Shareholders General Meeting May 23, 2012

Transcription

1 Shareholders General Meeting May 23, 2012

2 Agenda 2011 results Frank Imbert Main developments in 2011 Yann Delabrière 2012 outlook Yann Delabrière 2

3 Agenda 2011 results Frank Imbert Main developments in 2011 Yann Delabrière 2012 outlook Yann Delabrière 3

4 Total sales up 17% m 13, , % +19% +24% +16% 16,190 1,112 2,687 10,696 12, Product sales Monoliths Development, tooling, prototypes 4

5 Sharp growth in 2011 for all business groups Product sales by business group in m 1, % 1,611 2, % 2, , % 4, , % 3,

6 Sharp growth in 2011 in all regions Product sales by region in m Europe 7, % 7,815 North America 1, % 2, Asia Rest of the world 968 1, % %

7 Faurecia outperformed growth in production of automotive manufacturers in all regions 2011 Total world Automotive production: +3% Faurecia sales: +16% Total Europe Automotive production: +6% Faurecia sales: +11% North America Automotive production: +10% Faurecia sales: +33% South America Automotive production: +3% Faurecia sales: +15% Asia Automotive production: -1% Faurecia sales: +15% Production: production of light vehicles Source: IHS Automotive Faurecia sales: product sales China Automotive production: +3% Faurecia sales: +12% Korea Automotive production: +10% Faurecia sales: +35% 7

8 43% rise in operating income to 651m Operating income in m % 3.3% % total sales 4.0%

9 Record annual net income for Faurecia at 371m (+84%) m Sales Operating income Restructuring Other income and (expense), net Interest expense, net Other income and interest expense Pretax income of integrated companies Corporate tax Share of net income of associates Minority interests Consolidated net income (Group share) 13, (117) 81 (91) (26) 303 (89) 19 (31) , (56) (2) (99) (19) 475 (96) 34 (42) 371 Net income per share (fully diluted)

10 Gross operating cash flow up 17% Net cash flow close to break even m Operating income Depreciation & Amortization Gross operating cash flow Industrial investments Research & development investments Change in working capital requirements Restructuring expenses Financial costs Taxes Other Net cash flow (278) (154) (1) (109) (98) (100) (451) (179) (114) (93) (120) (114) (59) (26) 10

11 Improvement in balance sheet structure Simplified consolidated balance sheet in m Intangible assets 1,666 1,725 Equity 898 1,267 Tangible assets 1,575 1,733 Provisions and non current liabilities Other non-current assets Net financial debt 1,197 1,224 Current assets 2,446 Total 5,875 2,934 6,333 Current liabilities Total 3,535 5,875 3,906 6,333 11

12 Continuous improvement of financial ratios Net debt / Ebitda in x Equity in m Net debt / Equity in x 1, , June 2010 Dec June 2011 Dec June 2010 Dec June 2011 Dec June 2010 Dec June 2011 Dec

13 Group financing strengthened Total financing of almost 2bn Available long-term financial resources Maturity in bn 2.0 1,150m Syndicated credit line 490m 2016 bond year tranche Maturity extended 250m 2019 bond m Private placement 1,948m Total 0.5 Initial maturity

14 Faurecia SA financial statements m Sales Operating income Financial income incl. Provision reversals on securities Exceptional income (3.3) (88.7) Corporate income taxes Net income

15 Allocation of Faurecia SA s 2011 income submitted to General Meeting m Dividend per share at 0.35 (+ 40%) payable on June 5, 2012 Income for year Previous retained earnings Dividend 38.6 Legal reserve 12.5 Retained earnings

16 2011 at a glance Record annual results for Faurecia Total sales + 17% at 16.2bn Operating income + 43% at 651m Consolidated net income + 84% at 371m Net income per share + 74% at 3.11 Dividend per share + 40% at 0.35 (proposed) 16

17 2011 results Frank Imbert Main developments in 2011 Yann Delabrière 2012 outlook Yann Delabrière 17

18 Enhanced growth potential New contracts in bn excl. monoliths Number of contracts in development Value of contracts in development in bn excl. monoliths % +35% % % Dec. 09 Dec.10 Dec. 11 Dec. 09 Dec. 10 Dec

19 Rise in investments to support Faurecia s international development 62% increase in industrial investments in m preparing for growth outside Europe 451 Rest of the World Asia 6% % 14% 53% Europe Americas 27%

20 35 sites opened in 2011 and 2012 North America Europe Asia +19 South America +5 20

