A great name in the automotive industry 12 _ Message from the Chairman • 15 _ Executive Committee • 16 _ Significant events • 18 _ Human resources • 12 _ Sustainable development • From initial concept to finished product: Faurecia’s capabilities 16 _ Acquisition • 20 _ Innovation • 24 _ Development • 28 _ Production • 32 _ Key figures • 36 _ Stock market information • With 60,000 employees working at 160 sites in 28 countries and annual sales of €10.7 billion, Faurecia is a major name in the automotive industry. As experts in the design, development, production and delivery of six major vehicle modules, namely seats, cockpits, acoustic packages, doors, front ends and exhaust systems, Faurecia adopted two years ago a common working method called the Faurecia Excellence System (FES). This continuous improvement system, based on best practices taken from within and outside the Group, creates value for customers, shareholders and employees alike. In 2004, the Group’s priority was to explain and deploy the Faurecia Excellence System throughout the organization. This initiative will continue until all of Faurecia’s businesses are covered, from initial concept to finished product. 1 MESSAGE FROM PIERRE LÉVI CHAIRMAN AND CHIEF EXECUTIVE OFFICER 2004 marked a new phase in Faurecia’s drive for As far as progress with the automakers is concerned, although continuous improvement. our top three customers, PSA Peugeot Citroën, Volkswagen and Renault-Nissan, still account for almost two thirds of our With sales growth approaching 8%, a further 0.4 percentage annual sales, we also increased our business particularly with point improvement in the operating margin, net income DaimlerChrysler, Ford, General Motors and Toyota in 2004. The increased by a factor of eight, and a reduction of our debt by main vehicle launches in Europe this year are representative almost €200 million, the 2004 results confirms our dynamism. of this progression. Examples include DaimlerChrysler’s Faurecia’s continuous improvement initiative is the realization Mercedes SLK and Smart Forfour, the Ford Focus and Escape, of our strategy to grow with the automakers by continually the Pontiac G6 and Opel Astra from General Motors, and the offering more in terms of innovation, and to match the Toyota Corolla Verso to name just a few. profitability of the best in the industry. 2004 was also a year of rapid growth for the Group outside In terms of growth, 2004 was a particularly good year with Europe. Although it accounts for less than 15% of the Group’s annual sales up in all product lines, in all geographic areas annual sales, growth outside Europe contributed around two and with the majority of automakers. percentage points to its overall growth in all regions. Automotive Seating saw the most pronounced growth with In North America, we are making headway with the US sales increasing 11% in 2004. Indeed, the seating market automakers in all our core businesses. 2004 saw an increase is growing and becoming segmented with, for example, in automotive seating business with General Motors and the widespread availability of rear seats offering numerous exhaust system business with Ford. With DaimlerChrysler movement and storage options. 2004 saw the launch of many we are at the beginning of a period of growth. Faurecia-equipped vehicles where the second or even the third row of seats can be folded away into the car’s floor to make In China, we are following our main customers as they move a completely flat space. into the regions of Shanghai, Changchung and Wuhan. We will soon have full production facilities set up there covering our Exhaust Systems also performed well with an increase in sales core businesses of seating, interior systems and exhaust of almost 9%. The new and forthcoming standards for the systems. In South Korea, we are continuing to develop our processing of emissions should continue to make innovation exhaust system business with Hyundai. In Japan, we opened in exhaust systems a matter of increasing importance, a Development Center in Shin-Yokohama to increase efficiency particularly with the use of particulate filters for diesel engines and bring us closer to our Japanese customers. likely to become more widespread. In South America, there has been an upturn in the automotive On the basis that they would be more appropriately developed market that has had a highly beneficial effect on our business. by companies more specialized than Faurecia in these areas, Faurecia can continue to grow only if it remains innovative and we sold two minor, non-strategic product lines: steering columns competitive when bidding for contracts. That is why we have to Fuji Kiko and the Mechanics and Environment activity to PSA decided to considerably increase the number of innovation Peugeot Citroën. projects we have in the exploratory phase. This initiative called “1,000 ideas” will ensure that we are more creative and 2 _ MESSAGE FROM PIERRE LÉVI CHAIRMAN AND CHIEF EXECUTIVE OFFICER selective when deciding which ones to pursue. By the end Seven values define the attitudes of responsibility and of 2004, we had already achieved 50% of this objective. commitment necessary to ensure long-term success. They We will be able to see the positive impact of the initiative now form the basis of Faurecia’s corporate culture and as such in the next few years and get more out of the 5.6% of our are an important aspect of our individual and Group performance annual sales invested in R&D. appraisal system. With more than 1,600 managers and professionals recruited in 2004, the introduction of individual Clearly, it has been a year of rapid growth. However growth career development plans is a priority for Faurecia, as are and profitability can only be built on the constant pursuit internal mobility and the development of its employees’ skills of the optimum global cost position and, at the same time, at all levels of the organization from operators to managers. on the trust our customers place in us. This confidence is based on our capacity to master the development, launch and Our commitment to continuous improvement also extends production of our modules across the ten-year cycle from the to our Safety and Environment policy, which is constantly initial invitation to bid until production of the vehicle ceases. being added to, particularly in the areas of safety at work, workstation ergonomics and environmental protection. Half In structural terms, our cost position is developing favorably of the Group’s sites have now been granted ISO 14001 with the redistribution of our manufacturing sites and our panel certification. Faurecia’s move to join the UN Global Compact of suppliers. We opened ten new sites in 2004, mainly outside and the introduction of a Code of Ethics demonstrate our Western Europe, in Romania and Slovakia, South Africa, commitment to adhere all over the world to the universal China, the USA and Mexico. principles of respect for human rights, the right to work and At the same time, we are reducing the number of suppliers the environment. by picking the best and encouraging them in turn to attain a better-cost position. We will be facing a particularly difficult environment in 2005, since, in addition to poor market conditions, we will suffer the Faurecia’s efficiency and the trust our customers have in us rely effects of the