First-quarter 2023 Sales
Sales growth of +29% in the quarter to €6.6bn driven by organic growth of +17.6%
* Restated for SAS (part of the "Interiors" Business Group), presented as Discontinued operations as from January 1, 2022
** Source: S&P Global Mobility (ex-IHS) dated March 2023
Strong outperformance of 1,490bps in the quarter included :
- Favorable geographic mix impact of c. 400bps,
- Positive impact related to inflation pass-through of c. 240bps.
All business groups outperformed global market growth; all three main regions outperformed their geographies.
Full-year 2023 guidance confirmed.
On track to achieve year-end deleveraging target, closing of previously announced transactions on schedule.
The first quarter of 2023 marked a good start of the year for FORVIA, with strong sales growth, despite a persistently uncertain environment. Organic sales significantly outperformed worldwide automotive production growth, boosted by a favorable geographic mix effect and an additional month of consolidation of HELLA.
We remain focused on our three drivers: generate solid sales growth driven by innovation and sustainability; lower the cost base and breakeven point of operations; enhance cash conversion and close the announced divestments to accelerate Group deleveraging, our top priority.
Patrick Koller
CEO of Faurecia
