2013 Results Jacques ASCHENBROICH CEO February 20, 2014 February - - PowerPoint PPT Presentation
2013 Results Jacques ASCHENBROICH CEO February 20, 2014 February 20, 2014 I 1 Highlights Acceleration in Q4 & H2 2013 In Q4 Total sales up 13% like-for-like Acceleration in OEM sales up 17% like-for-like (10pt outperformance)
February 20, 2014 I 1
February 20, 2014
Acceleration in Q4 & H2 2013
In Q4
Total sales up 13% like-for-like Acceleration in OEM sales up 17% like-for-like (10pt outperformance) Aftermarket sales up 11% like-for-like
In H2
February 20, 2014 I 2
In H2
Total sales up 12% on a like-for-like basis Operating margin(2) up 16% reached 6.9% of sales Net income up 40% Free cash flow(7) of €202m
FY 2013
Order intake(1) of €14.8bn Sales of €12.1bn, up 9% like-for-like (3% on a reported basis)
OEM sales, up 10% like-for-like, 6pt outperformance Aftermarket sales, up 8% like-for-like
Operating margin, up 10% to reach €795m or 6.6% of sales
February 20, 2014 I 3
Net income, up 18%
Tax rate of 20.5%, down 7pts
Free cash flow of €315m Dividend of €1.70 per share, up 13% to be proposed at the next
Shareholders’ meeting
Based on the following key assumptions for FY 2014:
Automotive production:
World: +2% to +3% Europe: +1% to +2%
Raw material prices and currencies in line with current levels
February 20, 2014 I 4
Valeo has set the following objectives for 2014:
Sales growth outperformance in the main production
regions
A slight increase in operating margin (as a % of sales)
compared to 2013
February 20, 2014 I 5
like-for-like
With strong performance of OEM (+17%*) and aftermarket (+11%*) sales in Q4
OEM sales
In M€
2,575 2,675 2,461 2,564
Q1 13 Q2 13 Q3 13 Q4 13
+6%** +3%**
0%* +12%* +13%*
+7%**
+17%*
+1%* +10%* +12%* +13%*
*Like-for-like growth
Total sales €m February 20, 2014 I 6 Aftermarket
In M€
382 383 368 384
Q1 13 Q2 13 Q3 13 Q4 13
+4%* +8%* +10%* +11%*
+4%** +6%**
+5%**
3,039 3,127 2,905 3,039
Q1 13 Q2 13 Q3 13 Q4 13
0%**
**Year-on-year change
+5%** +2%** +4%**
Europe**
OEM sales*** +14% Production**** +5%
North America
OEM sales*** +13% Production**** +5%
49% of Valeo sales 18% of Valeo sales
Outperf. +8pts* Outperf. +9pts*
World
OEM sales*** +17% Production**** +7% Outperf. +10pts*
Outperformance in all regions
Q3
Q4
February 20, 2014 I 7
Asia** excl. China
OEM sales*** +7% Production**** +2%
South America
OEM sales*** -1% Production**** -7%
16% of Valeo sales 4% of Valeo sales
Outperf. +5pts*
*At same perimeter and exchange rates ** Europe including Africa, Asia including Middle East *** Valeo OEM sales by destination **** LMC estimates – light vehicle production
Outperf. +6pts*
13% of Valeo sales
Outperf. +34pts*
China
OEM sales*** +55% Production**** 21%
OEM sales growth like-for-like Q1 Q2 Q3 Q4
+10% +18%
With strong performance of Visibility and Comfort & Driving Assistance
+20% CDA Powertrain +13%
February 20, 2014 I 8
+7% +6%
+8% +10% +10% +26% +23% Visibility Thermal +13% Powertrain +13% +22%
February 20, 2014 I 9
February 20, 2014 I 10
6.6 7.4 7.5 8.9* 9.4* 9.6* 8.8* 11.9* 14.0* 15.1* 14.8*
€bn
% of order intake
High-quality order intake at €14.8bn
Innovation 30%*
CAGR +14%
