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Valeo Q1 sales up 22% to 4.8 billion euros

Financial Results

Original equipment sales jumped 13% on a like-for-like basis, beating global automotive production by 8 percentage points

Jacques Aschenbroich
Valeo's Chairman and Chief Executive Officer

Our sales grew by 22% in the first quarter. This performance once again demonstrates, in line with the strategic plan presented at our Investor Day in London on February 28, 2017, the high growth potential of each of our four Business Groups, which are well placed to leverage the technological disruptions taking place in the automotive industry.
During the period we were also delighted to welcome Ichikoh’s teams to Valeo. The consolidation of Ichikoh’s operations will enable Valeo and our Visibility Systems Business Group to accelerate our expansion in Asia, particularly with our Japanese customers.

First-quarter 2017

  • Consolidated sales of 4,767 million euros, up 22% (up 13% on a like-for-like basis)
    • Original equipment sales of 4,174 million euros, up 21%, or up 13% on a like-for-like basis representing an outperformance of 8 percentage points compared with global automotive production:
    • Europe: up 12%(1), 6 percentage points higher than automotive production
    • China: up 25%(1), 18 percentage points higher than automotive production, driven in particular by strong growth with Chinese customers, which accounted for more than 40% of sales in the country in the first quarter of the year. This pace of growth will enable the Group to double its sales in China over the next four years
    • Asia excluding China: up 6%(1), 1 percentage point higher than automotive production. After taking into account the consolidation of Ichikoh as from February 1, 2017, original equipment sales in the region were up 38%(2)
    • North America: up 11%(1), 9 percentage points higher than automotive production
    • South America: up 16%(1), 5 percentage points higher than automotive production
  • Aftermarket sales up 19% (up 8% on a like-for-like basis)

2017 outlook

Based on the following assumptions:

  • an increase in global automotive production of between 1.5% and 2%;
  • raw material prices and exchange rates in line with current levels.

Valeo confirms its objectives for 2017:

  • sales growth outperforming the market by more than 5 percentage points;
  • a slight increase in operating margin(3) (as a % of sales and before acquisitions).