2013 Results - Valeo · 2019. 5. 14. · H2 operating marginup 16% to €411m or 6.9% of sales FY...

2013 Results

February 20, 2014 I 1

February 20, 2014

Jacques ASCHENBROICH – CEO

HighlightsAcceleration in Q4 & H2 2013

� In Q4 � Total sales up 13% like-for-like

� Acceleration in OEM sales up 17% like-for-like (10pt outperformance)

� Aftermarket sales up 11% like-for-like

� In H2


� In H2 � Total sales up 12% on a like-for-like basis

� Operating margin(2) up 16% reached 6.9% of sales

� Net income up 40%

� Free cash flow(7) of €202m

HighlightsFY 2013

� Order intake(1) of €14.8bn

� Sales of €12.1bn, up 9% like-for-like (3% on a reported basis)� OEM sales, up 10% like-for-like, 6pt outperformance

� Aftermarket sales, up 8% like-for-like

� Operating margin, up 10% to reach €795m or 6.6% of sales


� Net income, up 18%� Tax rate of 20.5%, down 7pts

� Free cash flow of €315m

� Dividend of €1.70 per share, up 13% to be proposed at the next Shareholders’ meeting

2014 outlook

Based on the following key assumptions for FY 2014:

� Automotive production:� World: +2% to +3%

� Europe: +1% to +2%

� Raw material prices and currencies in line with current levels


Valeo has set the following objectives for 2014:

� Sales growth outperformance in the main production regions

� A slight increase in operating margin (as a % of sales) compared to 2013

In Q4, total sales up 13%


total sales up 13% like-for-like

Acceleration in OEM sales, up 17% like-for-like

(10pt outperformance)

Aftermarket sales up 11% like-for-like

Acceleration of sales growth throughout 2013With strong performance of OEM (+17%*) and aftermarket (+11%*) sales in Q4

OEM salesIn M€

-1%**

2,575 2,6752,461 2,564

Q1 13 Q2 13 Q3 13 Q4 13

+6%** +3%**

0%* +12%* +13%*

+7%**

+17%*

+1%* +10%* +12%* +13%**Like-for-likegrowth

Total sales€m


AftermarketIn M€

382 383 368 384

Q1 13 Q2 13 Q3 13 Q4 13

+4%* +8%* +10%* +11%*

+4%** +6%** -3%** +5%**

3,039 3,1272,905 3,039

Q1 13 Q2 13 Q3 13 Q4 13

0%****Year-on-yearchange

+5%** +2%** +4%**

Europe**OEM sales*** +14%Production**** +5%

North AmericaOEM sales*** +13%Production**** +5%

49% of Valeo sales18% of Valeo sales

Outperf.+8pts*

Outperf.+9pts*

WorldOEM sales*** +17%Production**** +7%

Outperf.+10pts*

OEM sales growth outpaced the global market by 10ptsOutperformance in all regions

Q3Q4


Asia** excl. ChinaOEM sales*** +7%Production**** +2%South America

OEM sales*** -1%Production**** -7%

16% of Valeo sales

4% of Valeo sales

Outperf.+5pts*

*At same perimeter and exchange rates** Europe including Africa,

Asia including Middle East*** Valeo OEM sales by destination**** LMC estimates – light vehicle production

Outperf.+6pts*

13% of Valeo sales

Outperf.+34pts*

ChinaOEM sales*** +55%Production**** 21%

OEM sales growth like-for-like

Q1 Q2 Q3 Q4

-3% +10% +18%

Double-digit OEM sales growth in all the Business GroupsWith strong performance of Visibility and Comfort & Driving Assistance

