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Valeo

Investor Presentation • Oct 22, 2010

1737_iss_2010-10-22_1285e766-36c4-40cd-a8a7-bc412605409c.pdf

Investor Presentation

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Q3-2010 SalesJacques ASCHENBROICH – CEO

October 21, 2010

Valeo revises upwards its 2010 operating margin guidance2nd half margin level higher than that of the 1st half(% of sales)

Third quarter

Increase in consolidated sales of 22%

+16% like-for-like

Third quarter and first nine months of the year

  • Outperformance of OE sales vs global automotive production
  • Outperformance of OE sales of the Business Groups

Outlook for full-year 2010

  • Sales higher than 9.4 billion euros
  • Operating margin level1of 2nd half slightly higher than 1st half
  • Free cash flow2of around 400 million euros
  • Net cash flow3of around 340 million euros

1 Operating income less other income and expenses

2 Free cash flow corresponds to net operating cash flow less net disbursements on tangible/intangible assets. This indicator is therefore calculated before payment of interest payments.

3 Net cash flow corresponds to free cash flow less interest payments and after taking into account other financial flows

Automotive production back to pre-crisis levelEconomic environment per region

Fundamental shift of automotive production towards Asian market

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* JD Power estimates

Strong performance of Q3 sales on a like-for-like basisIn euro million

*Exchange rates: Appreciation vs Euro (change YoY): JPY (+21%), BRD (+18%), Won (+16%), CNY (+12%), USD (+11%)

Strong improvement of OE and Aftermarket sales

In euro million and YoY variation

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*At same perimeter and exchange rates

+23%*Europe+45%*Asia+13%*South America+72%*North AmericaProduction +54%**World 9 monthsValeo OE Sales* +31%Production** +30%Production +17%**Production +33%**Production +15%**Outperformance in our main regions OE sales vs automotive production (YTD)* Light vehicle OE sales at same perimeter & exchange rates ** JD Power estimates

Outperformance in Asia

Asian OE sales vs automotive production (YTD)

Rebalanced geographical exposureIn % of OE sales(YoY)

Rebalanced geographical exposureIn % of OE sales(YTD)

BG outperformance

OE sales performance vs worldwide automotive production (YoY)

Q3-10 Sales I11

Worldwide Production**(YoY) +12%

BG outperformanceOE sales performance vs worldwide automotive production (YTD)Worldwide Production** (YoY)+30%

Continued evolution of client exposure

In % of OE sales(YTD)

2009

2010

* Excluding Nissan

** Including Nissan

Outlook 2010

Q3-10 Sales I14

October 21, 2010

2010 business environment & developments

Given market's perspectives

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* figures disclosed September 27, 2010

And thanks to Valeo's capacity to:

  • outperform its main markets
  • keep costs under strict control while maintaining the flexibility of the cost structure
  • deploy as planned the new organization around 4 Business Groups

Valeo revises upwards its 2010 operating margin guidance2nd half margin level higher than that of the 1st half(% of sales)

Third quarter

Increase in consolidated sales of 22%

+16% like-for-like

Third quarter and first nine months of the year

  • Outperformance of OE sales vs global automotive production
  • Outperformance of OE sales of the Business Groups

Outlook for full-year 2010

  • Sales higher than 9.4 billion euros
  • Operating margin level1of 2nd half slightly higher than 1st half
  • Free cash flow2of around 400 million euros
  • Net cash flow3of around 340 million euros

1 Operating income less other income and expenses

2 Free cash flow corresponds to net operating cash flow less net disbursements on tangible/intangible assets. This indicator is therefore calculated before payment of interest payments.

3 Net cash flow corresponds to free cash flow less interest payments and after taking into account other financial flows

Contact

Investor Relations

Thierry Lacorre

43, rue BayenF-75848 Paris Cedex 17FranceTel.: +33 (0) 1.40.55.37.93Fax: +33 (0) 1.40.55.20.40E-mail: [email protected] site: www.valeo.com

Share Information

Share Data

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ADR Data

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Quarterly informationin € million

Sales by segments

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