highest increase in raw materials prices in thirty on the competence and motivation of our 60,000 employees. years. All our personnel are trained and then involved in the deployment of the Faurecia Excellence System, which aims to achieve In this respect, I know that I can rely on the motivation and excellence in terms of development and production. As an expertise of all Faurecia’s employees to continue to exceed example, all the Group’s plants and programs are now measured our customers’ expectations and strengthen their trust in us. against the same frame of reference, and the Excellence System The men and women of Faurecia all care about designing, audit provides a means of comparing and measuring progress at developing and producing modules that, in terms of perceived all sites. quality, safety, comfort and respect for the environment, contribute to the success of our customers’ vehicles and We have already seen the initial benefits. In two years, we have brands. reduced both the number of industrial accidents in the plants and the number of defective parts (PPM) delivered to our customers I am convinced that, despite the impact of the increase in raw by a factor of three. We have also improved with respect to many materials prices and driven by continuous improvement, other indicators and plan to continue in the same way over the Faurecia can achieve lasting growth. coming years. A culture of responsibility and commitment is being established. All the plants are adopting an organizational structure in which the operators themselves resolve problems, as close as possible to the point where they occur. Teamwork, led by the management, makes each person responsible for monitoring improvement indicators. 4 _ EXECUTIVE COMMITTEE Left to right, top to bottom Pierre Lévi _ Patrick Bikard _ Gérard Breining _ Gérard Chochoy _ Chairman and Chief Executive Officer Group Industrial Management Group Purchasing Automotive Seating Business Group Arnaud de David-Beauregard _ Jean-Michel Elter _ Jean-Marc Hannequin _ Laurent Hebenstreit _ Group Development Group Customer Development Exhaust Systems Business Group Interior Systems Business Group Thierry Lemâne _ Bruno Montmerle _ Christophe Schmitt _ Pierre-Jean Sivignon _ Group Communications Group Strategy Components Business Group Chief Financial Officer Jean-Pierre Sounillac _ Guy Talbourdet _ Group Human Resources Modules and Systems Business Group 5 2004 SIGNIFICANT EVENTS single delivery all year and 02 03 for never exceeding the set 07 loading time. A NEW SEAT FRAME PLANT FAURECIA JOINS THE UN EMPLOYEE EMPOWERMENT IN CLEVELAND, MISSISSIPPI, GLOBAL COMPACT BENEFITS QUALITY USA The Group joined the UN 06 Largely due to Employee The Group announced the Global Compact, confirming Empowerment, Faurecia’s refurbishment of an existing its international commitment FAURECIA COLLABORATES automotive seating plant facility in Cleveland, to this initiative. WITH A DESIGN SCHOOL at Brebières, France reduced Mississippi, USA, dedicated The Compact promotes Eight teams of students the number of defective parts to the production of seat the respect and development from Strate College, an delivered to the customer frames for its customers’ of human rights, the right international design school by a factor of 43 between various platforms. The site, to work and environmental based in Issy-les-Moulineaux the beginning of January and which represents an protection. near Paris, France, exhibited the end of June 2004.The site investment of $12 million, their futuristic vehicle interior improved the circulation will provide 250 jobs by the design projects. The project, of information so that each end of 2006 and bring 04 which lasted five months, operator was aware of the Faurecia closer to its was carried out in close customer’s concerns and American customers. cooperation with Faurecia’s were made responsible EXHAUST SYSTEMS BUSINESS GROUP WINS design and marketing for poor quality. In addition, AWARD FROM TOYOTA specialists. The concepts – ARGENTINA half-hour quality meetings visionary yet firmly anchored were organized on the shop The Buenos Aires site in industrial reality – were floor at the start of each shift. in Argentina, won Toyota’s aimed at different socio- Golden Award for its cultural groups and covered performance in logistics and aspects such as interior the Silver Award for quality. architecture, life on board, Faurecia won the logistics storage and trim. award for not missing a 09 FAURECIA OPENS A NEW DEVELOPMENT CENTER IN JAPAN The new development center at Shin-Yokohama, Japan, will bring together all of Faurecia’s activities at the same site, namely seating, interior systems, front ends and exhaust systems. The opening of this new center emphasizes the Group’s desire to strengthen ties with Japanese automakers, with the aim of becoming their preferred partner. 6 FAURECIA RECEIVES SYNTES COCKPIT RECEIVES VOLKSWAGEN PRIZE INNOVATION AWARD 09 The Volkswagen Group Syntes, the structural awarded Faurecia a prize in architecture of the cockpit, GERMANY: ZERO ACCIDENT RATE AT THE UNNA SITE recognition of its operational developed by Faurecia, The Unna plant, Germany, performance. The award was and that is produced for which makes seat frames for presented during a ceremony the Ford Group’s C-platform, the Opel Vectra and Signum, in Warsaw, Poland. won an award from Jaguar X-Type, MCC-Smart USA: NEW JIT SITE the Automotive Division and Ford Focus, Mondeo INAUGURATED of the Society of Plastics and Fiesta, cut its FR0t IN AUBURN HILLS, 11 Engineers (SPE) for the most rating (number of workplace MICHIGAN, USA innovative application accidents per million CHEVROLET MALIBU SEATS of plastics in vehicle RANK FIRST IN J.D. POWER hours worked) from 20.2 interiors. SURVEY in September 2003 to 0 in 10 The seats for the Chevrolet September 2004. This result Malibu, manufactured by On October 12, 2004, in was achieved thanks to an Faurecia, were named “best the presence of Gene awareness program initiated Stefanyshyn, Manager in class” in the mid-size 1 million by the management team vehicle category in a quality focusing on safety at work of the G6 line at This is the number survey carried out by J.D. using Faurecia Excellence General Motors, Pierre hours without Power & Associates in the System tools. Lévi officially opened accidents with United States. the just-in-time work stoppages manufacturing site of COLOGNE JUST-IN-TIME recorded by the 10 Auburn Hills, Michigan, PLANT RECEIVES FORD North America USA, which produces Q1 LABEL Division of the complete seats for Thanks to the rigorous Exhaust Systems NEW EXHAUST SYSTEMS PLANT IN CHINA the Pontiac G6. Auburn application of FES methods Business Group, Faurecia opened a new Hills supplies General and tools, Faurecia’s JIT which employs manufacturing site at Motors’ Lake Orion plant in Cologne, Germany, 1,500 people Changchun in the Jilin plant. specializing in interior and manages province of Northeast China. systems, has recorded seven sites. The site produces mufflers, no quality faults or late catalytic converters and BEST INNOVATOR 2004 deliveries. As a result, complete exhaust systems AWARD FOR FAURECIA Ford granted the site the Q1 for the Audi A6, Volkswagen Faurecia was selected from award just fourteen months Jetta, FAW Red Flag and among ten finalists to receive after production started Mazda 6. the “Best Innovator 2004” on the Ford Fiesta 3-door. award for its “Innovation management process”. The award, which was presented in Paris by the French minister for Research, François d’Aubert, is sponsored by AT Kearney and the French magazine L’Expansion. 