Slide 1: 2016 Results
2016 RESULTS JACQUES ASCHENBROICH – CHAIRMAN & CEO February 16, 2017 CONFIDENTIAL
Slide 2: The New Valeo: A Virtuous Circle
THE NEW VALEO: A VIRTUOUS CIRCLE 2015 2016 Year-on-year Net R&D (as a % of sales) 5.5% 5.8% na +0.3pts Order intake (€bn) 20.1 23.6 VV +17% VV na Innovative products (in % of order intake) 37% 50% na +13pts Sales (€bn) 14.5 16.5 +14% na Gross margin (as a % of sales) 17.7% 18.3% +17% +0.6pts Operati
Slide 3: FY Highlights
FY HIGHLIGHTS Fueled by Order intake(1) of €23.6bn +17% innovation +14% as reported Sales of €16.5bn +11% like-for-like(2) +14% as reported OEM sales of €14.4bn +12% like-for-like(2) OEM sales outperformance Growth(2) Outperformance(3) Sustained World +12% +8pts sales growth Europe +11% +8pts China
Slide 4: FY Highlights
FY HIGHLIGHTS Gross margin of €3,020m up 17% 18.3% of sales Operating margin(1) of €1,334m up 20% 8.1% of sales Strong improvement in profitability Net income(1) of €925m up 27% 5.6% of sales Net income excl. non recurring items of €940m up 14% 5.7% of sales EPS up 26% €3.91 EPS excl. non recurring
Slide 5: H2 Highlights
H2 HIGHLIGHTS Fueled by Order intake(1) of €10.8bn +15% innovation +16% as reported Sales of €8.4bn +12% like-for-like(2) Sustained OEM sales of €7.3bn +16% as reported 5-percentage point outperformance sales growth +12% like-for-like(2) +6% as reported Aftermarket sales of €0.8bn +4% like-for-like(
Slide 6: 2017 Outlook
2017 OUTLOOK Based on the following assumptions : An increase in global automotive production of between 1.5% and 2% Raw material prices and exchange rates in line with current levels Valeo has set the following objectives for 2017: Sales growth outperforming the market by more than 5 percentage poi
Slide 7: Confirming Our High Growth Potential
ORDER INTAKE OF €23.6BN, UP 17% CONFIRMING OUR HIGH GROWTH POTENTIAL February 16, 2017 CONFIDENTIAL
Slide 8: Acceleration in Order Intake Growth, Up 17% to €23.6bn
ACCELERATION IN ORDER INTAKE GROWTH UP 17% TO €23.6BN… …CONFIRMING VALEO’S FUTURE CAPACITY TO OUTPERFORM AUTOMOTIVE PRODUCTION Order intake** Innovation fueling future organic growth as a % of order intake** €bn 23.6 20.1 Innovation CAGR* 50% (1) +13% 17.5 15 13 (1) Products and technologies sold by
Slide 9: Acceleration in Order Intake Fueling Future Organic Growth
ACCELERATION IN ORDER INTAKE FUELING FUTURE ORGANIC GROWTH CHINA: LOCAL OEMS REPRESENT 26% OF OEM SALES AND 42% OF ORDER INTAKE % of 2016 OEM sales* % of 2016 order intake* SA 24% 2% Asia Asia excl. China 39% 21% SA 2% Asia excl. NA 11% €9.3bn Asia China 29% Order NA 13% €4.3bn Intake/OE €5.7bn €3.1
Slide 10: Sustained Sales Growth
SUSTAINED SALES GROWTH SALES OF €16.5BN, UP 14% AS REPORTED UP 11% LIKE-FOR-LIKE OEM SALES, UP 14% AS REPORTED UP 12% LIKE-FOR-LIKE, 8-POINT OUTPERFORMANCE AFTERMARKET SALES, UP 5% AS REPORTED UP 5% LIKE-FOR-LIKE February 16, 2017 CONFIDENTIAL
Slide 11: Sustained Sales Growth
SUSTAINED SALES GROWTH 2016 SALES UP 14% AS REPORTED, UP 11% LIKE-FOR-LIKE Like-for-like +11% +12% +11% 16,519 8,130 8,389 €m H1 16 H2 16 2016 Reported +11% +16% +14% H1 15 7,298 H2 15 7,246 FY 15 14,544 Exchange rates -1.6% Exchange rates +0.1% Exchange rates -0.9% Scope +2.6% Scope +3.8% Scope +3.
