• Double-digit organic growth for Seating, Interiors and Clean Mobility; organic growth of 5.7% for Clarion Electronics, despite the shortage of electronic components
• In all regions, strong outperformance, with sales in China exceeding pre-Covid sales of Q1 2019
• At Group level, Q1 sales performance continued to be impacted by a significant unfavorable geographic mix effect estimated at c. 900bps
• Turnaround of this geographic mix effect and gradual ramp up of new Seating programs will contribute to accelerate organic growth and outperformance in Q2

Full-year financial targets confirmed

Faurecia’s assumption that worldwide automotive production should amount to 76.6m vehicles in 2021 remains valid, considering the current shortage of electronic components.

Consequently, all full-year financial targets, as presented on February 22, are confirmed:

• Sales ≥ €16.5bn and strong organic sales outperformance > +600bps
• Operating margin of c. 7% of sales, close to pre-Covid levels
• Net cash flow of c. €500m and net-debt-to-EBITDA ratio < 1.5x at year-end

In Q1, our sales showed double-digit organic growth, with strong outperformance in all regions. Organic sales growth was solid across our different activities, despite the shortage of components during the quarter. Growth was particularly strong in China, where our sales exceeded pre-Covid sales of Q1 2019. In Q2, even taking into account a negative impact from the shortage of electronic components, we will deliver very strong organic sales growth and outperformance, driven by the start of production of new programs.We are fully on track to achieve all our financial targets for the year and our order intake objective. After the successful spin-off, Faurecia has now a free float of 85% with an enlarged international shareholder base and an increased share liquidity.
Patrick Koller, CEO of Faurecia