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Valeo net income up 41% in first half 2008 results
Highlight:
- Net Income up by 41%.
- Fourth Consecutive Quarter of Margin Improvementl.
- Debt Reduction of 178 Million Euros.
- Good Level of Order Intake Valeo's Board of Directors, which met yesterday, approved the consolidated financial summary for the first half 2008.
First half 2008 results
In the first half 2008, total operating revenues amounted to 4,914 million euros, up by 0.6% at constant reporting entity and exchange rates. Volumes resisted the significant slowdown in automotive production in the second quarter and increased by 3.4% over the first half.
The efforts made by the Group to offset the impact of high raw material prices through using less expensive components and productivity gains have paid off. Gross margin reached 16.3% of sales (or 791 million euros) versus 15.6% of sales (771 million euros) in the first half 2007.
Operating margin rose by 14.7% to 203 million euros. It represents 4.1% of total operating revenues, up by 0.6 points versus the first half 2007. The Group recorded its fourth consecutive quarter of improvement in operating profitability, with a gain of 0.5 points in the second quarter.
Income before taxes stood at 161 million euros, for an annual progression of 26.8%. Thanks to a lower average debt level, net financial charges were down slightly despite the rise in the cost of debt. Income before taxes also benefited from favorable exchange rate variations worth 13 million euros.
Income attributable to Valeo shareholders totaled 100 million euros in the first half versus 71 million euros in the first half 2007, representing an increase of 40.8%.
The net financial debt of 621 million euros(2) improved by 178 million euros versus Dec. 31, 2007. This is due to the generation of free cash flow(3) (89 million euros) and the divestiture of the truck engine cooling activity (77 million euros). The net debt-to-equity ratio thus improved to 35% versus 45% at the end of 2007.
Order intake in the first half represented 1.3 times original equipment sales, versus 1.2 times in the first half 2007. The share of innovative products is stable at 26% of the total.
- Net Income up by 41%.
- Fourth Consecutive Quarter of Margin Improvementl.
- Debt Reduction of 178 Million Euros.
- Good Level of Order Intake Valeo's Board of Directors, which met yesterday, approved the consolidated financial summary for the first half 2008.
First half 2008 results
In the first half 2008, total operating revenues amounted to 4,914 million euros, up by 0.6% at constant reporting entity and exchange rates. Volumes resisted the significant slowdown in automotive production in the second quarter and increased by 3.4% over the first half.
The efforts made by the Group to offset the impact of high raw material prices through using less expensive components and productivity gains have paid off. Gross margin reached 16.3% of sales (or 791 million euros) versus 15.6% of sales (771 million euros) in the first half 2007.
Operating margin rose by 14.7% to 203 million euros. It represents 4.1% of total operating revenues, up by 0.6 points versus the first half 2007. The Group recorded its fourth consecutive quarter of improvement in operating profitability, with a gain of 0.5 points in the second quarter.
Income before taxes stood at 161 million euros, for an annual progression of 26.8%. Thanks to a lower average debt level, net financial charges were down slightly despite the rise in the cost of debt. Income before taxes also benefited from favorable exchange rate variations worth 13 million euros.
Income attributable to Valeo shareholders totaled 100 million euros in the first half versus 71 million euros in the first half 2007, representing an increase of 40.8%.
The net financial debt of 621 million euros(2) improved by 178 million euros versus Dec. 31, 2007. This is due to the generation of free cash flow(3) (89 million euros) and the divestiture of the truck engine cooling activity (77 million euros). The net debt-to-equity ratio thus improved to 35% versus 45% at the end of 2007.
Order intake in the first half represented 1.3 times original equipment sales, versus 1.2 times in the first half 2007. The share of innovative products is stable at 26% of the total.