+20%CDA

Powertrain +13%


-2% +7% +6%

-3% +8% +10%

+10% +26% +23%Visibility

Thermal +13%

Powertrain +13%

+22%

Full year 2013 data


Full year 2013 data

Order intake of €14.8bn


Order intake of €14.8bnconfirming growth potential

6.67.4 7.5

8.9* 9.4* 9.6*8.8*

11.9*

14.0*15.1* 14.8*

€bn

% of order intake

Innovation fueling future organic growthHigh-quality order intake at €14.8bn

Innovation 30%*

CAGR+14%


4.3 4.3 4.8 4.73.0

6.3 7.4 7.7 7.3

2.84.6 4.6 4.9

5.8

5.67.1*

8.9* 9.4* 8.8*

2005 2006 2007 2008 2009 2010 2011 2012 2013

H2H1

*Products or technologies sold by less than 3 years

*Excluding Access Mechanisms business

SA5% Asia

excl. China13%

China

NA19%

SA5%

Asia excl. China13%

NA22%

China and North America fueling future organic growthAcceleration in China (24% of OI, 13% of OEM sales) and NA (22% of OI, 19% of OEM sales)

% of 2013 order intake*

Asia37%**

% of 2013 OEM sales*

Asia26%


China13%

Europe 50%

China24%

Europe36%

Order intake**: €14.8bn(of which Asia**: €5.5bn)

* By destination ** Excluding Access Mechanisms business

OEM sales: €10.3bn

Sales of €12.1bn, up 9% or 3%


Sales of €12.1bn, up 9% like-for-like or 3% reported

OEM sales, up 10% like-for like, 6pt outperformance

Aftermarket sales up 8% like-for-like

+9%* +6%*

€m

*Like-for-like growth + %*+12%*

2013 sales totaled €12.1bn, up 9% like-for-like Up 3% on a reported basis after disposal of Access Mechanisms (April 30, 2013)

+ %*+13%*


12,110

6,166 5,944

3,039

FY 13 H1 13 H2 13 Q4 13

Year-on-year +3%

Exchange rates -3.1%

Perimeter -2.8%

Year-on-year +3%


Perimeter -1.3%

Year-on-year +3%


Perimeter -4.4%

Year-on-year +4%


Perimeter -4.4%

OEM sales€m

10,275

Aftermarket€m

+4%**

1,517765 752 384

FY 13 H1 13 H2 13 Q4 13

+5%** +4%**

+10%* +6%* +15%**Like-for-likegrowth

+8%* +6%* +11%*

+17%*

+5%**

+11%*

Strong & balanced growth between OEM (+10%) and aftermarket (+8%)Gradual entry into production of high order intake (OEM business)


10,275

5,250 5,0252,564

FY 13 H1 13 H2 13 Q4 13

Miscellaneous€m

318

151 16791

FY 13 H1 13 H2 13 Q4 13

+4%**


Perimeter -3.1%

+3%**


Perimeter -1.3%

+5%**


Perimeter -5.1%

-17%* +5%* -30%* -39%*

**Year-on-yearchange

-19%** +1%** -32%** -41%**

+7%**


Perimeter -5.1%

Europe**North America

World

Acceleration of the outperformance in H2 vs H1H2 OEM sales outpaced the global market by 9pts vs 5pts in H1

Q3

Outperformance H1 Outperformance H2

H1 H2+10pts* +14pts*

H1 H2+6pts* +8pts*

H1 H2+0pt* +5pts*

H1 H2+5pts* +9pts*


Asia** excl. China

South America


Asia including Middle East

China

H1 H2-5pts* +9pts*

+0pt* +5pts*

H1 H2+9pts* +23pts*

Europe**OEM sales*** +7%

North AmericaOEM sales*** +17% 50% of Valeo sales

19% of Valeo sales

Outperf.+12pts*

Outperf.+7pts*

Outperf.+3pts*

WorldOEM sales*** +10%

Outperf.+6pts*

FY

2013 OEM sales outpaced the global market by 6ptsOutperformance in all production regions, improvement in SA


Asia** excl. ChinaOEM sales*** -1%

South AmericaOEM sales*** +8%

13% of Valeo sales

5% of Valeo sales

Outperf.+3pts*


Asia including Middle East*** Valeo OEM sales by destination

13% of Valeo sales

Outperf.+16pts*

ChinaOEM sales*** +31%

OEM sales produced in Asia & emerging countries at 54% (37% in 2007) Geographic repositioning of Valeo’s businesses

