10.21.2014 - Strategy & Results

PARIS, FRANCE, OCTOBER 21, 2014 – FOLLOWING THE MEETING OF ITS BOARD OF DIRECTORS TODAY, VALEO RELEASED ITS SALES FIGURES FOR THE THIRD QUARTER OF 2014.

Sales up 10% to 3,069 million euros in the third quarter

Original equipment sales advanced 13% (up 7% on a like-for-like basis, beating global automotive production by nearly 7 percentage points, including 20 percentage points in China and 9 percentage points in Europe).

Jacques Aschenbroich, Valeo's Chief Executive Officer, stated: "Driven by our performances in the original equipment market (up 13%), Valeo built on the momentum of the past few half-year periods to post sales of 3,069 million euros in the third quarter of 2014, up 10% on the same prior-year period. Our sales growth outpaced global automotive production by 7 percentage points on a like-for-like basis (including 20 percentage points in China and 9 percentage points in Europe). This momentum is mainly attributable to the Group's innovative CO2 emissions reduction and intuitive driving technologies and reflects the gradual entry into production of the high order intake recorded by the Group over the last few years. This confirms that we are on course to achieve our full-year 2014 objectives and to outperform the market over the coming years."

Third-quarter 2014

  • Consolidated sales came in at 3,069 million euros, up 10% (6% on a like-for-like basis)
  • Original equipment sales amounted to 2,644 million euros, up 13% (7% like for like), outpacing global automotive production by nearly 7 percentage points:
    - China: up 25.3%*, 20.3 percentage points higher than the market
    - Europe: up 9.0%*, 9.2 percentage points higher than the market
    - Asia excluding China**: up 5.1%*, 5.3 percentage points higher than the market
    - North America**: up 4.2%*, 0.4 percentage points higher than the market
    - South America: down 21.7%*, 2.2 percentage points lower than the market
  • Aftermarket sales were up 1% (down 1% on a like-for-like basis)

2014 outlook

Based on the automotive production assumptions published in the Group's first-half 2014 results, namely an increase in global automotive production of approximately 3%, including an increase in automotive production in Europe of around 2%, Valeo confirms its objectives for 2014:

  • sales growth outperformance in the main production regions,
  • operating margin*** slightly higher than 7% of sales

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