Sales up 14% to 16.5 billion euros
Operating margin up 20% to 1.3 billion euros, or 8.1% of sales
Net income up 27% to 925 million euros, or 5.6% of sales
Order intake up 17% to 23.6 billion euros
Jacques Aschenbroich, Valeo’s Chairman and Chief Executive Officer, commented:
“Valeo’s 2016 results reflect the work accomplished by our teams over the past few years to build a new, more innovative, technologically focused, dynamic and profitable Valeo:
– our sales grew by 14%;
– accompanied by increases of 17% in our gross margin, 20% in our operating margin, 27% in our net income and 17% in our free cash flow generation, to 661 million euros;
– another record order intake – at 23.6 billion euros – reflecting the ongoing commercial success of our technologies for CO2 emissions reduction and intuitive driving.
Also in 2016 we were delighted to welcome into the Valeo family teams from peiker, Spheros, and the Valeo Siemens eAutomotive joint venture and in January this year, Ichikoh. Thanks to these acquisitions and in line with our strategy, we are stepping up the development of our four Business Groups, with the primary aims of diversifying our client portfolio and strengthening our products’ technological positioning and the geographical alignment of our sales.
On the back of this strong momentum, Valeo will hold an Investor Day in London on February 28 to present its new medium-term financial objectives.”
• Order intake of 23.6 billion euros, up 17% on the back of technological innovation
• Consolidated sales of 16,519 million euros, up 14% (up 11% on a like-for-like basis).
• Original equipment sales of 14,403 million euros, up 14% (up 12% on a like-for-like basis), outpacing global automotive production by 8 percentage points.
• Operating margin up 20% to 1,334 million euros, or 8.1% of sales.
• Recognition of a 99 million euro expense to cover the main risks arising from antitrust investigations.
• Net attributable income up 27% to 925 million euros, or 5.6% of sales.
• Free cash flow of 661 million euros, up 17%.
To read the full press release, see the attachments below.