Jacques Aschenbroich, Valeo's Chief Executive Officer, stated:
"Driven by our performances in the original equipment market (up 13%, beating the global market by 9 percentage points) and the aftermarket (up 4%), Valeo built on the momentum in second-half 2013 to post sales of 3,112 million euros in the first quarter, up 11% on a like-for-like basis. These results demonstrate our capacity to outpace the market in all production regions and in all Business Groups, and reflect the gradual entry into production of the high order intake recorded by the Group over the last three years as well as the strength of Valeo's growth model."

First-quarter2014

Sales advanced 11% on a like-for-like basis:

  • Original equipment sales came in at 2,677 million euros, up 13% on a like-for-like basis
  • Aftermarket sales totaled 376 million euros, up 4% on a like-for-like basis

Excluding the impact of exchange rates (a negative 3.4%) and changes in Group structure (a negative 1.5%), consolidated sales climbed 6.3% to 3,112 million euros

Original equipment sales growth outpaced the global market by 9 percentage points, thanks to above-market performances in all production regions:

  • Europe: up 12% , 6 percentage points higher than the market
  • China: up 35%*, 26 percentage points higher than the market
  • Asia excluding China: up 11%*, 10 percentage points higher than the market
  • North America: up 10%*, 6 percentage points higher than the market
  • South America: down 3%* versus an 11% fall in production over the period

Balanced, above-market growth in original equipment sales across all Business Groups

2014 outlook

Based on the key assumptions set out during the 2013 full-year results (2% to 3% growth in global automotive production and 1% to 2% growth in automotive production in Europe), Valeo confirms its objectives for 2014:

  • growth higher than the market in the main production regions
  • a slight increase in operating margin (as a percentage of sales) compared to 2013
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