Valeo is dedicated to the design, the manufacture and the sale of components, integrated systems and modules for cars and heavy lorries. 3 Fields of Innovation for surer, cleaner and more comfortable vehicles.

Research and Development Expenditure

% of net sales, net of expenditure rebilled to customers

⁽¹⁾ The Group has changed the presentation of its income statement, notably net sales, as of January 1, 2009. Other operating revenue is now classified mainly as deductible R&D expenses. The figures for 2008 have been restated accordingly.