7 HUMAN RESOURCES SKILL DEVELOPMENT The deployment of Employee Its deployment develops work Empowerment is a fundamental lever practices at the sites and is organized Faurecia has always considered for Faurecia’s industrial performance. according to six priorities: that its employees are its principale Forming the basis of the Faurecia asset and that the development Excellence System (FES), it supports 1. 2004 saw an acceleration in the of their skills is key to the Group’s the whole system by developing transfer of skills to operators, success. The company’s commitment the role of management and the which allows for problems to be to skill development is manifested competence of our teams, as well as resolved as close as possible to the in the deployment of Employee the working methods that will ensure point where they occur. Each site Empowerment for the benefit continuous improvement. identifies the activities that can be of all staff and in the introduction taken on board by the production of a specific management system teams and organizes the transfer aimed at its engineers and managers. of skills to the operators concerned. 8 In addition, to increase responsiveness 3. Operational communication 5. Professional development and the ability to adapt to customers’ has also been strengthened within within the Group is another priority. changing requirements, Faurecia is the Group. Indeed, operational Faurecia provides opportunities for its training operators to work at several efficiency depends on the ability personnel to develop professionally, workstations thus making the most to communicate quickly. A daily based on the development of of employees’ job flexibility. process of communication with each polyvalence on the shop floor. Certain This is reinforced by Organizing team means that problems are dealt career paths have been defined in this Human aspects of Production, which with more quickly. Operational way. An operator will, for example, is underpinned by a maximum of four communication is also about making have the opportunity to become hierarchical levels. The size of each dedicated communication zones a GAP leader with responsibility for an team is reduced, enabling managers available to all staff to ensure Autonomous Production Group before to monitor and develop the total transparency of performance becoming a Supervisor. The Group performance of each individual. indicators displayed in each workshop. makes promotion conditional on mastering the job and makes 2. In addition, teamwork has also 4. 2004 also saw the further professional development one of the been developed. This is a necessity integration of the continuous basic drivers of its own development. for Faurecia, even more than individual improvement initiative. Employee performance improvement, because Empowerment makes continuous 6. Employability has also been it determines the Group’s ability improvement the responsibility developed. Faurecia develops to satisfy its customers’ requirements of teams and individuals. At Faurecia, technical and behavioral skills in terms of quality, cost and delivery each team is responsible for defining of employees by giving them (QCD). The roles and responsibilities its performance indicators in terms additional responsibilities and through of each person are clearly defined. of quality, cost, delivery and people the development of team-working (QCDP), measuring them and methods. This gives Faurecia the improving them. Each manager plays image of a dependable company that a key leadership role in this process. helps to increase the employability Faurecia University Faurecia University develops and implements training programs designed to enhance the development of managers and professionals, as well as specialist skills. The training program aims to ensure the success of the organization’s core businesses. The university also contributes to the deployment of the Faurecia Excellence System, in close cooperation with the Group’s industrial management department. Faurecia University therefore plays a leading role in building a strong corporate culture. Finally, all the training courses put in place demonstrate Faurecia’s commitment to investing in the development of its employees. Throughout 2004, almost 3,000 employees participated in training programs run by Faurecia University. This represents an increase of more than 27% compared with the previous year. Faurecia University provided over a million hours of training in the Group in 2004. 9 of its personnel both internally managerial staff were highlighted development of Faurecia’s managerial and externally. in 2004 by the declaration of a common staff of 8,000 people by focusing value base to be applied on a day- on the following aspects: level of Recruitment is crucial to the Group’s to-day basis. These behaviors, drawn performance, potential, succession success and forms an integral part up on the basis of the seven Faurecia planning, mobility and identification of its management and development values (transparency, accountability, of experts. Beyond the identification system. To attract talented people, teamwork, drive, speed, entrepreneur and monitoring of individual action the recruitment process has been and master your future), provide plans, this initiative is consolidated made considerably more professional. a common frame of reference and by activity and by function. In 2004, Faurecia recruited more than increase the ability of teams to work The main objective is to encourage 1,600 managers and professionals together. the emergence of talented individuals on permanent contracts. In addition Performance management within internally and ensure they reach the the Group is focused on recruiting Faurecia, based on the achievement highest levels of responsibility in young graduates from selected of personal and group objectives, the company. For this reason, special schools in each country. Bearing in evolved in 2004 and also incorporates attention is paid to succession mind Faurecia’s specialties, priority an appraisal of behaviors with planning, a valuable career and is given to engineering and technical reference to the seven Faurecia mobility management tool. degrees. More generally, all values. Emphasis is also placed The company is committed to offering management positions available can on structuring individual development its managers the opportunities for be viewed on the Faurecia website. plans. These plans allow professional development that they The installation of new recruitment for greater clarity and objectivity deserve within an international group. software led to more than 100 positions in performance appraisal and the Mobility can be geographic, functional being filled in less than six months. development of company employees. or organizational. In 2004, it affected Career management is a major 12% of managers and professionals. In the case of more experienced component of Faurecia’s Human The target for 2005 is 15%. personnel, the Group gives priority Resources policy. Every year, all to their capacity to progress within