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AGM Presentation
AGM Presentation
Growth momentum
90 years of innovation
Jacques Aschenbroich
Chief Executive Officer
1
Valeo
Growth momentum
Valeo
Growth momentum
Robust expansion
in Asia and emerging markets
30%
BRICS
28% of global GDP
25%
20%
China
17% of global GDP
15%
10%
5%
0%
1980
1985
1990
1995
Source: IMF World Economic Outlook, Goldman Sachs (current USD GDP)
2000
2005
2010
2015
2020
~200,000a
~550,000a
~ 2.2mb
~800,000c
140
14
120
12
100
10
8000
80
6000
60
40
20
10000
75%
2,5
Copper ($/MT)
2,4
2,3
2,2
2,1
2
4000
1,9
2000
1,7
1,8
75%
Copper
1,6
1,5
25%
Dollar/Brazilian real
7
Valeo
Growth momentum
110
100
90
80
70
60
50
Source: LMC
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Japan
Eastern
Europe
China
Other
Asia
Other
5%
29%
3%
10%
South
America
Mexico
Japan
Western
Europe
17%
9%
74%
China
Western
Europe
26%
14%
2000
2017
37%
4%
3%
27%
USA + Canada
9%
Mature
Markets
17%
14%
USA + Canada
Other Asia
3% 5%
Mexico
South
America
Other
10
11
12
13
14
Vision 2030
15
Increase
in number of models by brand
1992
2012
14 models
22 models
8 models
20 models
16
270
250
230
210
USA
China
190
170
Europe
150
130
Japan
117
105
95
110
90
2000
2005
2010
2015
2020
109
2025
17
Global carmakers
15%
10%
North American
divisions of US
carmakers
5%
0%
-40%
-20%
0%
20%
40%
60%
-5%
-10%
European carmakers*
and European divisions
Growth (%)
18
Valeo
Growth momentum
19
20
Order intake
(bn)
14.9
16
12
9.7
10.0
10.1
100
9.2
80
7.7
+12%
per year
140
120
12.5
14
10
15.8
Order
intake
Automotive
production
+3.6%
per year
60
6
40
4
2
20
0
2005
2006
2007
2008
2009
2010
2011
2012
22
Asian
14%
U.S.
Other
7%
20%
U.S.
Asian
28%
18%
17%
24%
25%
German
French
18%
29%
French
2007
Original equipment sales by customer base
German
2012
23
50%
54%
14%
2012
Eastern
Europe
27%
+13 pts
2017
vision
Asia
2011
37%
2007
Asia
&
Emerging
markets
South
America
Mexico
5%
38%
Western
Europe
8%
8%
United
States
2012
24
26
2005
2009
2010
2012
Product
Innovation
Pre-Development
Demonstrator
vehicle
Innovation
Partnership
with
Series
production
27
2015
2012
Pre-development
contract
Product
naming
Application
development
2015
Sept 2013
Launch of series
production
a world first
28
Valeo
Growth momentum
29
Innovation
Customer service
Quality
Operating performance
30
Innovation
Customer service
H1
x2
Quality
Operating performance
15.8
12.5
H2
9.7
10.0
4.9
5.0
7.7
14.9
10.1
9.2
7.2
7.8
6.0
5.1
6.1
3.4
4.3
4.8
5.0
5.0
2005
2006
2007
2008
6.5
7.7
8.0
2011
2012
3.1
2009
2010
31
Innovation
Customer service
Quality
Operating performance
0 km quality
(parts per million)
32
15
11
14
7
12
DEC 2005 DEC 2006 DEC 2007 DEC 2008 DEC 2009 DEC 2010 DEC 2011 DEC 2012
2
Objective
32
Innovation
Customer service
Quality
Operating performance
34
Environment
Reduction in
lost-time accidents
(t C02e/sales in m)
Top Employer
Diversity
Percentage of women among
new hires on permanent
contracts
+40%
5,5
- 52%
16
- 31%
11
2,64
2007
2012
2007
2012
32%
23%
2009
2012
35
36
Valeo
Growth momentum
37
Stop-Start
Combustion engine
improvement
Transmission improvement
Energy efficiency
Examples of innovations
Power
electronics
i-StARS
Range
extenders
Restarter
Main drivers
Automated/connected
car
Examples of innovations
Park4U
Remote
Low-speed maneuvering
360Vue
/mega pixel
Multifunction
Touchscreen
39
8,800 employees
41
A world first
Superchargers go electric
43
Valeo
Growth momentum
44
14
+12.8%
12
+28.4%
-3.8%/year
10
10.9
11.8
9.6
8
6
4
2
0
2005
2006
2007
2008
2009
2010
2011
2012
45
Outperf.
