114.6 | 253.7 | 249.6 |
| Other modules | 45.9 | 63.1 | 45.5 |
| Other | 8.6 | 11.9 | 11.7 |
| Total | 169.1 | 328.7 | 306.8 |
Capital Expenditure by Geographic Area |
(in million euros) |
| FY2009 | FY2008 | FY2007 | |
| France | 68.7 | 102.9 | 113.8 |
| Germany | 18.0 | 15.7 | 15.3 |
| Other European Countries | 43.4 | 97.3 | 96.8 |
| North America | 23.2 | 32.0 | 26.4 |
| South America | 10.0 | 32.4 | 29.1 |
| Asia | 15.6 | 39.5 | 19.4 |
| Other countries | 11.2 | 10.4 | 6.0 |
| Total | 190.1 | 330.2 | 306.8 |