ZEUS review FORVIA First-quarter 2023 report

First quarter sales results from automotive experts FORVIA show sales growth of +29% to €6.6bn driven by organic growth of +17.6%
GANGNAM-GU, South Korea - June 20, 2023 - PRLog -- FORVIA is the name of two recently merged companies, Faurecia (a global leader in automotive technology) and HELLA (an automotive lighting and electronics manufacturer). 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 favourable geographic mix effect.

On track to achieve its year-end de-leveraging target and also closing of previously announced transactions on schedule.

In Q1 2023, FORVIA's consolidated sales grew by 29% to €6.64 Billion, of which:
  • A very limited negative currency effect of €30 million or -0.6% of last year's sales was effected, the negative year-on-year effect of the Chinese yuan, the British pound and Turkish lira vs. the euro more than offset the positive effect from the US dollar vs. the euro
  • A scope effect of €617 million or +12.0% of last year's sales, due to one month of additional consolidation of HELLA (whose consolidation in the Group's accounts started on February 1, 2022)
  • Organic growth of €908 million or +17.6% of last year's sales.

Patrick Koller, CEO of Faurecia stated "We remain focused on our three drivers: generate solid sales growth driven by innovation and sustainability, lower the cost base and break even point of operations and enhance cash conversion and close the announced divestment to accelerate Group de-leveraging which is our top priority."

We highly recommend investors with an interest in projects like Neom to speak to one of our advisers today using our website www.zeusnus.com

Read the full story here: https://www.forvia.com/newsroom/first-quarter-2023-sales-0
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Industry:Automotive, Business, Investment
Location:Gangnam-Gu - Seoul - Korea, South
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Page Updated Last on: Jun 29, 2023

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