February 20, 2014 I 11
4.3 4.3 4.8 4.7 3.0 6.3 7.4 7.7 7.3 2.8 4.6 4.6 4.9 5.8 5.6 7.1* 8.9* 9.4* 8.8* 2005 2006 2007 2008 2009 2010 2011 2012 2013
H2 H1
*Products or technologies sold by less than 3 years *Excluding Access Mechanisms business
SA 5% Asia excl. China 13% China NA 19% SA 5% Asia excl. China 13% NA 22%
Acceleration in China (24% of OI, 13% of OEM sales) and NA (22% of OI, 19% of OEM sales)
% of 2013 order intake*
Asia 37%**
% of 2013 OEM sales*
Asia 26%
February 20, 2014 I 12
China 13% Europe 50% China 24% Europe 36%
Order intake**: €14.8bn
(of which Asia**: €5.5bn)
* By destination ** Excluding Access Mechanisms business
OEM sales: €10.3bn
February 20, 2014 I 13
+9%* +6%*
€m
*Like-for-like growth
+ %* +12%*
Up 3% on a reported basis after disposal of Access Mechanisms (April 30, 2013) + %* +13%*
February 20, 2014 I 14
12,110 6,166 5,944 3,039
FY 13 H1 13 H2 13 Q4 13
Year-on-year +3%
Exchange rates
Perimeter
Year-on-year +3%
Exchange rates
Perimeter
Year-on-year +3%
Exchange rates
Perimeter
Year-on-year +4%
Exchange rates
Perimeter
OEM sales
€m
10,275
Aftermarket
€m
+4%**
1,517 765 752 384
FY 13 H1 13 H2 13 Q4 13
+5%** +4%**
+10%* +6%* +15%*
*Like-for-like growth
+8%* +6%* +11%*
+17%*
+5%**
+11%*
Gradual entry into production of high order intake (OEM business)
February 20, 2014 I 15
10,275 5,250 5,025 2,564
FY 13 H1 13 H2 13 Q4 13
Miscellaneous
€m
318 151 167 91
FY 13 H1 13 H2 13 Q4 13
+4%**
Exchange rates
Perimeter
+3%**
Exchange rates
Perimeter
+5%**
Exchange rates
Perimeter
+5%*
**Year-on-year change
+1%**
+7%**
Exchange rates
Perimeter
Europe** North America World
H2 OEM sales outpaced the global market by 9pts vs 5pts in H1
Q3 Outperformance H1 Outperformance H2
H1 H2 +10pts* +14pts* H1 H2 +6pts* +8pts* H1 H2 +0pt* +5pts* H1 H2 +5pts* +9pts*
February 20, 2014 I 16
Asia** excl. China South America
*At same perimeter and exchange rates ** Europe including Africa, Asia including Middle East
China
H1 H2
+0pt* +5pts* H1 H2 +9pts* +23pts*
Europe**
OEM sales*** +7%
North America
OEM sales*** +17%
50% of Valeo sales 19% of Valeo sales
Outperf. +12pts* Outperf. +7pts* Outperf. +3pts*
World
OEM sales*** +10% Outperf. +6pts*
FY
Outperformance in all production regions, improvement in SA
February 20, 2014 I 17
Asia** excl. China
OEM sales*** -1%
South America
OEM sales*** +8%
13% of Valeo sales 5% of Valeo sales
Outperf. +3pts*
*At same perimeter and exchange rates ** Europe including Africa, Asia including Middle East *** Valeo OEM sales by destination
13% of Valeo sales
Outperf. +16pts*
China
OEM sales*** +31%
Geographic repositioning of Valeo’s businesses
50%*
2011
37%*
2013
OEM sales by production region
54%*
Eastern Europe &
February 20, 2014 I 18
37%*
2007
*Share of Valeo total OEM production made In Asia & emerging countries US 9% Mexico 9% SA 4% Asia 27% Europe & Africa 14% Western Europe 37%
French* 16% Other 6%
Customer portfolio remained firm and diversified
French* 18% Other 7%
% of OEM sales
German 29% German 30%
February 20, 2014 I 19
Asian** 26% American 21%
FY 13
Asian**
29%
American 18%
FY 12
* Excluding Nissan ** Including Nissan
Asian** 28% Asian** 27%
