Q3 2014 Sales Jacques Aschenbroich – CEO October 21, 2014 October 21, 2014 I 1 Q3 2014 highlights Consolidated sales of €3,069 million, up 10% on a reported basis up 6% on a like-for-like basis(1) OEM sales of €2,644 million, up 13% on a reported basis up 7% on a like-for-like basis(1) Near 7-pt above-market growth in OEM sales OEM sales growth* Performance** China +25.3% +20.3pts Europe +9.0% +9.2pts Asia (excl. China) (2) +5.1% +5.3pts North America (2) +4.2% +0.4pt South America -21.7% -2.2pts +7.3% +6.6pts World *like-for-like **vs automotive production Aftermarket sales up 1% on a reported basis down 1% on a like-for-like basis(1) (1) (2) Constant Group structure and exchange rates. Including Valeo Sylvania October 21, 2014 I 2 2014 outlook Based on the automotive production assumptions published in the H1 2014 results: World: growth of approximately 3% Europe: growth of approximately 2% Valeo confirms its objectives for 2014: Sales growth outperformance in the main production regions Operating margin* slightly higher than 7% of sales * Incl. JV and associates in accordance with new IFRS standards October 21, 2014 I 3 Sales of €3.1bn, up 10% as reported, up 6% like-for-like OEM sales, up 13% as reported, up 7% like-for like, a near 7-point outperformance Aftermarket sales, up 1% as reported, down 1% like-for-like October 21, 2014 I 4 Total sales up 10% as reported, up 6% like-for-like YTD sales up 8% like-for-like *Like-for-like growth +6%* +10%* +8%* 9,416 6,347 €m 3,069 Q3 14 As reported Exchange rates Perimeter +10% 0.0% +4.3% H1 14 YTD 14 As reported +7% As reported +8% Exchange rates -3.1% Exchange rates -2.1% Perimeter +0.4% Perimeter +1.7% October 21, 2014 I 5 OEM sales up 13% on a reported basis, up 7% like-for-like Aftermarket up 1% on a reported basis, down 1% like-for-like Aftermarket OEM sales *Like-for-like growth +7%* -1%* +10%* +3%* +2%* X,XXX +9%* 2,516 1,119 753 366 Q3 14 H1 14 YTD 14 +1%** +1%** +1%** +16%* +5%* 8,076 Miscellaneous 5,432 €m **Change as reported -14%* 2,644 Q3 14 H1 14 YTD 14 +13%** +8%** +9%** Exchange rates Perimeter 162 0.0% Exchange rates -3.2% Exchange rates -2.1% 5.3% Perimeter +0.7% Perimeter 2.2% 221 59 Q3 14 H1 14 YTD 14 -29%** +3%** -8%** October 21, 2014 I 6 OEM sales outpaced the global market by 7 points Outperformance in China of more than 20 points and in Europe of more than 9 points Q3 Outperf. +7.0pts Like-for-like proforma 2014 World Outperf. +9.1pts OEM sales** +7.7% Production***+0.7% Europe* Outperf. +0.4pts OEM sales** +8.9% North America Production***-0.2% OEM sales** +4.2% 49% of Valeo sales Production*** +3.8% Outperf. +5.3pts 22% of Valeo sales Asia* excl. China OEM sales** +5.1% Underperf. -2.2pts Production***-0.2% 13% of Valeo sales South America OEM sales** -21.7% Production***-19.5% 3% of Valeo sales China OEM sales** +25.4% Production***+5.0% 13% of Valeo sales * Europe including Africa; Asia including Middle East ** Valeo OEM sales by destination ***LMC estimates – light vehicle production October 21, 2014 I 7 Outperf. +20.4pts OEM sales outpaced the global market by more than 7 points Outperformance in all production regions YTD Outperf. +7.2pts Like-for-like proforma 2014 World Outperf. +6.2pts OEM sales** +9.9% Production***+2.7% Europe* Outperf. +4.3pts OEM sales** +9.4% North America Production***+3.2% OEM sales** +7.7% 50% of Valeo sales Production*** +3.4% Outperf. +7.4pts 21% of Valeo sales Asia* excl. China OEM sales** +8.4% Outperf. +2.9pts Production***+1.0% 13% of Valeo sales South America OEM sales** -16.0% Production***-18.9% 4% of Valeo sales China OEM sales** +32.0% Production***+8.5% 12% of Valeo sales * Europe including Africa; Asia including Middle East ** Valeo OEM sales by destination ***LMC estimates – light vehicle production October 21, 2014 I 8 Outperf. +23.5pts Geographic repositioning Asia and North America (US & Mexico) both up 1 point Western Europe down 2 points OEM sales by production region Sales including joint-ventures