Faurecia S.A. Business Report FY2010
Business Highlights
Financial Overview |
(in million euros) |
| FY2010 | FY2009 | Rate of change (%) |
Factor | |
| Sales | 13,795.9 | 9,292.2 | 16.4 | 1) |
| Operating income | 455.6 | (91.7) | - | - |
Factor
1)
-The Company’s consolidated sales totaled 13,795.9 million euro in 2010, up from 9,292.2 million euro in 2009. The 2010 figure includes the sales of Emcon Technologies, consolidated from January 1, 2010 (2,416.1 million euro), and Plastal Germany and Plastal Spain, consolidated from April 1, 2010 and October 1, 2010 respectively (386.5 million euro combined).The year-on-year growth rate for the Company’s consolidated sales in 2010 was 48.5% on a reported basis. On a like-for-like basis, consolidated sales growth was 17.9% in 2010 versus 2009 (26.9% in the first half; 10.0% in the second).
-Product sales to the Volkswagen Group rose by 20.5% in 2010 to 2,595.7 million euro on a like-for-like basis, and represented 24.3% of the Company’s total product sales. Growth in North America was 27.0%, and in South America, 20.4%. In Asia, product sales climbed 57.3% compared with 2009, boosted by the success of the Golf and Tiguan platforms.
-Product sales to the PSA Peugeot Citroen Group rose by 10.4% in 2010 to 1,950.2 million euro on a like-for-like basis, and represented 18.2% of the Company’s total product sales. These sales were driven by growth in Asia (+59.6%, primarily in relation to the Citroen C4) and South America (+55.5%, mainly in relation to the Peugeot 207 and Berlingo/Partner utility vehicles). In Europe, growth was 5.7%.
-Product sales to the Renault-Nissan Group represented 11.9% of the Company’s total product sales. On a like-for-like basis, these sales increased by 19.1% compared with 2009, to 1,274.7 million euro, rising by 12.4% in Europe, 27.2% in South America (Renault Logan/Sandero), and 63.2% in Asia.
-Product sales to the BMW Group came to 982.0 million euro (9.2% of the Company’s total product sales). This represented an 8.2% increase on
a like-for-like basis. The increase mainly related to North America (+17.8% on the back of the recovery in X5 volumes), while growth in Europe was 3.3%.
-Product sales to the Ford Group were 1,179.5 million euro in 2010, representing 11.0% of the Company’s total product sales (excluding Volvo, which was sold during the year to Chinese automaker Geely).
-Product sales to General Motors rose by 44.0% in 2010 on a like-for-like basis to 1,053.2 million euro(9.8% of the Company’s total product sales).
-Product sales to Daimler came to 456.6 million euro(4.3% of the Company’s total product sales), an increase of 38.8% on a like-for-like basis.
-In 2010, like-for-like product sales to Fiat/Chrysler and Hyundai/Kia went up 55.0% and 25.6% respectively. However, product sales toToyota fell by 12.0%.
Automotive Seating
-Automotive Seating generated sales of 4,571.3 million euro in 2010, up by 14.5% year-on-year on a reported basis and 12.0% like-for-like.
<Europe>
-In Europe, product sales rose by 5.3% year-on-year on a reported basis to 3,063.0 million euro (5.1% like-for-like).
<Asia>
-Product sales in Asia totaled 427.3 million euro, a substantial increase of 71.0% year-on-year on a reported basis, with a 59.0% increase in the second half of 2010 compared with the same period of 2009. On a like-for-like basis, sales increased by 61.0% year-on-year (43.1% in the second half of the year).
<North America>
-In North America, product sales increased by 51.5% year-on-year to 635.8 million euro on a reported basis (41.7% like-for-like), with a 21.3% increase in the second half (8.9% like-for-like).
<South America>
-In South America, product sales amounted to 201.1 million euro in 2010, up by 68.2% year-on-year on a reported basis (46.7% like-for-like). In the second half of the year, the increase was 59.6% on a reported basis and 41.6% like-for-like.
Interior Systems
-Interior Systems sales totaled 3,092.6 million euro in 2010, up by 18.4% on a reported basis versus 2009, and 14.9% like-for-like.
<Europe>
-In Europe, product sales for 2010 increased by 11.3% year-on-year to 1,804.1 million euro on a reported basis (10.7% like-for-like).
<North America>
-In North America, sales amounted to 479.1 million euro, up by 62.6% on a reported basis versus 2009, or 51.3% like-for-like.
<Asia>
-In Asia, Interior Systems product sales totaled 138.2 million euro, up by 57.7% on a reported basis and 46.2% like-for-like.
