Slide 1: FY 2021 Results
FY 2021 RESULTS CHRISTOPHE PERILLAT CEO VALEO RESERVED February 25, 2022 |
Slide 2: Total Sales 2021 vs 2020
TOTAL SALES 2021 vs 2020 €m Reported +3% +18% +19% +5% +4% +22% +20% +6% Like for like ' Exchange rates -0.9% Exchange rates -2.7% Exchange rates -1.4% Exchange rates -1.1% Scope -0.2% Scope -0.5% Scope 0.0% Scope -0.2% VALEO RESERVED February 25, 2022 | 2
Slide 3: Outperformance 2021 vs 2020
OUTPERFORMANCE 2021 vs 2020 0pts Outperf. Europe +3pts Outperf. World +2pts excl. (including Africa) geographic North +5pts 45% of Valeo sales mix America Outperf. 0% OEM Sales +4% OEM Sales 19% of Valeo sales -3% Production* +4% Production* +5% OEM Sales 0% Production* 0pts -3pts Outperf. Perf. Sou
Slide 4: Business Groups FY 2021
BUSINESS GROUPS FY 2021 OEM sales +6% +4% +5% 0% Like for like 2021 total sales In €m Total reported sales +6% +6% +6% +1% Outperformance +2pts 0pts +1pt -4pts VALEO RESERVED February 25, 2022 | 4
Slide 5: Geographic Positioning FY 2021
GEOGRAPHIC POSITIONING FY 2021 OEM sales by production region % of OEM sales Western Western Europe Europe 32% 30% 59% in Asia 62% in Asia & emerging & emerging countries countries FY 2020 FY 2021 VALEO RESERVED February 25, 2022 | 5
Slide 6: Customer Portfolio FY 2021
CUSTOMER PORTFOLIO FY 2021 % of OEM sales German German 30% 30% Asian Asian 32% 33% FY 2020 FY 2021 VALEO RESERVED February 25, 2022 | 6
Slide 7: Gross Margin Breakdown FY 2021
GROSS MARGIN BREAKDOWN FY 2021 +0.5pts +0.0pts 17.6% +3.6pts +0.2pts +0.9pts -0.7pts 13.1% VALEO RESERVED February 25, 2022 | 7
Slide 8: Gross R&D Expenditure FY 2021
GROSS R&D EXPENDITURE FY 2021 Gross R&D expenditure In €m & as a % of sales Capitalized development expenditure In €m and as a % of sales Down 20bps +3% 3.6% 3.4% IFRS impact Amortization and impairment +110bps of capitalized development expenditure (net of subsidies) Down 130bps 10.1% -20BPS 9.9% 4
Slide 9: Gross R&D Expenditure FY 2021
GROSS R&D EXPENDITURE FY 2021 H2 2020 H2 2021 ▲ In million of euros and as a % of sales FY 2020 FY 2021 ▲ (798) (853) +7% Gross Research and Development expenditure (1,660) (1,704) +3% (8.5)% (10.3)% +180bps As a % of sales (10.1)% (9.9)% -20bps (20) 6 -97% IFRS impact (132) 52 na 51 93 +82% Subsidi
Slide 10: Operating Margin Breakdown FY 2021
OPERATING MARGIN* BREAKDOWN FY 2021 As a % of sales +1.6pts +0.2pts 4.0% +4.5pts -2.3% *Excl. JV & Associates NB: Rounded figures VALEO RESERVED February 25, 2022 | 10
Slide 11: Income Statement FY 2021
INCOME STATEMENT FY 2021 H2 2020 H2 2021 ▲ FY 2020 FY 2021 ▲ 9,378 8,268 -12% Total sales (€m) 16,436 17,262 +5% 1,648 1,454 -12% Gross margin 2,155 3,040 +41% 17.6% 17.6% 0bps As a % of sales 13.1% 17.6% +450bps (767) (754) -2% R&D expenditure (1,695) (1,510) -11% (8.2)% (9.1)% -90bps As a % of sal
Slide 12: Income Statement FY 2021
INCOME STATEMENT FY 2021 H2 2020 H2 2021 ▲ FY 2020 FY 2021 ▲ 9,378 8,268 -12% Total sales (€m) 16,436 17,262 +5% 356 160 -55% Operating margin incl. JV & associates (650) 456 n.a. 3.8% 1.9% -190bps As a % of sales (4.0)% 2.6% n.a. (72) (21) -71% Other income & expenses (207) (50) -76% (0.8)% (0.3)%
