Annual Shareholders Meeting 27 May 2014
Agenda results Michel Favre Short and medium term outlook Yann Delabrière Resolutions concerning governance Jean-Pierre Clamadieu
Agenda results Michel Favre Short and medium term outlook Yann Delabrière Resolutions concerning governance Jean-Pierre Clamadieu
Global automotive production up 4% in 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 17,365 1,414 2,654 +3.8% +10.9 % +4.3 % +3.0 % 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 year 13,296 13,693 +3.9%* The effect of change in scope was +1.3% (or 220m) for the year Product sales 2012 Monoliths Tooling and prototypes Sales of tooling and prototypes were up 12.4%* due to the strong increase in the order book * Like for like: constant exchange rates & perimeter
Strong growth in Asia The region represents 13% of Group sales Product sales in m Europe North America 7,412 7,412 3,646 3,707 Published Like for like* Published Like for like* Stable -0.4% +1.7% +1.3% 2012 2012 1,388 1,706 Published Like for like* Asia 851 868 South America and rest of world Published Like for like* +22.9% +24.3% +2.1% +19.5% 2012 2012 * At constant exchange rates & perimeter
Operating margin improvement in second half Operating margin in m 514 538 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 3.0% % Total sales 3.0% 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 2012
Net income at 88 million euros m Total sales Operating margin as % of total sales Restructuring and other income (net) Other income and financial expenses (net) Pretax income of integrated companies Corporate income taxes Net income of associates and other minority interests Consolidated net income (Group share) Net income per share (fully diluted) (in euros) 2012* 17,364.5 516.3 3.0% (87.2) (197.1) 232.0 (67.4) (21.1) 143.5 1.28 18,028.6 538.3 3.0% (106.8) (234.3) 197.2 (64.7) (44.9) 87.6 0.82 * Restated for IAS 19R norm
Strong improvement in cash flow generation m 2012 Operating margin Depreciation and amortization 514 495 538 532 EBITDA 1,009 1,070 Change in working capital requirement Capex and capitalized R&D Restructuring Financial expenses Taxes and other (372) (827) (54) (164) (151) 364 (788) (123) (187) (192) Net cash flow (559) 144
Net debt down by 288 million euros to reach 1.52 billion euros Net debt in m 31 December 2012 31 December The early conversion of the 2015 convertible bond in December : 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 (1,519) (1,807)
Faurecia S.A. financial statements m 2012 Total sales 191.9 203.5 Operating margin 2.5 1.9 Financial and other expenses (net) Exceptional income and expenses Corporate taxes* 89.2 (29.7) 45.3 20.1 58.9 18.2 Net income 107.3 99.1 * 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 99,066,091.75 Retained earnings from previous years 1,023,644,455.73 Total to be allocated 1,122,710,547.48 Appropriation Statutory reserve 4,953,304.59 Dividend 36,776,440.50 Retained earnings 1,080,980,802.39 Total appropriation 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/ 28/02/ 31/03/ 30/04/ 31/05/ 30/06/ 31/07/ 31/08/ 30/09/ 31/10/ 30/11/ 31/12/ 31/01/ 2014 28/02/ 2014 31/03/ 2014 30/04/ 2014 Faurecia SBF 120 STOXXAuto Shareholders Meeting 27 May 2014 14
Agenda results Michel Favre Short and medium term outlook Yann Delabrière Resolutions concerning governance Jean-Pierre Clamadieu
Significant progress on all priorities decided early Reconcile growth and cash generation Capex and capitalized R&D stabilized at 800m Positive free cash flow Continue profitable growth in Asia Adjust costs to level of production in Europe Growth of 24% in Operating margin above 8% 4 new production sites and an R&D center opened in Deployment of fixed cost reduction plan Improvement of operating margin to reach 3.0% in second half Improve our profitability in North America Increased managerial resources at all levels Significant progress for Emissions Control Technologies
2014 2016 Favorable market environment Global market will grow around 3% The fast growing markets in Asia will grow by 9% Accelerating trend to global platforms Global platforms now dominate automaker strategies Market globalization accelerating with product convergence and shorter time gap between regional launches 2016 Objectives Sales above 21 billion euros Operating margin 4.5 5.0 % of sales Faurecia key actor in accelerating technology changes Environmental performance Fuel economy and reduction of CO 2 emissions Life on board 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 ) 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 CO 2 emissions All of the businesses of Faurecia contribute to a weight reduction of 100 kg per vehicle representing a reduction of 10g of CO 2 /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% 4,370 265 687 +5.7% +9.3% +2.0% 4,518 280 751 Published Like for like* Total sales +3.4% +7.0% 3,417 3,487 Q1 Q1 2014 Negative currency impact : 137m or 3.1% of total sales 105m or 3.1% of product sales Product sales Monoliths Tooling and prototypes * Like for like: constant exchange rates and perimeter
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 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 (Amount in euros) Full year 2012 Full year Fixed compensation 700,000.00 700,000.00 Variable annual compensation 140,000.00 700,000.00 Valuation of benefits (car) 7,371.60 7,371,60 Valuation of performance shares attributed in the period 435,080.00 1,386,456,00 Total 1,282,451.60 2,793,827.60
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