Valeo’s first-half revenues fell 4% year on year to EUR5,286m euros but, adjusted for exchange rate variations (-1.6%) and accounting changes, sales increased by 1.7%, in line with growth in automotive production, the supplier said, noting that H1 order intake was largely flat.
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H1 2007 gross margin was EUR810m, or 15.5% of sales, versus EUR835m or 15.9% of sales in H1 ‘06. Valeo said the rise in raw material prices reduced the gross margin for the half by 0.6 points though its gross margin in the Q2 increased by 0.7 points versus the first quarter.
Operating income was flat at EUR169m, or 3.2% of revenues. Income before tax was EUR126m versus EUR152m in 2006.
This included other financial expenses of EUR20m versus other financial income of EUR9m in 2006 which included a capital gain of EUR20m from the sale of the shareholding in Parrot.
First half net income was EUR71m versus EUR94m a year ago. Earnings per share were EUR0.92 euros, versus EUR1.23 in 2006.
