Press release – H1 2021 Results
Solid operating performance in the first half, in an environment marked by the shortage of electronic components:
- Sales of 4,327 million euros in the second quarter, up 73% on a like-for-like basis versus second-quarter 2020
- Sales of 8,994 million euros in the first half, up 31% on a like-for-like basis versus
first half 2020
- EBITDA margin at 13.4% of sales
- Free cash flow of 145 million euros
- Strong order intake of 10.6 billion euros for Valeo, plus 1.1 billion euros for Valeo Siemens eAutomotive
- Confirmation of 2021 objectives despite weaker-than-expected growth in automotive production and the rise in raw material prices
Jacques Aschenbroich, Valeo’s Chairman and Chief Executive Officer, commented:
“I’d like to thank our teams once again for their unrelenting commitment – particularly in managing the shortage of electronic components. Thanks to their efforts, we were able to supply our customers without any interruption and achieve very solid performances in our plants.
Leveraging our unique positioning in electrification and ADAS, we outperformed automotive production by more than 10 percentage points in all regions compared to first-half 2019.
Additionally, the deployment of our technological platforms enables us to structurally reduce our gross Research and Development expenditure by 207 million euros and capital spending by 228 million euros, while offering increasingly innovative solutions to our customers, and to generate free cash flow of 145 million euros.
The EBITDA margin, which is up 90 basis points versus 2019 at 13.4% of sales, reflects our operating efficiency and strict management of all of our costs.
In a challenging environment marked by a shortage of electronic components and rising raw material prices, we can confirm our objectives for full-year 2021.”