Valeo boosted first quarter 2003 net profit 10% to 22 million euros. Sales of 2,440 million euros in the first quarter 2003 grew 1.5% year on year and the impact of exchange rates was – 5.5%, giving a gross sales drop of 4%.

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Apart from North America, where the group expects to benefit from the restructuring of its VESI subsidiary from 2004, sales outperformed vehicle production in all regions. In Europe, sales increased 2% whilst production dropped 4% and in Asia sales grew 27% in a market that grew by 15%.

Gross margin at 17.5% of sales improved by 1% compared with the year ago quarter due to ongoing reorganisation of the company and supplier integration. Operating margin increased by 0.7% to 4.5% of sales.

The net debt to shareholder equity ratio is 27%, comparable to that at the end of December 2002.

In a statement, Valeo said all operations contributed to the improvement in the group’s results by continuing the rationalisation of their activities.

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During the quarter, the wiper systems activities in Bietigheim, Germany were transferred to their new facility allowing the closure of the old site; the group announced plans to open a fifth site in Poland (Chrzanow for lighting systems); four wiring sites in India, which had been acquired with Sylea, were sold and facilities in Fort Worth, USA (switches and detection systems), Barcelona, Spain (lighting systems) and Jablonec, Czech Republic (wiring) were closed.

Rationalisation continues at the planned rate to adapt to the global drop in automotive production volumes: at the end of March 2003 the group had 132 industrial sites compared with 140 at 31 December 2002.