50%*

2011

37%*

2013

OEM sales by production region

54%*

Eastern Europe &


37%*

2007

*Share of Valeo total OEM production made In Asia & emerging countries

US9% Mexico

9%

SA4%

Asia27%

Europe &Africa14% Western

Europe37%

French* 16%

Other6%

German & Asian customers representing 57% of OEM salesCustomer portfolio remained firm and diversified

French*18%

Other 7%

% of OEM sales

German29%

German30%


Asian**26%

American21%

FY 13

Asian** 29%

American 18%

FY 12

* Excluding Nissan** Including Nissan

Asian**28%

Asian**27%

Total sales (like-for-like growth)

OEM sales (like-for-like growth)

FY FY H1 H2 Q4

+10%

CDA 18%

PTS28%

THS28%

VIS26%

Group€12.1bn

Above-market growth in all Business GroupsVisibility & Comfort & Driving Assistance especially dynamic

% 2013 sales

+20%


+9% +3% +19%

+6% +2% +10%

+6% +3% +12%

+17% +18% +23%Visibility

Thermal

+10%

+7%

CDA

Powertrain +6%

+20%

+20%

+13%

+13%

+22%

H2 operating margin up 16%to 6.9% of salesNet income up 40%


Net income up 40%

FY operating margin up 10%to 6.6% of salesNet income up 18%

16.4%17.4%

+100bp0bp

+30bp-30bp

942

H2 gross margin up 10% to €1,036m or 17.4% of sales FY gross margin up 6% to €2,073m or 17.1% of sales

2,073

+10%

€m & % of sales

1,036

H2


H2 12 Volume inflation

Emerging countries

exchange rates

Startupof new plants

Others H2 13

16.6%17.1%

+70bp +20bp-30bp

-10bp

FY 12 Volume inflation

Emerging countries

exchange rates

Startupof new plants

Others FY 13

1,948

2,073+6%

FY

H2 operating marginup 16% to €411m or 6.9% of salesFY operating margin up 10% to €795m or 6.6% of sales

795

6.2% 6.9%

+100bp

0bp-30bp

355411+16%

€m & % of sales

H2


6.2% 6.6%

+50bp+10bp-20bp

FY 12 Grossmargin

Net R&D SG&A FY 13

725

795+10%

H2 12 Grossmargin

Net R&D SG&A H2 13

FY

598643

+7.5%

Net R&D€m & % of sales

Net R&D expenditure at 5.3% of sales, up 20bp Strong R&D effort to sustain high order intake

Capitalised developmentexpenditure€m & % of sales

72 65 79 76

H1 12 H2 12 H1 13 H2 13

Amortisation of capitalisedDevelopment expenditure€m & % of sales

116 128145 145

1.2% 1.1% 1.3% 1.3%


FY 12 FY 13

5.1% 5.3%+20bp

PatentsIn units

722786

FY 12 FY 13

+9%

116 128

H1 12 H2 12 H1 13 H2 13

1.9% 2.2% 2.4% 2.4%

Sound management of SG&A expenses, down 10bpG&A expenses stable at 3.6% of sales

625 635

+1.6%

€m & % of sales

Sellingexpenses

196

Sellingexpenses

196


FY 12 FY 13

196

Admin.expenses

429

196

Admin.expenses

439

5.3% 5.2%

-10bp

Breakeven pointIn % sales

Breakeven point improvement to 76% of salesBreakeven point significantly lower than pre-crisis level

88%

91%

95%


79%

76%78%

76%

75%

2007 2008 2009 2010 2011 2012 2013 MT objective

H2 12* H2 13 Change FY 12* FY 13 Change

5,760 5,944 +3% Total sales (€m) 11,759 12,110 +3%

3556.2%

4116.9%

+16%+70bp

Operating margin (€m)% of sales

7256.2%

7956.6%

+10%+40bp

(31)-0.5%

(26)-0.4%

n/a+10bp

Other income & expenses (€m)% of sales

(53)-0.5%

(67)-0.6%

n/a-10bp

3245.6%

3856.5%

+19%+90bp

Operating income (€m)% of sales

6725.7%

7286.0%

+8%+30bp

(53)(18)

