Valeo has recorded sparkling half-year profit up 20% to EUR506m (US$589m), while sales rose 16% to EUR9.5bn.
“In line with the strategic plan presented in London on February 28, 2017, our results for the first half of 2017 confirm the growth and profitability potential of our innovations portfolio for CO2 emissions reduction and intuitive driving,” said Valeo chairman and CEO, Jacques Aschenbroich.
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“During the first half of the year we were delighted to welcome Ichikoh’s teams to Valeo. The integration of Ichikoh’s operations into our Visibility Systems Business Group, which is going well, will enable us to expand our footprint in Asia, particularly with our Japanese customers.
“Similarly, the initial commercial success of Valeo Siemens eAutomotive demonstrates our ability to become a leader on the high-growth electric vehicle market.”
Second-quarter 2017:
Consolidated sales of EUR4.7bn, up 12% (up 5% on a like-for-like basis).
First-half 2017:
Order intake supported by technological innovations:
- EUR14.9bn excluding Valeo Siemens eAutomotive, up 16%.
- EUR3bn for Valeo Siemens eAutomotive.
- Consolidated sales of EUR9.5bn, up 16% (up 9% on a like-for-like basis).
- Original equipment sales of EUR8.2bn, up 16% (up 9% on a like-for-like basis), outpacing global automotive production by six percentage points.
- Operating margin up 17% to EUR754m or 8% of sales.
- Net attributable income up 20% to EUR506m or 5.3% of sales.
2017 outlook:
Based on the following assumptions:
- An increase in global automotive production of between 1.5% and 2%.
- Raw material prices and exchange rates in line with current levels.
Valeo confirms its objectives for 2017:
- Sales growth outperforming the market by more than five percentage points.
- A slight increase in operating margin (as a percentage of sales and before acquisitions).