executive and managerial positions the company and internationally. are monitored through a process The Faurecia management model called the staffing review. This and the behaviors expected of its analyzes the composition and 10 _ HUMAN RESOURCES THE DEVELOPMENT Safety at work is one of the OF ECONOMIC fundamental aspects the Faurecia AND SOCIAL DIALOG Excellence System and is an imperative condition that the Group The European Works Council, set up owes to its employees. The company’s in 2003 at a Group level, is a high-level progress in terms of safety and consultative and discussion body working conditions intensified to complement the contractual policy throughout the year. At an individual and social dialog being developed plant level, initiatives raising the within the European subsidiaries. The management’s awareness with regard second meeting chaired by Pierre Lévi to moral, civil and penal responsibility took place on June 9 and 10, 2004 of each individual, and the creation at the Group’s head office in Nanterre, of HSE (Health, Safety and the France. Environment) core teams on the shop The policy of consultation and 12 floor are already resulting in the negotiation continues to evolve introduction of more accident This is the number of sites in all the subsidiaries. Agreements prevention measures. Similarly, opened by Faurecia in 2004. on working hours and job flexibility the introduction of model production In detail, Automotive Seating have been signed in Portugal, Spain, lines (see page 30) has meant that acquired four new sites, including Germany and France. In 2004, more prevention measures can be two in the United States, all companies in France reached integrated into the manufacturing one is a just-in-time site in an agreement on wages. In addition, processes by revising safety Auburn Hills, Michigan, with the signing of seven profit-sharing regulations at the same time that supplies General Motors, agreements, almost all companies are as other Faurecia Excellence System and the other is in Cleveland, now covered by this scheme. In Spain, standards. Mississippi. The other two sites several single-plant collective On the subject of ergonomics are located in Talmaciu, bargaining agreements at a plant level in the working environment, Faurecia Romania and Wuxi, China. have been signed (Vitoria, Burlada has for several years been aware Exhaust Systems has also and Vigo). And finally in Germany, of Musculo Skeletal Disorder (MSD). opened four new sites. Three local negotiations have led to As far back as 1998, a prevention of them operate in just-in-time some innovative cost-reduction policy was drawn up by the mode – Poissy, France, for PSA and flexibility solutions, thereby Automotive Seating Business Group Peugeot Citroën, Rastatt, maintaining jobs that would to define the available ergonomic Germany, for DaimlerChrysler, otherwise have been threatened. analysis tools and to implement a series and Lordstown, Ohio, USA, for Program management, closely tied of corrective and preventive measures Chevrolet. The fourth site was to the life and commercial success designed to improve workstations. opened at Hermosillo in Mexico of our customers’ vehicles, calls for In 2004, the scope of this policy for Ford. Interior Systems constant redistribution of industrial was extended to the entire Group. opened two new sites, one and human resources. In 2004, An Ergonomics memorandum giving at Kosice, Slovakia and the other as in other years, Faurecia’s facilities the essential rules to be followed when at Boeblingen, Germany. The and their work loads were determined designing workstations, packaging latter is a just-in-time site for by several factors: close-proximity and supply flow racks, or the human- DaimlerChrysler. support for customers, their machine interfaces and environment Modules and Systems has also performance in terms of quality, cost of the workstation, was disseminated expanded with a new just-in-time and delivery, and the commercial throughout the Group. It is designed site at Rosslyn, South Africa. success of the vehicles supplied. to be used as a training resource Finally, a development center was for all employees involved in work opened at Shin-Yokohama, Japan organization and workstation design. in June 2004. 11 SUSTAINABLE DEVELOPMENT In 2004, the Group introduced a new The Group is determined to improve To ensure that the manufacturing system for monitoring its Health, safety at work. For 2005, Faurecia processes do not contribute Safety and Environment (HSE) has set an objective of a maximum to the depletion of natural resources organization at its 160 sites. The of five workplace accidents per million or pollute the environment, during system takes the form of a document hours worked (expressed as FR0t). 2004, the Group’s sites also set up sent to each site every six months 91 sites have already achieved this environmental management systems including a series of questions objective in 2004 accounting for more based on the ISO 14001 international and monitoring indicators. The than half the Group’s sites. It is worth standard. Attaining this standard questionnaire is a reflection of the pointing out, moreover, that some thirty is part of the Faurecia Excellence Group’s responsible, consistent sites did not report a single accident System (FES). 73 sites had been and long-term approach to the HSE during the entire year. At the end certified by the end of 2004. issue. HSE contacts have been of December 2004, Faurecia was Note that only 30 sites in the Group appointed at various sites and to date showing an FR0t rating of 8.7, a 46% are subjected to the self-monitoring the network consists of the equivalent improvement compared with 2003. of their waste water and atmospheric of around fifty full-time employees for A similar policy has been developed emissions imposed by the the whole of the company. in ergonomics. government. All the sites concerned 12 proved to be in compliance with In addition, Faurecia officially joined company, in all Faurecia establishments the regulations in force. The Group’s the UN Global Compact in March worldwide. It was drawn up and widely other sites are not subjected to this 2004. This initiative unites private distributed, and is available on the requirement because of either the type companies, UN bodies as well as Group’s Intranet site, so that all or the intensity of their activity. associations and trade unions around employees have access to it and can These indicators show that the ten universal principles of respect adhere to it at all times and under organization of production within for human rights, the right to work all circumstances. Faurecia takes the environment into and the environment. “Our account. requirement for excellence is reflected As an example, the Group has put in our continuous improvement in place an ambitious plan to overhaul initiative”, explains Pierre Lévi, its paint lines, all of which are now Chairman and Chief Executive Officer. ready to use water-soluble paints, “Signing up to the Global Compact for thus reducing the use of solvents. us represents a commitment to adhere The new-generation paint lines are to these principles for the good of our also equipped with incinerators employees and the environment in capable of processing the effluent which we work. It will help us forge