Valeo has posted 2013 net profit up 18% to EUR439m (US$602m), with like-for-like sales rising 9% to EUR12.1bn.
“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,” said Valeo CEO, Jacques Aschenbroich.
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“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 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.”
In the fourth quarter, growth of the original equipment business accelerated, up 17% on a like-for-like basis, outperforming global automotive production by ten percentage points.
In the second half, like-for-like sales advanced 12% and operating margin rose 16% to 6.9% of sales.
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By GlobalDataFor 2014, Valeo estimates 2%-3% growth in global automotive production and 1%-2% growth in automotive production in Europe, as well as raw material prices and exchange rates in line with current levels.