Total sales
(like-for-like growth)
OEM sales
(like-for-like growth)
FY FY H1 H2 Q4
+10%
CDA 18% PTS 28% THS 28% VIS 26% Group €12.1bn
Visibility & Comfort & Driving Assistance especially dynamic
% 2013 sales
+20%
February 20, 2014 I 20
+9% +3% +19% +6% +2% +10% +6% +3% +12% +17% +18% +23%
Visibility Thermal
+10% +7%
CDA Powertrain
+6% +20% +20% +13% +13% +22%
February 20, 2014 I 21
16.4% 17.4% +100bp 0bp +30bp
942
FY gross margin up 6% to €2,073m or 17.1% of sales
2,073 +10%
€m & % of sales
1,036
H2
February 20, 2014 I 22
H2 12 Volume inflation Emerging countries exchange rates Startup
plants Others H2 13
16.6% 17.1% +70bp +20bp
FY 12 Volume inflation Emerging countries exchange rates Startup
Others FY 13
1,948 2,073 +6%
FY
FY operating margin up 10% to €795m or 6.6% of sales
795 6.2% 6.9% +100bp 0bp
355 411 +16%
€m & % of sales
H2
February 20, 2014 I 23
6.2% 6.6% +50bp +10bp
FY 12 Gross margin Net R&D SG&A FY 13
725 795 +10%
H2 12 Gross margin Net R&D SG&A H2 13
FY
598 643 +7.5%
Net R&D €m & % of sales
Strong R&D effort to sustain high order intake
Capitalised development expenditure
€m & % of sales 72 65 79 76 H1 12 H2 12 H1 13 H2 13
Amortisation of capitalised Development expenditure
€m & % of sales 116 128 145 145
1.2% 1.1% 1.3% 1.3%
February 20, 2014 I 24
FY 12 FY 13 5.1% 5.3%
+20bp
Patents
In units 722 786 FY 12 FY 13
+9%
116 128 H1 12 H2 12 H1 13 H2 13
1.9% 2.2% 2.4% 2.4%
G&A expenses stable at 3.6% of sales
625 635 +1.6% €m & % of sales
Selling expenses 196 Selling expenses 196 February 20, 2014 I 25
FY 12 FY 13
196 Admin. expenses 429 196 Admin. expenses 439
5.3% 5.2%
Breakeven point
In % sales
Breakeven point significantly lower than pre-crisis level
88% 91% 95%
February 20, 2014 I 26
79% 76% 78% 76%
75%
2007 2008 2009 2010 2011 2012 2013 MT objective
H2 12* H2 13 Change FY 12* FY 13 Change 5,760 5,944 +3% Total sales (€m) 11,759 12,110 +3% 355
6.2%
411
6.9% +16% +70bp
Operating margin (€m)
% of sales
725
6.2%
795
6.6%
+10%
+40bp
(31)
(26)
n/a +10bp
Other income & expenses (€m)
% of sales
(53)
(67)
n/a
324
5.6%
385
6.5% +19% +90bp
Operating income (€m)
% of sales
672
5.7%
728
6.0%
+8%
+30bp
(53) (18) (50) (25)
+39% Cost of net debt (€m) Other financial expenses (€m) (103) (39) (100) (47)
+21%
Effective tax rate of 20.5%
February 20, 2014 I 27 (18) 3 (25) 3 +39% n/a Other financial expenses (€m) Associates (€m) (39) 14 (47) 7 +21%
256 313 +22% Income before taxes (€m) 544 588 +8% (68)
27%
(10) (48)
16%
(16)
n/a n/a Taxes (€m) Effective tax rate Non strategic activities (€m) Non-controlling interests and others (€m) (146)
27.5%
(2) (25) (119)
20.5%
(30)
n/a n/a 178
3.1%
249
4.2%
+40%
+90bp
Net income (€m)
% of sales
371
3.2%
439
3.6%
+18%
+40bp
201
3.5%
271
4.6%
+35%
+90bp
Net income excl. non-recurring items (3) (€m) % of sales 411
3.5%
501
4.1%
+22%
+60bp
*The amounts of other financial income and expenses shown for half-year and full-year 2012 differ from the amounts published in July 2012 and February 2013 since they have been to reflect changes in the expected return on plan assets resulting from the retrospective application of the amended IAS 19, effective as of January 1, 2013.
