2013 results

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Annual
Shareholders
Meeting
27 May 2014
Agenda
2013 results
Michel Favre
Short and medium term outlook
Yann Delabrière
Resolutions concerning governance
Jean-Pierre Clamadieu
Agenda
2013 results
Michel Favre
Short and medium term outlook
Yann Delabrière
Resolutions concerning governance
Jean-Pierre Clamadieu
Global automotive production up 4% in 2013
Europe
Production stable
North America
Production : +5%
Asia
Production : +5%
o/w China : +14%
South America
Production : +6%
Source : IHS Automotive
Sustained growth: sales up 5.0%
€m
+3.8%
17,365
1,414
+10.9 %
18,029
+5.0%*
1,568
+12.4%*
2,768
+6.4%*

Strong growth in second half with a sales
increase of 6.1% due to a turnaround in
Europe (+4.0% in second half) and ongoing
growth in Asia (+26%* in second half)

Exchange rate variations had a negative
impact on sales of 2.4% (or € 417m) for the
+4.3 %
2,654
+3.0 %
year
13,296
13,693
2012
Product sales
+3.9%*

The effect of change in scope was +1.3%
(or € 220m) for the year

Sales of tooling and prototypes were up
12.4%* due to the strong increase in the order
book
2013
Monoliths
Tooling and prototypes
* Like for like: constant exchange rates & perimeter
Strong growth in Asia
The region represents 13% of Group sales
Product sales in €m
Europe
7,412
2012
7,412
North America
3,646
3,707
Published
Like for like*
Published
Like for like*
Stable
-0.4%
+1.7%
+1.3%
2013
2012
2013
Asia
South America and rest of world
1,706
1,388
Published
Like for like*
851
+22.9%
2012
2013
* At constant exchange rates & perimeter
Like for like*
+2.1%
+19.5%
868
+24.3%
2012
Published
2013
Operating margin improvement in second half
Operating margin in €m

538
514
3.0%
2012
%
Total sales
3.0%
2013

The operating margin improved from 2.8% to 3.2% of sales in
the second half due to:

Increased margin in Europe (3.0% vs 2.4%) following
improved activity and the reduction of fixed costs

Profitability improvement in North America
(1.6% vs 1.2%),

An improvement of 80 basis points in Asia (9.1% vs 8.3%)
due to a strong increase in the activity
The operating margin was stable for the year at 3.0% as the
first half was impacted by the low level of activity in Europe
Net income at 88 million euros
€m
2012*
2013
17,364.5
18,028.6
516.3
3.0%
538.3
3.0%
(87.2)
(197.1)
(106.8)
(234.3)
Pretax income of integrated companies
Corporate income taxes
Net income of associates and other minority interests
232.0
(67.4)
(21.1)
197.2
(64.7)
(44.9)
Consolidated net income (Group share)
143.5
87.6
Net income per share (fully diluted) (in euros)
1.28
0.82
Total sales
Operating margin
as % of total sales
Restructuring and other income (net)
Other income and financial expenses (net)
* Restated for IAS 19R norm
Strong improvement in cash flow generation
€m
2012
2013
Operating margin
514
538
Depreciation and amortization
495
532
1,009
1,070
Change in working capital requirement
(372)
364
Capex and capitalized R&D
(827)
(788)
Restructuring
(54)
(123)
Financial expenses
(164)
(187)
Taxes and other
(151)
(192)
(559)
144
EBITDA
Net cash flow
Net debt down by 288 million euros
to reach 1.52 billion euros
Net debt in €m
31 December
2012
31 December
2013
(1,519)
(1,807)

The early conversion of the 2015 convertible bond in
December 2013:

Reduces debt by € 214m (and improves equity by the same
amount)

Leads to the creation of 11.76 million shares

Will reduce financial expenses by € 12m per year
Faurecia S.A. financial statements
€m
2012
2013
Total sales
191.9
203.5
2.5
1.9
Financial and other expenses (net)
89.2
20.1
Exceptional income and expenses
(29.7)
58.9
Corporate taxes*
45.3
18.2
107.3
99.1
Operating margin
Net income
* Tax credit
Proposal for appropriation of net income

Payment of a dividend of € 0.30 per share

Choice between payment in cash or in shares, from 30 May to 16 June, with trading ex-coupon on 30 May 2014

Share price for payment in shares: € 26.83 representing a discount of 10% compared to the share price on 23
May (€ 29.80)
Share price for payment in shares is calculated as follow: 90% of the average of the previous 20 days opening
prices minus dividend

