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2014 sales up 9% to 12.7 billion euros

Financial Results

February 24, 2015 – sales up 9%, operating margin up 15%, net income up 28% and the order intake at the high level of 17.5 billion euros.

  • Operating margin(1) up 15% to 7.2% of sales
  • Net income up 28% to 4.4% of sales
  • Order intake(2) up 18% to 17.5 billion euros

Jacques Aschenbroich, Valeo’s Chief Executive Officer, stated:
Our performance in 2014 confirms Valeo’s excellent growth momentum and robust results, with sales up 9%,
operating margin up 15%, net income up 28% and the order intake at the high level of 17.5 billion euros. Up by 18%, the order intake reflects the commercial success of our innovative technologies for CO₂ emissions reduction and intuitive driving. This performance reaffirms Valeo’s growth and profitability strategy, which will be explained in further detail at our Investor Day on March 16.

Full-year 2014

  • Order intake up 18% to 17.5 billion euros
  • Consolidated sales up 9% (up 8% like-for-like), to 12,725 million euros
  • Original equipment sales up 11% to 10,890 million euros, a 9% rise on a like-for-like basis, outperforming growth in global automotive production by 6.5 percentage points
    • Outperformance in all automotive production regions and in all Business Groups
  • Operating margin(1) up 15% to 913 million euros, or 7.2% of sales
    Net attributable income up 28% to 562 million euros, or 4.4% of sales
  • Free cash flow(2) of 327 million euros
    • Net debt(2) at 341 million euros

Second-half 2014

  • Sales up 12% (up 6% like-for-like)
  • Operating margin up 15% to 7.4% of sales
  • Net income up 20% to 4.7% of sales
  • Free cash flow of 174 million euros

2014 dividend

Proposed dividend payment up 29% to 2.20 euros per share, representing a payout rate of 30%

2015 outlook

Based on the following assumptions:

  • a rise of around 3% in global automotive production, including an increase of around 2% in Europe excluding Russia
  • raw material prices and exchange rates in line with current levels
  • Valeo has set the following objectives for 2015:
  • sales growth higher than the market in the main production regions
  • a slight increase in operating margin(1) (as a percentage of sales) compared with 2014
    …/…