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Faurecia Announces Strong Sales Growth

5 September 2000

First Half 2000: Faurecia Announces Strong Sales Growth And Launches the 'Ten out of Ten' Plan

    BOULOGNE, France, Sept. 5 (in euros millions)           First half       First half   Full year
                                     2000             1999         1999
                                                   proforma*    proforma*

    Sales                           2,894.3         2,458.1       4,825.8
    Operating income                  126.1           109.9         208.2
    %of sales                          4.4%            4.5%          4.3%
    Net income before amortization
    of goodwill                        46.8            54.5         103.5
    Net income                         19.9            28.1          50.4
    Earnings per share (in euros)
    -before amortization of goodwill   3.29            3.83          7.26
    -after amortization of goodwill    1.40            1.97          3.53

    Operating cash flow               148.5           147.0         298.8
    Capital expenditure               114.5            87.4         207.7

    Shareholders' equity            1,015.0           976.9       1,007.2
    Net debt                        1,015.3         1,003.6         986.3

    *including the APAS group acquired at December 31, 1999.

    In first-half 2000, Faurecia experienced vigorous growth of 17.7%, driven
both by expansion of business with existing customers, particularly French
automakers, and by new sales contracts.  The first part of the year confirmed
the rapid integration of APAS (exhaust systems), the results of which are in
line with the forecasts made at the time of the December 1999 acquisition.
Commercial synergies have already appeared in the form of firm orders, ahead
of schedule, particularly with Ford and General Motors.
    The Faurecia Group's operating margin represented 4.4% of sales,
reflecting operating income of euros 126.1 million in first-half 2000, up from
euros 109.9 million (pro forma) for the year-earlier period.  Thanks to strong
growth in consolidated sales, the Group was able to offset a 32.2% surge in
research and development costs.
    Net income stood at euros 19.9 million, down from euros 28.1 million for
first-half 1999.  It includes exceptional expenses related to the termination
of remaining cut and sew operations in France for the seating activity and to
a long-standing tax dispute, whereas in first-half 1999 a gain had been
recorded on the disposal of the steering wheel business.
    In the second half, the Group expects sustained sales growth.  However,
due to the many new product launches, start-up expenses at several industrial
sites as well as research and development costs which remain very significant,
the Group does not expect to match its first-half operating margin over the
full year 2000.
    Taking into account this backdrop, the Executive Committee, led by Pierre
Levi, Group Chairman and CEO, has launched the "Ten out of Ten" plan, designed
to accelerate the Group's growth and restore its profitability by
systematically upgrading its operating processes for greater efficiency.  This
plan, which will generate additional expenses for the current year, will
produce its first benefits as from the second half of 2001.
    This plan will allow the Group to direct its ambitious growth plans
towards shareholder value and to bolster its worldwide development and
innovation capabilities to serve its customers.