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Valeo — Shareholder Meeting (May 2024)
101 slides from Valeo's shareholder meeting presentation, May 2024
Slide 1: Valeo 2024 Shareholders' Meeting
Valeo 2024 - Shareholders'
Slide 2: Opening
OPENING Gilles MICHEL CHAIRMAN OF THE BOARD OF DIRECTORS, VALEO 2
Slide 3: Quorum
QUORUM Eric Antoine FREDETTE GENERAL COUNSEL AND GENERAL SECRETARY 3
Slide 4: Agenda
AGENDA Eric Antoine FREDETTE GENERAL COUNSEL AND GENERAL SECRETARY 4
Slide 5: Agenda for the Ordinary Shareholders' Meeting
AGENDA FOR THE ORDINARY SHAREHOLDERSÕ MEETING 1. Approval of the parent company financial statements for the financial year ended December 31, 2023; 2. Approval of the consolidated financial statements for the financial year ended December 31, 2023; 3. Allocation of earnings for the financial year e
Slide 6: Agenda for the Extraordinary Shareholders' Meeting
AGENDA FOR THE EXTRAORDINARY SHAREHOLDERSÕ MEETING 18. Authorisation for the Board of Directors to award existing shares or issue new shares free of charge to Group employees and corporate officers or a subset thereof, with automatic waiver from the shareholders of their preferential subscription ri
Slide 7: Reports Presentations
RR, | 2024 _ Shareholders’ REPORTS PRESENTATIONS Valeo
Slide 8: Governance, Appointments and CSR Committee and Compensation Committee
GOVERNANCE, APPOINTMENTS AND CORPORATE SOCIAL RESPONSIBILITY COMMITTEE AND COMPENSATION COMMITTEE VŽronique WEILL INDEPENDENT DIRECTOR, CHAIRPERSON OF THE GOVERNANCE, APPOINTMENTS AND CORPORATE SOCIAL RESPONSIBILITY AND OF THE COMPENSATION COMMITTEES, AND MEMBER OF THE AUDIT AND RISKS COMMITTEE 8
Slide 9: Audit and Risks Committee
AUDIT AND RISKS COMMITTEE Thierry MOULONGUET DIRECTOR, CHAIRMAN OF THE AUDIT AND RISKS COMMITTEE AND MEMBER OF THE STRATEGY COMMITTEE 9
Slide 10: Christophe Périllat, Chief Executive Officer
Christophe PƒRILLAT CHIEF EXECUTIVE OFFICER
Slide 11: Valeo uniquely positioned on the future of mobility
VALEO UNIQUELY POSITIONED ON THE FUTURE OF MOBILITY 11
Slide 12: Acceleration everywhere
ACCELERATION OF ADAS, SOFTWARE AND SDV ELECTRIFICATION LIGHTING - ACCELERATION EVERYWHERE REINVENTION OF INTERIOR EXPERIENCE
Slide 13: Power Brain Light
POWER BRAIN LIGHT
Slide 14: New energy vehicles promised to spectacular growth
NEW ENERGY VEHICLES (BEV+PHEV) PROMISED TO SPECTACULAR GROWTH POWER 70% 53% 28% 14% 2022 2025 2030 2035 Share of NEV (BEV+PHEV) production in the world 14
Slide 15: Leading to a spectacular growth of our market
LEADING TO A SPECTACULAR GROWTH OF OUR MARKET X3.8 ~¬150bn in 8 years e-Powertrain* 40% POWER outsourced ¬39bn e-Thermal 90% outsourced 2022 2030 * Mild Hybrids, New Mobiliy, High-Voltage Powertrain 15
Slide 16: Valeo Power bringing together all electrification technologies
VALEO POWER* BRINGING TOGETHER ALL ELECTRIFICATION TECHNOLOGIES - Full System View for best technologies - Synergies for competitiveness POWER * The replacement is gradual and will be final once the remaining social and legal procedures have been completed. During this transition period, the current
Slide 17: Valeo Power, a leader on all electrification technologies