FY 12 FY 13
Total sales
€11.8bn €12.1bn
Operating margin
6.2% 6.6%
Capital turnover
4.5* 4.6*
February 20, 2014 I 28
*Proforma excluding Access Mechanisms business
Capital turnover
4.5* 4.6*
ROCE
28%* 30%*
ROA(5)
17% 19%
February 20, 2014 I 29
11.8% 12.1% 11.3% 11.0% 10.9% 10.5% 10.8% 11.6%
In M€ & % of sales
H1 2013 H2 2013 FY 2013 Powertrain
% of sales
10.3% 10.3% 10.3% Thermal
% of sales
11.2% 12.0% 11.6% Visibility
% of sales
8.8% 9.9% 9.4% Comfort & Driving Assistance
% of sales
12.5% 13.7% 13.1%
TOTAL 10.8% 11.6% 11.2%
H2 EBITDA margin at 11.6%
February 20, 2014 I 30
564 586 602 610 655 605 669 687
H1 10 H2 10 H1 11 H2 11 H1 12 H2 12 H1 13 H2 13
5% 7% 9% 11% 13%
2008 2009 2010 2011 2012 2013
Comfort and Driving Assistance Systems Powertrain Systems Thermal Systems Visibility Systems Group
FY 12 FY 13 EBITDA (€m) 1,260 1,356
Operating working capital (€m) (49) 118 Restructuring & employee-related costs (€m) (37) (43) Other operating items (inc. taxes) (€m)
Of which : Taxes Pensions
(236)
(186) (60)
(207)
(151) (42)
Cash from operating activities (€m)
938 1,224*
after working capital improvement of €118m & investment flows of €909m (7.5% of sales)
February 20, 2014 I 31
Cash from operating activities (€m)
Capex (inc. capitalised R&D) (€m) (857) (909)
Free cash flow (€m)
(before interest payments)
81 315*
Interest (€m) (66) (102) Other financial items (€m) (195) 192
Net cash flow(8) (€m) (180) 405 Net debt(9) (€m) 763 366
Of which €170m in proceeds from the disposal of the Access Mechanisms business and Dividend (€115m) paid in H2 2013 *excluding sale of trade receivables
2.1% 2.4% 5.4% 5.4% FY 12 FY 13
635 649 879 939
Capex*
(% of sales)
+7%
€m
Supporting growth in the most dynamic markets (Asia, Eastern Europe & NA)
Capex* Capital. R&D
7.5% 7.8%
February 20, 2014 I 32
244 290 635 649 FY 12 FY 13
Capex* Capitalised R&D
* excluding capitalised R&D
Industrial development
2011-2013 11 new plants (incl. 7 in China) 31 extensions 320,000 sq.m added
February 20, 2014 I 33
763
1,260 1,274 1,356
Shareholders’ equity (€m) excluding non-controlling interests Net debt (€m)
Net debt (€m) EBITDA 12 months rolling (€m)
Net debt over EBITDA
763 457 366 2,052 2,133 2,380
Leverage & gearing ratios at 0.3x and 15% respectively
Net debt over shareholders’ equity
February 20, 2014 I 34
457 366
Dec 2012 June 30, 2013 Dec 2013
Gearing
37%
Gearing
21%
Leverage 0.6x Leverage 0.4x
Gearing
15%
Leverage 0.3x Dec 2012 June 30, 2013 Dec 2013
LT Outlook ST
Moody’s Baa3 Stable Prime-3 S&P BBB Stable A-2
2750
in M€ Debt:
Maturity Amount Coupon Syndicated Loan June 2016 €250m 3M Euribor + 1.3% BEI financing Aug 2016 (redeemable in 4 equal annual payments as of 2013) €225m 6M Euribor + 2.46% EMTN January 2017 €500m 5.75% EMTN May 2018 €500m 4.875% BEI financing Nov 2018 (redeemable in 4 equal annual payments as of 2015) $103m 6M Libor USD +1.9%
Liquidity :
Cash & cash equivalents: €1.5bn Undrawn credit lines: €1.1bn Average maturity of credit lines : 3 years
February 20, 2014 I 35
250 500 750 1000 1250 1500 1750 2000 2250 2500 2750
2014 2015 2016 2017 2018 ,,, ,,, 2024
EMTN BEI financing Syndicated loan Undrawn credit lines Cash & cash equivalents
annual payments as of 2015) USD +1.9% Weighted average maturity of debt: 3.5 years
2750
in M€
Liquidity :
Cash & cash equivalents: €1.5bn Undrawn credit lines: €1.1bn Average maturity of credit lines : 3 years
Debt:
Maturity Outstanding amount Coupon Syndicated Loan June 2016 €250m 3M Euribor + 1.3% BEI financing Aug 2016 (redeemable in 4 equal annual payments as of 2013) €225m 6M Euribor + 2.46% EMTN January 2017 €146m 5.75% EMTN May 2018 €273m 4.875% BEI financing Nov 2018 (redeemable in 4 equal annual payments as of 2015) $103m 6M Libor USD +1.9%
