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2014 sales up 9% to 12.7 billion euros

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 CO? 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
    …/…

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