VALEO POWER, A LEADER ON ALL ELECTRIFICATION TECHNOLOGIES Valeo Mild Hybrid 48V Valeo PHEV technologies Valeo BEV technologies Hyundai Tucson 48V Renault MŽgane E-Tech Mercedes EQS POWER Valeo Cyclee Valeo e2Wheelers Valeo ULTIMA eBike BMW CE 02 Scooter e3Wheelers Atul 17
Slide 18: Power 2023 highlights
2023 HIGHLIGHTS SOLID STRONG PIPELINE COMPETITIVE ORDER BOOK OF INNOVATIONS STRUCTURE For high-voltage Rare earth free motor Lean and efficient powertrain with Renault (EESM) organization Ñ Ñ Ñ Smart Heat Pump ICE products providing POWER All regions Ñ financial hedge HV Switching cell vs. EV dynami
Slide 19: Acceleration of ADAS, software & SDV
ACCELERATION OF ADAS, SOFTWARE & SDV POWERTRAIN & MODEL AGNOSTIC X2.2 Valeo Brain Ôs market ~¬100bn in 8 years Additional Opportunities* coming from SDV and Software as a product BRAIN ¬45bn Ongoing Business** with Embedded Software 2022 2030 * Software Defined Vehicle and Software-as-a-Product Stan
Slide 20: World leader in ADAS
WORLD LEADER IN ADAS STRONG WORLD MARKET TREND LEADER BRAIN THANKS TO supported by TECHNOLOGY REGULATIONS AND SCALE NCAP SAFETY RATINGS INNOVATIONS 20
Slide 21: Decoupling of hardware and software creates opportunities
DECOUPLING OF HARDWARE AND SOFTWARE CREATES TREMENDOUS OPPORTUNITIES FOR SOFTWARE AS A PRODUCT A FULL STACK software products BRAIN SOFTWARE AS A PRODUCT SOFTWARE AS A SERVICE OVER 9,000 software and systems engineers 21
Slide 22: SDV creates new large opportunities
SDV CREATES NEW LARGE OPPORTUNITIES SEVERAL MULTI BILLIONS CONTRACTS SIGNED IN 2023 ON LARGE COMPUTING UNITS HARDWARE VALEO COMPETITIVE EVOLUTION POSITIONING Reliable management of large contracts BRAIN Top 5 auto electronic components buyer Thermal expertise Software credibility and offering 22
Slide 23: Brain 2023 highlights
2023 HIGHLIGHTS - ADAS, SDV & Interior Experience represent half of 2023 ValeoÕs orders with greater embedded margins - 5 new orders in high-performance computing units since 2022 including BMW and Renault - Already ¬300M of orders for software as a product and as a service BRAIN - Over 20 million f
Slide 24: Lighting is everywhere
LIGHTING IS EVERYWHERE VALEO LIGHT, WORLD LEADER ON A GROWING MARKET X1.9 ~¬50bn in 8 years LIGHT ¬27bn 2022 2030 Lighting market 24
Slide 25: Valeo Light #1 worldwide
VALEO LIGHT #1 WORLDWIDE Lighting is everywhere Powertrain agnostic LIGHT Customers use ValeoÕs technology to make cars more desirable Lighting = Brand & model signature Increased software & technology content High take rate for advanced lighting solutions (pixel lighting) 25
Slide 26: Light 2023 highlights
2023 HIGHLIGHTS - Numerous production launches in Europe, North America and China - Multiple orders in illuminated fascia & logo - Business extending to many surfaces of the car, interior & exterior - New sophisticated LED lighting pixellisation - Strategic alliances with SRG Global in Europe and No
Slide 27: Unique positioning validated by customers: strong order intake
OUR UNIQUE POSITIONING IS VALIDATED BY OUR CUSTOMERS STRONG ORDER INTAKE, GROWING ORDER BOOK ¬34.9bn ¬32.6bn POWER BRAIN LIGHT ORDER ¬20.3bn INTAKE 2019/2021 2022 2023 average BOOK TO BILL RATIO* * Order intake over OEM sales 27