Slide 12: Sustained OEM Sales Growth
SUSTAINED OEM SALES GROWTH 2016 OEM SALES UP 14% AS REPORTED, UP 12% LIKE-FOR-LIKE Aftermarket OEM sales +6%* +4%* +5%* *Like-for-like +12%* +12%* +12%* 1,679 845 834 H1 16 H2 16 2016 +4%** +6%** +5%** 14,403 Miscellaneous +6%* +43%* +25%* 7,106 7,297 €m H1 16 H2 16 2016 437 **Reported 258 +13%** +1
Slide 13: Strong Outperformance in All Production Regions (H2)
SUSTAINED OEM SALES GROWTH LEADING TO A STRONG OUTPERFORMANCE IN ALL PRODUCTION REGIONS H2 OEM OEM sales** Like-for-like 47% of Valeo sales sales** +12% OEM +9% World 22% of Valeo sales sales** Europe* Production***+7% Production*** +1% +6% North NorthAmerica America Outperf. +5pts Outperf. +8pts OE
Slide 14: Outperformance in All Asian Countries (H2)
OUTPERFORMANCE IN ALL ASIAN COUNTRIES 10-POINT OUTPERFORMANCE IN ASIA H2 Like-for-like 17% of Asian sales OEM 29% of total sales OEM sales* sales* +4% Japan +22% Production** -1% Asia 21% of Asian sales OEM sales* Production** +12% Outperf. +5pts South Korea +14% Production** -9% Outperf. +10pts Out
Slide 15: 8-Point Global Outperformance
SUSTAINED OEM SALES GROWTH LEADING TO AN 8-POINT GLOBAL OUTPERFORMANCE 2016 OEM OEM sales** Like-for-like 49% of Valeo sales sales** +12% OEM +11% World 22% of Valeo sales sales** Europe* Production***+4% Production*** +3% +8% North NorthAmerica America Outperf. +8pts Outperf. +8pts OEM sales** +6%
Slide 16: Outperformance in All Asian Countries
OUTPERFORMANCE IN ALL ASIAN COUNTRIES 10-POINT OUTPERFORMANCE IN ASIA 2016 Like-for-like 17% of Asian sales OEM sales* 27% of total sales OEM sales* Japan +1% +17% Production** -2% Asia 23% of Asian sales OEM sales* Outperf. +3pts Production** +7% +19% South Korea Production** -7% Outperf. +10pts Ou
Slide 17: Balanced Geographic Positioning
BALANCED GEOGRAPHIC POSITIONING OEM sales by production region % of OEM sales Eastern Eastern Europe & Europe & Africa Africa 15% 16% Western Western Asia excl. Europe Asia excl. Europe China 34% China 34% 55% in Asia 13% 54% in Asia 12% & emerging & emerging countries countries China China 14% 14%
Slide 18: Balanced Customer Portfolio
BALANCED CUSTOMER PORTFOLIO % of OEM sales Other Other 5% 6% French* French* 15% 15% German German 30% 30% American American 24% 22% Asian** Asian** Asian** 26% Asian** 27% 26% 26% 2015 2016 * Excluding Nissan ** Including Nissan 18 February 16, 2017 CONFIDENTIAL
Slide 19: Sustained Growth in the Business Groups
SUSTAINED GROWTH IN THE 4 BUSINESS GROUPS 2016 total OEM sales growth sales (like-for-like) CDA growth VIS 20% (year-on-year) H1 H2 2016 28% Group €16.5bn CDA* +24%** +16% +12% +14% PTS 24% THS 28% Powertrain +7% +8% +11% +10% % 2016 sales Thermal +14%*** +9% +11% +10% Visibility +11% +14% +15% +15%
Slide 20: Operating Margin and Net Income
OPERATING MARGIN* FY: UP 20% TO €1,334M (8.1% OF SALES) H2: UP 19% TO €687M (8.2% OF SALES) NET INCOME FY: UP 27% TO €925M (5.6% OF SALES) H2: UP 31% TO €503M (6.0% OF SALES) * Including joint ventures and associates February 16, 2017 CONFIDENTIAL