Payment of dividend and delivery of shares on 24 June 2014
Proposal for appropriation of net income
Origin
Net income for the financial year
Retained earnings from previous years
Total to be allocated
99,066,091.75 €
1,023,644,455.73 €
1,122,710,547.48 €
Appropriation
Statutory reserve
Dividend
Retained earnings
Total appropriation
4,953,304.59 €
36,776,440.50 €
1,080,980,802.39 €
1,122,710,547.48 €
Faurecia share price compared to SBF120 and the STOXXAuto Index
35,00
30,00
25,00
20,00
15,00
10,00
5,00
0,00
31/12/
2012
31/01/
2013
28/02/
2013
31/03/
2013
30/04/
2013
31/05/
2013
30/06/
2013
31/07/
2013
Faurecia
Shareholders Meeting – 27 May 2014
31/08/
2013
30/09/
2013
SBF 120
31/10/
2013
30/11/
2013
31/12/
2013
31/01/
2014
28/02/
2014
31/03/
2014
30/04/
2014
STOXXAuto
14
Agenda
2013 results
Michel Favre
Short and medium term outlook
Yann Delabrière
Resolutions concerning governance
Jean-Pierre Clamadieu
Significant progress on all priorities decided early 2013




Reconcile growth and cash generation
Continue profitable growth in Asia
Adjust costs to level of production in Europe
Improve our profitability in North America

Capex and capitalized R&D stabilized at € 800m

Positive free cash flow

Growth of 24% in 2013

Operating margin above 8%

4 new production sites and an R&D center opened in 2013

Deployment of fixed cost reduction plan

Improvement of operating margin to reach 3.0% in second half

Increased managerial resources at all levels

Significant progress for Emissions Control Technologies
2014 – 2016
Favorable market environment

Global market will grow around 3%


Accelerating trend to global platforms



The fast growing markets in Asia will grow by 9%
Global platforms now dominate automaker strategies
Market globalization accelerating with product convergence and shorter time
gap between regional launches
Faurecia key actor in accelerating technology changes

Environmental performance

Fuel economy and reduction of CO2 emissions

Life on board
2016 Objectives
Sales
above 21 billion euros
Operating margin
4.5 – 5.0 % of sales
Net cash flow
Around 300 million euros
Asia, and in particular China, will remain very dynamic

Asia (excluding Japan and South Korea) represents 75% of global market growth



China represents 60% of worldwide growth
Faurecia will continue to outperform the market in Asia and in particular in China

Growth with international automakers and global platforms

Growth with Asian customers, in particular through partnership with Nissan et Hyundai

Partnerships with Chinese customers
Asia will represent 20% of Group sales by 2016 (13% en 2013)

Sales in China will exceed 3 billion euros in 2016 et 4 billion euros in 2018
Faurecia key actor in accelerating technology changes
Environmental performance



Emissions Control Technologies
NOx and particulate reduction for light and commercial vehicles
Renewable materials
Fuel economy and reduction of CO2 emissions


All of the businesses of Faurecia contribute to a weight reduction of 100 kg per
vehicle representing a reduction of 10g of CO2/km
Energy recovery
Life on board



Decoration and personalized interiors
Human Machine Interface (HMI)
Comfort and well-being
First quarter sales 2014
+7.0% like for like*
Sales in €m
+3.4%
4,370
265
+5.7%
+9.3%
4,518
280
751
687
+2.0%
Total sales
Like for like*
+3.4%
+7.0%
3,487
3,417

Q1 2014
Q1 2013
Product sales
Published
Monoliths
Tooling and prototypes
* Like for like: constant exchange rates and perimeter
Negative currency impact :

€ 137m or 3.1% of total sales

€ 105m or 3.1% of product sales
2014 Guidance

Total sales
(At constant exchange rates and perimeter)
+ 2% / + 4%

Operating margin
Margin improvement between 20 and 50 basis points

Net cash flow
Positive
Agenda
2013 results
Michel Favre
Short and medium term outlook
Yann Delabrière
Resolutions concerning governance
Jean-Pierre Clamadieu
Appointment of two new Board Directors for a period of 5 years
Mrs Bernadette Spinoy
Mr Carlos Tavares
Compensation of Chairman & CEO
Opinion on compensation due or granted to Mr Yann Delabrière in 2013
(Amount in euros)
Full year 2012
Full year 2013
Fixed compensation
700,000.00
700,000.00
Variable annual compensation
140,000.00
700,000.00
7,371.60
7,371,60
435,080.00
1,386,456,00
1,282,451.60
2,793,827.60
Valuation of benefits (car)
Valuation of performance shares attributed in the period
Total
Amendments to Articles of Association

Modification of Articles of Association 16, 18 and 20 in order to increase the maximum age limit for the
functions of Chairman of the Board, CEO and deputy CEO to 70 years of age
27 mai 2014
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