Slide 28: Three strong divisions completed by Valeo Service
THREE STRONG DIVISIONS COMPLETED BY A DYNAMIC AND PROFITABLE VALEO SERVICE ACTIVITY - ¬2.3 bn sales in 2023, 10% of Group Sales - Some 5,500 products added in 2023 - More than 1.1 million professionals relied on Valeo Tech@ssist in 2023 - Pioneering sustainable development in the aftermarket 1st sus
Slide 29: Valeo uniquely positioned to grow in China and North America
VALEO UNIQUELY POSITIONED TO GROW IN CHINA AND NORTH AMERICA 29
Slide 30: Growing with China for the last 30 years
GROWING WITH CHINA FOR THE LAST 30 YEARS Valeo was present at the Valeo celebrated its anniversary Beijing Auto Show (April of 30 years presence in China 2024) 30
Slide 31: Valeo, Chinese in China
GROWING WITH CHINA VALEO, CHINESE IN CHINA 16% Global OEM Sales ¬ 2.9 Bn OEM Sales 18,300 Employees 4,500 Development Staff 35 14 Production Sites R&D Centers From Made in China for China to Invented with China for China 31
Slide 32: Growing with Chinese OEMs thanks to technology
GROWING WITH CHINESE OEMs THANKS TO TECHNOLOGY 50% of 2023 order intake in China with Chinese automakers Smart #3 x Valeo: Zeekr 007 x Valeo: Chery Exceed x Valeo: advanced and Headlamps + 1,700 LED Smart Heat Pump affordable L2 system digital panel 32
Slide 33: Growing with North America
GROWING WITH NORTH AMERICA Awarded ADAS Celebrated Supplier of the Year for 10 years exhibiting at two consecutive years CES and showcasing for by GM Recognized for the first time at technological innovation South by Southwest 16 Automotive News PACE 2024 award since 2005
Slide 34: Valeo, American in America
GROWING WITH NORTH AMERICA VALEO, AMERICAN IN AMERICA 19% Global OEM Sales ¬ 3.4 Bn OEM Sales 17,100 Employees 1,400 Development Staff 23 6 Production Sites R&D Centers New state of the art technical center Located in Queretaro,Mexico 34
Slide 35: Record order intake in North America
GROWING WITH NORTH AMERICA Record order intake of ¬12.6BN for 2023, 3.6x OE sales ADAS: Central Lighting: Driver Interior: Digital Electrification: HV Compute Platform Platform Cluster / DMS Solutions Largest order intake for New program localized in Expansion of interior Focused on US light Valeo N
Slide 36: Valeo committed to sustainability in this transformation
VALEO COMMITTED TO SUSTAINABILITY IN THIS TRANSFORMATION 36
Slide 37: Sustainability is in our DNA: ESG leader
SUSTAINABILITY IS IN OUR DNA AN ESG LEADER RECOGNIZED BY RATING AGENCIES #1 #2 #1 VALEO IS INCLUDED IN MAJOR ESG INDICES 68/100 10.1* B- Prime low-risk CAC40 ESG Global ESG Leaders CAC40 SBT 1.5¡ #1 #1 Top3 ESG Leaders A- Climate Change AAA 63/100 A Climate Water # Auto Parts excl. Tires sector rank
Slide 38: Sustainable development at Valeo
SUSTAINABLE DEVELOPMENT AT VALEO ENVIRONMENTAL SOCIAL SOCIETAL Decarbonisation of Commitments Sustainability across mobility towards employees the value chain Health & Safety Resource Engagement with preservation & education circular economy Diversity, Equity & Inclusion ecosystems Skills developmen
