VALEO 2017 HALF-YEAR FINANCIAL REPORT
Permanent Magnet Synchronous Motor (85kW) Valeo Siemens eAutomotive technology
Contents
GROUP PROFILE AND CORPORATE GOVERNANCE 1
KEY FIGURES 2
INTERIM MANAGEMENT REPORT 4
Business review 4
Results 8
Segment reporting 10
Cash flow and financial position 12
2017 outlook 13
2017-2021 strategic plan 13
Highlights 14
Stock market data 18
Risk factors and related party transactions 20
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX
MONTHS ENDED JUNE 30, 2017 21
Consolidated statement of income 22
Consolidated statement of comprehensive income 23
Consolidated statement of financial position 24
Consolidated statement of cash flows 25
Consolidated statement of changes in stockholders' equity 26
Notes to the condensed interim consolidated financial statements 27
STATUTORY AUDITORS' REVIEW ON THE HALF-YEARLY FINANCIAL INFORMATION 56
Conclusion on the financial statements 56
Specific verification 56
STATEMENT BY THE PERSON RESPONSIBLE FOR THE HALF-YEAR FINANCIAL
REPORT 57
FINANCIAL GLOSSARY 58
Jacques Aschenbroich
Chairman and Chief Executive Officer
Pascal Colombani
Honorary Chairman
Georges Pauget
Lead Director
Daniel Camus
Jérôme Contamine
C. Maury Devine
Michel de Fabiani
Mari-Noëlle Jégo-Laveissière
Noëlle Lenoir
Thierry Moulonguet
Ulrike Steinhorst
Véronique Weill
On June 30, 2017, the Group Works Council appointed Eric Chauvirey as a director representing employees, in accordance with the Company's articles of association.
Committees at June 30, 2017Audit & Risks Committee
Daniel Camus
Chairman
Michel de Fabiani
Mari-Noëlle Jégo-Laveissière
Noëlle Lenoir
Thierry Moulonguet
Governance, Appointments & Corporate Social Responsibility Committee
Georges Pauget
Chairman
Pascal Colombani
C. Maury Devine
Michel de Fabiani
Ulrike Steinhorst
Compensation Committee
Georges Pauget
Chairman
Pascal Colombani
C. Maury Devine
Michel de Fabiani
Ulrike Steinhorst
Strategy Committee
Ulrike Steinhorst
Chairman
Pascal Colombani
Jérôme Contamine
Thierry Moulonguet
Georges Pauget
Véronique Weill
See Financial Glossary, page 58.
Products and technologies in series production for less than three years.
Valeo - 2017 Half-year Financial Report
1 GROUP PROFILE AND CORPORATE GOVERNANCEValeo is an automotive supplier that partners all automakers worldwide. As a technology company, Valeo proposes innovative productsand systems that contribute to the reduction of CO2 emissionsand to the development of intuitive driving.
In 2016, the Group generated sales of 16.5 billion euros and invested more than 11% of its original equipment sales in Research and Development. At June 30, 2017, Valeo has 168 plants, 20 research centers, 38 development centers and 15 distribution platforms, and employs 102,900 people in 32 countries worldwide.
Valeo is listed on Euronext Paris and is a member of the CAC 40 index.
Board of Directors at June 30, 2017Valeo - 2017 Half-year Financial Report 1
2 KEY FIGURESA new Valeo: more technologically focused, innovative, dynamic and profitable
GROSS RESEARCH AND DEVELOPMENT EXPENDITURE
In millions of euros and as a % of original equipment sales
945
760
644
11,5%
ORDER INTAKE(1)EXCLUDING VALEO SIEMENS EAUTOMOTIVE
In billions of euros and weighting of innovative products and systems(2)
14,9
12,8
10,7
10,2% 10,7%
30%
45% 42%
H1 2017
H1 2015 H1 2016 H12017
In first-half 2017, net Research and Development expenditure totaled 582 million euros, or 6.1% of total sales.
SALES
Total sales and sales by Business Group
In millions of euros and as a % of total sales
9,464
H1 2017
H1 2015 H1 2016 H12017
In the first half of 2017, Valeo Siemens eAutomotive also recorded
3 billion euros in order intake.
PERFORMANCE COMPARED TO AUTOMOTIVE PRODUCTION
Original equipment sales growth by geographic area
As a % of original equipment sales
Like for like (constant Group structure and exchange rates)
8,130
7,298
20%
18%
19%
23%
Comfort & Driving Assistance Systems
Powertrain
North America
Outperf.
+7 pts
World
Outperf.
+6 pts
26%25%
27%
Systems
Thermal
OE sales** +8% 21% of OE sales**
Europe*
Outperf.
+6 pts
OE sales** +9%
Outperf.
+21 pts
28%27%
28% 28%31%
Systems
Visibility
South America
OE sales** +7% 48% of OE sales**
Underperf.
-6 pts
China
OE sales** +24% 14% of OE sales**
Underperf.
-1 pt
H1 2015 H1 2016
H1 2017
H1 2017
Systems
OE sales** +12% 2% of OE sales**
Asia* (excl. China) OE sales** +4% 15% of OE sales**
* Europe incl. Africa - Asia incl. the Middle East and Oceania
** Valeo original equipment (OE) sales by destination
OPERATING MARGIN
Including share in net earnings of equity-accounted companies(1) In millions of euros and as a % of sales
NET ATTRIBUTABLE INCOME
In millions of euros and as a % of sales
647
538
7,4%8,0%
754
8,0%
344
422
4,7%5,2%
506
5,3%
H1 2017
H1 2015 H1 2016 H12017
H1 2017
H1 2015 H1 2016 H12017
2 Valeo - 2017 Half-year Financial Report
Valeo SA published this content on 20 July 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 20 July 2017 16:18:05 UTC.
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