In the third quarter of 2004, Valeo’s sales were €2,179 million, an
increase of 4.5% compared with third quarter 2003.
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It is estimated that light vehicle production increased slightly in Western Europe and fell slightly in North America. In South America volumes increased by more than 30%. The increase of production in Asia remained at around 6% thanks to the rebound in Korea, but this trend hides a strong slowdown in growth in China.
Gross margin for the quarter rose 3.3% over the previous year to €376 million euros to reach 17.3% of sales. This was achieved despite the negative impact of the pressure on raw material prices that the group estimates at 1% of margin for the period. Offsetting measures enabled the net impact on the margin to be reduced to 0.5% during the period.
The group’s operating income remained stable at €90 million or 4.1% of sales versus 4.3% in the comparable period for 2003. A slight increase in R&D expenditure as a percentage of sales was offset by a reduction in sales and administrative expenses.
Operating income less financial charges progressed by 3.8% in the quarter and by 6% for the first nine months. In this same period net income increased by 5.5%.
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