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Web Address of Delphi: Related Topics: Supplier Groups
© 1998 - 2005
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Companies : Faurecia
During the second half of 2003, sales fell by 0.5% to € 4,880.7 million. Excluding sales of catalytic converters, they rose by 0.8% to € 4,603.5 million and advanced by 4.4% at constant exchange rates and on a comparable scope. Over the same period, European automobile production is estimated to have fallen by 3.3%. Operating income Operating income for the 2003 financial year came to € 302.8 million (3% of sales), representing an increase of € 47.2 million on 2002. EBITDA stood at € 637.1 million (6.3% of sales), an improvement of € 51.0 million on the figure posted for 2002. Second-half operating income totaled € 141.5 million, which represented 2.9% of sales compared to 2.6% in 2002. Second-half EBITDA increased to 6.3% of sales from 5.8% in the same period the year before. Gross research and development expenditure came to € 259.8 million, down 6.8% compared to the second half of 2002. Adjusted for the amounts charged to customers, it came to € 105.3 million, or 2.2% of sales. The improvement in operating margin was driven by solid sales and by steady progress in the four key improvement plans identified by management: manufacturing practices and redeployment of facilities, purchasing plan, program management and R&D efficiency. Net income Net income, group share came to € 10.1 million, a major improvement on the net loss of €59.1 million posted in 2002. Aside from higher operating income, this increase was attributable primarily to the reduction in net financial expense and the decline in restructuring costs. Earnings per share stood at € 5.04 in 2003 before and € 0.42 after goodwill amortization, representing a very strong increase on 2002, when the equivalent figures were €2.29 and (€2.49) respectively.
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