(50)(25)

-6%+39%

Cost of net debt (€m)Other financial expenses (€m)

(103)(39)

(100)(47)

-3%+21%

Net income up 18% to €439mEffective tax rate of 20.5%


(18)3

(25)3

+39%n/a

Other financial expenses (€m)Associates (€m)

(39)14

(47)7

+21%-50%

256 313 +22% Income before taxes (€m) 544 588 +8%

(68)27%

0(10)

(48)16%

0(16)

-29%-11pts

n/an/a

Taxes (€m)Effective tax rateNon strategic activities (€m)Non-controlling interests and others (€m)

(146)27.5%

(2)(25)

(119)20.5%

0(30)

-19%-7ptsn/an/a

1783.1%

2494.2%

+40%+90bp

Net income (€m)% of sales

3713.2%

4393.6%

+18%+40bp

2013.5%

2714.6%

+35%+90bp

Net income excl. non-recurring items (3) (€m)% of sales

4113.5%

5014.1%

+22%+60bp

*The amounts of other financial income and expenses shown for half-year and full-year 2012 differ from the amounts published in July 2012 and February 2013 since they have been to reflect changes in the expected return on plan assets resulting from the retrospective application of the amended IAS 19, effective as of January 1, 2013.

ROCE(4) back to 30%

FY 12 FY 13

Total sales €11.8bn €12.1bn

Operating margin 6.2% 6.6%

Capital turnover 4.5* 4.6*


*Proforma excluding Access Mechanisms business

Capital turnover 4.5* 4.6*

ROCE 28%* 30%*

ROA(5) 17% 19%

Free cash flow generation of


€202m in H2,€315m over the FY

11.8%12.1%

11.3%11.0%

10.9%

10.5%

10.8%11.6%

In M€ & % of sales

H1 2013 H2 2013 FY 2013

Powertrain% of sales 10.3% 10.3% 10.3%

Thermal% of sales 11.2% 12.0% 11.6%

Visibility% of sales 8.8% 9.9% 9.4%

Comfort & DrivingAssistance

% of sales 12.5% 13.7% 13.1%

TOTAL 10.8% 11.6% 11.2%

2013 EBITDA(6) margin improvement at 11.2%H2 EBITDA margin at 11.6%


564 586 602 610655

605

669 687

H1 10 H2 10 H1 11 H2 11 H1 12 H2 12 H1 13 H2 13

5%

7%

9%

11%

13%

2008 2009 2010 2011 2012 2013

Comfort and Driving Assistance Systems Powertrain Systems

Thermal Systems Visibility Systems

Group

FY 12 FY 13

EBITDA (€m) 1,260 1,356

Operating working capital (€m) (49) 118

Restructuring & employee-related costs (€m) (37) (43)

Other operating items (inc. taxes) (€m)Of which :TaxesPensions

(236)

(186)(60)

(207)

(151)(42)

Cash from operating activities (€m) 938 1,224*

Generation of free cash flow totaling €315m in 2013after working capital improvement of €118m & investment flows of €909m (7.5% of sales)


Cash from operating activities (€m)

Capex (inc. capitalised R&D) (€m) (857) (909)

Free cash flow (€m)(before interest payments)

81 315*

Interest (€m) (66) (102)

Other financial items (€m) (195) 192

Net cash flow(8) (€m) (180) 405

Net debt(9) (€m) 763 366

Of which €170m in proceeds from the disposal of the Access Mechanisms business and Dividend (€115m) paid in H2 2013

*excluding sale of trade receivables

2.1% 2.4%

5.4% 5.4%

FY 12 FY 13

635649

879939

Capex*

(% of sales)

+7%€m

Investments of €939mSupporting growth in the most dynamic markets (Asia, Eastern Europe & NA)