+9pts*
Outperf.
+2pts*
(Detroit 3)
OE sales** +17%
Production +8%
South America
Europe
Perf.
0pt*
OE sales +2%
Production +2%
OE sales** -3%
Production -5%
Asia
-7pts*
OE sales** +14%
Production +4%
OE sales** -8%
Production -1%
* Like-for-like
** Valeo sales by destination
Note: Japanese car production heavily impacted by the 2011 earthquake
Outperf.
+10pts*
46
Asia
Outperf.
+9pts*
China
OE sales +8%
Production +9%
Japan
OE sales** -1%
Production +20%
OE sales** +16%
Production +7%
India
OE sales** +17%
Production +10%
Outperf.
+7pts*
South Korea
Outperf.
+10pts*
OE sales** +8%
Production -2%
4% of Asian sales
* Like-for-like
** Valeo sales by destination
47
2012
10 868
11 759
+8.2%
704
6.5%
725
6.2%
+3.0%
-0.3pt
0
0.0%
-0.5%
(53)
na
-0.5pt
704
6.5%
672
5.7%
-4.5%
-0.8pt
(71)
(35)
2
(103)
(30)
14
+45.1%
-14.0%
na
600
553
-7.8%
(148)
(146)
-1.4%
25%
27%
+2pts
(1)
(24)
(2)
(25)
na
na
427
3.9%
380
3.2%
-11.0%
-0.7pt
% of sales
427
3.9%
420
3.6%
-0.3pt
5.68
5.03
-11.4%
5.68
5.56
-2.1%
Sales (m)
Operating margin (m)
% of sales
Other income and expenses (m)
% of sales
Operating income (m)
% of sales
Cost of net debt (m)
Other financial expenses (m)
Share of net earnings of associates (m)
Out of which
Access Mecanism
capital loss and
carve out costs of 49m &
restructuring of 11m
-1.6%
48
50%
120
ROCE
40%
110
30%
100
20%
90
10%
80
70
0%
60
-10%
50
2008
-20%
2008
2009
2010
2011
2012
Valeo
Average
2009
2010
2011
2012
49
2012
11.9%
Powertrain
10.1%
Thermal
11.5%
Visibility
8.0%
14%
12%
10%
8%
6%
2008
2009
2010
2011
2012
50
(% of sales)
+23%
879
5.4%
717
5%
2011
635
540
Tangible
Capex
2012
177
2011
Capitalized R&D
244
2012
1.6%
2011
2.1%
2012
51
After investment and the impact of the European downturn on working capital
(m)
2011
2012
EBITDA
1,212
1,260
(29)
(49)
(66)
(52)
(37)
(233)
(236)
(169)
(70)
(186)
(60)
898
938
(666)
(857)
232
81
(57)
(66)
(402)
(195)
(227)
(180)
523
763
Restructuring costs
o/w:
Taxes
Pensions
52
2,052
1,260
763
763
Dette
nette
Net debt
Ebitda
EBITDA
Leverage: 0.6x
In m at December 31, 2012
* Excluding non-controlling interests
Dette
nette
Net debt
Capitaux
propres
Equity
Gearing: 37%
53
2 750
2 500
2 250
2 000
1 750
EMTNs
EIB financing
Syndicated loan
1 500
1 250
1 000
750
500
250
0
2013
2014
2015
2016
2017
2018
54
2013 outlook
Based on the following market assumptions for FY 2013:
Automotive production:
Europe: - 4%
World: + 1%
Performance higher than the market in each of the main production regions
Assuming an upturn in the European market in the second half of 2013, operating
margin in line with 2012 (in m), despite a decline in the first half of the year
as a result of market conditions
55
56
VALEO
+38%
DJ US AUTOPARTS
+22%
DJ Industrials
+16%
DJ STOXX AUTO
+11%
DAX
+9%
SBF 120
+8%
CAC 40
+8%
57
VALEO
+84%
DJ US AUTOPARTS
+27%
DJ Industrials
+14%
DJ STOXX AUTO
+9%
DAX
+3%
SBF 120
-25%
CAC 40
-30%
58
2011
1.40
per share
Payout ratio
25%
2012
+7%
1.50
per share
+5 points
Payout ratio
30%
59