auto parts manufacturers,auto parts suppliers

Valeo’s Annual General Shareholders’ Meeting (AGM) was held today under the chairmanship of Thierry Morin, the Group’s Chairman & CEO.

2007 results and outlook

The AGM approved Valeo’s 2007 accounts which were published on February 12, 2008. In 2007, Valeo recorded a strong rise in sales volumes (+6.2%) related to growth in emerging countries where the Group has reinforced its presence. Valeo’s innovation and operational excellence strategy enabled it to achieve a 17.7% increase in operating income. At the same time, innovative products account for 32% of the Group’s order intake.

Valeo pursued the rationalization of its product portfolio, divesting its wiring harness activity and acquiring the Irish company Connaught Electronics, a specialist in image processing. These operations are in line with the Group’s strategy of focusing on three Domains: Driving Assistance, Powertrain Efficiency and Comfort Enhancement.

Valeo’s results continued to improve in the first quarter 2008. Net earnings per share were up by 36% versus the same period in 2007, while the operating margin improved by 22% to 3.6% of sales.

The coming months will continue to be marked by very high raw material prices and a tough automotive market. Against this backdrop, Valeo confirms its objective for an improvement of its results in 2008.

Thierry Morin reminded the AGM that, in a context of stricter regulations on CO2 emissions and high oil prices, Valeo’s innovative solutions for significantly reducing fuel consumption are increasingly attractive to automakers and motorists.

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