Valeo Management Services

Valeo: Combined Annual General Shareholders' Meeting 2007

    Paris (ots/PRNewswire) - Valeo's Annual General Shareholders' Meeting (AGM) was held today under the chairmanship of Thierry Morin, Valeo Chairman & CEO, and was followed by a Board meeting.

    2006 results and outlook

    The AGM approved Valeo's 2006 accounts which were published on February 12th 2007.

    In 2006, the Valeo Group, compared with most of its competitors, was able  to better weather the steep rise in commodity prices and the slowdown in automotive output in North America and Western Europe thanks to its diversified customer base, a recovery in the aftermarket and rigorous cost management. Total operating revenues rose by 2.6% to 10,086 million euros and net income attributable to the company's shareholders stood at 161 million euros versus 142 million euros in 2005.

    Thierry Morin presented to the shareholders Valeo's strategy built on operational excellence and technological innovation as the differentiating factors. Valeo will continue to re-focus its product portfolio on its three Domains: Driving Assistance, Powertrain Efficiency and Comfort Enhancement, through targeted acquisitions and divestments. This strategy should enable Valeo to reach an operating margin of 6% in 2010.

    Dividend

    The AGM approved the payment of a dividend of 1.1 euro per share, unchanged compared with the previous year. The profit pay-out comes to 53% versus 62% in 2005. It is expected to be paid as of June 1st 2007.

    Renewal and appointment of nine Board Members

    The AGM renewed the mandates of Messrs. Pierre Alain De Smedt, Philippe Guédon, Thierry Morin and Erich Spitz as Board Members.

    It ratified the co-optation of Ms Helle Kristoffersen and of Mr Georges Pauget and renewed their mandates.

    It appointed Messrs. Gérard Blanc, Pascal Colombani and Lord Jay of Ewelme.

    Valeo's Board is thus comprised of 11 Board members.

    The resolutions sponsored by Pardus aiming for the appointment of eight Board Members, which had not been recommended by the Board, were rejected.

    Financial authorizations

    The resolutions relative to the financial authorizations delegated to the Board of Directors were adopted with the exception of resolutions 19, 20 and 22 relating to authorizations for a capital increase without preferential subscription rights.

    The voting details by resolution are available on the Group's Web site.

    Board of Directors

    After the AGM, the Board of Directors re-elected Thierry Morin as Chairman & CEO.

    Valeo is an independent industrial group dedicated to the design, production and sale of components, integrated systems and modules for cars and trucks. It is one of the world's leading automotive suppliers. The Group has 131 production sites, 68 R&D centers, 9 distribution platforms, and employs 71,100 people in 29 countries worldwide.

    For more information about the Group and its activities, please visit our  web site www.valeo.com

      For all additional information, please contact:
      Kate Philipps,
      Group Communications Director,
      Tel: +33-1-40-55-20-65
      Rémy Dumoulin,
      Investor Relations Director,
      Tel: +33-1-40-55-29-30

ots Originaltext: Valeo Management Services
Im Internet recherchierbar: http://www.presseportal.ch

Contact:
For all additional information, please contact: Kate Philipps, Group
Communications Director, Tel: +33-1-40-55-20-65; Rémy Dumoulin,
Investor Relations Director, Tel: +33-1-40-55-29-30



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