21 35 sites opened in 2011 and 2012 Chine South Korea India Thailand Changchun (2) Chengdu (3) Foshan Yeongcheon Chennai Mumbai Pune Rayong Beijing Shenyang Yancheng +19 Beilun Cixi Jinan Lanzhou Xiangtan 21

22 R&D global network reinforced CALIGNY - FRANCE Global R&D center for seating mechanisms PUNE - INDIA Extension of TechCenter BAVANS - FRANCE Global innovation center for emissions control technologies MINBEI - CHINA New R&D center for emissions control technologies BRIERES - FRANCE Global R&D center for frames and complete seats AUGSBURG - GERMANY Global R&D center for emissions control technologies SHANGHAI - CHINA New R&D center for automotive seating and interior systems LIMEIRA - BRAZIL New R&D center for emissions control technologies 22

23 Acceleration of growth in China in Sales up 16% to 1.2bn in 2011 and up 14% in 2012e 2.4bn from new contracts Faurecia Automotive Exteriors launched its operations in China in Changchun for FAW/Audi (50/50 JV with Huaxiang Group) Faurecia Emissions Control Technologies launches commercial vehicles business First contracts signed with Great Wall Ongoing negotiations for partnerships with Chang An Assemblée Shareholders Générale General des Meeting Actionnaires May 23, mai

24 Strategic development of business with Nissan Launch of Interior Systems and Automotive Seating businesses in North America Faurecia Automotive Seating partner of NHK: FNK named "Alliance Growth Champion" by Renault-Nissan Faurecia Interior Systems: partnership concluded with Howa Future development zones under the Power 88 plan North America (USA and Mexico), Brazil, Russia, China Faurecia s engineering strengthened in Yokohama / Atsugi 24

25 Acceleration of development in North America Sales: +34% to 3.3bn 2.2bn of new contracts 5 new production sites Faurecia Emissions Control Technologies launches commercial vehicles business Launch of production for Volkswagen, Daimler and Nissan Sales up 25% in 1 st quarter Acquisition of Ford Saline (MI, USA) for Faurecia Interior Systems 25

26 Faurecia strengthens its global leadership in interior systems Takeover of Ford Saline plant (Michigan) Sales USD 1.1bn in 2011 Products Cockpit assembly, instrument panels, door panels and center consoles Programs 12 Ford/Lincoln vehicles: F150, Focus, Escape, Edge/MKX, Explorer, Econoline, Mustang, Taurus, Expedition/Navigator, Flex/MKT, Transit, MKS Finance No significant impact on cash and debt 26

27 Faurecia strengthens its global leadership in interior systems New set-up after integration 1. Saline plant (Michigan) Ownership 100% Faurecia Annual sales USD 400m Products Instrument panels, door panels and center consoles Headcount 1,100 employees including 900 with new employment contract in line with Faurecia s other sites in North America 2. DMS (Detroit Manufacturing Systems) Ownership 45% Faurecia, 55% Rush Group Products Cockpit assembly Location New plant in Detroit (MI) 27

28 Faurecia strengthens its global leadership in interior systems Faurecia strengthens its global leadership in interior systems Faurecia new leader in interior systems in North America Acceleration of growth in North America Ford becomes Faurecia s 3 rd largest customer 28

29 Agenda 2011 results Frank Imbert Main developments in 2011 Yann Delabrière 2012 outlook Yann Delabrière 29

30 2012 targets Forecast for light vehicle production (in % of increase in manufactured units) World +3% / +5% North America Europe, (incl. Russia) Faurecia s 2012 targets Total sales 16.3bn / 16.7bn +5% / +7% -4% / -6% Operating income 610m / 670m South America China +4% / +6% +7% / +9% Faurecia / IHS Automotive, janvier 2012 Net cash flow Balanced 30

31 Product sales up 5.3% at 1st quarter 2012 Product sales in m 3, %* 3,353 Europe 2,095 2,053 North America % % Q Q Comparable* Q Q Comparable * Asia South America +15.7% % Q Q Q Q Comparable * Q Q Comparable* * At constant exchange rates and on a like-for-like basis 31

32 Shareholders General Meeting May 23, 2012

33 Resolutions Approval of accounts and dividend Renewal of financial authorizations Technical adjustment of Articles of Association Board of Directors: Renewal of mandates of, Mr. Jean-Pierre Clamadieu, Mr. Yann Delabrière, Mr. Ross McInnes, Mr. Robert Peugeot Appointment of Mrs. Amparo Moraleda and of Mr. Jean-Baptiste Chasseloup de Chatillon 33

34 Auditors Reports FY closed at December 31, 2011

35 Auditors reports General report on annual financial statements General report on annual consolidated accounts Report on the Chairman s report on internal control 35