Capex*

Capital.R&D

7.5% 7.8%


244 290

635649

FY 12 FY 13

Capex*

Capitalised R&D

* excluding capitalised R&D

Industrial developmentover the period

2011-2013

11 new plants (incl. 7 in China)31 extensions

320,000 sq.m added


Strong balance sheet

763

1,260 1,274 1,356

Shareholders’ equity (€m)excluding non-controlling interests

Net debt (€m)

Net debt (€m) EBITDA 12 months rolling (€m)

Net debt over EBITDA

763

457 366

2,052 2,1332,380

Strong balance sheetLeverage & gearing ratios at 0.3x and 15% respectively

Net debt over shareholders’ equity


457366

Dec 2012 June 30, 2013 Dec 2013

Gearing

37%

Gearing

21%

Leverage

0.6x

Leverage

0.4x

Gearing

15%

Leverage

0.3x

Dec 2012 June 30, 2013 Dec 2013

LT Outlook ST

Moody’s Baa3 Stable Prime-3

S&P BBB Stable A-2

2750

in M€

Debt:

Maturity Amount Coupon

Syndicated Loan June 2016 €250m3M Euribor

+ 1.3%

BEI financingAug 2016 (redeemable in 4 equal

annual payments as of 2013)€225m

6M Euribor+ 2.46%

EMTN January 2017 €500m 5.75%

EMTN May 2018 €500m 4.875%

BEI financingNov 2018 (redeemable in 4 equal

annual payments as of 2015)$103m

6M Libor USD +1.9%

Debt profile as of December 31, 2013

Liquidity :

Cash & cash equivalents: €1.5bn

Undrawn credit lines: €1.1bn

Average maturity of credit lines : 3 years


0

250

500

750

1000

1250

1500

1750

2000

2250

2500

2750

2014 2015 2016 2017 2018 ,,, ,,, 2024

EMTN BEI financing Syndicated loanUndrawn credit linesCash & cash equivalents

annual payments as of 2015) USD +1.9%

Weighted average maturity of debt: 3.5 years

2750

in M€

Liquidity :

Cash & cash equivalents: €1.5bn

Undrawn credit lines: €1.1bn

Average maturity of credit lines : 3 years

Debt:

MaturityOutstanding

amountCoupon

Syndicated Loan June 2016 €250m3M Euribor

+ 1.3%

BEI financingAug 2016 (redeemable in 4 equal

annual payments as of 2013)€225m

6M Euribor+ 2.46%


EMTN May 2018 €273m 4.875%

BEI financingNov 2018 (redeemable in 4 equal

annual payments as of 2015)$103m

6M Libor USD +1.9%

New €700m bond (10-year maturity) + repurchase of €581m in bonds (maturing in 2017 & 2018)

Improved debt maturity profile (6 years average maturity vs 3.5 years previously)


0

250

500

750

1000

1250

1500

1750

2000

2250

2500

2750

2014 2015 2016 2017 2018 …. …. 2024

Cash & cash equivalents Undrawn credit lines EMTN BEI financing Syndicated loan


Weighted average maturity of debt: 6 years

Dividend & 2014 outlook


Dividend & 2014 outlook

Proposed dividend of €1.70/share, Stable dividend policy with a payout ratio of 30%

2013 dividend of €1.70/share to be proposed at the next Shareholders’ Meeting


2010 2011 2012 2013

EPS 4.86 5.68 5.03 5.71

EPS excl. non recurring items

4.86 5.68 5.56 6.52

Dividend 1.20 1.40 1.50 1.70

Payout ratio 25% 25% 30% 30%

2014 outlook

Based on the following key assumptions for FY 2014:

� Automotive production:� World: +2% to +3%

� Europe: +1% to +2%

� Raw material prices and currencies in line with current levels


Valeo has set the following objectives for 2014:

� Sales growth outperformance in the main production regions

� A slight increase in operating margin (as a % of sales) compared to 2013

Contact

Investor Relations

Thierry Lacorre

43, rue BayenF-75848 Paris Cedex 17France


Tel.: +33 (0) 1.40.55.37.93Fax: +33 (0) 1.40.55.20.40

E-mail: [email protected] site: www.valeo.com

Share Information

FR FPVLOF.PAFR 00013033879,462,540

Share Data

� Bloomberg Ticker� Reuters Ticker� ISIN Number� Shares outstanding as of December 31, 2013


