Nanterre, France — Faurecia, which specialises in automotive seating and interiors, generated EUR14.6bn in sales during 2020. This is down 18.4% on the previous financial year.
Operating income across the business fell by 68.3% to EUR 406.2m and compares with EUR 1.3bn in 2019.
CEO Patrick Koller said that the second half of the year generated cash which the business had consumed in the first half and it 'contributed to significant debt reduction.'
In the company's largest division, seating, sales fell by 20.3% between 2019 and 2020, to EUR 5.6bn. Operating income in this division fell 57.9% to EUR 190.6m.
Looking ahead to 2021, Koller said that the company had ended 2020 with a new record order intake of EU26bn. ‘In 2021, we will resume strong sales outperformance, be back to profitability close to pre-crisis levels and generate solid cash flow,' he said. He promised that the cash would be used to reduce the company's debt.