36 Auditors reports Report on regulated contracts and commitments Report on the issuance of shares and/or various securities with preferential subscription rights maintained and/or cancelled Report on the capital increase reserved for employees Report on the reduction of share capital 36

37 Shareholders General Meeting Resolutions

38 I. Scope of OGM First resolution Approval of financial statements for FY closed at December 31,

39 I. Scope of OGM Second resolution Approval of consolidated accounts for FY closed at December 31,

40 I. Scope of OGM Third resolution Allocation of income Payment of a dividend of 0.35 per dividend-bearing share Payment on June 5,

41 I. Scope of OGM Fourth resolution Renewal of the mandate of Mr. Yann Delabrière For a period of 5 years expiring at the conclusion of the Shareholders Meeting held in 2017 to approve the accounts of the FY closed at December 31,

42 I. Scope of OGM Fifth resolution Renewal of the mandate of Mr. Jean-Pierre Clamadieu For a period of 5 years expiring at the conclusion of the Shareholders Meeting held in 2017 to approve the accounts of the FY closed at December 31,

43 I. Scope of OGM Sixth resolution Renewal of the mandate of Mr. Robert Peugeot For a period of 5 years expiring at the conclusion of the Shareholders Meeting held in 2017 to approve the accounts of the FY closed at December 31,

44 I. Scope of OGM Seventh resolution Renewal of the mandate of Mr. Ross McInnes For a period of 5 years expiring at the conclusion of the Shareholders Meeting held in 2017 to approve the accounts of the FY closed at December 31,

45 I. Scope of OGM Eighth resolution Appointment of Mr. Jean-Baptiste Chasseloup de Chatillon as a new Director For a 5-year period expiring at the conclusion of the Shareholders Meeting held in 2017 to approve the accounts of the FY closed at December 31,

46 I. Scope of OGM Ninth resolution Appointment of Mrs. Amparo Moraleda as a new Director For a 5-year period expiring at the conclusion of the Shareholders Meeting held in 2017 to approve the accounts of the FY closed at December 31,

47 I. Scope of OGM Tenth resolution Authorization to the Board to handle shares in the Company Use for all accepted market aims and practices (including the promotion of shares under a liquidity contract) Up to a maximum of 10% of the total number of shares comprising the share capital For a maximum unit purchase price of 40 Duration of the authorization: 18 months 47

48 II. Scope of EGM Eleventh resolution Delegation to the Board to raise the share capital with preferential subscription rights maintained Maximum amount of capital increases: 300,000,000 Maximum amount of issuances of debt securities: 1,000,000,000 These amounts are limits to be applied to all capital increases and issuances of debt securities (excluding the 16 th resolution) Duration of the authorization: 26 months 48

49 II. Scope of EGM Twelfth resolution Delegation to the Board to raise the share capital without preferential subscription rights through a public offering Maximum amount of capital increases: 110,000,000 Maximum amount of issuances of debt securities: 1,000,000,000 Duration of the authorization: 26 months 49

50 II. Scope of EGM Thirteenth resolution Delegation to the Board to raise the share capital without preferential subscription rights for the benefit of qualified investors or a closed circle of investors Maximum amount of capital increases: 110,000,000 Maximum amount of issuances of debt securities: 1,000,000,000 These amounts are the same as for the 12 th resolution Duration of the authorization: 26 months 50

51 II. Scope of EGM Fourteenth resolution Delegation to the Board to set the price of issuances without preferential subscription rights up to 10% of the share capital per year Duration of the authorization: 26 months 51

52 II. Scope of EGM Fifteenth resolution Delegation to the Board to increase the amount of issuances launched pursuant to the 11 th, 12 th and 13 th resolutions Up to 15% of the initial issuance At the price of the initial issuance Duration of the authorization: 26 months 52

53 II. Scope of EGM Sixteenth resolution Delegation to the Board to increase the share capital for the benefit of employees Up to 3% of the share capital Duration of the authorization: 26 months 53

54 II. Scope of EGM Seventeenth resolution Delegation to the Board to reduce the share capital by cancelling treasury shares Up to 10% of the share capital per 24-month period Duration of the authorization: 18 months 54

55 II. Scope of EGM Eighteenth resolution Statutory modifications Objective of harmonization and compliance with legislative and regulatory texts 55

56 II. Scope of EGM Nineteenth resolution Powers to carry out formalities 56

57 Assemblée 2010 Shareholders Results Générale & General 2011 Objectives des Meeting Actionnaires February May 23, mai 8,