<South America>
-In South America, product sales totaled 163.5 million euro in 2010, up by 49.8% year-on-year on a reported basis (29.6% like-for-like).
Emissions Control Technologies
-Emissions Control Technologies sales for 2010 amounted to 4,781.4 million euro, up by 161.8% on a reported basis and 28.6% like-for-like
(30.2% excluding catalytic converter monoliths).
-By geographic region, product sales excluding catalytic converter monoliths rose by 100.0% in Europe (19.2% like-for-like), by 315.9% in North America (53.4% like-for-like) and by 101.3% in Asia (42.0% like-for-like).
-In the second half of 2010, product sales rose by 95.0% in Europe (15.3% like-for-like), by 259.4% in North America (32.4% like-for-like) and by 94.9% in Asia (32.5% like-for-like).
Automotive Exteriors
-Automotive Exteriors sales totaled 1,350.7 million euro in 2010, up by 56.4% on a reported basis versus 2009, and 11.5% like-for-like.
Award
-The Company has received the Volkswagen Group Award 2010 as one of the best international suppliers. (From a press release on June 21, 2010)Contracts
-The Company announced that it supplies instrument panel for the Citroen DS3. This model debuted at 2010 Geneva Auto Show. (From a press release on March 15, 2010)Business Partnership
-The Company has formed a strategic alliance with Chinese groups Geely and Limin Group with the objective to develop and manufacture interior systems and automotive exteriors to all Geely brands in China and will supply to the five new Geely plants currently under construction in the nation. Limin, based in Taizhou, Zhejiang Province, is currently the supplier of Geely for interior systems and vehicle exterior. This alliance includes the set-up of several joint-ventures, which will be jointly held by Faurecia, Limin and Geely. (From a press release on July 7, 2010) Acquisitions
-The Company will acquire Angell-Demmel Europe GmbH, a supplier of metallic automotive interior trim parts for approximately 12 million euros. Based in Lindau (Germany), Angell-Dimmel Europe posted 9 months 2010 sales of 55 million euros, of which 90% with Audi, BMW, Daimler, Porsche and Volkswagen. The closing is expected by January 1, 2011, and Angell-Demmel will join the Faurecia Interior Systems business group. (From a press release on November 23, 2010)-The Company has announced the acquisition of the seat comfort segment of German-based Hoerbiger Automotive Komfortsysteme GmbH. The business unit, which develops and manufactures pneumatic seat comfort systems, generated sales of 20 million euros in 2009, mainly with Audi, BMW and Mercedes-Benz. The closing of this acquisition is expected to be effective by end of 2010. (From a press release on October 26, 2010)
- The Company has announced that it will acquire Plastal Spain, the Spanish operation of Plastal S.A. The acquisition, which follows that of Plastal Germany finalized last March.(From an article in the Nikkan Jidosha Shimbun on July. 7, 2010)
- The Company has acquired the German operation of Plastal Industri AB for 33 million euros. Existing customers include Audi, BMW, Daimler, Ford, Porsche and Volkswagen. (From a press release on March 31, 2010)
- The Company has taken over complete ownership of Taco Faurecia Design Center (TFDC) based in India, making it a wholly-owned Faurecia company. TFDC, which was established in 2004 as a 50/50 partnership with Tata Auto Comp System Ltd. (TACO), works as a R&D center, mainly for the Interior Systems Business Group.(From a press release on January 5, 2010)
R&D
R&D Expenditure |
(in million euros) |
| FY2010 | FY2009 | FY2008 | |
|
Gross Costs |
689.1 | 493.2 | 613.0 |
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) |
| FY2010 | FY2009 | FY2008 | |
| Interior modules | 172.5 | 114.6 | 253.7 |
| Other modules | 124.4 | 45.9 | 63.1 |
| Other | 7.4 | 8.6 | 11.9 |
| Total | 304.3 | 169.1 | 328.7 |
Capital Expenditure by Geographic Area |
(in million euros) |
| FY2010 | FY2009 | FY2008 | |
| France | 63.2 | 68.7 | 102.9 |
| Germany | 27.1 | 18.0 | 15.7 |
| Other European Countries | 52.6 | 43.4 | 97.3 |
| North America | 72.4 | 23.2 | 32.0 |
| South America | 23.2 | 10.0 | 32.4 |
| Asia | 42.6 | 15.6 | 39.5 |
| Other countries | 23.3 | 11.2 | 10.4 |
| Total | 304.4 | 190.1 | 330.2 |