Valeo has unveiled 2016 net income up 27% to EUR925m (EUR985m) with sales up 14% to EUR16.5bn.
Operating margin was up 20% to EUR1.3bn, or 8.1% of sales, while order intake rose 17% to EUR23.6bn.
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“Valeo’s 2016 results reflect the work accomplished by our teams over the past few years to build a new, more innovative, technologically focused, dynamic and profitable Valeo,” said chairman and CEO, Jacques Aschenbroich.
“Our sales grew by 14%, accompanied by increases of 17% in our gross margin, 20% in our operating margin, 27% in our net income and 17% in our free cash flow generation, to EUR661m.
“[There was] Another record order intake – at EUR23.6bn – reflecting the ongoing commercial success of our technologies for CO2 emissions reduction and intuitive driving.
“Also in 2016 we were delighted to welcome into the Valeo family teams from Peiker, Spheros and the Valeo Siemens eAutomotive joint venture and in January this year, Ichikoh.
“Thanks to these acquisitions and in line with our strategy, we are stepping up the development of our four business groups, with the primary aims of diversifying our client portfolio and strengthening our products’ technological positioning and the geographical alignment of our sales.”
Full-year 2016:
. Order intake of EUR23.6bn, up 17% on the back of technological innovation.
. Consolidated sales of EUR16,519m, up 14% (up 11% on a like-for-like basis).
. Original equipment sales of EUR14,403m, up 14% (up 12% on a like-for-like basis), outpacing global automotive production by 8 percentage points.
. Operating margin up 20% to EUR1,334m, or 8.1% of sales.
. Recognition of a EUR99m expense to cover the main risks arising from antitrust investigations.
. Net attributable income up 27% to EUR925m, or 5.6% of sales.
. Free cash flow of EUR661m, up 17%.
Second-half 2016:
. Consolidated sales of EUR8,389m, up 16% (up 12% on a like-for-like basis).
. Operating margin up 19% to EUR687m, or 8.2% of sales.
. Net attributable income up 31% to EUR503m, or 6.0% of sales.
. Free cash flow bof EUR322m, up 24%.
Fourth-quarter 2016
. Consolidated sales of EUR4,395m, up 16% (up 12% on a like-for-like basis).