when solvents are present. They have better links internationally and also been designed to reduce energy promote the sharing of best consumption. practices.” The Group is also On a wider scale, Faurecia has committed to disseminating these embarked on an ambitious plan to principals among its suppliers. replace solvents with water-based Finally, in December 2004, Faurecia substances, particularly in painting, published a Code of Ethics that was but also for removing foam from molds drawn up in accordance with and for thermocoating. This reduction Faurecia’s Mission Statement. This in solvent use minimizes atmospheric code defines the basic principles discharges and helps to prevent risks of behavior that must be applied to employees and people in the on a daily basis in relations between neighborhood. people both internally and outside the 13 _ FROM INITIAL CONCEPT TO FINISHED PRODUCT: FAURECIA’S CAPABILITIES from initial concept to finished product: Faurecia’s capabilities Acquisition, innovation, development, production In a global industry where ten or so Faurecia takes into account new automakers share 90% of the market, social trends, vehicle functionalities, Faurecia has put the emphasis on modularity and design. customer satisfaction and anticipating Innovation research is therefore the expectations of vehicle users. focused more than ever on perceived Instead of relying solely on its quality, safety, modularity, technological expertise, Faurecia has environmental-friendliness and had to extend its know-how from the integration of new functionalities, production to engineering, even to the taking into account, for example, extent of designing six major vehicle the increase in the number of modules, working further and further on-board communication resources. upstream on the automakers’ programs. Not forgetting, of course, the cost The Group’s areas of expertise have of the vehicle. In all these areas, as much to do with module and system Faurecia’s goal is to move forward architecture as with industrial and innovate, and to this end production control. For this, it is constantly improving. 15 _ FROM INITIAL CONCEPT TO FINISHED PRODUCT: FAURECIA’S CAPABILITIES • ACQUISITION listen understand win over convince develop propose Winning trust and becoming a key partner Considering that vehicles have a five In this context, the Group’s image to seven-year lifecycle, Faurecia is of course vital. This image is built must generate €1.5 billion in new around the Group’s capacity for contracts every year just to maintain innovation, proximity to the customer its sales at the level of the previous and a good understanding year. The acquisition of new of the issues they face, the credibility programs is therefore a key issue of our program teams, a solid for the future of the Group. It relies program management system, sound first and foremost on the trust that industrial processes and high-quality the automaker has in Faurecia. products. 16 THE BEST by making sure that sales teams are The Customer Councils were set up TECHNICAL SOLUTION kept constantly up-to-date, not only in 2004, as part of the Group’s AT THE BEST COST with the latest innovations and the commitment to improving customer Group’s program development and relations. The main role of these In 2004, almost 300 sales personnel management capabilities, but also councils is to coordinate sales from all over the world attended on product quality and services information across the organization a conference focusing on the offered by Faurecia. In the process in order to gain a better understanding challenges facing Faurecia. The first of acquiring new customers, the trend of our customers’ needs. Each council point to be emphasized was the need nowadays is towards ever-closer is headed by a member of the Executive for employees at all levels of the relations. In parallel, the Group’s Committee and includes representatives company, including members of the employees must strengthen their from each product line. Executive Committee, to strengthen capacity for innovation. In short, their relationship with the customer the challenge facing Faurecia and to highlight the credibility, in the next few years is to become professionalism and experience a key partner for all the automakers of our teams. by always being in a position to offer The conference also focused the best service at the best cost. on improving internal coordination 18 _ FROM INITIAL CONCEPT TO FINISHED PRODUCT: FAURECIA’S CAPABILITIES • ACQUISITION Main launches in 2004 A third of all new vehicles launched worldwide in 2004 – almost 30 models – incorporate at least one of the six modules that Faurecia produces. The main launches include: Audi A6 seat structures, cockpit, acoustic package, front end and exhaust system. BMW 1 Series cockpit and front end. Chevrolet Cobalt exhaust system. Citroën C4 seats, doors, acoustic package, front end and exhaust system. Ford Focus doors, acoustics package and exhaust system. Mercedes-Benz SLK cockpit and doors. Opel Astra seats, acoustic package and exhaust system. Renault Grand Scenic seats, cockpit and acoustic package. Pontiac G6 seats. Seat Toledo seat structures and cockpit. Smart Forfour seats and acoustic package. Toyota Corolla Verso seat structures, cockpit and front end. Volkswagen Golf Plus seat structures and acoustic package. 19 _ FROM INITIAL CONCEPT TO FINISHED PRODUCT: FAURECIA’S CAPABILITIES •• INNOVATION anticipate seek imagine create differentiate Innovation, the driving force behind Faurecia “Growth through innovation is a key With its “1,000 ideas” initiative, component of our strategy and must launched in 2004 and designed become our mind-set. We must rely to stimulate new ideas in terms of on our innovation process to speed processes and products, the Group up development of the best ideas more than doubled the number and use them to win new programs.” of new projects compared These words, spoken by Faurecia’s with the previous year. 433 new Chairman and CEO Pierre Lévi ideas went into development and at the Group Innovation Committee 593 other projects were being Meeting in December 2004, evaluated at the end of the year. sums up the importance What is the purpose of innovation? of innovation for the company. Above all, to invent original technical Research & Development, which solutions that, within the bounds alone occupies 5,000 engineers of the automakers’ brand strategies, in 28 development centers around give them the means to differentiate the world, was allocated resources themselves. Innovation is therefore equivalent to 5.6% of the Group’s a lever for growth that enables sales in 2004. Faurecia to become a key partner. 