Sales - Valeo

advertisement
H1-2003
RESULTS
Thierry Morin
Chairman and CEO
Key Figures
in million euros
„
Sales
„
Gross Margin
in % of sales
„
H1-2003
H1-2002
∆
4,846
5,184
- 6.5%
863
17.8%
888
17.1%
+0.7 pt
241
5.0%
240
4.6%
+ 0.4 pt
102
68
+ 50%
21%
27%
- 6 pt
Operating income
in % of sales
„
Net income
„
Gearing
Property of VALEO – Duplication prohibited
2
July 25, 2003
Sales
Sales
Variation
in million euros
5,184
Gross change
(6,5%)
4,846
Currency impact
(6,2%)
Net change
At constant currencies
(0,3%)
S1-2002
Property of VALEO – Duplication prohibited
S1-2002
4
July 25, 2003
Sales
Variation by continent
North America
Market
Europe
+1%
Valeo*
(4%)
(1%)
(12%)
Market
South America
Valeo*
Asia
+19%
+13%
+9%
+3%
Market
Valeo**
Market
Valeo*
* at constant currencies
** at constant currencies and inflation
Property of VALEO – Duplication prohibited
5
July 25, 2003
Results
Gross Margin
Quarterly improvement
in % of sales*
18.1%
2003
2002
17.5%
17.7%
16.5%
2001
Q1
Q2
Q3
Q4
* Quarterly data approved as sincere
Property of VALEO – Duplication prohibited
7
July 25, 2003
Gross margin
Half-yearly improvement
in % of sales*
2003
17.8%
17.6%
17.1%
2002
2001
17.0%
15.8%
S1
Property of VALEO – Duplication prohibited
S2
8
July 25, 2003
Gross margin
Industrial footprint rationalization
Europe
United States
(1)
(1)
Fort Worth
(Switches and
Detection System)
March 2001
170 sites
December 2001
143 sites
December 2002
140 sites
(4)
(4)
(1)
(1)
Barcelone (Lighting)
Jablonec (Wiring)
Transfert de Bietigheim (Wipers)
Sainte Savine (Switches
and Detection System)
Wiring
(4)
(4)
India
Wiring
Brazil
+1
+1
Sao Paulo Interlagos
(Switches and Detection System)
Argentina
(1)
(1)
Carmen de Areco
(Switches and Detection System)
Property of VALEO – Duplication prohibited
9
June 2003
130 sites
July 25, 2003
Gross margin
Supplier integration
Suppliers
Valeo Integrated Partners
3,500
2,700
98
80
Dec 02
June 03
Property of VALEO – Duplication prohibited
Dec 02
10
June 03
July 25, 2003
R&D
in million euros and in % of sales
309
296
Quarter*
152
144
6.0%
6.1%
6.2%
6.0%
H1-2002
H1-2003
Q1-2003
Q2-2003
* quarterly data approved as sincere
Property of VALEO – Duplication prohibited
11
July 25, 2003
SG & A
in million euros and in % of sales
339
326
Quarter*
167
159
6.5%
6.7%
6.9%
6.6%
H1-2002
H1-2003
Q1-2003
Q2-2003
* quarterly data approved as sincere
Property of VALEO – Duplication prohibited
12
July 25, 2003
Operating income
Quarterly improvement
in % of sales*
5.5%
2003
2002
4.5%
5.4%
3.8%
2001
Q1
Q2
Q3
Q4
* quarterly figures approved as sincere
Property of VALEO – Duplication prohibited
13
July 25, 2003
Operating income
Half-yearly improvement
in % of sales*
5.3%
2003
5.0%
4.6%
4.4%
2002
3.3%
2001
H1
Property of VALEO – Duplication prohibited
H2
14
July 25, 2003
Net income
in million euros
„
Operating income
in % of sales
„
Net financial charge
„
Other income
and expenses net
H1-2003
H1-2002
∆
241
5.0%
(17)
240
4.6%
+ 0.4 pt
(33)
(47%)
(67)
(4.7)
(22)
(45)
(50)
(4)
102
2.1%
(7)
Taxes
„ Goodwill
amortization
„
„
„
Minorities and
associated companies
Net income
in % of sales
Property of VALEO – Duplication prohibited
15
(60)
68
1.3%
+ 50%
July 25, 2003
Balance Sheet
& Cashflow
Cashflow
in million euros and in % of sales
Net income
+ depreciation
7.8%
Working capital
requirement
8.6%
2.4%
1.3%
H1-2002
H1-2003
Property of VALEO – Duplication prohibited
H1-2002
17
H1-2003
July 25, 2003
H1 Cash generation
„
Net operational cash (before restructuring)
+ 468
– o/w change in operating working capital
+ 20
„
Exceptional net cashflow (tax, …)
+86
„
Net CAPEX
(238)
„
Balance before restructuring
+ 316
„
Restructuring
(117)
„
Net cash from operating & investing activities
+ 199
Net debt down to 414 M euro
Property of VALEO – Duplication prohibited
18
July 25, 2003
Shareholder’s equity / Net debt
in millions euro
2,101
2,005
Gearing: 27%
Gearing: 21%
564
414
December 31, 2002
June 30, 2003
Shareholder’s Equity
Property of VALEO – Duplication prohibited
19
Net Debt
July 25, 2003
Outlook
Valeo in 2003
„
Significant order intake
„
Sales in line with market
„
Continuing operating improvement
Property of VALEO – Duplication prohibited
21
July 25, 2003
Order intake
Ratio to Sales
1.3
1.2
1.0
2001
Property of VALEO – Duplication prohibited
2002
22
S1-2003
July 25, 2003
Order intake
Growth drivers
North America competitiveness
S1-2002
0.4
1.7
S1-2003
Technological attractiveness
2.0
S1-2002
2.4
S1-2003
Japanese market penetration
S1-2002
S1-2003
Property of VALEO – Duplication prohibited
23
1.7
2.5
July 25, 2003
Awards
EPCOS/SIA award of technological innovation
Third year in a row
„
Electronically interfaced alternator
Customer awards
„
„
„
„
„
Transmissions Korea Division – Hyundai/Kia Motors
Electrical Systems Mexico Division – Ford
Valeo Service – Groupe Auto Union - 2nd year in a row
Achievement Award from Toyota - Yaris headlamps
Logistics of Wipers Systems Spain Division – GM
Property of VALEO – Duplication prohibited
24
July 25, 2003
Valeo in 2003
„
Significant order intake
„
Sales in line with market
„
Continuing operating improvement
Property of VALEO – Duplication prohibited
25
July 25, 2003
Download