Slide 21: 2016 Gross Margin Up 17% to €3,020m
2016 GROSS MARGIN UP 17% TO €3,020M OR 18.3% OF SALES IMPROVEMENT DRIVEN BY OPERATIONAL LEVERAGE AND EFFICIENCY GAINS As a % of sales €3,020m +17% €2,573m -0.3pts -0.2pts +0.1pts +1pt 18.3% 17.7% 2015 Volume/ Depreciation North America, Perimeter 2016 inflation linked other Exchange rate to growth N
Slide 22: Net R&D Expenditure Up 20%
20% INCREASE IN 2016 NET R&D EXPENDITURE, TO 5.8% OF SALES, UP 30 BPS TO SUSTAIN RECORD HIGH ORDER INTAKE Capitalized development Net R&D expenditure In €m and as a % of sales In €m and as a % of sales 437 364 +20% 956 2.5% 2.6% 797 2015 2016 +30bps Amortization and impairment 5.8% of capitalized de
Slide 23: SG&A Expenses Down 10 bps to 4.8% of Sales
SG&A EXPENSES DOWN 10 BPS TO 4.8% OF SALES G&A EXPENSES DOWN 10 BPS TO 3.2% OF SALES SG&A SG&A as a % of sales In €m +10% 791 716 Selling Selling expenses expenses €258m -10bps €230m 4.9% 4.8% Admin. Admin. expenses expenses Selling Selling €486m €533m expenses expenses 1.6% 1.6% 2015 2016 Admin. -1
Slide 24: 2016 Operating Margin Up 20% to €1,334m
2016 OPERATING MARGIN* UP 20% TO €1,334M OR 8.1% OF SALES H2 OPERATING MARGIN* UP 19% TO €687M OR 8.2% OF SALES As a % of sales €1,334m +20% €1,116m -0.3pts +0.1pts +0.6pts 8.1% 7.7% 2015 Gross Net R&D SG&A* 2016 margin * Including joint ventures and associates 24 February 16, 2017 CONFIDENTIAL
Slide 25: Operating Margin Detail
2016 OPERATING MARGIN UP 20% TO €1,334M OR 8.1% OF SALES H2 OPERATING MARGIN UP 19% TO €687M OR 8.2% OF SALES H2 15 H2 16 2015 2016 7,246 8,389 +16% Total sales (€m) 14,544 16,519 +14% 1,293 1,532 +18% Gross margin 2,573 3,020 +17% 17.8% 18.3% +50bps As a % of sales 17.7% 18.3% +60bps 395 471 +19% N
Slide 26: Other Income and Expenses of -€33m
OTHER INCOME AND EXPENSES OF A TOTAL AMOUNT OF - €33M In €m 2015 2016 Other income & expenses (117) (33) of which: Capital gain related to the creation of the joint venture JV Valeo Siemens eAutomotive 0 159 with Siemens (Valeo Siemens eAutomotive) Expense to cover the main risks relative to litigat
Slide 27: 2016 Net Income Up 27% to €925m
2016 NET INCOME UP 27% TO €925M OR 5.6% OF SALES H2 NET INCOME UP 31% TO €503M OR 6.0% OF SALES H2 15 H2 16 2015 2016 7,246 8,389 +16% Total sales (€m) 14,544 16,519 +14% 578 687 +19% Operating margin incl. JV & Associates 1,116 1,334 +20% 8.0% 8.2% +20bps As a % of sales 7.7% 8.1% +40bps (96) 1 -10
Slide 28: Net Income Up 27%
NET INCOME UP 27% EXCLUDING NON-RECURRING ITEMS, NET INCOME UP 14% 2015 2016 Change Net income (€m) 729 925 +27% EPS €3.11 €3.91 +26% Net income (€m) (excluding non- recurring items) 825 940 +14% EPS (excluding non-recurring items) €3.52 €3.98 +13% 28 February 16, 2017 CONFIDENTIAL
Slide 29: ROCE at 34% and ROA at 21%