Slide 13: Recorded Capex FY 2021
RECORDED CAPEX* FY 2021 In €m and as a % of sales IFRS 16 IFRS 16 0.5% 1.2% -11% 5.4% -90bps 4.5% IFRS 16 IFRS 16 €80m €199m -€100m 880 780 * Excl. Capitalized R&D VALEO RESERVED February 25, 2022 | 13
Slide 14: Free Cash Flow Statement FY 2021
FREE CASH FLOW STATEMENT FY 2021 H2 2020 H2 2021 FY 2020 FY 2021 1,303 1,103 EBITDA (€m) 1,505 2,308 840 (242) Change in operating working capital 266 (460) 14 (188) of which increase in inventories 218 (370) (32) (24) Restructuring & social costs (62) (78) (153) (151) Other operating items (incl. t
Slide 15: Leverage Ratio of 1.34x EBITDA
LEVERAGE RATIO OF 1.34x EBITDA Shareholders’ equity and net debt Net debt to EBITDA Gearing Gearing Gearing Gearing 123% 91% 94% 84% Shareholders’ equity (€m) Net debt (€m) excluding non-controlling interests Leverage Leverage Leverage Leverage 2.73x 1.96x 1.25x 1.34x LT Outlook ST Moody's Baa3 Stab
Slide 16: Cash & Debt Profile
CASH & DEBT PROFILE Duration Outstanding Maturity Coupon (Y) amount EMTN 0.7 Sept. 2022 €600m 0.375% EMTN 1 Jan. 2023 €500m 0.625% Schuldschein loan 1.3 Apr. 2023 €336m 6M Euribor (floor) + 0.95% - 0.95% EMTN 2.1 Jan. 2024 €700m 3.25% Schuldschein loan 3.3 Apr. 2025 €212m 6M Euribor (floor) + 1.15% -
Slide 17: Order Intake
ORDER INTAKE Percentage of innovative products in 2021 Order intake & book to bill €1.1bn 45% 55% + Innovative productµ €18.9bn €21.0bn Book to bill Book to bill 1.4x 1.5x *Products and technologies sold by less than 3 years excl. Valeo Siemens eAutomotive 2020 2021 VALEO RESERVED February 25, 2022
Slide 18: Book to Bill at 1.5 Times OEM Sales
BOOK TO BILL AT 1.5 TIMES OEM SALES FY 2021 OEM sales of €14.4bn Order intake of €21bn 20% 19% Order intake/ North Asia excl. Asia America OEM sales ratio €4.1bn China 31% North €6.5bn Asia excl. Asia America 36% Asia 1.3x €2.7bn China €5.1bn of which China 1.4x Europe 1.6x China China North America
Slide 19: Dividend of €0.35 per Share Up 17%
DIVIDEND OF €0.35 PER SHARE UP 17% TO BE PROPOSED AT THE NEXT AGM VALEO RESERVED February 25, 2022 | 19
Slide 20: Guidance 2022
GUIDANCE 2022 In 2022, Valeo will focus its efforts on integrating Valeo Siemens eAutomotive, implementing its efficiency program and managing the impacts of inflation. Based on IHS annual automotive production estimates (released in February 2022), reduced by 1.5%, corresponding to around 82.9 millio
Slide 21: ESG
ESG VALEO RESERVED July 22, 2021 | 21
Slide 22: Strong ESG Practices in Automotive Industry with Ambitious Targets
STRONG ESG PRACTICES IN AUTOMOTIVE INDUSTRY WITH AMBITIOUS TARGETS E S G Carbon neutrality on the 3 scopes Employee safety as #1 priority with Separation of roles of Chairman by 2050(1) Accident Frequency Rate < 1.7 by and CEO roles in January 2022 2025 Board independence with 83%(4) of Intermediate
Slide 23: Backup Slides
BACKUP SLIDES VALEO RESERVED July 22, 2021 | 23
Slide 24: Total Sales of €8,268m H2 vs 2020
