From GlobeNewswire:

In 2023, Faurecia’s sales were up 14% on an organic basis, with an operating margin improved by 100 basis points to 5.3% of sales. The net cash flow was €649 million or 2.4% of sales, and the net debt/Adjusted EBITDA ratio was significantly reduced to 2.1x at year-end. The 2024 guidance includes sales of between €27.5 billion and €28.5 billion, with an operating margin between 5.6% and 6.4% of sales.

Additionally, Faurecia announced its intention to launch “EU-FORWARD”, a project to reinforce the competitiveness and agility of the group’s operations in Europe. This project aims to adapt manufacturing and R&D set-up to the fast-changing European environment and achieve significantly higher profitability exceeding 7% of sales in EMEA by 2028. As a part of this project, the Group plans to rebalance its regional mix, with EMEA representing approximately 40% of sales and 35% of operating income in 2028.

Faurecia’s CEO, Patrick Koller, highlighted the company’s solid performance in 2023, with profitable growth driven by strong sales organic growth and improvement of operating margin. The company also achieved key milestones in improving profitability and sustainability across its various business units. Faurecia is on track to meet its 2024 guidance and is focusing on sustainable and profitable growth, accelerating deleveraging, and staying agile in the face of anticipated medium-term market evolution.



Read more: FULL YEAR RESULTS 23