20 More than 300 patents were filed new features: the Noveo system, into a single part, resulting in weight in 2004 making it an important year available on the Toyota Yaris, and cost reductions as well as for innovation at Faurecia. Volkswagen Golf Plus and Smart improvements in safety. In addition, In addition, at the 2004 Paris ForFour, which allows the seat back to Syntes can be applied to all vehicles International Motor Show, Faurecia be folded down onto the cushion with using the same platform and has unveiled some of its latest innovations, one hand, or the Maxx system, already been fitted to more than such as the double-walled floor for the providing a power-adjustment system 1.7 million vehicles, notably the Ford Peugeot 1007, which incorporates for the second row enabling floors Focus and C-Max, Mazda 3, Volvo S40 numerous functions in a single part to be folded flat. 2004 also saw the and V50, resulting in widely differing and represents real progress in terms introduction of PU cast skin, a new looks based on a common structure. of safety. Other innovations include technology whereby liquid Syntes was given a 5-star rating by the front end for the BMW 1 Series, polyurethane is injected into a mold; Euro NCAP and received an award a lightweight, economical metal/plastic the resulting skin, with a feel very close from the Society of Plastics Engineers hybrid, or the package tray for the to leather at a competitive price, (SPE) in the USA. Renault Modus, which offers is already used for the door panels of outstanding acoustic comfort. Beyond the Mercedes SLK. Another Faurecia the Paris Motor Show, many other innovation is the Syntes metal/plastic innovations were unveiled, particularly hybrid cockpit structure that integrates in terms of modularity. Among these structural and air-distribution functions Faurecia’s three key innovations in 2004 Syntes: this metal/plastic hybrid cockpit structure integrates structural and air-distribution functions into a single part. It reduces vehicle cost and weight and also increases comfort by reducing vibrations. It behaves extremely well in crash tests. Designed for a global platform, it can be tailored for different makes of car and reduces capital outlay for the automaker. mEasy: this system optimizes adjustments to the vehicle’s front end module by mechanizing the alignment of the headlights and bumper system with the wings. It reduces the amount of adjustment necessary to achieve correct spacing and flush-mounting and therefore improves the vehicle’s perceived quality. It also reduces assembly time for the automaker. Particulate filter: thanks to this filter, soot particles in the exhaust are trapped by a porous ceramic substrate and build up on the walls of the filter. Once the maximum limit of particulate build-up has been reached, it is burned off by raising the temperature. This mechanism is triggered by the engine control system with the intervention of the catalytic converter further up the line. The filter is treated every 150,000 – 200,000 kilometers. It significantly reduces the impact of diesel engines on the environment and incorporates a mechanism enabling easy detachment from the catalytic converter. 22 _ FROM INITIAL CONCEPT TO FINISHED PRODUCT: FAURECIA’S CAPABILITIES •• INNOVATION Faurecia also won the “Best devised a method of evaluating in the form of products or functions Innovator” award in the “Innovation and developing quality as perceived for the benefit of both automakers Management Process” category of an by the consumer (based on the Touch, and motorists. award sponsored by AT Kearney and Appearance, Light, Color [TALC] the French magazine L’Expansion. method). The evaluation is based 2004 also saw the launch of seven on the five senses and translates new particulate filter systems fitted subjective feelings into concrete to the Mercedes A, C and E Class. measures. Like all Faurecia teams In short, the spotlight was turned on engaged in Research & Development, all major areas of innovation this year, the design department monitors including perceived quality, comfort the latest social, sociological and (acoustic, thermal and postural), technological trends and throughout safety, the environment, cost and 2004 was committed to developing integration. The design department of the credibility of the Group’s Faurecia’s Interior Systems Business innovation effort and “selling” it. Group, a decentralized structure Teamwork among the R&D, marketing consisting of 40 people based in and design departments has France, Germany and the USA, has transformed ideas into reality Mitis and innovation take shape At Faurecia, innovation is not a fashion, it is an obsession, and we needed a way of presenting it to automakers. Enter Mitis, which was presented to the Group’s staff and customers starting in June 2004. Mitis is a virtual demonstrator capable of presenting a coherent selection of new concepts designed for the vehicle interior. Two key areas were chosen by the designers and multi-disciplinary experts who worked on the project: 1) defining new requirements of consumers and 2) side impact. Mitis was able to show a side-on collision to demonstrate several new solutions, including radar to adapt the structure of the vehicle, a cross-car beam to strengthen the vehicle body and an airbag located in the door. 23 _ FROM INITIAL CONCEPT TO FINISHED PRODUCT: FAURECIA’S CAPABILITIES ••• DEVELOPMENT design develop test standardize validate Solutions for every stage of vehicle development Faurecia works together with technical and program management automakers earlier and earlier in expertise. While the Group’s capacity program development with the result for innovation is undoubtedly one that its input is sought at every stage of its main strengths, another of a vehicle’s development. Faurecia is its expertise in managing complex, simultaneously develops 150 programs large-scale international projects. a year with automakers thanks to its 24 This vital stage, development, in fact version of the PMS was produced, from its suppliers in 2004. In parallel, comprises several phases and calls for incorporating the acquisition phase sourcing strategies based on cost a wide set of skills. It requires a (anticipating the customer’s models have enabled precise constant process of adaptation to requirements prior to any official identification of the competitive levers customers’ projects and regular request for quotation). It includes used by the Group’s suppliers, exchanges with them. It is for this procedures for determining technical and led to the setting of objectives reason that customer specific teams challenges and planning product and the definition of a preferred panel were appointed during the past year. launches, and enables a program’s of suppliers for each product sector, The objective of these teams is, operational profitability to be particularly in low-cost countries. together with the automaker, monitored even before the contract This strategy also helps to speed up to develop a product tailored to has been awarded. the process of reducing the number requirements in terms of functionality, Faurecia’s involvement further and of suppliers while improving their style, brand positioning and cost. further upstream in the automakers’ quality. It is also Faurecia’s responsibility development process has been to validate the product, conduct one of the factors contributing the necessary engineering and tooling, to a marked improvement in quality design the production processes throughout the year. and resources, and plan the logistics. At a purchasing level, it has become These elements are described essential for suppliers to be in the the Program Acquisition integrated into the development and Management System (PMS) process. It is the Group’s that provides a rigorous methodology responsibility to select and manage and a common standard for the whole the suppliers for all programs. Group. In the interest As a result, Faurecia saw a reduction of continuous improvement, a new of