Jul 27, 2023 / 08:30AM GMT
Patrick Koller - Forvia SE - CEO & Director
Welcome to our H1 2023 results presentation. Olivier and I will guide you through the results of 2023 and some highlights and of course, the guidance. The highlights, the growth first, a very strong sales growth of 21.3% and organic growth of 18.6% and an outperformance of 740 basis points. Maybe 2 elements to add to this. With a U.S.-based BEV OEM, we increased our sales by 73%. With BYD in the same period, we increased our sales by 78%. These 2 customers are now representing about 10% of our global sales. We also improved the operating margin from 3.5% to 5%.
Here, I have to say that we could have done better. We have not taken into account for EUR 30 million customer offers. We have them estimated not at the right level and which we have delayed for their conclusion in the second half. This EUR 30 million are representing 20 basis points. We achieved a solid net cash flow with EUR 172 million, 1.3% of sales, and we deleveraged further the company from 3.1x net debt to adjusted EBITDA in June 30, 2022, to end of June 2023. On track with the
Half Year 2023 Forvia SE Earnings Call Transcript
Feb 13, 2024
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