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    FR   FR0013176526

VALEO

(FR)
  Report
Real-time Quote. Real-time Euronext Paris - 09/28 06:11:31 am
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09/27VALEO : Goldman Sachs Upgrades to Neutral
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Valeo : 2021 Half-year report

07/26/2021 | 10:48am EDT

Contents

  1. GROUP PROFILE AND CORPORATE GOVERNANCE
  2. KEY FIGURES
  3. INTERIM MANAGEMENT REPORT
  1. Business review
  2. Earnings
  3. Segment reporting
  4. Cash flow and financial position
  5. Order intake
  6. 2021 outlook confirmed
  7. Reconciliation of Valeo and TCM business data
  8. Highlights
  9. Subsequent events
  10. Stock market data
  11. Risk factors and related party transactions
  1. CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2021
  1. Consolidated statement of income
  2. Consolidated statement of comprehensive income
  3. Consolidated statement of financial position
  4. Consolidated statement of cash flows
  5. Consolidated statement of changes in stockholders' equity
  6. Notes to the condensed interim consolidated financial statements
  1. STATUTORY AUDITORS' REVIEW REPORT ON THE 2021 INTERIM FINANCIAL INFORMATION
  1. Conclusion on the financial statements
  2. Specific verification
  1. STATEMENT BY THE PERSON RESPONSIBLE FOR THE HALF-YEAR FINANCIAL REPORT
  2. FINANCIAL GLOSSARY
  3. SAFE HARBOR STATEMENT

Valeo - 2021 Half-year Financial Report

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199

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1. GROUP PROFILE AND CORPORATE GOVERNANCE

Valeo is an automotive supplier, partner to all automakers worldwide. As a technology company, Valeo proposes innovative products and systems that contribute to the reduction of CO2 emissions and to the development of intuitive driving.

In the first half of 2021, the Group generated sales of 9.0 billion euros and invested 9.5% of its sales in Research and Development. At June 30, 2021, Valeo had 184 plants, 20 research centers, 42 development centers and 15 distribution platforms, and employed 104,000 people in 33 countries worldwide.

Valeo is listed on the Paris Stock Exchange.

Board of Directors at June 30, 2021

  • Jacques Aschenbroich

Chairman and Chief Executive Officer

Gilles Michel

Fonds Stratégique de Participations,

Lead Director

represented by Julie Avrane-Chopard

Éric Poton

Mari-NoëlleJégo-Laveissière

Director representing employees

Thierry Moulonguet

Grzegorz Szelag

Christophe Périllat

Director representing employees

Olivier Piou*

Bruno Bézard

Patrick Sayer

Bpifrance Participations,

Ulrike Steinhorst

represented by Stéphanie Frachet

Véronique Weill

  • C. Maury Devine

Committees at June 30, 2021

Audit & Risks Committee

Governance, Appointments &

Corporate Social Responsibility

Thierry Moulonguet

Committee

Chairman

Bpifrance Participations,

Gilles Michel

represented by Stéphanie Frachet

Chairman

Bruno Bézard

Bpifrance Participations,

Fonds Stratégique de Participations,

represented by Stéphanie Frachet

represented by Julie Avrane-Chopard

C. Maury Devine

Mari-NoëlleJégo-Laveissière

Patrick Sayer

Olivier Piou*

Ulrike Steinhorst, in charge of CSR issues

Véronique Weill

Véronique Weill

Compensation Committee

Strategy Committee

Gilles Michel

Patrick Sayer

Chairman

Chairman

Bpifrance Participations,

Ulrike Steinhorst

represented by Stéphanie Frachet

Thierry Moulonguet

C. Maury Devine

Olivier Piou*

  • Patrick Sayer
  • Ulrike Steinhorst
  • Véronique Weill
  • Olivier Piou stepped down from his position as director on June 30, 2021.

Valeo - 2021 Half-year Financial Report

1

2.KEY FIGURES

Financial performance

ORDER INTAKE(1)

SALES

In billions of euros

Breakdown by type

In millions of euros

ORIGINAL EQUIPMENT SALES:

GROWTH, OUTPERFORMANCE* AND BREAKDOWN BY DESTINATION REGION

Like for like(1).

* Versus the automotive market, based on IHS automotive production estimates released on July 16, 2021/CPCA estimates for China.

1 See financial glossary, page 53.

Valeo - 2021 Half-year Financial Report

NORTH AMERICA

18% of Group sales

Original equipment sales vs. H1 2019: down 9%

SOUTH AMERICA 2% of Group sales

Original equipment sales vs. H1 2019: up 4%

EUROPE (including Africa)

48% of Group sales

Original equipment sales vs. H1 2019: down 10%

CHINA

14% of Group sales

Original equipment sales vs. H1 2019: up 19%

ASIA (including the Middle East) 32% of Group sales

Original equipment sales vs. H1 2019: up 3%

2

TOTAL EBITDA(1) AND EBITDA BY BUSINESS GROUP

GROSS RESEARCH AND DEVELOPMENT

In millions of euros and as a % of each Business Group's sales

EXPENDITURE

In millions of euros and as a % of sales

* Excluding the TCM business.

OPERATING MARGIN

NET ATTRIBUTABLE INCOME (LOSS)

Excluding share in net earnings of equity-accounted companies

In millions of euros and as a % of sales

In millions of euros and as a % of sales

FREE CASH FLOW(1)

ROCE(1)

ROA(1)

In millions of euros

(RETURN ON CAPITAL EMPLOYED)

(RETURN ON ASSETS)

1 See financial glossary, page 53.

Valeo - 2021 Half-year Financial Report

3

Disclaimer

Valeo SA published this content on 26 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 July 2021 14:47:10 UTC.


ę Publicnow 2021
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Financials
Sales 2021 18 130 M 21 166 M 21 166 M
Net income 2021 249 M 291 M 291 M
Net Debt 2021 2 940 M 3 433 M 3 433 M
P/E ratio 2021 24,1x
Yield 2021 1,99%
Capitalization 5 799 M 6 786 M 6 770 M
EV / Sales 2021 0,48x
EV / Sales 2022 0,42x
Nbr of Employees 110 300
Free-Float 91,5%
Chart VALEO
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Technical analysis trends VALEO
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TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 20
Last Close Price 24,08 €
Average target price 29,36 €
Spread / Average Target 21,9%
EPS Revisions
Managers and Directors
Jacques Aschenbroich Chairman & Chief Executive Officer
Robert Charvier Chief Financial Officer
Geoffrey Bouquot VP-Strategy & External Relations
Catherine Delhaye Chief Compliance & Ethics Officer
Thierry Moulonguet Independent Non-Executive Director
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