Valeo has posted second-half net attributable income down 17% to EUR126m (US$153m), while EBITDA margin was at 13.9% of sales.

For the the year as a whole, the Group reported a net loss of EUR1.089bn.

"In a market strongly impacted by the health crisis in 2020, I would like to thank the Valeo teams once again for their unwavering commitment," said Valeo CEO, Jacques Aschenbroich. "Following the unprecedented drop in global automotive production in the first half of the year, Valeo delivered solid results in the second half, demonstrating its strengths and its capacity to bounce back in the current climate.

"These results were achieved thanks to the rigorous operational management of our teams during the crisis – particularly when our plants resumed production – and to continuous efforts to strictly control our costs.

"At a time when demand for safer, electric mobility is accelerating, Valeo has a unique positioning in the fields of electrification and ADAS. In the second half of the year, with EBITDA representing 13.9% of sales, free cash flow amounting to a record EUR1.34bn and debt having been reduced to less than EUR3bn one year ahead of our objective, we are in a sound financial position.

"Now more than ever, the strategic decisions we have made over the past few years are delivering results. This gives us confidence in our ability to outperform the global automotive market over the long term and improve our margins, while remaining cautious in 2021 due to the shortage of electronic components triggered by the crisis."

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