Slide 39: On track to achieve environmental objectives
WE ARE ON TRACK TO ACHIEVE OUR ENVIRONMENTAL OBJECTIVES! WATER WASTE CONSUMPTION PRODUCTION -9% -6% 91% BETWEEN 2019 AND 2023 BETWEEN 2019 AND 2023 WASTE RECOVERED OR IN ABSOLUTE VALUE IN ABSOLUTE VALUE RECYCLED IN 2023 -20% -25% -23% BETWEEN 2019 AND 2023 BETWEEN 2019 AND 2023 BETWEEN 2019 AND 2023
Slide 40: Committed to building a decarbonised future
VALEO IS COMMITTED TO BUILDING A DECARBONISED FUTURE WITH 2030 COMMITMENTS* SUPPLY CHAIN OUR OWN OPERATIONS USE PHASE -15% -75% -15% Decarbonisation of mobility 2050 NET ZERO* -90% COMMITMENTS** * vs. 2019 in absolute value, validated by SBTi ** 10% residual emissions of 2019 baseline and neutralise
Slide 41: 2023 highlights: decarbonisation
2023 HIGHLIGHTS CHINA ASIA NORTH AMERICA EUROPE Shenyang Penang Seymour Fischbach Solar panels Solar panels Elspec units Biomass heating SCOPE 1&2 Decarbonisation of mobility -3,444t -1,250t -1,750t -364t eq. CO¢ per year* eq. CO¢ per year* eq. CO¢ per year* eq. CO¢ per year* Replaced steel & Full h
Slide 42: Addressing resources preservation: circular economy
ADDRESSING RESOURCES PRESERVATION: CIRCULAR ECONOMY Deploying circular economy Resource at Valeo is one of the key preservation & circular economy levers to reduce our resources consumptions. We go for it. 42
Slide 43: Mino Yamamoto, Group Circular Economy Director
Mino YAMAMOTO GROUP CIRCULAR ECONOMY DIRECTOR
Slide 44: Develop new recycling industries in Europe
DEVELOP NEW RECYCLING INDUSTRIES IN EUROPE 60 BIO & RECYCLED POLYMERS VALIDATED RECYCLED ALUMINUM 7 VALIDATED WITH OUR SUPPLIERS GO BACK TO RAW MATERIALS SCALE UP REMAN & REPAIR 2 MILLIONS Double the production of remanufactured parts by 2030 GO BACK TO PRODUCTS VALEO RESERVED 44
Slide 45: What is 4R?
WHAT IS 4R? OPTIMIZE THE MATERIALS USE ROBUST DESIGN REPAIR Maximize product Give second chance lifespan to dysfunctional REDUCE WATER products CONSUMPTION REDUCE WASTE GENERATION RECYCLE(D) REMANUFACTURING As last resort, to go back Reuse end of life to raw materials to products to rebuild reuse in
Slide 46: Our 4R mission statement
OUR 4R MISSION STATEMENT EXTEND THE LIFE TIME OF THE FINAL ASSEMBLED PRODUCT AS LONG AS POSSIBLE TO KEEP ITS VALUE THE LONGEST At Valeo we deploy 4R through BUSINESS CONCEPTION OPERATIONS with circular with design with the right aftermarket for environment ecosystem REPAIR & ROBUST & RECYCLE REMANUF
Slide 47: We expand our reman family from 8 products to 11
WE EXPAND OUR REMAN FAMILY FROM 8 PRODUCTS TO 11 +3 HEAVY DUTY DUAL MASS DUAL WET TORQUE ELECTRONICS! CLUTCH FLYWHEEL CLUTCH CONVERTER MECHANICAL BRAKE ALTERNATOR STARTER BEYOND AUTO! COMPRESSOR CALIPER 47
Slide 48: Together, let's build the sustainable mobility of tomorrow
TOGETHER, LETÕS BUILD THE SUSTAINABLE MOBILITY OF TOMORROW 48
Slide 49: Financial perspectives
FINANCIAL PERSPECTIVES Christophe PƒRILLAT CHIEF EXECUTIVE OFFICER 49
Slide 50: Beyond 2025
STEP 2 BEYOND 2025 TRANSFORMATION STEP 1 THROUGH HIGHER MARGIN 2022 - 2025 ORDERS FINANCIAL RECOVERY BASED ON EXISTING CUSTOMER CONTRACTS 50
Slide 51: Valeo is delivering its MoveUp plan: operating margin