New €700m bond (10-year maturity) + repurchase of €581m in bonds (maturing in 2017 & 2018)
Improved debt maturity profile (6 years average maturity vs 3.5 years previously)
February 20, 2014 I 36
250 500 750 1000 1250 1500 1750 2000 2250 2500 2750
2014 2015 2016 2017 2018 …. …. 2024
Cash & cash equivalents Undrawn credit lines EMTN BEI financing Syndicated loan
EMTN January 2024 €700m 3.25% Weighted average maturity of debt: 6 years
February 20, 2014 I 37
Stable dividend policy with a payout ratio of 30%
2013 dividend of €1.70/share to be proposed at the next Shareholders’ Meeting
February 20, 2014 I 38
2010 2011 2012 2013 EPS 4.86 5.68 5.03 5.71 EPS
4.86 5.68 5.56 6.52 Dividend 1.20 1.40 1.50 1.70 Payout ratio 25% 25% 30% 30%
Based on the following key assumptions for FY 2014:
Automotive production:
World: +2% to +3% Europe: +1% to +2%
Raw material prices and currencies in line with current levels
February 20, 2014 I 39
Valeo has set the following objectives for 2014:
Sales growth outperformance in the main production
regions
A slight increase in operating margin (as a % of sales)
compared to 2013
Thierry Lacorre
43, rue Bayen F-75848 Paris Cedex 17 France
February 20, 2014 I 40
Tel.: +33 (0) 1.40.55.37.93 Fax: +33 (0) 1.40.55.20.40 E-mail: thierry.lacorre@valeo.com Web site: www.valeo.com
FR FP VLOF.PA FR 000130338 79,462,540
Bloomberg Ticker Reuters Ticker ISIN Number Shares outstanding as of December 31, 2013
February 20, 2014 I 41
Ticker/trading symbol CUSIP Number Exchange Ratio (ADR: ord) Depositary Bank Contact at J.P. Morgan – ADR broker relationship desk VLEEY 919134304 OTC 1:2 J.P. Morgan Jim Reeves +1 212-622-2710
1) Order intake corresponds to business awarded by automakers (less any cancellations) during the period, based on Valeo's best and reasonable estimates in terms of volumes, sale prices and project lifespans. Order intake for the Access Mechanisms business was not included in order intake data for since 2005. 2) Operating margin corresponds to operating income before other income and expenses. 3) Net attributable income excluding non-recurring items corresponds to net attributable income adjusted for "other income and expenses" net of tax. 4) ROCE, or return on capital employed, corresponds to operating margin/capital employed excluding goodwill. 5) ROA, or return on assets, corresponds to operating income/capital employed including goodwill. February 20, 2014 I 42 6) EBITDA corresponds to operating income before depreciation, amortization, impairment losses (included in the operating margin) and other income and expenses. 7) Free cash flow corresponds to net cash from operating activities (excluding factoring) after taking into account acquisitions and disposals of property, plant and equipment and intangible assets. 8) Net cash flow corresponds to free cash flow less (i) cash flows in respect of investing activities, relating to acquisitions and disposals of investments with a change in control and to changes in certain items shown in non-current financial assets, and (ii) cash flows in respect of financing activities, relating to dividends paid, treasury share purchases and sales, interest paid and received, and acquisitions of equity interests without a change in control. 9) Net debt comprises all long-term debt, short-term debt and bank overdrafts, less loans and other non-current financial assets, cash and cash equivalents.
