Acceleration in sales growth in the third quarter to 7% like for like, with sales of 3,449 million euros

Jacques Aschenbroich, Valeo’s Chief Executive Officer, commented:
“Our third-quarter 2015 sales performance demonstrates once again the solidity of our growth model based on technological innovation in the areas of CO? emissions reduction and intuitive driving, a more diverse customer portfolio and the geographic balancing of the Group’s businesses. Despite the slowdown in the Chinese automotive market and the sharp tail-off in South American markets, Valeo’s growth continues to outpace automotive production, with sales accelerating by 7% on a like-for-like basis in the third quarter.”

Third-quarter 2015

• Consolidated sales of 3,449 million euros, up 12% (7% on a like-for-like basis)
• Original equipment sales of 2,990 million euros, up 13% (7% on a like-for-like basis), outpacing global automotive production by 6 percentage points:
  • Europe: up 13%⁽¹⁾, 8 percentage points higher than automotive production
  • China: up 1%⁽¹⁾, 6 percentage points higher than automotive production
  • Asia (excluding China): up 2%⁽¹⁾, 1 percentage point higher than automotive production
  • North America: up 3%⁽¹⁾, 3 percentage points lower than automotive production
  • South America: down 18%⁽¹⁾, 2 percentage points higher than automotive production
• Aftermarket sales of 387 million euros, up 6% (4% on a like-for-like basis)

2015 outlook

Based on the following assumptions:

• an increase in global automotive production⁽²⁾ of between 1% and 2%, including:
  • around 7% in Europe excluding Russia
  • between 0% and 2% in China
• raw material prices and exchange rates in line with current levels;

Valeo confirms its full-year guidance as upwardly revised on July 27, 2015:

• sales growth outperformance in the main production regions, including China;;
• operating margin⁽³⁾ (as a % of sales) higher than in 2014, with a slight increase in operating margin (as a % of sales) in the second half of 2015 as compared to the first half.

1 Constant Group structure and exchange rates.
2 In line with LMC estimates.
3 Including share in net earnings of equity-accounted companies.

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