VALEO IS DELIVERING ITS MOVEUP PLAN IMPROVEMENT OF PROFITABILITY OPERATING MARGIN* in millions and as % of sales ¬1,500 ¬1,035 ¬838 6.0% ¬494 4.5% 3.8% ¬309 1.7% 2.4% 2021 2022 2023 2024 2025 adjusted adjusted actual expected expected * 2021-2023 : Operating Margin 2024-2025 : Mid Point Guidance Ope
Slide 52: Valeo is delivering its MoveUp plan: free cash flow
VALEO IS DELIVERING ITS MOVEUP PLAN FREE CASH FLOW GENERATION FREE CASH FLOW in millions ~¬800* one-off exceptional cost of self-help measures ¬150 ~¬500* ~¬650** ¬150 ¬379 ~¬350** ¬205 ¬(102) 2022 2023 2024 2025 adjusted actual expected expected 2021 adjusted * FCF before one-off exceptional cost o
Slide 53: Improvement through 3 key levers
IMPROVEMENT THROUGH 3 KEY LEVERS COST REDUCTION One-off exceptional self-help measures ¬200m* full year savings PRICING POWER CASH CULTURE Management of inflation Selectivity of orders Capex & working capital mgt. * Savings start in 2024, full impact in 2026 53
Slide 54: Beyond 2025, transformation supported by higher margin contracts
BEYOND 2025, TRANSFORMATION SUPPORTED BY HIGHER MARGIN CONTRACTS ¬34.9bn ¬32.6bn MARGIN ++ The orders generated ¬20.3bn MARGIN + since 2022 will contribute to higher ORDER margins beyond 2025 INTAKE 2019/2021 2022 2023 54
Slide 55: A new Capital Market Day in 2025
A NEW CAPITAL MARKET DAY IN 2025 55
Slide 56: FY 2023 results & Q1 2024 sales & 2024/2025 roadmap
FY 2023 RESULTS & Q1 2024 SALES & 2024/2025 ROADMAP Edouard de PIREY CHIEF FINANCIAL OFFICER 56
Slide 57: 2023 highlights
2023 HIGHLIGHTS GUIDANCE FULLY ACHIEVED FY 2023 Group Sales EBITDA Operating margin Free cash flow RESULTS ¬22.0bn ¬2,647m ¬838m ¬379m 12.0% 3.8% FY 2023 Group Sales EBITDA Operating margin Free cash flow GUIDANCE ¬22bn - ¬23bn 11.5% - 12.3% 3.2% - 4.0% > ¬320m 57
Slide 58: Total sales amounting to €22.0bn
TOTAL SALES AMOUNTING TO ¬22.0bn, UP 11% (ADJUSTED, LIKE-FOR-LIKE) Total Sales OEM Aftermarket Miscellaneous ¬22,044m ¬18,701m ¬2,267m ¬1,076m +11% +13% +4% +4% lfl adjusted growth* lfl adjusted growth* lfl adjusted growth* lfl adjusted growth* * On an adjusted basis, see glossary, page 54 of the 20
Slide 59: Operating margin +140 basis points at 3.8% of sales
OPERATING MARGIN +140 BASIS POINTS ON AN ADJ. BASIS AT 3.8% OF SALES As a % of sales +0.1 pts 3.8% +0.5 pts Efficiency plan on track +0.8 pts 2.4% +0.8 pts Increasing efficiency in R&D: ³ Order intake, +58% over the last 2 years ³ Gross R&D*, +30% over the last 2 years 2022 2023 Efficiency, Adj.* Op
Slide 60: Net income at 1.0% of sales
NET INCOME AT 1.0% OF SALES, UP 50% ON AN ADJ. BASIS DESPITE INCREASE IN COST OF NET DEBT FY 2022 ¬m FY 2023 adjusted* Operating margin excl. JV & associates 494 838 As a % of sales 2.4% 3.8% JV & associates** 193 17 Operating margin incl. JV & associates 687 855 As a % of sales 3.4% 3.9% Cost of ne
Slide 61: Segment information
SEGMENT INFORMATION ¬4.7bn** ¬6.9bn** Comfort & Driving Assistance Powertrain Systems Systems (CDA) ¬4.2bn** (PTS) EBITDA ¬6.0bn** margin 11.8% +4 pts OEM sales outperf. +9 pts adjusted OEM sales outperf.* 15.8% 8.9% EBITDA Highest EBITDA of the Group 14.8% Ahead of schedule for synergies margin Pre
