Faurecia has posted 2020 sales down 17.5% to EUR14.7bn (US$17.8bn).
Operating income fell 68% to EUR406m.
“In the second half of the year, thanks to excellent preparation for production restart as well as resilience actions implemented since the beginning of the crisis, Faurecia overachieved all its financial targets,” said Faurecia CEO, Patrick Koller.
“This was particularly true for cash generation, which offset the consumption of the first half and contributed to significant debt reduction. We are proud, in such a difficult year, to have further strengthened the confidence of our customers as reflected in a new record order intake of EUR26bn.
“I would like to thank all the Faurecia teams, who have done an extraordinary job, for their contribution to this successful performance, whilst strictly respecting our Covid-19 protocol.
“In 2021, we will resume strong sales outperformance, be back to profitability close to pre-crisis level and generate solid cash flow that will further contribute to our deleveraging.
“Our confidence in Faurecia’s future prospects, which will be presented at our Capital Markets Day, allows us to resume dividend payment in 2021, offering a fair remuneration to our shareholders.”
Show the press release
Original source: https://www.faurecia.com/sites/groupe/files/pages/PR%20-%20Faurecia%20FY%202020%20Results%20-%20VDEF.pdf