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Valeo Management Services

Valeo: 2004 First Half Results

Paris, France (ots/PRNewswire)

  • Improvement in Income and Free Cash Flow
  • Strong Increase in Order Intake
Valeo's Board of Directors, which met today, approved the
consolidated results for the first half 2004.
    In millions of euros             1st half         Quarterly evolution
                                                            2004(1)
                               2004   2003  Change   2nd quarter  1st quarter
    Sales                     4,928  4,846  + 1.7%         2,513        2,415
    Gross margin                883    863  +2.3%            454          429
               % of sales     17.9%  17.8%  + 0.1 pt    18.1%        17.8%
    Operating income            251    241  +4.1%            140          111
               % of sales      5.1%   5.0%  + 0.1 pt     5.6%         4.6%
    Income before income tax    176    156  +12.8%           100           76
               % of sales      3.6%   3.2%  + 0.4 pt     4.0%         3.1%
    Net income                  120    102  +17.6%            46           74
               % of sales      2.4%   2.1%  +0.3 pt      1.8%         3.1%
    Net cash from operating     465    382  +21.7%       NA           NA
    activities
1) The auditors have performed a fairness review of quarterly data
First half results 2004
Consolidated sales were 4,928 million euros in the first half
2004, an increase of 1.7% as compared to the first half 2003. At
constant exchange rates and reporting entity, sales dropped by less
than 1% - the organic sales drop of 3% in the first quarter having
been almost totally offset in the second quarter.
Consolidated gross margin for the six month period was 883 million
euros, an increase of 2.3% compared with the first half 2003. The
gross margin was 17.9% of sales, an improvement of 0.1 percentage
points as compared with the first half 2003. This improvement was
achieved despite the strong pressure from raw materials prices
particularly in the second quarter.
Operating income increased by 4.1% during the half to 251 million
euros, representing 5.1% of sales as compared to 5.0% for the year
earlier period. The improvement in the gross margin was reflected in
the operating income thanks to a strict control of administrative
costs which enabled the financing of the commercial and R&D
activities.
Net income before income taxes increased by 12.8% through the
double impact of a reduction in net financial charges of 29% and a
fall of 8% in other income and expenses net, which totaled 62 million
euros.
Consolidated net income was 120 million euros, up 17.6% as
compared with the same period in 2003. During both periods
exceptional tax gains were recorded, of 88 million euros in 2003 and
83 million euros in 2004, related to the tax rebate received from the
French authorities concerning the capital gains from the 1999
disposal of the Group's interest in LuK.
Net cash from operating activities after deduction of capital
expenditure in property and intangibles (free cash flow) was 248
million euros as compared with 175 million euros in the first half
2003. The free cash flow adjusted for tax rebates was 156 million
euros as compared with 80 million euros in 2003.
Valeo's net financial indebtedness was 390 million euros at the
end of the first half 2004, down by 178 million euros compared with
December 31, 2003. The debt to equity ratio thus went from 27% to
19%.
The order intake continued to improve and represented 1.4 times
sales for the first half 2004 as compared to 1.3 times in 2003. This
confirms that ongoing development projects will lead to sales growth.
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 128 plants, 65 R&D centers, 9
distribution centers and employs 68,800 people in 25 countries
worldwide (end June 2004).

Contact:

For further information please contact : Kate Philipps, Group
Communications Director, Tel.: +33(0)1-40-55-20-65 Rémy Dumoulin,
Financial Relations Director, Tel.: +33(0)1-40-55-29-30

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