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2009 Registration Document

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2009 Registration Document A global Automotive leader Registration document 2009 CONTENTS 1 Introduction to Faurecia 3 7 Faurecia and the environment 57 Chairman’s Message 4 7.1. Faurecia’s products and the environment 58 Board of Directors, Executive Committee and Auditors 5 7.2. Faurecia’s manufacturing sites and the environment 63 Key fi gures 6 8 Corporate Governance 67 2 Business review 7 8.1. Board of Directors 68 2.1. The Faurecia Group 8 8.2. Executive Committee 90 2.2. Interior Modules 11 2.3. Other modules 14 9 Consolidated fi nancial statements 93 9.1. Consolidated statement of comprehensive income 95 3 Results of operations and fi nancing 17 9.2. Consolidated balance sheet 96 3.1. Results of operations 18 9.3. Consolidated statement of cash fl ows 98 3.2. Financial structure and net debt 20 9.4. Consolidated statement of changes in equity 99 3.3. Strategic development 21 9.5. Notes to the consolidated fi nancial statements 100 3.4. Priorities and targets for 2010 22 9.6. Consolidated companies as of December 31, 2009 154 3.5. Risk factors 23 9.7. Statutory Auditors’ report on the consolidated fi nancial statements 158 4 The Group’s human resources policy 31 Legal and fi nancial information 161 4.1. Safety in the workplace 32 10 4.2. Skills development 34 10.1. Parent Company fi nancial statements 162 4.3. Strengthening economic and social dialogue 36 10.2. Capital and share performance 194 4.4. Employee profi t-sharing and incentive plans 38 10.3. Additional information on Faurecia S.A. 198 Quality 47 11 Ordinary and Extraordinary 5 Shareholders’ Meeting 5.1. Quality achievements 48 of May 26, 2010 215 5.2. Customer awards 49 11.1. Statutory Auditors’ reports 216 5.3. Outlook for 2010 50 11.2. Agenda 218 11.3. Draft resolutions 219 6 Research and development 51 6.1. Market expectations 52 Statement by the person responsible 6.2. Product planning 53 for the Registration Document 228 6.3. Research and innovation 54 6.4. Program management 56 Cross-reference table 229 This Registration Document includes the 2009 Annual Financial Report, details of which are set out on the last page. 2009 REGISTRATION DOCUMENT The French version of this Registration Document (document de référence) was filed with the Autorité des marchés fi nanciers (AMF) on April 28, 2010 pursuant to Article 212-13 of the AMF’s General Regulations. It may only be used in connection with a fi nancial transaction if it is accompanied by a memorandum approved by the AMF. This document has been prepared by the issuer under the responsibility of its signatories. The English language version of this Registration Document is a free translation from the original, which was prepared in French. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions expressed therein the original language version of the document in French takes precedence over this translation. < CONTENTS > 1 2 3 4 5 6 7 8 9 10 11 2 Faurecia 2009 REGISTRATION DOCUMENT > < CONTENTS > 1 2 3 4 5 1 6 7 8 Introduction 9 to Faurecia 10 11 CONTENTS CHAIRMAN’S MESSAGE 4 KEY FIGURES 6 BOARD OF DIRECTORS, EXECUTIVE COMMITTEE AND AUDITORS 5 Faurecia 2009 REGISTRATION DOCUMENT 3 Introduction to Faurecia 1 Chairman’s Message < CONTENTS > 1 Chairman’s Message 2 3 Beginning as from the last quarter of 2008 the global economy We have capitalized on the wave of consolidation in the has suffered the worst crisis since the great depression of automotive industry by quickly seizing key opportunities that 4 1929. The automotive industry was particularly hard hit by the have enabled us to bolster our positions in two of our core downturn, with a slump in business levels in the first quarter businesses. For example, in November 2009, we became the 5 of 2009 whose impact is far from completely offset despite the world leader in emissions control technologies following our gradual improvement that has taken place since then. acquisition of Emcon Technologies. As well as generating 6 economies of scale and synergies, this acquisition gives This economic recession and its effects on worldwide vehicle Faurecia additional research and innovation capacities in a output proved a serious challenge for Faurecia but we took segment that is set to grow rapidly, on the back of ever-stricter 7 swift and resolute action to adjust our business to the new standards for cleaner vehicles that are being introduced global environment and undertake measures to ensure that worldwide. Also, in early 2010 we purchased Plastal Germany, we emerge stronger from this period of in-depth change in the 8 which has strengthened our positioning in Automotive Exteriors automotive industry. During 2009 we launched a cost savings by rounding out our customer base and product portfolio in