TOTAL SALES OF €8,268M H2 vs 2020 €m Reported -17% +12% +17% -12% -18% +14% +17% -13% Like for like ' Exchange rates +1.3% Exchange rates -0.6% Exchange rates 0.0% Exchange rates +1.1% Scope -0.3% Scope -0.8% Scope 0.0% Scope -0.3% VALEO RESERVED February 25, 2022 | 24
Slide 25: OEM Sales Penalized by Production Disruptions H2 2021
OEM SALES PENALIZED BY PRODUCTION DISRUPTIONS H2 2021 vs 2020 -4pts Europe +3pts Outperf. World Perf. +1pt excl. (including Africa) Geographic North +1pt 42% of Valeo sales mix America Outperf. -24% OEM Sales -18% OEM Sales 19% of Valeo sales -27% Production* -14% Production* -20% OEM Sales -21% Pro
Slide 26: Total Sales of €4,304m Q4 vs 2020
TOTAL SALES OF €4,304M Q4 vs 2020 €m Reported -18% +9% +4% -14% -19% +10% +5% -15% Like for like ' Exchange rates +1.7% Exchange rates -0.2% Exchange rates -1.5% Exchange rates +1.3% Scope -0.3% Scope -1% Scope +0.2% Scope -0.3% VALEO RESERVED February 25, 2022 | 26
Slide 27: OEM Sales Penalized by Production Disruptions Q4 2021
OEM SALES PENALIZED BY PRODUCTION DISRUPTIONS Q4 2021 vs 2020 -9pts Europe -3pts Perf. World Perf. -5pts excl. (including Africa) Geographic North -4pts 41% of Valeo sales mix America Perf. -26% OEM Sales -19% OEM Sales 19% of Valeo sales -23% Production* -10% Production* -18% OEM Sales -14% Product
Slide 28: Reconciliation of Valeo and Top Column Module (TCM) Data
RECONCILIATION OF VALEO AND TOP COLUMN MODULE (TCM) DATA The Group decided to withdraw from the TCM Segment. The table below reconciles reported consolidated data excluding the TCM business. 2021 excl. 2021 TCM* TCM Sales (In €m) 17,262 199 17,063 Gross margin (In €m) 3,040 10 3,030 (As a % of sales
Slide 29: Segment Information
SEGMENT INFORMATION 2021 Comfort & Driving Assistance Powertrain Thermal Visibility (€m) Systems* Systems Systems Systems Other Total Sales: ● segment (excluding Group) 3,396 4,528 3,869 5,038 263 17,093 ● intersegment (Group) 21 123 57 56 (89) 169 EBITDA 587 566 428 675 52 2,308 Research & Developm
Slide 30: Glossary
GLOSSARY ● Order intake corresponds to business awarded by automakers during the period to Valeo, and to joint ventures and associates based on Valeo’s share in net equity, (except Valeo Siemens eAutomotive, for which 100% of orders are taken into account), less any cancellations, based on Valeo’s b
Slide 31: Contacts
INVESTOR RELATIONS VALEO 100, rue de Courcelles F-75017 Paris France Thierry Lacorre E-mail: valeo.corporateaccess.mailbox@valeo.com Website: www.valeo.com CONTACTS VALEO RESERVED February 25, 2022 | 31
Slide 32: Share Information
SHARE INFORMATION Share Data • Bloomberg Ticker FR FP • Reuters Ticker VLOF.PA • ISIN Number FR 0013176526 • Shares outstanding as of December 31,, 2021 242,574,781 ADR Data • Ticker/trading symbol VLEEY • CUSIP Number 919134304 • Exchange OTC • Ratio (ADR: ord) 1:2 • Depositary Bank J.P. Morgan • C
Slide 33: Safe Harbour Statement
SAFE HARBOUR STATEMENT Statements contained in this document, 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 respe
Slide 34: VALEO RESERVED February 25, 2022 |
VALEO RESERVED February 25, 2022 |