From GlobeNewswire:

Faurecia announced their 2023 results, showing a 14% increase in sales and a 100bps improvement in operating margin. They also saw strong net cash flow of €649m and a significant reduction in net debt/Adjusted EBITDA ratio to 2.1x at year-end. They are confident in meeting their 2024 guidance and are announcing a five-year project to enhance operations in Europe. They are also on track to meet their 2025 goals. They completed a €1bn disposal program and launched a new program to further simplify their portfolio and accelerate deleveraging. They achieved €190m in net cost synergies with HELLA by the end of 2023 and expect to achieve over €350m annually by the end of 2025. They are also ahead of schedule on sustainability targets.



Read more: FULL YEAR RESULTS 23 / typo page 22, paragraph