consolidated proportionally Eastern Europe & Africa 13% 54% in Asia & emerging countries Eastern Europe & Africa 14% Western Europe 36% Asia excl. China 14% China 13% 55% in Asia & emerging countries Western Europe 34% Asia excl. China 14% China 14% SA 4% Mexico 10% US 10% Q3 2013 SA 3% Mexico 10% US 11% Q3 2014 October 21, 2014 I 9 Geographic repositioning North America (US & Mexico) up 2 points, Asia up 1 point Western Europe down 1 point OEM sales by production region Sales including joint-ventures consolidated proportionally Eastern Europe & Africa 14% 54% in Asia & emerging countries Eastern Europe & Africa 14% Western Europe 37% Asia excl. China 14% China 12% SA 5% Mexico 9% 2013 54% in Asia & emerging countries Western Europe 36% Asia excl. China 14% China 13% SA 3% Mexico 10% US 9% YTD end-September US 10% 2014 October 21, 2014 I 10 Balanced customer portfolio German and Asian customers stable at 30% and 26% respectively, American customers up 1 point, French customers down 1 point % of OEM sales Sales including joint-ventures consolidated proportionally Other 6% Other 6% French* 17% French* 16% German 30% German 30% American 22% American 21% Asian** Asian** 26% Asian** Asian** 26% 29% 2013 26% YTD end-September 2014 * Excluding Nissan ** Including Nissan October 21, 2014 I 11 Above-market growth in all Business Groups CDA 18% VIS 27% Group €3.1bn PTS 26% THS 29% YTD total sales change OEM sales growth (like-for-like) % Q3 2014 sales (on a reported basis) Q3 H1 YTD CDA** -1% +13% +16% +15% Powertrain +6% +3% +8% +7% Thermal +7% +6% +10% +8% Visibility +20% +9%* +12%* +11%* *2014 perimeter ** Comfort & Driving Assistance October 21, 2014 I 12 2014 outlook October 21, 2014 I 13 2014 outlook Based on the automotive production assumptions published in the H1 2014 results: World: growth of approximately 3% Europe: growth of approximately 2% Valeo confirms its objectives for 2014: Sales growth outperformance in the main production regions Operating margin* slightly higher than 7% of sales * Incl. JV and associates in accordance with new IFRS standards October 21, 2014 I 14 Contact 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: [email protected] Web site: www.valeo.com October 21, 2014 I 15 Share Information Share Data • • • • Bloomberg Ticker Reuters Ticker ISIN Number Shares outstanding as of September 30, 2014 FR FP VLOF.PA FR 000130338 79,462,540 ADR Data • • • • • • Ticker/trading symbol CUSIP Number Exchange Ratio (ADR: ord) Depositary Bank Contact at J.P. Morgan – ADR broker relationship desk VLEEY 919134304 OTC 1:2 J.P. Morgan Jim Reeves +1 212-622-2710 October 21, 2014 I 16 Back-up October 21, 2014 I 17 Quarterly information In €m (2014 as reported and 2013 restated in accordance with IFRS 11) Sales by segment Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 623 569 515 531 552 572 573 774 817 752 818 848 848 798 Thermal Systems 818 885 832 837 880 934 889 Visibility Systems 733 762 711 764 876 925 856 2,927 3,017 2,792 2,926 3,112 3,235 3,069 Comfort & Driving Assistance Systems Powertrain Systems Total sales OE & aftermarket sales Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 2,470 2,567 2,348 2,449 2,677 2,755 2,644 Aftermarket 375 374 361 377 376 377 366 Miscellaneous 82 76 83 100 59 103 59 2,927 3,017 2,792 2,926 3,112 3,235 3,069 OE sales Total sales October 21, 2014 I 18 Comfort & Driving Assistance Systems Sales performance Growth rate on a like-for-like basis OEM sales Like-for-like change +13% +16% +15% 1,697 Total sales (€m) 2013 key figures: • 13,431 employees • 23 production units • 9 development centers • 7 research centers Market share* and competitors: 1,124 - Driving Assistance: Valeo no.1 573 Total sales change as reported H1 2014 key figures: • Sales: €1.1bn (18% of Group sales) • Ebitda: 14.2% (22% of Group Ebitda) Q3 14 H1 14 YTD 14 +11% -6% -1% Valeo+Bosch+Continental > 60%* - Interior Controls: Valeo no.1 Valeo+Kostal+Tokai Rika > 25%* Key growth drivers: Development