February 20, 2014 I 43
Europe**
OEM sales*** +12% Production**** +4%
Asia** excl. China North America
OEM sales*** +19% Production**** +5%
49% of Valeo sales 19% of Valeo sales
Outperf. +14pts* Outperf. +8pts* Outperf. +5pts*
World
OEM sales*** +15% Production**** +6% Outperf. +9pts*
Q3
H2
Outperformance in all production regions, improvement in SA
February 20, 2014 I 44
Asia** excl. China
OEM sales*** +6% Production**** +1%
South America
OEM sales*** +6% Production**** -3%
14% of Valeo sales 4% of Valeo sales
*At same perimeter and exchange rates ** Europe including Africa, Asia including Middle East *** Valeo OEM sales by destination **** LMC estimates – light vehicle production
Outperf. +9pts*
14% of Valeo sales
Outperf. +23pts*
China
OEM sales*** +40% Production**** +17%
2011 2012* 2013
In M€
H1 H2 H1 H2 H1 H2
Total sales
5,334 5,534 5,999 5,760 6,166 5,944
Gross margin
916 927 1,006 942 1,037 1,036
as % of sales 17.2% 16.8% 16.8% 16.4% 16.8% 17.4% R&D expenditure, net (285) (276) (313) (285) (332) (311) Selling & administrative expenses (286) (292) (323) (302) (321) (314) Other income & expenses (1) 1 (22) (31) (41) (26)
Operating income
344 360 348 324 343 385
February 20, 2014 I 45
Operating income
344 360 348 324 343 385
as % of sales 6.4% 6.5% 5.8% 5.6% 5.6% 6.5% Cost of net debt (29) (42) (50) (53) (50) (50) Other financial income and expenses (17) (18) (21) (18) (22) (25) Share in net earnings of associates 4 (2) 11 3 4 3
Income before income taxes
302 298 288 256 275 313
Income taxes (77) (71)
(78) (68)
(71) (48)
Income from continuing operations
225 227 210 188 204 265
Non-strategic activities (1)
(2)
225 226 208 188 204 265
Non-controlling interests (7) (17)
(15) (10)
(14) (16)
Net income
218 209 193 178 190 249
*The amount of other financial income and expenses shown for first-half 2012 differs from the amount published in July 2012 since it has been adjusted to reflect changes in the expected return on plan assets resulting from the retrospective application of the amended IAS 19, effective as of January 1, 2013
FY 2012
(€m) Powertrain Systems Thermal Systems Comfort & Driving Assistance Systems Visibility Systems Others Total Sales:
3,237 3,313 2,487 2,698 24 11,759
29 27 23 36 (115)
331 385 300 222 22 1,260 Research & Development expenditure, net (145) (147) (169) (129) (8) (598) Investments in property, plant & equipment & intangible asset 262 148 214 234 21 879 Segment assets 1,467 1,074 1,113 1,234 39 4,927
February 20, 2014 I 46
FY 2013
(€m) Powertrain Systems Thermal Systems Comfort & Driving Assistance Systems Visibility Systems Others Total Sales:
3,358 3,366 2,229 3,129 28 12,110
42 32 21 54 (149)
351 394 294 298 19 1,356 Research & Development expenditure, net (165) (152) (169) (148) (9) (643) Investments in property, plant & equipment & intangible asset 261 178 232 252 16 939 Segment assets 1,510 1,115 1,142 1,314 46 5,127
In M€
Sales by segment
Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13
Comfort & Driving Assistance
481 489 567 620 657 634 616 603 629 570 521 530
Powertrain Systems
767 782 743 834 855 826 784 802 833 877 810 881
Thermal Systems
783 776 777 804 864 855 808 813 824 892 838 844
Visibility Systems
664 640 597 648 685 672 656 721 782 818 769 814 2,669 2,665 2,662 2,872 3,033 2,966 2,842 2,918 3,039 3,127 2,905 3,039 February 20, 2014 I 47 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 OE sales 2,263 2,247 2,262 2,435 2,602 2,516 2,393 2,399 2,575 2,675 2,461 2,564 Aftermarket 361 358 336 357 369 363 357 365 382 383 368 384 Miscellaneous 45 60 64 80 62 87 92 154 82 69 76 91 Total sales 2,669 2,665 2,662 2,872 3,033 2,966 2,842 2,918 3,039 3,127 2,905 3,039
OE & aftermarket sales
Total sales
2,669 2,665 2,662 2,872 3,033 2,966 2,842 2,918 3,039 3,127 2,905 3,039
Statements contained in this report, which are not historical fact, constitute “Forward-Looking Statements”. Even though Valeo’s management feels that the Forward-Looking Statements are reasonable, investors are put on notice that actual results may differ materially due to numerous important factors, risks and uncertainties to which Valeo is exposed. Such factors include, among others, the company’s ability to generate cost savings or manufacturing efficiencies to offset or exceed contractually or competitively required price reductions. The risks and uncertainties to which Valeo is exposed are mainly the risks resulting from the investigations currently being carried out by the antitrust authorities as they have been identified in the Registration Document and any legal actions which could arise as a result of these investigations, operational risks which relate to being a supplier in the automotive industry and to the
February 20, 2014 I 48
development of new products and risks due to certain global and regional economic conditions. Also included are environmental and industrial risks as well as risks and uncertainties described or identified in the public documents submitted by Valeo to the French “Autorité des marchés financiers” (AMF), including those set out in the “Risk Factors” section of Valeo’s Registration Document registered at the AMF on March 28, 2013 (ref. no. D.13-0246). The company assumes no responsibility for any estimates made by analysts and any other information prepared by third parties which may be used in this report. Valeo does not intend to, or assume any
to reflect events or circumstances which occur after the date of this report.
February 20, 2014 I 49