Forvia Half-Year Report 2024

Patrick KOLLER, Chief Executive Officer of FORVIA, declared: “In the first half of the year, the automotive environment was characterized by broadly flat automotive production year-on-year and a slowdown of the pace of electrification in Europe. The general environment continued to be impacted by persistently high interest rates and unfavorable currency rates. In this context, and despite unfavorable geographic and customer mix, FORVIA posted an organic sales growth of 2.7%, outperforming the market by 290 basis points.”

“Operating margin rose year-on-year in most Business Groups with the exception of Interiors operations in North America that were hit during the period by one-off extracosts. The Group’s operating margin nevertheless grew by 20 basis points to 5.2% of sales.”

“Net cash flow of €201 million rose by 16% year-on-year, demonstrating efficiency of the Group’s “Manage by Cash” program.”

Highlights

• Organic sales growth of +2.7%
• In a market that was broadly flat (-0.2%).
• Outperformance of +290bps, 460bps, excl. unfavorable geographic mix impact.
• Operating margin of 5.2%, up 20 basis points year-on-year, despite a 30 basis points one-off impact from Interiors North America
• Solid net cash flow of €201m, up 16.3% vs. H1 2023
• Active debt management contributed to extend maturity