Valeo - La eNewsletter des actionnaires
  March 2014 Valeo
Valeo A word from
the Chief Executive Officer
and outlook
fueling growth at Valeo
    For further
A word from the Chief Executive Officer

Thanks to our innovation push and the trust of our customers, we again showed our capacity to grow in all world regions in 2013 and to improve our operating margin, which came out at 6.9% of sales in the second half and 6.6% for the year as a whole. Going forward, our strong cash generation and financial position will help us prepare for the expected sharp growth in sales, particularly in 2015 and 2016. I am confident that our strategy focused on innovation and on developing our businesses in fast-growing production regions will enable us to continue delivering margin growth in line with our medium-term financial objectives.

Jacques Aschenbroich,
Valeo's Chief Executive Officer

Results and outlook

Like-for-like sales up 9% to 12,110 million euros; operating margin up 10% to 795 million euros, or 6.6% of sales; net income up 18% to 439 million euros.

In the fourth quarter, growth of the original equipment business accelerated (up 17% on a like-for-like basis), outperforming global automotive production by 10 percentage points

In the second half, like-for-like sales advanced 12% and operating margin rose 16% to 6.9% of sales

Highlights of full-year 2013:

Order intake of 14.8 billion euros

Consolidated sales of 12,110 million euros, up 9% like for like (up 3% on a reported basis)
Balanced performance between the original equipment business (up 10%*) and the aftermarket business (up 8%*)
Original equipment sales beat the market by 6 percentage points
Europe: Up 7%*, 7 percentage points higher than the market
China: Up 31%*, 16 percentage points higher than the market
South America: Up 17%*, 12 percentage points higher than the market
North America: Up 8%*, 3 percentage points higher than the market

Operating margin up 10% to 795 million euros, or 6.6% of sales
Net attributable income up 18% to 439 million euros
Free cash flow of 315 million euros
    Net debt of 366 million euros

*Like-for-like (constant Group structure and exchange rates)

2014 outlook
Based on the following market assumptions for 2014:
  - 2% to 3% growth in global automotive production
  - 1% to 2% growth in automotive production in Europe
  - raw material prices and exchange rates in line with current levels

Valeo has set the following objectives for 2014:
  - sales growth higher than the market in the main production regions
  - a slight increase in operating margin (as a percentage of sales) compared to 2013

Go to press release ›››


Innovation – fueling growth at Valeo

For the first time ever, Valeo took part in the Consumer Electronics Show (CES), an international trade show dedicated to technological innovation held in Las Vegas. Valeo presented three major technologies: 

Automated Valet Parking
Demonstrated at CES, this innovation transforms vehicles into their own automatic valet. At the entrance of a car park, drivers can activate the feature remotely using their smartphone and let the car find a suitable space to park itself. Similarly, they can use their smartphone to call their car to pick them up when they leave.

View CNN video ›››

Gaze detection-based eye control systems
Valeo developed a driving assistance system controlled by eye movement. Thanks to a gaze detection camera, the driver can change the radio station or get traffic information, for example, simply by looking at a control button.

FullLED lighting systems
Valeo’s FullLED lighting system will be introduced in 2014 in the United States on the new Cadillac Escalade. Using innovative design, LED technology makes it possible to develop headlamps that outlast the car itself and offer reduced electric consumption.

Go to press kit ›››


For further information

November 14, 2013
Valeo and Fujitsu Ten sign a partnership agreement for advanced automotive safety system development.

The aim of the partnership is to jointly develop sensing technology to detect obstacles in the car’s path by combining Fujitsu Ten's millimeter-wave radar and Valeo’s front camera.

The combination of these two technologies acts as a sensor to promptly and accurately detect pedestrians and vehicles on the road. In the event of an imminent collision, the system brakes automatically, preventing an accident.

Go to press release ›››

 February 10, 2014
Valeo signs a cooperation, development and licensing agreement with LeddarTech, a manufacturer of advanced detection and ranging solutions.

A pioneer in the field of intuitive driving, Valeo is developing an extensive range of high-technology systems that use ultrasonic sensors, radar, cameras, laser scanners and software.
Already a market leader in driving assistance systems, Valeo will be able to develop a new infrared sensor for volume produced vehicles, cross a new threshold in the development of road obstacle detection and tracking functions, and strengthen its offer in functions to meet new EuroNCap 2016 standards in Europe.
The agreement will allow Valeo to offer its carmaker customers new active safety solutions, especially in the area of emergency braking in urban environments.

Go to press release ›››


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 the reduction of CO2 emissions and intuitive driving. Valeo ranks among the world's top automotive suppliers. The Group has 124 plants, 16 research centers, 35 development centers, 12 distribution platforms and employs 74,800 people in 29 countries worldwide. ›››




Valeo was awarded Top Employer certification for the third year in a row.

Asia Pacific
Valeo was awarded Top Employer certification for the first time in the Asia Pacific region. This certification was created recently and covers five countries in the region: China, Japan, India, South Korea and Thailand.

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Proposed dividend payment up 13% to 1.70 euros per share.

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  April 23, 2014

Q1-2014 sales

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