Slide 62: Free cash flow of €379m
FREE CASH FLOW OF ¬379m 2022 millions dÕeuros (tableau simplifiŽ) 2023 adjusted* EBITDA 2,323 2,647 As a % of sales 11.4% 12.0% Tangible CAPEX (property, plant & equipment) (845) (964) Intangible CAPEX (687) (1,037) of which capitalized R&D (660) (995) Change in working capital 247 278 Taxes (296) (
Slide 63: Leverage ratio down to 1.5x
LEVERAGE RATIO DOWN TO 1.5x, VS 1.7x A YEAR AGO FINANCIAL NET DEBT REMAINS STABLE NET DEBT IN ¬BN ¬4.0bn ¬4.0bn Gearing Leverage ratio ratio 113% 1.5x vs 1.7x a year ago As of Dec. 31, 2023 As of Dec. 31, 2023 Dec. 31,2022 Dec. 31,2023 CREDIT RATINGS LT Outlook ST Baa3 Negative Prime-3 BB+ Stable B
Slide 64: Proposed dividend per share
PROPOSED DIVIDEND PER SHARE PROGRESSIVE INCREASE TO ¬0.40 PER SHARE ¬0.40 ¬0.38 ¬0.35 Dividend of ¬0.40 per share 2021 2022 2023 64
Slide 65: Q1 2024 Sales
Q1 2024 SALES Edouard de PIREY CHIEF FINANCIAL OFFICER 65
Slide 66: Q1 2024 sales of €5,427m
2024 Sales of Q1 ¬5,427m +2% lfl growth 66
Slide 67: Outperformance in all businesses except high-voltage powertrain
OUTPERFORMANCE IN ALL BUSINESSES EXCEPT HIGH- VOLTAGE POWERTRAIN Q1 outperformance: +2pts Strong in all segments Low quarter but high voltage in high voltage ³ +9pts in Traditional PTS (ICE and hybrid cars) ³ -49% in OEM sales ³ +7pts in ADAS ³ Lower activity on certain EV platforms in Europe ³ +6pt
Slide 68: Performance by region
2pts GLOBAL OUTPERFORMANCE PERFORMANCE* BY REGION Lower EV car production for specific programs in Europe Ongoing customer repositioning in China World Europe (including Africa) North Asia (excluding China) China South America America Perf. +2 pts -1 pts +8 pt +8 pts +2 pts -1 pts adjusted** outperf
Slide 69: Financial roadmap to 2025 targets
FINANCIAL ROADMAP TO 2025 TARGETS Edouard de PIREY CHIEF FINANCIAL OFFICER 69
Slide 70: 2024 & 2025 roadmap
2024 & 2025 ROADMAP FY 2023 FY 2024 FY 2025 reported guidance (a) (b) objectives (b) ¬22.5bn to ¬24.5bn to Sales ¬22.0bn ¬23.5bn ¬25.5bn EBITDA 12.0% 12.1% to 13.1% 13.5% to 14.5% (as % of sales) Operating margin 3.8% 4.0% to 5.0% 5.5% to 6.5% (as % of sales) Free cash flow before one-off exceptiona
Slide 71: Levers to expand operating margin from 2023 to 2025
LEVERS TO EXPAND OPERATING MARGIN FROM 2023 TO 2025 AS A % OF SALES 5.5% to 6.5% ~+0.5 pts ~+0.8 pts 3.8% ~+0.9 pts Self-help measures & other operational efficiency improvements Selectivity of order intake ~+0.6 pts ~+0.3 pts & Sales growth New business R&D efficiency 01 02 03 2023 Transformation d
Slide 72: Selectivity of order intake for optimizing cash generation
SELECTIVITY OF ORDER INTAKE FOR OPTIMIZING CASH GENERATION ORDER INTAKE in billion ¬34.9 Valeo applies high selectivity ¬32.6 on new orders ³ Higher embedded margins ³ Higher contribution from customers ¬20.3 Selectivity reducing the need 2019/2021 average 2022 actual 2023 actual 2024/2025 average f
Slide 73: Increasing cash flow generation