ROCE AT 34% AND ROA AT 21% 2015 2016 Total sales €14.5bn €16.5bn Operating margin* 7.7% 8.1% ROCE 33% 34% ROA 20% 21% *incl. joint ventures & associates 29 February 16, 2017 CONFIDENTIAL
Slide 30: Free Cash Flow Generation
FREE CASH FLOW GENERATION FY: UP 17% TO €661M H2: UP 24% TO €322M February 16, 2017 CONFIDENTIAL
Slide 31: EBITDA of €2,144m, Up 16%
EBITDA OF €2,144M, UP 16% TO 13.0% OF SALES In €m and as a % of sales 2014 2015 2016 13.0% As a % of sales H1 H2 FY FY FY 12.7% CDA 14.5 14.5 14.4 15.1 14.7 Powertrain 12.3 12.8 12.7 13.8 13.3 Thermal 11.1 10.7 10.1 9.9 10.0 12.0% Visibility 10.6 12.4 13.9 13.9 13.9 Group 12.0 12.7 12.9 13.1 13.0 15
Slide 32: H2 Recorded Capex of €742m
H2 RECORDED CAPEX (INCLUDING CAPITALIZED R&D) OF €742M OR 8.8% OF SALES, UP 70 BPS SUPPORTING RECORD HIGH ORDER INTAKE As a % of sales In €m +26% 742 590 Capex* 514 399 +70bps Capital. 8.8% 191 R&D 228 8.1% H2 15 H2 16 5.5% 6.1% Capex* 2.6% Capitalized R&D 2.7% H2 15 H2 16 *excluding capitalized R&D
Slide 33: 2016 Recorded Capex of €1,361m
2016 RECORDED CAPEX (INCLUDING CAPITALIZED R&D) OF €1,361M OR 8.2% OF SALES, UP 50 BPS SUPPORTING RECORD HIGH ORDER INTAKE As a % of sales In €m +21% 1,361 1,125 Capex* 924 761 +50bps Capital. 364 R&D 437 8.2% 7.7% 2015 2016 5.2% Capex* 5.6% 2.5% Capitalized R&D 2.6% 2015 2016 *excluding capitalized
Slide 34: EBITDA and Free Cash Flow of €661m
EBITDA OF €2,144M, UP 16% FREE CASH FLOW OF €661M, UP 17% H2 15 H2 16 2015 2016 930 1,097 EBITDA (€m) 1,841 2,144 +16% (8) 40 Operating working capital 39 76 (21) (34) Restructuring & employee-related costs (32) (52) (92) (130) Other operating items (incl. taxes) (197) (258) Of which: (109) (124) Ta
Slide 35: Robust Financial Position
ROBUST FINANCIAL POSITION February 16, 2017 CONFIDENTIAL
Slide 36: Leverage Ratio at 0.25x and Gearing at 13%
ROBUST FINANCIAL POSITION LEVERAGE RATIO AT 0.25X AND GEARING RATIO AT 13% Net debt over EBITDA Stockholders’ equity and net debt Stockholders’ equity (€m) Net debt (€m) EBITDA 12 months rolling (€m) Net debt (€m) excluding non-controlling interests 4,117 3,473 2,746 2,144 1,676** 1,841 1,676** 734*
Slide 37: Debt Maturity Profile
DEBT MATURITY PROFILE END OF JANUARY 2017 Outstanding Maturity Coupon 4000 amount EMTN January 2017 €146m 5.75% 3500 EMTN May 2018 €273m 4.875% Undrawn BEI loan Nov 2018 (2 annuities) USD 51.5m 6M USD Libor +1.9% credit lines 3000 3.1years Convertible maturity June 2021 USD 575m 0% bond 2500 EMTN Ja
Slide 38: Dividend & 2017 Outlook
DIVIDEND & 2017 OUTLOOK February 16, 2017 CONFIDENTIAL
Slide 39: 2016 Dividend of €1.25/Share
2016 DIVIDEND OF €1.25/SHARE, UP 25% GIVING A PAYOUT RATIO OF 32% TO BE PROPOSED AT THE NEXT SHAREHOLDER’S MEETING Dividend distribution (€m) Dividend (€/share) 1.25 1.0 0.73 0.57 0.47 0.5 0.4 2010 2011 2012 2013 2014 2015 2016 EPS (€/share) 1.62 1.89 1.68 1.90 2.41 3.11 3.91 EPS excl. non -recurrin
Slide 40: 2017 Outlook
