Valeo - La eNewsletter des actionnaires
  March 2013 Valeo
Valeo A word from
the Chief Executive Officer
and outlook
    For further
A word from the Chief Executive Officer

In 2012, our order intake reached a record high of 15.8 billion euros and our operating margin increased 3% year on year to 725 million euros despite economic headwinds in Europe. In view of the record level of order intake, driven by a portfolio of innovative products and the expansion of our business in Asia and emerging countries, we are confident in our ability to achieve strong and profitable organic growth in the years ahead.

Jacques Aschenbroich,
Chief Executive Officer

2011 results and 2012 outlook

Sales up 8.2% year on year to 11.8 billion euros and operating margin up 3% to 725 million euros

Full-year 2012
Record order intake of 15.8 billion euros driven by innovations and growth in Asia
Total sales of 11.8 billion euros, up 8.2%
  Original equipment sales advanced 8% (up 2% on a like-for-like basis)
  Asia accounted for 26% of original equipment sales versus 22% in 2011
  Share of German and Asian customers at 29% and 28% of original equipment sales, respectively
Operating margin of 725 million euros, up 3%, or 6.2% of sales
  Sound management of net research and development expenditure and administrative expenses, representing 5.1% and 3.6% of sales, respectively
  Net income of 380 million euros (420 million euros excluding non-recurring items
  Earnings per share of 5.03 euros
  Earnings per share excluding non-recurring items in line with 2011 at 5.56 euros
Free cash flow of 81 million euros during the year
  After investments of 613 million euros and capitalization of research and development expenditure in the amount of 244 million euros, the Group's net debt totaled 763 millions euros at December 31, 2012
Second-half 2012
Sales rose by 4% despite the slowdown in Europe
  Original equipment sales advanced 2% (down 1% on a like-for-like basis)
  Aftermarket sales grew 4% (up 1% on a like-for-like basis)
Operating margin at 6.2% of sales, on par with first-half 2012 despite headwinds in Europe
2013 outlook
Based on the following market assumptions:
  4% decline in automotive production in Europe
  1% growth in global automotive production
  raw material prices in line with 2012 levels
Valeo has set the following objectives for 2013:
  sales growth higher than the market in the main production regions
  assuming an upturn in the European market in the second half of 2013, operating margin in line with 2012 (in millions of euros) despite a decline in the first half of the year as a result of market conditions

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For further information
Valeo is 90 years old!
For further information...
On February 10, Valeo officially turned 90. In conjunction with this
90-year anniversary, a new website has just gone live. Adopting a clear, modern style with easy browsing and specific content targeting candidates, journalists, investors/shareholders and the general public, the site opens with a special nod to our 90-year celebration, including a flashback covering each period of Valeo's rich past.
Log on and check out the latest news and information on the Group, our commitments (including Ethics & Compliance and Sustainable Development), our activities and innovations.

Go to Valeo’s history ›››


About Valeo

Valeo is an independent industrial Group fully focused on the design, production and sale of components, integrated systems and modules for the automotive industry, mainly for CO2 emissions reduction. Valeo ranks among the world's top automotive suppliers. The Group has 125 plants, 21 research centers, 40 development centers, 12 distribution platforms and employs 72,600 people in 29 countries worldwide. ›››


  Valeo named one of Thomson Reuters Top 100 Global Innovators in 2012
For the first time, Valeo has been named among the world’s most innovative companies in the Thomson Reuters Top 100 Global Innovators 2012.

Valeo certified as Top Employer France 2013
For the second year in a row, this label recognizes companies for the excellence of their Human Resources management.

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Proposed dividend payment up 7% to 1.50 euros per share.

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  April 24, 2013

Q1-2013 Sales

July 30, 2013

First half 2013 results

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  2012 Shareholders' Guide

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