ADR Data

� Ticker/trading symbol� CUSIP Number� Exchange� Ratio (ADR: ord)� Depositary Bank� Contact at J.P. Morgan – ADR

broker relationship desk

VLEEY919134304OTC1:2J.P. MorganJim Reeves+1 212-622-2710

Glossary

1) Order intake corresponds to business awarded by automakers (less any cancellations) during the period, based on Valeo's best and reasonable estimates in terms of volumes, sale prices and project lifespans. Order intake for the Access Mechanisms business was not included in order intake data for since 2005.

2) Operating margin corresponds to operating income before other income and expenses.

3) Net attributable income excluding non-recurring items corresponds to net attributable income adjusted for "other income and expenses" net of tax.

4) ROCE, or return on capital employed, corresponds to operating margin/capital employed excluding goodwill.

5) ROA, or return on assets, corresponds to operating income/capital employed including goodwill.


6) EBITDA corresponds to operating income before depreciation, amortization, impairment losses (included in the operating margin) and other income and expenses.

7) Free cash flow corresponds to net cash from operating activities (excluding factoring) after taking into account acquisitions and disposals of property, plant and equipment and intangible assets.

8) Net cash flow corresponds to free cash flow less (i) cash flows in respect of investing activities, relating to acquisitions and disposals of investments with a change in control and to changes in certain items shown in non-current financial assets, and (ii) cash flows in respect of financing activities, relating to dividends paid, treasury share purchases and sales, interest paid and received, and acquisitions of equity interests without a change in control.

9) Net debt comprises all long-term debt, short-term debt and bank overdrafts, less loans and other non-current financial assets, cash and cash equivalents.

Back-up


Back-up

Europe**OEM sales*** +12%Production**** +4%

Asia** excl. China

North AmericaOEM sales*** +19%Production**** +5%

49% of Valeo sales

19% of Valeo sales

Outperf.+14pts*

Outperf.+8pts*

Outperf.+5pts*

WorldOEM sales*** +15%Production**** +6%

Outperf.+9pts*Q3

H2

H2 OEM sales outpaced the global market by 9ptsOutperformance in all production regions, improvement in SA


Asia** excl. ChinaOEM sales*** +6%Production**** +1%

South AmericaOEM sales*** +6%Production**** -3%

14% of Valeo sales

4% of Valeo sales


Asia including Middle East*** Valeo OEM sales by destination**** LMC estimates – light vehicle production

Outperf.+9pts*

14% of Valeo sales

Outperf.+23pts*

ChinaOEM sales*** +40%Production**** +17%

2011 2012* 2013

In M€ H1 H2 H1 H2 H1 H2

� Total sales 5,334 5,534 5,999 5,760 6,166 5,944

� Gross margin 916 927 1,006 942 1,037 1,036

as % of sales 17.2% 16.8% 16.8% 16.4% 16.8% 17.4%

R&D expenditure, net (285) (276) (313) (285) (332) (311)

Selling & administrative expenses (286) (292) (323) (302) (321) (314)

Other income & expenses (1) 1 (22) (31) (41) (26)

� Operating income 344 360 348 324 343 385

Half year P&L


� Operating income 344 360 348 324 343 385

as % of sales 6.4% 6.5% 5.8% 5.6% 5.6% 6.5%

Cost of net debt (29) (42) (50) (53) (50) (50)

Other financial income and expenses (17) (18) (21) (18) (22) (25)

Share in net earnings of associates 4 (2) 11 3 4 3

� Income before income taxes 302 298 288 256 275 313

Income taxes (77) (71) (78) (68) (71) (48)

� Income from continuing operations 225 227 210 188 204 265

Non-strategic activities 0 (1) (2) -- 0 0

� Net income for the period 225 226 208 188 204 265

Non-controlling interests (7) (17) (15) (10) (14) (16)

