Sales up 10% on a like-for-like basis to 3,917 million euros

Jacques Aschenbroich, Chairman and Chief Executive Officer of Valeo (Euronext: FR), commented: “The 10% like-for-like increase in consolidated sales in the first quarter confirms Valeo’s growth momentum. Like-for-like original equipment sales growth accelerated – also to 10% – outpacing the market in all production regions. Growth is expected to continue at around this magnitude throughout the second quarter. We are also delighted to have welcomed onboard the peiker and Spheros teams during the first quarter of the year, as well as announcing a new joint venture with Siemens in high voltage powertrains. The know-how of these leading companies will enable Valeo to strengthen its expertise and technological positioning in high growth markets.”

First-quarter 2016

• Consolidated sales of 3,917 million euros, up 10% on a like-for-like basis (up 9.4% on a reported basis).
• Original equipment sales up 10% on a like-for-like basis (also up 10% on a reported basis), outpacing global automotive production by 9 percentage points:
  • Europe: up 11%⁽¹⁾, 10 percentage points higher than automotive production
  • China: up 13%⁽¹⁾, 9 percentage points higher than automotive production
  • Asia excluding China: up 9%⁽¹⁾, 10 percentage points higher than automotive production
  • North America: up 11%⁽¹⁾, 6 percentage points higher than automotive production
  • South America: down 12%⁽¹⁾, compared to the 25% slump in automotive production
• Aftermarket sales up 6% on a like-for-like basis (up 3% on a reported basis)

2016 outlook

Based on the following assumptions:

• an increase in global automotive production of around 2.5%, including:
  • around 2% in Europe,
  • around 5% in China,
  • around 2% in North America;
• raw material prices and exchange rates in line with current levels;

Valeo confirms its objectives for 2016:

• strong sales growth, outperforming the market in the main production regions, including China;
• a slight increase in operating margin⁽²⁾ (as a percentage of sales), despite the increase in net R&D expenditure to fuel the Group’s future growth in CO? emissions reduction and intuitive driving.

(1) Like-for-like (constant Group structure and exchange rates)
(2) Including share in net earnings of equity-accounted companies, see Financial Glossary, page 7.

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Valeo is an automotive supplier, partner to all automakers worldwide. As a technology company, Valeo proposes innovative products and systems that contribute to the reduction of CO? emissions and to the development of intuitive driving.
In 2014, the Group generated sales of 12.7 billion euros and invested over 10% of its original equipment sales in research and development. Valeo has 133 plants, 16 research centers, 34 development centers, 15 distribution platforms and employs 78,500 people in 29 countries worldwide.

Valeo is listed on the Paris Stock Exchange and is a member of the CAC 40 index.
For more information about the Valeo Group and its activities, please visit our website www.valeo.com

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