INCREASING CASH FLOW GENERATION DRIVEN BY HIGHER CONTRIBUTION FROM EBITDA AND STRICT CONTROL OVER PP&E AND R&D FREE CASH FLOW in millions ~¬800* one-off exceptional cost of self-help measures ¬150 ~¬650** ~¬500* ¬150 ¬379 ~¬350** ¬205 ¬(102) 2022 2023 2024 2025 adjusted actual expected expected 2021
Slide 74: To conclude
TO CONCLUDE Sales increase more than 11% in 2 years to around ¬25bn in 2025 (mid point) EBIT increase more than 60% in 2 years to around ¬1.5bn in 2025 (mid point) FCF increase more than 60% in 2 years ¬800m in 2025 ¬650m in 2025 (before one-off exceptional self-help measures) (after one-off excepti
Slide 75: Statutory auditors' reports
STATUTORY AUDITORSÕ REPORTS Philippe BERTEAUX STATUTORY AUDITOR REPRESENTING EY 75
Slide 76: Statutory auditors' reports: Ordinary General Shareholders' Meeting
STATUTORY AUDITORS' REPORTS ORDINARY GENERAL SHAREHOLDERSÕ MEETING " Report on the consolidated financial statements " Report on the annual financial statements " Report on related party agreements 76
Slide 77: Reports on consolidated and parent company financial statements
REPORTS ON THE CONSOLIDATED AND THE PARENT COMPANY FINANCIAL STATEMENTS REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS (Valeo group) Pages 388 to 392 (2023 Universal Registration Document) " In our opinion, the consolidated financial statements give a true and fair view of the assets and liabilitie
Slide 78: Report on related party agreements
REPORT ON RELATED PARTY AGREEMENTS REPORT ON RELATED PARTY AGREEMENTS Page 421 (2023 Universal Registration Document) " We have not been advised of any agreements authorized and entered into during the year under review that are subject to approval by the Shareholders' Meeting pursuant to Article L.
Slide 79: Report to the Extraordinary General Shareholders' Meeting
REPORT TO THE EXTRAORDINARY GENERAL SHAREHOLDERSÕ MEETING Report on the proposed free allocation of existing shares or shares to be issued, reserved for employees and/or directors of your Company (18th resolution). We have no matters to report as to the information provided in the Board of Directors
Slide 80: Questions
RR, 7 2024 ; Shareholders' QUESTIONS 80
Slide 81: Voting of resolutions
RR, 7 2024 r | Shareholders' WLOMTINIC OF RESOLUTIONS Valeo
Slide 82: Resolution 1 - Parent company financial statements
ORDINARY SHAREHOLDERSÕ MEETING RESOLUTION 1 ï Approval of the parent company financial statements for the financial year ended December 31, 2023. 82
Slide 83: Resolution 2 - Consolidated financial statements
ORDINARY SHAREHOLDERSÕ MEETING RESOLUTION 2 ï Approval of the consolidated financial statements for the financial year ended December 31, 2023. 83
Slide 84: Resolution 3 - Allocation of earnings and dividend
ORDINARY SHAREHOLDERSÕ MEETING RESOLUTION 3 ï Allocation of earnings for the financial year ended December 31, 2023 and setting of a dividend of EUR 0.40 per share. 84
Slide 85: Resolution 4 - Regulated agreements
ORDINARY SHAREHOLDERSÕ MEETING RESOLUTION 4 ï Regulated agreements and related Statutory AuditorsÕ report. 85
Slide 86: Resolution 5 - Renewal of Fonds Stratégique de Participations
ORDINARY SHAREHOLDERSÕ MEETING RESOLUTION 5 ï Renewal of the Fonds StratŽgique de ParticipationsÕ term of office as director, represented by Julie Avrane, for a period of four years. 86
