Solid results in line with objectives
Sales(1) climb 9% at constant exchange rates to reach 9.9 billion euros over the first six months of 2018, with an as-projected upturn in the second quarter
EBITDA accelerates 11% to 1,341 million euros, or 13.6% of sales
Operating margin(2) widens 4% to 755 million euros, or 7.7% of sales, despite the rise in raw material prices
Net income amounts to 453 million euros, or 4.6% of sales
Order intake increases to 18.7 billion euros (including 100% of Valeo Siemens eAutomotive’s order intake in an amount of 4.7 billion euros)
Jacques Aschenbroich, Valeo’s Chairman and Chief Executive Officer, commented:
“Following growth of 15% in first-half 2017, we recorded growth at constant exchange rates of 9% over the first six months of 2018, in line with the medium-term growth plan presented in London in February 2017.
Over the period, the order intake reached 18.7 billion euros, including 4.7 billion euros for our joint venture Valeo Siemens eAutomotive. Our order intake once again confirms our excellent positioning on the fast-growing hybrid, electric and autonomous vehicle markets and justifies our sustained investment in R&D and production capacity.
Despite limited growth in the first three months of the year and a substantial rise in raw material prices, we maintained our margins (2) at the same level as in 2017.
In a more complex economic and geopolitical environment, our results demonstrate the solidity of our growth model. On this basis and in view of our current order book, we expect double-digit growth in sales in 2019.”
(1) For the sake of consistency in our financial communications, the sales figures presented in this document have been determined using the same accounting principles as in 2017 (i.e., before the application of IFRS 15).
(2) Operating margin excluding share in net earnings of equity-accounted companies, see Financial Glossary, page 19.