Paris, France (ots/PRNewswire)
- Following yesterday's meeting of
its Board of Directors, Valeo presented its consolidated accounts for
the third quarter 2006.
in millions of euros 3rd quarter 9 months
2006 2005(1) Change 2006 2005(1) Change
Total operating revenues 2,263 2,332 -3.0% 7,572 7,323 +3.4%
Gross margin 335 365 -8.2% 1,170 1,169 0.1%
% of sales 15.0% 15.8% -0.8 pt 15.6% 16.1% -0.5 pt
Operating income 45 81 -44.4% 214 240 -10.8%
% total revenues 2.0% 3.5% -1.5 pt 2.8% 3.3% -0.5 pt
Net income attributable to 7 29 -75.9% 101 101 0%
% total revenues 0.3% 1.2% -0.9 pt 1.3% 1.4% -0.1 pt
Basic earnings per share 0.10 0.36 -72.2% 1.32 1.26 +4.8%
1) As required by IFRS norms, this data has been restated, e.g. to
take into account activities in the process of being sold.
2006 third quarter Group results
In the third quarter of 2006, Valeo's total operating revenues
came to 2,263 million euros, down by 3.0% compared to the third
quarter of 2005. Exchange rates had a negative impact of 0.8%.
Excluding the impact of exchange rates and changes in the
consolidated reporting entity, total operating revenues were down by
2.1%. At the same time, world automotive production displayed
contrasting trends, with drops of 4% in Western Europe and 9% in
North America, and gains of 11% in Asia and 3% in South America.
The gross margin for the quarter came to 335 million euros, down
8.2% compared to the third quarter 2005. This decrease, representing
0.8 margin points of total sales, was due in particular to the rise
in raw material prices. The Group assesses their impact at 0.8 margin
points over the period (2.5 points before taking into account the
corrective measures undertaken).
Operating income amounted to 45 million euros (2.0% of total
revenues) compared to 81 million euros (3.5% of total revenues) for
the corresponding period in 2005. This figure takes into account
"other net expenses" of 21 million euros, compared to 2 million euros
in 2005. Total R&D expenses (net of customer funding) and
administrative and selling expenses came to 269 million euros, down
by 4.6% compared to the third quarter 2005.
Net income attributable to Valeo shareholders was 7 million euros
compared to 29 million euros in 2005, after income tax of 23 million
euros (15 million euros in 2005).
At 30 September 2006, Valeo's net debt stood at 1,077 million
euros, compared to 1,080 million euros at 1st January 2006. The
debt-to-equity ratio was 64%, compared to 63% at year-end 2005. Sale
of the Motors & Actuators product family
Valeo has signed a Memorandum of Understanding with Japanese
company Nidec, with a view to selling its Motors & Actuators
Outlook for the fourth quarter
The Group expects automotive production in Europe to stabilize,
reflecting sustained levels of production in Eastern Europe and a
fall in Western Europe. Production should drop by 5% in North America
(-11% for the Big 3). In this context, Valeo intends to improve its
market share. Raw material prices should stabilize.
Valeo is an independent industrial Group fully focused on the
design, production and sale of components, integrated systems and
modules for cars and trucks. Valeo ranks among the world's top
automotive suppliers. The Group has 133 plants, 71 R&D centers and 9
distribution centers, and employs 73,800 people in 29 countries
For further information, please contact:
Kate Philipps, Group Communications Director, tel.:
Rémy Dumoulin, Investor Relations Director, tel.:
ots Originaltext: Valeo Management Services
Im Internet recherchierbar: http://www.presseportal.ch
For further information, please contact: Kate Philipps, Group
Communications Director, tel.: +33(0)1-40-55-20-65, Rémy Dumoulin,
Investor Relations Director, tel.: +33(0)1-40-55-29-30