At its meeting today, Valeo’s Board of Directors approved the consolidated and parent company financial statements for the year ended December 31, 2015(1)
- Operating margin(1) up 22% to 1,116 million euros, or 7.7% of sales
- Net income up 30% to 729 million euros, or 5.0% of sales
- Free cash flow(2) up 73% to 565 million euros
- Order intake(2) up 15% to 20.1 billion euros
Jacques Aschenbroich, Valeo’s Chief Executive Officer, commented:
“Valeo’s 2015 results reflect the excellent work carried out by our teams over the past few years to develop a more diverse customer portfolio, strengthen our products’ technological advantage and further align our businesses geographically. Sales accelerated throughout 2015 and outperformed the market in all world regions despite market volatility in some of our geographies, once again demonstrating the solidity of our growth model. This growth was accompanied by a 22% increase in our operating margin to 7.7% of sales, as well as a 30% increase in net income and a 73% increase in free cash flow. Our record order intake – which stands at 20.1 billion euros – reflects the commercial success of our technologies for CO2 emissions reduction and intuitive driving. This strong momentum confirms that we are on course to meet our objectives for 2020, presented in London in March 2015.”
Fourth-quarter 2015
- Sales of 3,797 million euros, up 488 million euros or 15% year on year (9% on a like-for-like basis)
Second-half 2015
- Sales of 7,246 million euros, up 14% (8% on a like-for-like basis)
- Operating margin(1) up 21% to 578 million euros, or 8.0% of sales
- Net attributable income up 26% to 385 million euros, or 5.3% of sales
- Excluding non-recurring items, net income rose 46% to 468 million euros, or 6.5% of sales
- Free cash flow(2) of 259 million euros, up 49% year on year
Full-year 2015
- Order intake(2) of 20.1 billion euros, up 15% ·
- Sales of 14,544 million euros, up 14% (7% on a like-for-like basis)
- Original equipment sales of 12,600 million euros, up 16% (8% on a like-for-like basis) and outpacing global automotive production by 6 percentage points
- Operating margin(1) up 22% to 1,116 million euros, or 7.7% of sales
- Net attributable income up 30% to 729 million euros, or 5.0% of sales
- Excluding non-recurring items, net income rose 39% to 825 million euros, or 5.7% of sales
- Free cash flow(2) of 565 million euros, up 73% year on year
2015 dividend
Proposed dividend payment up 36% to 3 euros per sha re, representing a payout ratio of 32%.
2016 outlook
Based on the following assumptions:
- an increase in global automotive production of around 2.5%, including:
- around 2% in Europe,
- around 5% in China,
- around 2% in North America;
- raw material prices and exchange rates in line with current levels;
Valeo has set the following objectives for 2016:
- strong sales growth, outperforming the market in the main production regions, including China;
- a slight increase in the operating margin(1)(as a percentage of sales), despite the increase in net R&D expenditure required for the Group’s future growth engines of CO2 emissions reduction and intuitive driving.
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