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Web Address of Valeo: Related Topics: Supplier Groups
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Companies : Valeo
2005 First Half Results PARIS, France, 21 July 2005 - Valeo's Board of Directors met today and approved the consolidated accounts for the first half 2005. Valeo's net sales reached 5,046 million euros in the first half 2005, an increase of 4.8% compared to the first half 2004. After adjusting for exchange rates (+0.6%) and changes in the reporting entity (+5.4% reflecting the acquisitions of the engine electronics division of Johnson Controls and the balance of the shareholding in Zexel Valeo Climate Control), sales were down 1.2% in line with the automobile production in Valeo's reference markets. The gross margin for the half year fell by 2.7% to 825 million euros, representing 16.3% of sales as compared to 848 million euros and 17.6% of sales for the first half 2004. The Group estimates that the increase in raw material prices reduced the gross margin was 1.5 points before corrective actions. Operating income was 153 millions euros or 3.0% of total operating revenues (defined as the sum of sales and other revenues - primarily the contribution of customers to research and development - as compared to 222 million euros and 4.6% of total operating revenues in the corresponding period of 2004. The operating income includes a charge of 48 million euros under "other income/expense" as compared to a charge of 25 million euros in 2004. Income before tax for the period was 106 million euros as compared with 187 million euros in 2004. It includes a cost of financial debt of 24 million euros, an increase of 7 million euros compared to the first half 2004 as a result in particular of the acquisitions completed during the period. The tax charge was 35 million euros as compared to 1 million euros in the first half 2004. The first half 2004 tax charge included a rebate of 83 million euros corresponding to the outstanding balance for the tax paid in 2001 on the gain from the sale of the Group's 50% shareholding in LuK. Net income was 73 million euros for the period compared to 183 million euros for the first half 2004. The comparison between the two years was impacted by the tax rebate of 83 million euros in 2004. Net cash from operating activities reached 392 million euros as compared to 429 million euros adjusted for the tax rebate of 83 million euros in the first half 2004. After taking into account capital expenditure in property and intangibles, dividends paid and grants and contributions received, the free cash flow was 101 million euros as compared to 175 million euros (adjusted for the exceptional tax rebate) in the first half 2004. At 30 June 2005, Valeo's net financial indebtedness was 1,263 million euros as compared to 500 million euros on 1 January 2005. The change reflects in particular the acquisitions of the engine electronics division of Johnson Controls (327 million euros) and of the remaining shares of Zexel Valeo Climate Control and Valeo Zexel China Climate Control (104 million euros). The increase in the debt levels also reflects 251 million euros related to the share buyback program. As a result of these operations in particular, and the share reduction following the share buyback program, the debt to equity ratio is 73% as compared to 26% on 1 January 2005. The order intake for the half was 1.2 times sales Valeo and IBM to collaborate for automotive software development Paris, France, May 4, 2005 - Valeo, one of the world's leading automotive suppliers, and IBM, the worldwide leader in information technology and services, today announced the launch of a new initiative to expand embedded software capabilities. Valeo will provide automotive expertise and IBM will provide process and methodology support in embedded software within a new Valeo division being created. This joint initiative is designed to achieve high quality, cost optimized and best-in-class reliability and safety for automotive software. This innovative software division will support Valeo Branches to manage increasing electronics and software technology in vehicles. It will also allow Valeo to meet future AUTOSAR standards. This new Valeo division will be operational in July 2005 and will employ more than 80 software engineers by the end of this year. Recent market research shows that 90 percent of automotive innovation is expected to come from electronics by 2010. Electronics can increase automakers ability to differentiate automobiles in an increasingly competitive marketplace. With the constantly rising amount of software code in automobiles, electronics expertise and reliable process development among suppliers have become vital. Valeo results 2000: 18% rise in sales and operating income Valeo's consolidated sales were up 18% to 9.1 billion euro. They rose by 17% in Europe, 10% in North America and 85% in Asia. The Group experienced renewed growth in South America where sales increased by 41%. The geographical spread of the Group's sales reflects the globalization of its business. Valeo generated 61% of its sales in Europe, 29% in North America, 3% in South America and recorded significant growth in Asia which now accounts for 7% of its activities. The increase in sales is related for 8.5% to external growth and for 5.5% to exchange rate
variations. At constant reporting entity and exchange rates, sales grew by 4%.
Valeo
and Textron Automotive Company: Global alliance to create world leader
in cockpit modules
Valeo
and Textron Automotive Company (TAC) announced the signature of a
memorandum of understanding to create a unique partnership that
leverages the strengths of both companies cost-effectively. The alliance
of two automotive suppliers will create a global powerhouse in cockpit
modules through the setting up of a 50-50 joint venture. The joint
venture will be in operation within the next few months. (August
8, 2000)
Valeo: acquisition of Labinal's automotive business Valeo concluded an agreement with SNECMA with a view to acquiring the automotive activities of the Labinal group. This transaction would take place following SNECMA's acquisition of Sopartech, which holds the majority of voting rights in Labinal. Valeo would acquire all shares held by Labinal in Sylea, that is 52.9% of its capital, at a price of 54 euros per share, with dividend attached. Following the acquisition, Valeo would implement a price guarantee procedure for Sylea's minority shareholders ("garantie de cours"). Valeo would later acquire Labinal's Filtrauto filters and Telma driveline retarders businesses. The operations would be carried out in cash. (May 5, 2000)
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Valeo is an independent
international Group fully focused on the design, production and sale of
components, systems and modules for cars and trucks, both on the original
equipment market and the aftermarket.