2017 OUTLOOK Based on the following assumptions : An increase in global automotive production of between 1.5% and 2% Raw material prices and exchange rates in line with current levels Valeo has set the following objectives for 2017: Sales growth outperforming the market by more than 5 percentage poi
Slide 41: Takeover of Ichikoh
TAKEOVER OF ICHIKOH, AUTOMOTIVE LIGHTING SPECIALIST IN ASIA February 16, 2017 CONFIDENTIAL
Slide 42: Takeover of Ichikoh, Automotive Lighting Specialist in Asia
TAKEOVER OF ICHIKOH, AUTOMOTIVE LIGHTING SPECIALIST IN ASIA Following the successful takeover bid, Valeo increased its interest in Ichikoh to 55.08% of the share capital Consolidated by Valeo as from February 1, 2017 Strategic objectives Strengthen Valeo's relationships with Japanese customers, by i
Slide 43: Creation of the Valeo-Kapec Joint Venture
CREATION OF THE VALEO-KAPEC JOINT VENTURE, WORLD LEADER IN TORQUE CONVERTERS February 16, 2017 CONFIDENTIAL
Slide 44: Creation of the Valeo-Kapec Joint Venture
CREATION OF THE VALEO-KAPEC JOINT VENTURE WORLD LEADER IN TORQUE CONVERTERS Creation of a 50-50 joint venture planned for H2 2017 Control of joint venture, therefore consolidated in the financial statements Strategic objectives Valeo-Kapec joint venture will be the world leader with 21% market share
Slide 45: Acquisition of FTE
ACQUISITION OF FTE LEADING HYDRAULIC ACTUATOR TECHNOLOGY COMPANY February 16, 2017 CONFIDENTIAL
Slide 46: Acquisition of FTE
ACQUISITION OF FTE, LEADING HYDRAULIC ACTUATOR TECHNOLOGY COMPANY Acquisition of the entire share capital scheduled for H2 2017 Strategic objectives Opportunity to broaden a product offering in the field of active actuation for transmission systems OEMs are looking to work with integrated suppliers
Slide 47: Contacts
CONTACTS Investor Relations Thierry Lacorre 43, rue Bayen F-75848 Paris Cedex 17 France Tel.: +33 (0) 1.40.55.37.93 Fax: +33 (0) 1.40.55.20.40 E-mail: thierry.lacorre@valeo.com Website: www.valeo.com 47 February 16, 2017 CONFIDENTIAL
Slide 48: Share Information
SHARE INFORMATION Share Data • Bloomberg Ticker FR FP • Reuters Ticker VLOF.PA • ISIN Number FR 0013176526 • Shares outstanding as of December 30, 2016 239,143,131 ADR Data • Ticker/trading symbol VLEEY • CUSIP Number 919134304 • Exchange OTC • Ratio (ADR: ord) 1:2 • Depositary Bank J.P. Morgan • Co
Slide 49: Glossary
GLOSSARY 1) Order intake corresponds to business awarded by automakers during the period (including joint ventures at least 50%-owned by the Group) less any cancellations, based on Valeo's best reasonable estimates in terms of volumes, selling prices and project lifespans. Unaudited indicator. 2) Op
Slide 50: Back-up
BACK-UP February 16, 2017 CONFIDENTIAL
Slide 51: Sustained Sales Growth
SUSTAINED SALES GROWTH 2016 SALES UP 14% AS REPORTED, UP 11% LIKE-FOR-LIKE Like-for-like +12% +12% +11% 16,519 8,389 €m 4,395 Q4 16 H2 16 2016 Reported +16% +16% +14% Q4 15 3,797 H2 15 7,246 FY 15 14,544 Exchange rates +0.2% Exchange rates +0.1% Exchange rates -0.9% Scope +3.5% Scope +3.8% Scope +3.
