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H1 2017 Results

Financial Results

Sales up 16% to 9.5 billion euros

Operating margin (1) up 17% to 754 million euros, or 8.0% of sales

Net income up 20% to 506 million euros, or 5.3% of sales

Order intake (2):

– 14.9 billion euros excluding Valeo Siemens eAutomotive, up 16%

– 3.0 billion euros for Valeo Siemens eAutomotive

Jacques Aschenbroich, Valeo’s Chairman and Chief Executive Officer, commented:

“In line with the strategic plan presented in London on February 28, 2017, our results for the first half of 2017 confirm the growth and profitability potential of our innovations portfolio for CO2 emissions reduction and intuitive driving.
During the first half of the year we were delighted to welcome Ichikoh’s teams to Valeo. The integration of Ichikoh’s operations into our Visibility Systems Business Group, which is going well, will enable us to expand our footprint in Asia, particularly with our Japanese customers.
Similarly, the initial commercial success of Valeo Siemens eAutomotive demonstrates our ability to become a leader on the high-growth electric vehicle market”.

Second-quarter 2017:

  • Consolidated sales of 4,697 million euros, up 12% (up 5% on a like-for-like basis).

First-half 2017:

  • Order intake (2) supported by technological innovations:
    • 14.9 billion euros excluding Valeo Siemens eAutomotive, up 16%;
    • 3.0 billion euros for Valeo Siemens eAutomotive.
  • Consolidated sales of 9,464 million euros, up 16% (up 9% on a like-for-like basis).
  • Original equipment sales of 8,235 million euros, up 16% (up 9% on a like-for-like basis), outpacing global automotive production by 6 percentage points.
  • Operating margin (1) up 17% to 754 million euros, or 8.0% of sales.
  • Net attributable income up 20% to 506 million euros, or 5.3% of sales.
  • Free cash flow (2) generation of 99 million euros, in line with the figures presented at our Investor Day on February 28, 2017.

2017 outlook

Based on the following assumptions:

  • an increase in global automotive production of between 1.5% and 2%;
  • raw material prices and exchange rates in line with current levels.

Valeo confirms its objectives for 2017:

  • sales growth outperforming the market by more than 5 percentage points;
  • a slight increase in operating margin (1) (as a % of sales and before acquisitions).

(1) Including share in net earnings of equity-accounted companies, see Financial Glossary, page 13 (PDF).

(2) See Financial Glossary, page 13 (PDF).

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