Q Sales. Jacques Aschenbroich CEO. October 18, 2012

Transcription

1 Jacques Aschenbroich CEO October 18, 2012

2 Highlights Q3 sales Consolidated sales up 7% to 2,842 million (+2% on a like-for-like basis) OE sales up 6% to 2,393 million (+1% on a like-for-like basis) Aftermarket sales up 6% to 357 million (-1% on a like-for-like basis) Year-to-date sales Consolidated sales up 11% to 8,841 million (+3% on a like-for-like basis) OE sales up 11% to 7,511 million (+3% on a like-for-like basis) Aftermarket sales up 3% to 1,089 million (-3% on a like-for-like basis) OE sales performed better than production in Asia and Europe Outlook Based on the current outlook for automotive production, guidance is confirmed: FY 2012 operating margin level(in m) in the same magnitude as FY 2011 October 18, 2012 I 2

3 Total sales Up 7% in Q3 and up 11% YTD (in m) (in m) +7% 2,662 Perimeter +1.5% Currencies +3.8% Sales at same perimeter and exchange rate +1.5% 2, % Q3 8,841 7,996 Perimeter +4.4% Currencies +3.0% Sales at same perimeter and exchange rate +3.2% YTD October 18, 2012 I 3

4 OE sales Up 6% in Q3 and up 11% YTD (in m) +6% (in m) 2,262 2, % Perimeter +0.9% Currencies +4.1% Sales at same perimeter and exchange +0.8% rate 7, Q3 6,772 Perimeter +4.2% Currencies +3.3% Sales at same perimeter and exchange rate +3.4% YTD October 18, 2012 I 4

5 Aftermarket sales Up 6% in Q3 and up 3% YTD (in m) (in m) % Perimeter +5.2% Currencies +2.1% Sales at same perimeter and exchange -0.9% rate Q % 1,089 1,055 Perimeter +4.8% Currencies +1.6% Sales at same perimeter and exchange rate -3.2% YTD October 18, 2012 I 5

6 Miscellaneous sales Up 43% YTD (in m) +44% (in m) 64 Sales at same perimeter and exchange rate +44% Q % Sales at same perimeter and exchange rate +40% YTD October 18, 2012 I 6

7 Customer positioning Leading positions for German & Asian customers at 29% each (in % of OE sales) Other 9% Other 6% American 18% German 29% American 18% German 29% French* 21% Asian** 23% French* 18% Asian** 29% 2011 At end-september 2012 * Excluding Nissan ** Including Nissan October 18, 2012 I 7

8 Geographical positioning Asia and emerging countries at 54% of sales, with Asia alone accounting for 26% OE sales by production region Europe < 50% in Q3 50% in Asia & emerging countries Asia 21% Eastern Europe & Africa 15% Western Europe 44% 54% in Asia & emerging countries Asia 26% Eastern Europe & Africa 14 % Western Europe 38% SA 7% Mexico 7% US 6% SA 6% Mexico 8% US 8% 2011 At end-september 2012 October 18, 2012 I 8

9 Performance per region of production (at end-september) Performance better than the market in Asia and Europe North America Valeo OE sales** +16% Production*** +20% Of which Detroit 3 +8% 17% of Valeo sales Underperf. -4pts* Europe Valeo OE sales** -2% Production*** -4% 52% of Valeo sales Outperf. +2pts* Underperf. -5pts* World OE sales +3% Production*** +8% South America Valeo OE sales** -10% Production*** -5% 6% of Valeo sales Underperf. -5pts* Outperf. +2pts* Asia Valeo OE sales** +14% Production*** +12% 25% of Valeo sales *At same scope and exchange rates ** Valeo sales by destination *** LMC estimates light vehicle production October 18, 2012 I 9

10 OE sales growth higher than the market in Asia (at end-september) Above-market growth in China, India and Korea, more than offsetting belowmarket growth in Japan Asia Valeo OE sales** +14% Production*** +12% 25% of Valeo sales Outperf. +7pts* India OE sales** +18% Production*** +11% 4% of Asian sales Outperf. +2pts* China OE sales** +22% Production*** +7% Outperf. +15pts* 39% of Asian sales Korea Outperf. +12pts* OE sales** +10% Production*** -2% 20% of Asian sales Underperf. -24pts* Japan OE sales** +10% Production*** +34% 30% of Asian sales *At same scope and exchange rates ** Valeo sales by destination *** LMC estimates light vehicle production October 18, 2012 I 10