� Net income 218 209 193 178 190 249

*The amount of other financial income and expenses shown for first-half 2012 differs from the amount published in July 2012 since it has been adjusted to reflect changes in the expected return on plan assets resulting from the retrospective application of the amended IAS 19, effective as of January 1, 2013

Segment information

FY 2012

(€m)Powertrain

SystemsThermal Systems

Comfort & Driving

Assistance Systems

VisibilitySystems Others Total

Sales:

● segment (excluding Group) 3,237 3,313 2,487 2,698 24 11,759

● intersegment (Group) 29 27 23 36 (115) -EBITDA 331 385 300 222 22 1,260Research & Development expenditure, net (145) (147) (169) (129) (8) (598)Investments in property, plant & equipment & intangibleasset

262 148 214 234 21 879

Segment assets 1,467 1,074 1,113 1,234 39 4,927


FY 2013

(€m)Powertrain

SystemsThermal Systems

Comfort & Driving

Assistance Systems

VisibilitySystems Others Total

Sales:

● segment (excluding Group) 3,358 3,366 2,229 3,129 28 12,110

● intersegment (Group) 42 32 21 54 (149) -EBITDA 351 394 294 298 19 1,356Research & Development expenditure, net (165) (152) (169) (148) (9) (643)Investments in property, plant & equipment & intangibleasset

261 178 232 252 16 939

Segment assets 1,510 1,115 1,142 1,314 46 5,127

Quarterly informationIn M€

� Sales by segment

Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13

Comfort & DrivingAssistance 481 489 567 620 657 634 616 603 629 570 521 530

PowertrainSystems 767 782 743 834 855 826 784 802 833 877 810 881

Thermal Systems 783 776 777 804 864 855 808 813 824 892 838 844

Visibility Systems 664 640 597 648 685 672 656 721 782 818 769 814

2,669 2,665 2,662 2,872 3,033 2,966 2,842 2,918 3,039 3,127 2,905 3,039


Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13

OE sales 2,263 2,247 2,262 2,435 2,602 2,516 2,393 2,399 2,5 75 2,675 2,461 2,564

Aftermarket 361 358 336 357 369 363 357 365 382 383 368 384

Miscellaneous 45 60 64 80 62 87 92 154 82 69 76 91

Total sales 2,669 2,665 2,662 2,872 3,033 2,966 2,842 2,918 3,039 3,127 2,905 3,039

� OE & aftermarket sales

Total sales 2,669 2,665 2,662 2,872 3,033 2,966 2,842 2,918 3,039 3,127 2,905 3,039

Safe Harbor Statement

Statements contained in this report, which are not historical fact, constitute “Forward-LookingStatements”. Even though Valeo’s management feels that the Forward-Looking Statements arereasonable, investors are put on notice that actual results may differ materially due to numerous importantfactors, risks and uncertainties to which Valeo is exposed. Such factors include, among others, thecompany’s ability to generate cost savings or manufacturing efficiencies to offset or exceed contractually orcompetitively required price reductions. The risks and uncertainties to which Valeo is exposed are mainlythe risks resulting from the investigations currently being carried out by the antitrust authorities as theyhave been identified in the Registration Document and any legal actions which could arise as a result ofthese investigations, operational risks which relate to being a supplier in the automotive industry and to the


development of new products and risks due to certain global and regional economic conditions. Alsoincluded are environmental and industrial risks as well as risks and uncertainties described or identified inthe public documents submitted by Valeo to the French “Autorité des marchés financiers” (AMF), includingthose set out in the “Risk Factors” section of Valeo’s Registration Document registered at the AMF onMarch 28, 2013 (ref. no. D.13-0246).

The company assumes no responsibility for any estimates made by analysts and any other informationprepared by third parties which may be used in this report. Valeo does not intend to, or assume anyobligation to, review or to confirm the estimates of analysts or to update any Forward-Looking Statementsto reflect events or circumstances which occur after the date of this report.


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2013 Results - Valeo · 2019. 5. 14. · H2 operating marginup 16% to €411m or 6.9% of sales FY...

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