Sales up 15% to 3,581 million euros in the first quarter

Jacques Aschenbroich, Chief Executive Officer of Valeo (Euronext: FR), stated: “The 15% increase in sales in the first quarter of 2015 confirms the growth momentum at Valeo. This performance reflects the attractiveness of the Group’s portfolio of technologies in CO? emissions reduction and improved vehicle performance as well as intuitive driving, and its balanced geographic and customer positioning. The solid momentum attests to the validity of Valeo’s growth and profitability plan and, in 2015, we expect to outpace the market in the main automotive production regions while improving our operating margin.”

First-quarter 2015

• Consolidated sales of 3,581 million euros, up 15% (6% on a like-for-like basis).
• Original equipment sales of 3,113 million euros, up 16% (7% like-for-like), outpacing global automotive production by 6 percentage points:
  • Europe : up 10%(1), 9 percentage points higher than automotive production
  • China : up 15%(1), 8 percentage points higher than automotive production
  • Asia excluding China: up 3%(1), 5 percentage points higher than automotive production
  • North America: up 4%(1), 2 percentage points higher than automotive production
  • South America: down 16%(1), 2 percentage points lower than automotive production
• Aftermarket sales up 6% (up 1% on a like-for-like basis)

2015 outlook

Based on the following assumptions:

• a rise of around 3% in global automotive production, including an increase of around 3% in Europe excluding Russia;
• raw material prices and exchange rates in line with current levels;

Valeo confirms its objectives for 2015:

• growth higher than the market in the main production regions;
• a slight increase in operating margin(2) (as a percentage of sales) compared with 2014.

1 Like-for-like (constant Group structure and exchange rates)
2 Including share in net earnings of equity-accounted companies, see Financial Glossary, page 6

…/…