more than 70% in quality shortfalls 26 _ FROM INITIAL CONCEPT TO FINISHED PRODUCT: AURECIA’S CAPABILITIES ••• DEVELOPMENT Run at Rate, or mass production trial To check that a particular manufacturing process runs smoothly, the Faurecia Group has strengthened its new product production start- up procedures by developing a key phase called the “Run at Rate”. This entails carrying out mass production trials of all production lines well before start of production (SOP). It is used to check that quality and quantity requirements are being met. The tests analyze the non-stop, full-speed operation of the production system over a period of up to eight hours, focusing on the functioning of the machines, the competence of the operators and the implementation of the Faurecia Excellence System. At least two Runs at Rate are carried out for each program, one three months before SOP and the other actually on start-up. 1,500 The number of suppliers that Faurecia aims to have by 2007. The objective is to work with the best and integrate them further and further upstream. _ FROM INITIAL CONCEPT TO FINISHED PRODUCT: FAURECIA’S CAPABILITIES •••• PRODUCTION supply organize standardize produce assemble check deliver Produce and deliver optimum quality according to the same standards all over the world Faurecia owes it to its customers not effort aimed at the Group’s only to design innovative products, production teams and focused but also to manufacture them all over on the deployment of the Faurecia the world with optimum reliability. Excellence System (FES). For this reason the Group has made The implementation of the FES has manufacturing excellence one of its led to a more efficient organizational main concerns. To achieve this, structure for the Group’s production Faurecia’s approach to industrial activities, with a limited number management needs to be understood of hierarchical levels, development by all employees and its production of supervisory staff on the shop floor, system has to be continuously and the introduction of management improved. To this end, 2004 saw an teams comprising an average enormous organization and training of five people. 28 In 2004 the Faurecia Excellence of training courses for employees, was also improved and now allows System (FES) played a decisive role all of whom have been encouraged for comparison between sites and in the Group’s continuous to take responsibility for ensuring that technologies. improvement initiative, in terms of products are thoroughly checked. These indicators also concern quality, cost and lead time. Its Secondly, productivity has been Employee Empowerment and potential for improving production improved at the Group’s 160 sites the programs themselves. processes has already been by working on production-line design These results were achieved only recognized by its employees and as well as organization and thanks to a rigorous policy aimed customers. ergonomics. Production flows were at 100% involvement of the Group’s On the quality side first of all, Faurecia analyzed and product flow times employees. In this respect, 2004 saw recorded a 40% improvement in reduced. To achieve this, Faurecia the widespread setting-up of GAPs the quality rating of its products. adopted a method based on the (Autonomous Production Groups), This is the result of a number requirements and constraints of small autonomous teams responsible of initiatives carried out both with the workstation to determine all for their own performance in terms suppliers, to reduce the number the upstream production processes. of quality, cost and lead time. of defective components, and on the The definition of performance These teams are required to hold daily production lines, with the introduction indicators for quality and productivity meetings to define specific objectives Model lines arrive at the plants 2004 saw the development of model production lines at Faurecia plants. By the end of the year, all the Group’s sites had at least one in place. What is a model line? Each plant deploys all aspects of the Faurecia Excellence System (FES) on a production line in order to improve performance in terms of safety, quality, productivity, logistics and Employee Empowerment. For an average six-month period, experts from the FES networks get all the employees and functions concerned to work together to achieve the level of quality sought, and when they find a system that works, they put it into general use throughout the plant. 30 _ FROM INITIAL CONCEPT TO FINISHED PRODUCT: FAURECIA’S CAPABILITIES •••• PRODUCTION to be achieved and look at ways to improve. Particular attention was paid to GAP leaders and their level of motivation and involvement. Half of Faurecia’s plants are just-in-time Almost half of the Group’s 160 sites now operate in just- in-time (JIT) mode, which means that they are able to deliver according to the customer’s manufacturing rate, catering directly to their assembly lines, sometimes in less than three hours. To meet these increasing demands while ensuring the necessary level of reliability and safety, JIT plants are most often in close proximity (less than 30 km to the customer), or even within the automaker’s manufacturing facilities. 31 FAURECIA’S SALES Interior vehicle modules 77.3% Acoustic package Other modules No. 2 in Europe, No. 4 worldwide 22.7% Door and door panel Exhaust system No. 1 in Europe, No. 2 worldwide No. 1 in Europe, No. 2 worldwide Seating Front end No. 1 in Europe, No. 3 worldwide No. 1 in Europe, No. 2 worldwide Instrument panel and cockpit No. 1 in Europe, No. 1 worldwide 10,719.5 10,122.7 9,610.7 9,865.5 719.0 In €M 593.4 675.9 574.6 1,714.9 1,777.7 1,587.9 SALES 2,219.3 EVOLUTION 3,500.9 BY ACTIVITY 3,505.7 3,462.8 3,297.6 INTERIOR VEHICLE MODULES _ •_ Interior vehicle • Seating 4,353.2 4,784.7 4,031.6 OTHER MODULES 3,519.2 _ •_ Front end 2001 2002 2003 2004 • Exhaust system SALES EVOLUTION 2004 sales increased to €10,719.5 million, a 5.9% rise over 2003. Excluding monoliths, at constant exchange rates and on a comparable basis, sales increased by 7.9%. All of Faurecia’s modules contributed to this growth in sales, which was achieved with the majority of Faurecia’s customers and throughout all global regions. In % +12.9 +9.2 +8.3 +7.9 Faurecia’s sales* ORGANIC GROWTH MAINTAINED Faurecia achieved its objectives in 2004 in the context +0.7 of a 1% increase in European automotive production, +0.2 which is the Group’s principal market and accounts European automotive for 84.8% of sales. (1.3) (1.1) production 2001 2002 2003 2004 * Excluding monoliths, at constant exchange rates and on a comparable basis. 32 SALES BREAKDOWN BY CUSTOMER Toyota 1.5% In % 2002 2003 2004 Others 3.9% PSA Peugeot Citroën 28.8% PSA Peugeot Citroën 25.7 28.2 28.8 BMW 5.6% Volkswagen Group 23.4 23.4 22.2 GM Group 7.2% Renault-Nissan 16.2 15.5 14.4 Ford Group 10.0 8.6 8.6 DaimlerChrysler 7.8% DaimlerChrysler 6.3 6.4 7.8 General Motors Group 7.2 7.1 7.2 Ford Group 8.6% BMW 4.5 5.2 5.6 Others 5.4 4.2 3.9 Toyota 1.3 1.4 1.5 Renault-Nissan 14.4% Volkswagen Group 22.2% FAURECIA’S INTERNATIONAL ACTIVITIES EUROPE OUTSIDE OF EUROPE Other European countries 8.8% North America 9.6% United Kingdom 3.3% South America 1.5% Spain 12.1% Asia 2.9% Other countries 1.2% Portugal 1.6% Germany 25.3% France 33.7% SALES BREAKDOWN BY COUNTRY At constant exchange rates and on a comparable basis, Faurecia’s sales increased 9% in North America and more than doubled in Asia for the year 2004. 