Slide 52: Sustained OEM Sales Growth
SUSTAINED OEM SALES GROWTH 2016 OEM SALES UP 14% AS REPORTED, UP 12% LIKE-FOR-LIKE Aftermarket OEM sales +3%* +4%* +5%* *Like-for-like +12%* +12%* +12%* 1,679 834 417 Q4 16 H2 16 2016 +5%** +6%** +5%** 14,403 Miscellaneous +43%* +43%* +25%* 7,297 €m 3,825 Q4 16 H2 16 2016 437 **Reported 258 +16%** +
Slide 53: Outperformance in All Production Regions (Q4)
SUSTAINED OEM SALES GROWTH LEADING TO A STRONG OUTPERFORMANCE IN ALL PRODUCTION REGIONS Q4 OEM OEM sales** Like-for-like 46% of Valeo sales sales** +12% OEM +9% World 21% of Valeo sales sales** Europe* Production***+7% Production*** +3% +5% North NorthAmerica America Outperf. +5pts Outperf. +6pts OE
Slide 54: Outperformance in All Asian Countries (Q4)
OUTPERFORMANCE IN ALL ASIAN COUNTRIES 11-POINT OUTPERFORMANCE IN ASIA Q4 Like-for-like 16% of Asian sales OEM 31% of total sales OEM sales* sales* +11% Japan +21% Production** -2% Asia 21% of Asian sales OEM sales* Production** +10% Outperf. +13pts South Korea +13% Production** -2% Outperf. +11pts O
Slide 55: Sustained Growth in the Business Groups
SUSTAINED GROWTH IN THE 4 BUSINESS GROUPS 2016 total OEM sales growth sales (like-for-like) CDA growth VIS 20% (year-on-year) Q4 H2 2016 28% Group €16.5bn CDA* +24%** +11% +12% +14% PTS 24% THS 28% Powertrain +7% +11% +11% +10% % 2016 sales Thermal +14%*** +12% +11% +10% Visibility +11% +14% +15% +1
Slide 56: Comfort & Driving Assistance
COMFORT & DRIVING ASSISTANCE OEM sales Like-for-like +16% +12% +14% change Market share* and competitors: 2016 key figures: • Sales: €3.4bn (20% of Group sales) • EBITDA: 14.7% (23% of Group EBITDA) - Driving Assistance: Valeo no.1 3,363 Valeo + Bosch + Continental ~ 57%* • 17,400 employees Total sa
Slide 57: Powertrain Systems
POWERTRAIN SYSTEMS OEM sales Like-for- like +8% +11% +10% Market share* and competitors: 2016 key figures: change • Sales: €4bn (24% of Group sales) - Transmission Systems: Valeo no.2 • EBITDA: 13.3% (25% of Group EBITDA) Luk + Valeo + ZF Sachs ~ 47%* 4,027 • 20,700 employees - Electrical Systems &
Slide 58: Thermal Systems
THERMAL SYSTEMS OEM sales Like-for-like +9% +11% +10% change 2016 key figures: • Sales: €4.6bn (28% of Group sales) Market share* and competitors: • EBITDA: 10.0% (22% of Group EBITDA) 4,645 Thermal Systems: Valeo no.2 • 22,800 employees Total sales (€m) Denso + Valeo + Hanon + Mahle ~ 55%* • 59 pro
Slide 59: Visibility Systems
VISIBILITY SYSTEMS OEM sales Like-for- like +14% +15% +15% change Market share* and competitors: 2016 key figures: • Sales: €4.6bn (28% of Group sales) • EBITDA: 13.9% (30% of Group EBITDA) - Lighting Systems: Valeo-Ichikoh no.2 Total sales (€m) 4,649 Koito + Valeo-Ichikoh + Magnetti Marelli ~ 60%*
Slide 60: Quarterly Information (in €m)
QUARTERLY INFORMATION (IN €M) Sales by segment Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Comfort & Driving Assistance Systems 623 569 515 531 552 572 573 614 657 679 663 721 794 866 825 877 Powertrain Systems 774 817 752 818 848 848 798 843 948 9
Slide 61: Statement of Income with Half Year Breakdown
STATEMENT OF INCOME WITH HALF YEAR BREAKDOWN 2013 2014* 2015 2016 In €m H1 H2 H1 H2 H1 H2 H1 H2 Sales 5,944 5,718 6,347 6,378 7,298 7,246 8,130 8,389 Gross margin 1,011 998 1,080 1,123 1,280 1,293 1,488 1,532 as a % of sales 17,0% 17.5% 17.0% 17.6% 17.5% 17.8% 18.3% 18,3% R&D expenditure, net (318)
Slide 62: Segment Information
SEGMENT INFORMATION Comfort & 2016 Driving Assistance Powertrain Thermal Visibility (€m) Systems Systems Systems Systems Others Total Sales: 16,519 ● segment (excluding Group) 3,343 3,975 4,622 4,545 - ● intersegment (Group) 20 52 23 104 - EBITDA 496 534 463 645 6 2,144 Research & Development expend
Slide 63: Safe Harbor Statement
SAFE HARBOR STATEMENT Statements contained in this press release, which are not historical fact, constitute "Forward-Looking Statements". These statements include projections and estimates and their underlying assumptions, statements regarding projects, objectives, intentions and expectations with r
Slide 64: Valeo: Smart Technology for Smarter Cars
Valeo SMART TECHNOLOGY FOR SMARTER CARS