of solutions for connected and autonomous vehicles (Valeo first automotive supplier to present a product like the Valet Park4U® driving assistance system) Change in regulations: mandatory rear camera in the US as from May 2016 (100% applicable in 2018) Latest innovations: Park4U® with comfort braking launched in 2013 2014 Pace Award for the Back-Over Protection System for reversing maneuvers First order intake received for laser scanner technology * 2013 Valeo estimate October 21, 2014 I 19 Powertrain Systems H1 2014 key figures: • Sales: €1.7bn (26% of Group sales) • Ebitda: 12.4% (28% of Group Ebitda) Sales performance Growth rate on a like-for-like basis OEM sales Like-for- like change +3% +8% +7% 2,494 Total sales (€m) Market share* and competitors: 1,696 798 Total sales change as reported 2013 key figures: • 18,769 employees • 32 production units • 16 development centers • 5 research centers - Transmission Systems: Valeo no.2 Q3 14 H1 14 YTD 14 +6% +7% +6% Luk+Valeo+ZF Sachs = 45%* - Electrical Systems: Valeo no.1 Valeo+Denso+Bosch = 70%* Key growth drivers: Dual objective of reducing CO2 emissions and fossil fuel consumption, based on 3 priorities for engines: Downsizing Downspeeding Electrification Latest innovations: High efficiency alternators awarded by the European Commission’s eco innovation label Production of the dual dry-clutch launched in 2014 First order intake received for the electric supercharger *2013 Valeo estimate October 21, 2014 I 20 Thermal Systems H1 2014 key figures: • Sales: €1.8bn (28% of Group sales) • Ebitda: 11.0% (27% of Group Ebitda) Sales performance Growth rate on a like-for-like basis OEM sales Like-for-like change +6% +10% +8% 2,703 Total sales (€m) 1,814 Market share* and competitors: 889 Total sales change as reported 2013 key figures: • 18,128 employees • 45 production units • 7 development centers • 2 research centers Q3 14 H1 14 YTD 14 +7% +7% +7% - Thermal Systems: Valeo no.2 Denso+Valeo+Halla (Visteon) = 50%* Key growth drivers: New technological solutions to respond to air conditioning systems becoming more complex Innovative solutions to comply with new regulations on gas pollutants and fuel consumption Latest business developments: Air intake module: awarded a PACE Award by Automotive News Battery thermal management system *2013 Valeo estimate October 21, 2014 I 21 Visibility Systems H1 2014 key figures: • Sales: €1.8bn (28% of Group sales) • Ebitda: 9.3% (23% of Group Ebitda) Sales performance Growth rate on a like-for-like basis OEM sales Like-for- like change +9%* +12%* +11%* 2,657 Total sales (€m) Market share** and competitors: 1,801 - Lighting Systems: Valeo no.2 856 Total sales change as reported 2013 key figures: • 23,012 employees • 33 production units • 13 development centers • 4 research centers Q3 14 H1 14 YTD 14 +20% +20% +20% Koito+Valeo+Magnetti Marelli > 50%* - Wiper Systems: Valeo no.1 Valeo+Bosch+Denso = 75%* Key growth drivers: Automakers’ widespread implementation of lighting systems with LED low beam, high beam or daytime running lights Growing interest in electronic wiper systems and Aquablade® wiper technology Latest business developments: Valeo BiLED® (100% LED) selected for emblematic models such as the BMWi3 and the new Mini Omniblade technology chosen for the front of the new Cadillac Escalade in the US Start of production of the electronic wiper systems using direct drive blades for the Ford Kuga *2014 perimeter **2013 Valeo estimate October 21, 2014 I 22 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 and any legal actions which could arise as a result of these investigations, operational risks which relate to being a supplier in the automotive industry 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 28, 2014 (ref. no. D.14-0234). 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 to, 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 21, 2014 I 23 October 21, 2014 I 24
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