2003 2004 NUMBER OF INDUSTRIAL SITES PER GEOGRAPHICAL AREA France 42 41 Germany 27 28 In 2004, like all other years, Faurecia’s industrial footprint and the workload Spain 21 21 of its plants were determined by a multitude of factors: geographical proximity Portugal 8 8 to customers, performance of the site in terms of quality, cost and delivery, United Kingdom 7 6 and the commercial success of the customers’ vehicles. Rest of Europe (1) 21 23 (1) Rest of Europe: Austria, Belgium, Czech Republic, Hungry, Italy, Luxembourg, the Netherlands, Poland, Romania, Slovakia, Sweden, Turkey. North America (2) 13 16 (2) North America: Canada, Mexico, United States. (3) South America: Argentina, Brazil South America (3) 10 10 (4) Asia: China, India, Japan, South Korea. (5) Rest of world: South Africa, Tunisia. Asia (4) 8 10 Rest of world (5) 6 7 Total 163 170 33 FAURECIA’S FAURECIA’S PROFITABILITY EMPLOYEES EBITDA/OPERATING INCOME _ NUMBER OF EMPLOYEES WORLDWIDE* 2002 2003 2004 •_ EBITDA* (in €M) •_ In % of sales France 24,628 24,966 24,504 •_ Operating income (in €M) Germany 11,355 10,317 10,304 • In % of sales 706.0 Spain 6,113 6,117 5,832 637.1 Portugal 3,032 2,896 3,003 586.1 United Kingdom 1,534 1,361 1,326 6.6 Rest of Europe (1) 5,001 6,163 7,605 6.3 5.9 366.3 North America (2) 4,958 4,790 5,386 302.8 South America (3) 1,192 1,295 1,770 255.6 Asia (4) 153 625 1,529 Rest of world (5) 912 1,048 1,248 3.0 3.4 2.6 Total 58,878 59,578 62,507 * Includes temporary workers. 2002 2003 2004 * Operating income + depreciation, amortization and RECRUITMENT 2004 depreciation in value of property, plant and equipment and intangible assets. France 1,645 Germany 703 NET INCOME 198.3 In €M Spain 397 _ Portugal 352 •_ Before goodwill United Kingdom 185 • After goodwill Rest of Europe (1) 1,219 120.5 North America (2) 1,639 83.7 South America (3) 693 Asia (4) 107 54.5 Rest of world (5) 272 10.1 Total 7,212 2002 2003 2004 Faurecia’s employees are located at 160 sites in 28 countries. To attract talented people, the recruitment process has been made considerably more professional. In 2004, Faurecia recruited more than 1,600 managers and professionals (59.1) on permanent contracts. (1) Rest of Europe: Austria, Belgium, Czech Republic, Hungry, Italy, Luxembourg, the Netherlands, Poland, Romania, Slovakia, Sweden, Turkey. (2) North America: Canada, Mexico, United States. EBITDA/OPERATING INCOME (3) South America: Argentina, Brazil. (4) Asia: China, India, Japan, South Korea. (5) Rest of world: South Africa, Tunisia. Operating income in 2004 was €366.3 million and represented 3.4% EVOLUTION IN WORKPLACE ACCIDENTS (FR0T) of sales, compared with 3.0% in 2003. Faurecia has set an objective of a maximum of five workplace accidents per During the same period, EBITDA increased million hours worked (expressed as FR0t). 91 sites have already achieved this to 6.6% of sales, versus 6.3% the objective in 2004 accounting for more than half the Group’s sites. At the end previous year. of December 2004, Faurecia was showing an FR0t rating of 8.7, a 63% improvement compared with the beginning of 2003. NET INCOME 25 Net income before goodwill rose to €198.3 million, an increase 20 23.4 of €77.8 million versus 2003. Goodwill 15 was €114.6 million compared 8.7 to €110.4 million in 2003. 10 Net income improved to €83.7 million, FR0t 12 months rolling average up €73.6 million compared to 5 5.0 5.0 Objective FR0t by the end of 2005 the previous year. 0 2003 2004 34 FAURECIA’S FINANCIAL STRUCTURE 1,707.1 1,695.7 1,903.5 1,896.0 1,830.3 1,497.5 NET DEBT SHAREHOLDERS’ In €M EQUITY In €M 2002 2003 2004 2002 2003 2004 NET DEBT The control and reduction of debt is a major priority for Faurecia. Net debt has been reduced significantly and as of December 31, 2004 it was €1,497.5 million compared to €1,695.7 million at the end of 2003. SHAREHOLDERS’ EQUITY With shareholders’ equity of €1,896.0 million, gearing was 0.79 as of December 31, 2004 compared to 0.93 at the end of 2003. 531.8 380.0 378.3 344.9 434.5 374.2 CASH FLOW FROM CAPITAL OPERATIONS 5.0 EXPENDITURES _ _ 3.9 •_ In €M •_ In €M 3.4 • In % of sales 4.3 • In % of sales 3.5 3.8 2002 2003 2004 2002 2003 2004 CASH FLOW FROM OPERATIONS Cash flow from operations in 2004 was €531.8 million or 5.0% of sales, compared with 4.3% of sales in 2003. CAPITAL EXPENDITURES Capital expenditures were €378.3 million, 3.5% of sales versus 3.4% in 2003. FAURECIA’S RESEARCH AND DEVELOPMENT GROSS EXPENDITURE: €596.5 million (5.6% of sales) NET EXPENDITURE: €272.8 million NUMBER OF R&D AND D&D CENTERS: 28 HEADCOUNT: 5,000 engineers and technicians Research and development expenditure was 5.6% of sales in 2004 and is a significant factor for Faurecia’s future growth. 35 STOCK MARKET INFORMATION Fiscal year: January 1 through December 31 ISN code: ISIN FR0000121147 Nominal value: €7 Listed on the Euronext Paris, Eurolist Stock eligible for deferred settlement (SRD) FAURECIA’S SHARE PRICE EVOLUTION 64 % change as of Dec. 31, 2004 62 60 Compared to Compared to 58 Dec. 31, 2003 Dec. 31, 2002 56 54 Faurecia +16.6% +47.5% 52 SBF 120 adjusted +8.2% +26.4% 50 48 DS Autoparts 46 Europe adjusted +14.9% +77.6% D J F M A M J J A S O N D STOCK MARKET DATA 2004 2003 2002 Market capitalization at the end of the period (in €M) 1,399.4 1,199.9 947.6 Share price (in €) - highest 69.60 73.90 61.40 - lowest 48.00 27.00 33.00 At year end (in €) 57.80 49.57 39.20 Shareholders’ equity per share (in €) 78.31 75.61 78.74 PER SHARE DATA 2004 2003 2002 Earnings per share after dilution (in €) - Before amortization of goodwill 8.26 5.04 2.29 - After amortization of goodwill 3.49 0.42 (2.49) Cash flow per share (in €) 22.29 18.18 15.69 Dividend (in €) 1.10* 0.91 0.91 - Tax credit - 0.455 0.455 - Total 1.10 1.365 1.365 * Dividend proposed at the Annual General Meeting on May 23, 2005. SHAREHOLDER STRUCTURE 2004 2003 Number of shares outstanding at year end (in thousands) 24,212 24,206 PSA Peugeot Citroën 71.39% (83.6) 71.41% Employees funds 0.36% (0.2) 0.37% Treasury stock 1.57% - 1.71% Publicly held 26.68% (16.2) 26.51% (Voting rights in parentheses) FINANCIAL INFORMATION AVAILABLE ONLINE AT www.faurecia.com 36 CONTACTS Group Communications +33 (0)1 72 36 70 05 Financial information available on line at www.faurecia.com (“finance & shareholders” section) Faurecia Headquarters 2, rue Hennape 92735 Nanterre Cedex – France 2005 Financial Calendar January 13 Fourth-Quarter & Full-Year 2004 Sales Announcement February 17 Second-Half & Full-Year 2004 Results Announcement, presentations in Paris and London April 13 First-Quarter 2005 Sales Announcement May 23 Annual General Meeting, Paris July 21 First-Half 2005 Results Announcement, presentations in Paris and London Photo credits: A. Gonin; S. Muratet; B. Schittny; G. Uféras/Rapho. October 13 Third-Quarter 2005 We would like to thank the teams at our R&D and D&D centers located in Hagenbach, Sales Announcement Germany and Seloncourt, France and at our production sites in Audincourt, Beaulieu, Pulversheim, France and Scheuerfeld, Germany for their generous time and cooperation in facilitating the photo shoots necessary for many of the images that appear in this document. Design and publishing: Translation: Semantis.
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