Valeo reported order intake of 10.7 billion euros, up 18% (13% like-for-like). Consolidated sales of 7,298 million euros, were up 15% (6% like-for-like).
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Valeo's chief executive officer, commented: "Valeo's results for the first half of 2015 reflect the hard work carried out by our teams over the past few years to develop a more diverse customer portfolio, strengthen our products' technological advantage and further align the Group's businesses geographically. Furthermore, the figures demonstrate the strength of Valeo's growth model in any market conditions.
"Our record order intake – which stands at 10.7 billion euros – and the 15% growth in sales reflect the commercial success of technologies developed by the Group for CO2 emissions reduction and intuitive driving.
"This growth was accompanied by a 23% increase in our operating margin, a 34% increase in net income and a doubling of free cash flow. These first-half results put Valeo ahead of schedule in terms of the medium-term plan presented at our Investor Day in London on March 16, 2015."
Order intake of 10.7 billion euros, was up 18% (13% like-for-like). Consolidated sales of 7,298 million euros, were up 15% (6% like-for-like). Original equipment sales of 6,316 million euros, was up 16% (7% like-for-like) outpacing global automotive production by 6 percentage points:
Europe: up 10%(3), 8 percentage points higher than automotive production
Asia: up 6%(3), 4 percentage points higher than automotive production of which China: up 10%(3), 5 percentage points higher than automotive production
North America: up 4%(3), 1 percentage point higher than automotive production
South America: down 13%(3), 3 percentage points higher than automotive production.
Aftermarket sales were up 8% (up 2% like-for-like). Operating margin went up 23% to 538 million euros, or 7.4% of sales. Net attributable income ent up 34% to 344 million euros, or 4.7% of sales. Free cash flow was 306 million euros, double the figure for first-half 2014. ■