Valeo boosted first half operating income to EUR292m in 2010 versus a EUR51m loss a year ago.
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Sales rose 38% to EUR4.787m Net income was EUR168m versus a EUR213m loss in H1 2009.
CEO Jacques Aschenbroich said: “The group’s first half performance in terms of operating margin, which reached 6.1% of sales, net income and cash flow were the result of the commitment and hard work of Valeo teams worldwide who remained highly motivated during the crisis that hit the company hard in 2009, to lower the break-even point for the long term.
“These excellent results confirm that Valeo has again become a growth value company; they strengthen our confidence in the future and in our ability to achieve the objectives set in the strategic plan unanimously approved by the board and presented on 10 March.”
Automotive production growth by region was 23% for Europe and Africa despite the end of vehicle scrapping programmes and the stabilisation of new car registrations during the first half 2010 (+0.2% in H1 2009) 2009) due mainly to the non-recurrent stock reduction effect in 2009 and to the increase in exports outside of Europe.
Valeo saw 43% growth in Asia thanks mainly to continued growth in China (+45%). North American output rose 72% compared with a first half 2009 highly impacted by the drop in production and the restructuring of GM and Chrysler. South American output was up +17%.