this plan which enabled us to lower our breakeven point by 18%, 9 segment. return to operating profit in the second half of the year and create a springboard for significantly boosting our operating Thanks to these strategic moves and the programs launched to 10 profitability in 2010. enhance our operational performance, we are now well placed to reap the benefits of the expected recovery in the automotive In parallel, we stepped up the rollout of the global plan that industry during 2010. We have set ourselves two key priorities 11 we launched in 2007 to enhance our competitiveness, growth going forward. The first is to step up the pace of development potential and profitability. This plan covers all aspects of for our product and technology portfolio in order to build our the Group’s business, from program management, with the growth potential by partnering our customers as they make Excellence in Program Management action plan, through to deep-seated changes to their vehicle offerings. The second deploying the Faurecia Excellence System – which is based on priority is to step up the pace of growth in Asia – a region that automotive industry best practices – across the Group’s entire offers the largest development potential for the automotive manufacturing base. These measures have been launched in industry over the coming ten years. We already have solid all of the countries where Faurecia operates with the twin aims positions in the region, particularly in China and South Korea, of reaching a high level of operating excellence and generating and are seeking to bolster our presence in all of the Asian profitable growth. markets and with automakers whose decision-making centers In early 2009 we also decided to rapidly implement an are based there. assertive strategy to come out of the crisis – which has led to In this fast-changing operating environment, we are proud to increased concentration in the automotive supplier industry – be able to count on our teams who gave their all during the better armed than before. As a result of the global economic difficult period we came through in the early part of the year. slowdown, in the future automakers will be seeking out Their skills, expertise, initiative and team spirit are the Group’s the most reliable suppliers who offer the most competitive best assets and will be vital to achieving the aim we have set development and production prices and can act as veritable ourselves of stepping up the pace of profitable growth. partners to serve their worldwide vehicle platforms. The fact that we won €11 billion worth of new contracts in 2009 and Yann Delabrière were named as key suppliers for automakers such as Ford Chairman and Chief Executive Officer clearly demonstrates that Faurecia belongs to this group of front-ranking suppliers and has the capacity to form strong partnerships to serve all of its customers. 4 Faurecia 2009 REGISTRATION DOCUMENT Introduction to Faurecia Board of Directors, Executive Committee and Auditors 1 > < CONTENTS > 1 Board of Directors, Executive Committee 2 and Auditors 3 4 Board of Directors as of April 14, 2010 Executive Committee as of April 14, 2010 5 Yann Delabrière Yann Delabrière Chairman and Chief Executive Officer Chairman and Chief Executive Officer 6 Arnaud de David-Beauregard Directors Executive Vice-President, Group Development Éric Bourdais de Charbonnière 7 Jean-Marc Hannequin Jean-Pierre Clamadieu Executive Vice-President, Faurecia Emissions Control Technologies Frank Esser 8 Jean-Claude Hanus Frank Imbert Ross Mc Innes Chief Financial Officer 9 Lee Gardner Patrick Koller Thierry Peugeot Executive Vice-President, Faurecia Automotive Seating Robert Peugeot 10 Frédéric Saint-Geours Thierry Lemâne Philippe Varin Executive Vice-President, Group Communications 11 Statutory Auditors Members Jacques Mauge of the Compagnie Régionale de Versailles Executive Vice-President, Faurecia Automotive Exteriors Ernst & Young Audit Bruno Montmerle Executive Vice-President, Group Strategy Represented by Laurent Miannay Tour Ernst & Young Christophe Schmitt 11, allée de l’Arche Executive Vice-President, Faurecia Interior Systems 92037 Paris La Défense cedex Jean-Pierre Sounillac France Executive Vice-President, Group Human Resources PricewaterhouseCoopers Audit Represented by Dominique Ménard 63, rue de Villiers 92200 Neuilly-sur-Seine France Faurecia 2009 REGISTRATION DOCUMENT 5 Introduction to Faurecia 1 Key fi gures < CONTENTS > 1 Key fi gures 2 3 12 660.7 2007 2008 2009 (+7.4%)* 12 010.7 (-3.7%)* 4 9 292.2 121.1 (-19.3%)* 91.2 5 -237.5 6 1.0% 0.8% 2009 7 2007 2008 -1.0% -433.6 8 2007 2008 2009 -574.8 9 Sales (in €m) -91.7 Net income/(loss) attributable *Change on a like-for-like-basis Operating income (loss)(1) to equity holders excluding sales of catalytic converter monoliths.
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