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Financial Results | | 5 min

Press release – H1 2020 Results

The Covid-19 crisis is accelerating market trends that validate our strategic choices

First-half 2020:

Our top priorities are to protect our employees and to resume operations as quickly as possible

  • Stronger liquidity position, with 2.3 billion euros available in undrawn credit lines and 2.1 billion euros in net cash and cash equivalents at June 30, 2020
  • Strong outperformance in all automotive production regions; sales of 7,058 million euros (down 28%) despite a 35% decline in the market
  • Costs reduced by 570 million euros, and investments and gross inventories by 384 million euros
  • Negative operating margin(1) of 840 million euros affected by one-off charges of 457 million euros
  • One-off charges of 622 million euros linked mainly to the Covid-19 crisis
  • Free cash flow(2) consumption of 1,049 million euros

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

“With the Covid-19 crisis, we are witnessing both a growing preference for individual mobility and accelerating demand for safer, electric mobility all over the world. This trend further demonstrates the relevance of our strategic choices.

Protecting all of our employees has been of the utmost importance during this pandemic. This is the rationale behind the safety protocol – which is mandatory and audited – put in place at all of the Group’s sites. Measures have also been taken on an exceptional scale to ensure the continuity of our operations going forward, including cost savings of 570 million euros and a reduction of 384 million euros in investments and gross inventories. The Group also recognized 622 million euros in one-off charges.

I would like to thank all of our staff for their extraordinary, unwavering commitment and reiterate my confidence in the future of our Group in a post-Covid world which is proving the relevance of the strategy we have pursued over the past few years.”


(1) Excluding share in net earnings (losses) of equity-accounted companies
(2) See financial glossary, page 16.

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