Press release – Q1 2020 Sales
- 16 point outperformance in the first quarter in a market down 24%, acceleration in all geographic areas and Business Groups
- Protecting the health of our employees is top priority as we support our customers in resuming operations
- Gradual recovery in Valeo’s sales in China, which should return to 2019 levels during the second quarter
- Drastic reduction of costs and investments amid a sharp decline in the market due to the Covid-19 crisis
- 2.3 billion euros available in undrawn credit lines
- Dividend payout of 0.2 euros per share
Jacques Aschenbroich, Valeo’s Chairman and Chief Executive Officer, commented:
“During the Covid-19 pandemic, my absolute priority is to protect the health of our employees from the moment operations resume at our plants. We have also implemented drastic cost-cutting and cash preservation measures, and, with €2.3 billion in undrawn credit lines, have made sure we have sufficient liquidity to withstand any further prolongation of the current crisis.
Despite the 16 point outperformance in the first quarter of the year confirming the acceleration in Valeo’s growth thanks to the technological platforms we have developed over recent years, the lack of visibility over the impact that the Covid-19 crisis will have on the automotive market and on production makes it impossible at this stage to provide a projection of our second-quarter and full-year 2020 results.
In the current period of uncertainty, Valeo’s Board of Directors has decided to ask shareholders to approve a dividend payout of 0.2 euros per share.”