11 Valeo OE sales vs light vehicle production Recovery despite economic headwinds in Europe +7 Japanese OEMs downturn Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q Japanese OEMs recovery Valeo OE sales on a like-for-like basis vs light vehicle production (in pts) October 18, 2012 I 11

12 Organic growth in all the BGs (at end-september) despite economic headwinds in Europe % of YTD total sales OE organic growth Total sales growth Stop-start (Valeo technological leader on this market) Double dry clutch (Valeo Transmission no. 2 after LuK) Powertrain 28% +1% +8% Lesser weighting of Japanese customers Greater weighting of the aftermarket CDA 21% +4% +24% Low speed maneuvering technologies based on ultrasonic, camera, radar and laser (Valeo technological leader on this market) Niles acquisition with strong scope impact in H1 (integrated July 1, 2011) Visibility 23% +1% +6% Innovative lighting / LED Valeo no. 2 after Koito Greater weighting of Europe and the aftermarket in the business Thermal 28% +6% +8% Air management cooling Valeo Thermal no. 2 after Denso Greater weighting of Asia and North America October 18, 2012 I 12

13 2012 outlook October 18, 2012 I 13

14 FY 2012 outlook As things stand, confirmation of the market scenario disclosed during the H results: Automotive production: World: +5% to 6% Europe: -6% to -7% Guidance confirmed FY 2012 operating margin level (in m) in the same magnitude as FY 2011 October 18, 2012 I 14

15 Business highlights October 18, 2012 I 15

16 Focus on Valeo innovation at Paris Auto Show Engine & Powertrain Control Unit Energy storage DC/DC converter Electric motor Inverter Up to 15% CO 2 savings Half the savings of a classic Hybrid for a quarter of the price Improved driving comfort while accelerating Fit to target the Mild-Hybrid market expected to boom 2017 onwards

17 Contact Investor Relations Thierry Lacorre 43, rue Bayen F Paris Cedex 17 France Tel.: +33 (0) Fax: +33 (0) Web site: October 18, 2012 I 17

18 Share Information Share Data Bloomberg Ticker Reuters Ticker ISIN Number Shares outstanding as of Sept. 30, 2012 FR FP VLOF.PA FR ,311,067 ADR Data Ticker/trading symbol CUSIP Number Exchange Ratio (ADR: ord) Depositary Bank Contact at J.P. Morgan ADR broker relationship desk VLEEY OTC 1:2 J.P. Morgan Jim Reeves October 18, 2012 I 18

19 Back-up October 18, 2012 I 19

20 Quarterly information in m Sales by segment Comfort & Driving Assistance Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q Powertrain Systems Thermal Systems Visibility Systems Total sales 2,309 2,478 2,342 2,503 2,669 2,665 2,662 2,872 3,033 2,966 2,842 OE & Aftermarket sales Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 OE Sales 1,898 2,059 1,929 2,066 2,263 2,247 2,262 2,435 2,602 2,516 2,393 Aftermarket Miscellaneous Total sales 2,309 2,478 2,342 2,503 2,669 2,665 2,662 2,872 3,033 2,966 2,842 October 18, 2012 I 20

21 Safe Harbor Statement Statements contained in this report, which are not historical fact, constitute Forward-Looking Statements. Even though Valeo s management feels that the Forward-Looking Statements are reasonable, investors are put on notice that actual results may differ materially due to numerous important factors, risks and uncertainties to which Valeo is exposed. Such factors include, among others, the company s ability to generate cost savings or manufacturing efficiencies to offset or exceed contractually or competitively required price reductions. The risks and uncertainties to which Valeo is exposed are mainly the risks resulting from the investigations currently being carried out by the antitrust authorities as they have been identified in the Registration Document, operational risks which relate to being a supplier in the automotive industry, to the marketing and sales of the types of vehicles produced and to the development of new products and risks due to certain global and regional economic conditions. Also included are environmental and industrial risks as well as risks and uncertainties described or identified in the public documents submitted by Valeo to the French Autorité des marchés financiers (AMF), including those set out in the Risk Factors section of Valeo s Registration Document registered at the AMF on March 29, 2012 (ref. no. D ). The company assumes no responsibility for any estimates made by analysts and any other information prepared by third parties which may be used in this report. Valeo does not intend or assume any obligation to review or to confirm the estimates of analysts or to update any Forward-Looking Statements to reflect events or circumstances which occur after the date of this report. October 18, 2012 I 21

22