Key figures

2016 Key Figures

	2015	2016	CHANGE
Order intake (in €bn)	20.1	23.6	+17%
Sales (in €m) Of which OE sales (in €m)	14,544 12,600	16,519 14,403	+14% +14%
Gross margin (in €m) As a % of sales	2,573 17.7%	3,020 18.3%	+17% +0.6pts
R&D expenditures (in €m) As a % of sales	797 5.5%	956 5.8%	+20% +0.3pts
Operating margin** (in €m) As a % of sales	1,116 7.7%	1,334 8.1%	+20% +0.4pts
Net income (in €m) As a % of sales	729 5.0%	925 5.6%	+27% +0.6pts
Basic earnings per share (€)	3.11**	3.91	+26%
Basic earnings per share (excluding non-recurring items) (€)	3.52**	3.98	+13%
EBITDA As a % of sales	1,841*** 12.7%	2,144 13.0%	+16% +0.3pts
Free cash flow (in €m)	565	661	+17%
Net debt (in €m)	124	526	+324%
ROCE	33%	34%	+1pt
ROA	20%	21%	+1pt
Dividend (€)	1.00**	1.25****	+25%

*Incl. JVs & Associates

**Earnings per share shown for 2015 differs from the amount presented in the 2015 consolidated financial statements published in February 2016 since it has been adjusted to reflect the impacts of Valeo’s three-for-one stock split.

***The amount shown under this item for 2015 differs from that presented in the 2015 consolidated financial statements published in February 2016 since it has been adjusted to reflect the new definition of EBITDA

****2016 dividend of €1.25/share to be proposed at the next Shareholders’ Meeting

Sales

Sales by market

As a % of sales

Net OE sales by geographic area

As a % of original equipment sales

History of dividends

in euros	2015	2014	2013	2012
Earning per share ⁽¹⁾	3.11	2.41	1.90	1.68
Dividend ⁽¹⁾	1.00 ⁽²⁾	0.73	0.57	0.50

⁽¹⁾ Earnings per share and dividend shown for differs from the amount presented in the 2015 consolidated financial statements published in February 2016 since it has been adjusted to reflect the impacts of Valeo’s three-for-one stock split.
⁽²⁾ Amounts eligible for the 40% allowance provided for in article 158-3-2° of the French General Tax Code (Shareholders seeking further information regarding the tax implications should contact their financial advisor)