Slide 87: Resolution 6 - Appointment of Sascha Zahnd
ORDINARY SHAREHOLDERSÕ MEETING RESOLUTION 6 ï Appointment of Sascha Zahnd as director for a period of four years. 87
Slide 88: Resolution 7 - Appointment of Beatriz Puente
ORDINARY SHAREHOLDERSÕ MEETING RESOLUTION 7 ï Appointment of Beatriz Puente as director for a period of four years. 88
Slide 89: Resolution 8 - Appointment of Eric Chauvirey
ORDINARY SHAREHOLDERSÕ MEETING RESOLUTION 8 ï Appointment of Eric Chauvirey as director representing employee shareholders and of Yann Le P•cheur as his substitute for a period of four years. 89
Slide 90: Resolution 9 - Appointment of Mazars as auditor
ORDINARY SHAREHOLDERSÕ MEETING RESOLUTION 9 ï Appointment of Mazars as auditor in charge of the certification of sustainability information. 90
Slide 91: Resolution 10 - Total annual compensation for directors
ORDINARY SHAREHOLDERSÕ MEETING RESOLUTION 10 ï Setting of the total annual compensation allocated to the directors for the 2024 financial year and subsequent financial years. 91
Slide 92: Resolution 11 - Corporate officers' compensation 2023
ORDINARY SHAREHOLDERSÕ MEETING RESOLUTION 11 ï Approval of the information relating to the compensation of the corporate officers in respect of 2023. 92
Slide 93: Resolution 12 - Compensation of Gilles Michel
ORDINARY SHAREHOLDERSÕ MEETING RESOLUTION 12 ï Approval of the compensation of Gilles Michel as Chairman of the Board of Directors in respect of 2023. 93
Slide 94: Resolution 13 - Compensation of Christophe Périllat
ORDINARY SHAREHOLDERSÕ MEETING RESOLUTION 13 ï Approval of the compensation of Christophe PŽrillat as Chief Executive Officer in respect of 2023. 94
Slide 95: Resolution 14 - Directors' compensation policy
ORDINARY SHAREHOLDERSÕ MEETING RESOLUTION 14 ï Approval of the compensation policy applicable to the directors in respect of 2024. 95
Slide 96: Resolution 15 - Chairman's compensation policy
ORDINARY SHAREHOLDERSÕ MEETING RESOLUTION 15 ï Approval of the compensation policy applicable to the Chairman of the Board of Directors in respect of 2024. 96
Slide 97: Resolution 16 - CEO compensation policy
ORDINARY SHAREHOLDERSÕ MEETING RESOLUTION 16 ï Approval of the compensation policy applicable to the Chief Executive Officer in respect of 2024. 97
Slide 98: Resolution 17 - Share buyback authorisation
ORDINARY SHAREHOLDERSÕ MEETING RESOLUTION 17 ï Renewal of the authorisation for the Board of Directors concerning share buybacks, for a period of 18 months. 98
Slide 99: Resolution 18 - Free share awards authorisation
EXTRAORDINARY SHAREHOLDERSÕ MEETING RESOLUTION 18 ï Renewal of the authorisation for the Board of Directors to award existing shares or issue new shares free of charge to Group employees and corporate officers, for a period of 26 months. 99
Slide 100: Resolution 19 - Powers to complete formalities
ORDINARY SHAREHOLDERSÕ MEETING RESOLUTION 19 ï Powers to complete formalities required by law as a result of the holding of the ShareholdersÕ Meeting. 100
Slide 101: Valeo 2024 Shareholders'
Valeo 2024 Shareholders’ .y)))