Paris (ots/PRNewswire) - In the news release, "Valeo First Quarter
2007 Results" issued on 24 Apr 2007 18:19 GMT, by Valeo Management
Services OTC:VLEEY over PR Newswire, we are advised by a
representative of the company that the second paragraph, second
sentence should have read "Excluding the impact of exchange rates
(-2%) and perimeter changes (-0.5%), growth was 2% and reached 5% in
the aftermarket" rather than "Excluding the impact of exchange rates
(-0.5%) and perimeter changes (-2%), growth was 2% and reached 5% in
the aftermarket" as incorrectly transmitted by PR Newswire.
Complete, corrected release follows:
Following today's meeting of its Board of Directors, Valeo
presented its consolidated accounts for the first quarter 2007.
@@start.t1@@ In millions of euros 1 January - 31 March (non audited)
2007 2006 change
Total operating revenues 2,640 2,654 -0.5%
Gross margin 396 415 -4.6%
% of sales 15.2% 15.8% -0.6pt
Operating income 79 61 +29.5%
% of total revenues 3.0% 2.3% +0.7pt
Net income (attributable to 33 23 +43.5%
% of total revenues 1.3% 0.9% +0.4pt
Basic earnings per share (in 0.42 0.29(X) +44.8%
(X) of which -0.02 euro for non-strategic activities@@end@@
Group results for first quarter 2007
In the first quarter of 2007 Valeo's total operating revenues were
2,640 million euros, down 0.5% versus the first quarter 2006.
Excluding the impact of exchange rates (-2%) and perimeter changes
(-0.5%), growth was 2% and reached 5% in the aftermarket.
The quarterly gross margin was 396 million euros (15.2% of sales)
as compared with 415 million euros (15.8% of sales) in 2006,
representing a fall of 4.6%. The gross negative impact of the rise in
raw material prices was 2.2 margin points.
The Group's operating income increased by 29.5% to 79 million
euros (3.0% of total operating revenues) versus 61 million euros
(2.3%) in the first quarter 2006. This performance reflects a
reduction in net research and development expenditure and selling and
administrative expenses and the favorable outcome of a commercial
Basic earnings per share was up by 44.8% to 0.42 euro versus
0.29 euro for the first quarter 2006.
At 31 March 2007, Valeo's net financial debt was 966 million
euros, compared to 1,072 million euros at 31 March 2006. The
debt-to-equity ratio was 54%, down by five points as compared with 31
- Valeo continued its expansion in Asia with the opening of
sites in Puzan, Korea (Engine Cooling) and Foshan, China (Lighting
- The Group received several awards from customers, including five
from Toyota Europe, in particular the Superior Performance Award in
Quality and an EcoTech award from PSA Peugeot Citroen.
- The Volkswagen Touran, equipped with Valeo's Park4U(TM) system
which enables a driver to park the car automatically in less than 15
seconds, was launched in the European market during the quarter.
- Just after the end of the quarter, Valeo Raytheon was awarded a
2007 PACE Award in Detroit for its Blind Spot Detection System. This
is the Group's third consecutive PACE Award following those received
for the StARS micro-hybrid system in 2006 and the LaneVue(TM) Lane
Departure Warning System in 2005.
In line with its outlook, Valeo anticipates a drop in European and
North American automotive production in the second quarter. For the
full year the Group expects an improvement in its operating margin
due in particular to increasing automotive production levels and
ongoing rigorous management.
Moreover, the Group continues to examine the indications of
interest which it has received. The market will be informed at the
appropriate time of any eventual developments.
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
For all additional information, please contact:
Kate Philipps, Group Communications Director, Tel:
Rémy Dumoulin, Investor Relations Director, Tel:
For more information about the Group and its activities,
please visit our web site www.valeo.com
ots Originaltext: Valeo Management Services
Im Internet recherchierbar: http://www.presseportal.ch
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