Valeo — Investor Presentation 2011

Feb 24, 2011

FY-2010 ResultsJacques Aschenbroich – CEO

February 24, 2011

2010 highlights

Sales of €4,845 m increasing by 20%

Operating margin(1) of €325 m (6.7% of sales)

Net result of €197 m (4.1% of sales)

ROCE(4)of 32%

FY-10 highlights

Ahead of the strategic plan disclosed in March 2010

• Sales of €9,632 m increasing by 28%
• Operating margin(1) of €617 m (6.4% of sales)
• Net result of €365 m (3.8% of sales)
• Earning per share of €4.86
• ROCE(4) > 32%
• Net cash(2) generation of €440 m
• Net debt(3) lowered by €444 m at €278 m as of December 31, 2010
• Order intake at record level of €12.5 bn
• Dividend distribution of €1.20 per share to be proposed

FY-10 Key figures

	H 2 0 9 -	H 2 1 0 -	▲	F Y 0 9 -	F Y 1 0 -	▲
T l l t ( ) o a s a e s M €	4 0 2 7 ,	4 8 4 5 ,	2 0 % +	4 9 9 7 ,	9 6 3 2 ,	2 8 % +
O E S l a e s ( M € )	3 2 8 6 ,	3 9 9 5 ,	2 2 % +	6 0 2 9 ,	7 9 5 2 ,	3 2 % +
O i i t p e r a n g m a r g n ( M € ) ( 1)	1 8 4	3 2 5	7 7 % +	1 3 3	6 1 7	3 6 4 % +
f s les % as o a	4. 6 %	6. 7 %	P 2. 1 t +	1. 8 %	6. 4 %	P 4. 6 t +
N l	6 0	1 9 7	2 2 8 %	1 3	3 6	N A
t t e r e s ( M € ) u			+	( ) 5	5
f s % les as o a	1. 5 %	4. 1 %	2. 6 P t +	-2 0 %	3. 8 %	5. 8 P t +
( E i h ) a r n n g p e r s a r e €	0 9 7	2 6 3	1. 8 4 +	( ) 2 0 4	4 8 6	6 9 0 +
O C R E ( 4)	7 %	3 2 %	P 2 5 t + s	7 %	3 2 %	P 2 5 t + s
E B I T D A ( f s ) % les as o a ( 5)	1 1. 0 %	1 2 1 %	1. 1 P t +	8 9 %	1 1. 9 %	3 0 P t +
N h f l t e c a s o ( M € ) w ( 2)	1 4 8	1 9 9	3 4 % +	9 9	4 4 0	3 4 4 % +
N f i i l d b t t e n a n c a e ( M € )	2 2 7	2 8 7	6 1 % -	2 2 7	2 8 7	6 1 % -

H2-10 Results

Continuing improvement of OE & Aftermarket sales in H2In euro million and YoY variation

	H 2 0 9 -	H 2 1 0 -	▲
O i i l E i t r g n a q u p m e n % f l a s o s a e s	3 2 8 6 , 8 2 %	5 3 9 9 , 8 2 %	2 2 % +	1 6 % * +
A f k t t e r m a r e % f l a s o s a e s	6 2 6 1 5 %	7 2 3 1 % 5	1 % 5 +	* 1 2 % +
i M l l s c e a n e o s u f l % a s o s a e s	1 1 5 3 %	1 2 7 3 %	1 0 % +	% * 5 +
S l a e s	4 0 2 7 ,	4 8 4 5 ,	2 0 % +	1 % * 5 +

*At same perimeter and exchange rates

February 24, 2011I 8

FY-10 Results ^I

Rebalanced geographical exposureIncreasing position in Asia at 20% of OE sales

* In % of OE light vehicle sales

H2-10 Key figures

	H 2 0 9 -	H 2 1 0 -	▲
T l l t o a s a e s ( M € )	4 0 2 7 ,	4 8 4 5 ,	2 0 % +
O E S l ( M € ) a e s	3 2 8 6 ,	3 9 9 5 ,	2 2 % +
O i i t p e r a n g m a r g n ( M € ) ( 1)	1 8 4	3 2 5	7 7 % +
f s % les as o a	4. 6 %	6. 7 %	2. 1p ts +
N l t t e r e s ( M € ) u	6 0	1 9 7	2 2 8 % +
f s % les as o a	1. 5 %	4. 1 %	2. 6p ts +
E i h a r n n g p e r s a r e	0 9 7	2 6 3	1. 8 4 +
R O C E ( 4)	% 7	3 2 %	2 P 5 t + s
E B I T D A ( % f s les ) ( 5) as o a	1 1 %	1 2 1 %	1. 1 t + p
f N h l t ( ) e c a s o w M € ( 2)	1 4 8	1 9 9	3 4 % +
N f i i l d b t t e n a n c a e ( M € )	2 2 7	2 8 7	6 1 % -

Profitability: continuing improvement in H2

Highest operating margin(1) and net result recorded over the last 11 years

-400

2010 Results

February 24, 2011I 12

Outperforming our main markets

FY-10 Results ^I

Automotive production higher than pre-crisis levelFundamental shift towards Asian markets

L i h h i l d i * t t g v e c e s p r o u c o n ( f ) i l l i h i l m o n o e c e s v	F Y -0 7	F Y -0 8	F Y -0 9	F Y -1 0	▲ F Y / -1 0 0 9	▲ F Y / -1 0 0 7
E u r o p e	2 2 6	2 1. 5	1 7 1	1 9 7	1 5 % +	1 3 % -
A i s a	2 9 0	5 2 9	3 0 1	3 8 3	2 8 % +	3 2 % +
N h A i t o r m e r c a	5 1 0	1 2 6	5 8	1 1. 9	3 9 % +	2 1 % -
S h A i t o m e r c a u	3 6	3 7	3 7	4 1	1 2 % +	1 5 % +
W l d i d o r w e	7 0 2	6 7 3	5 9 4	7 4 0	5 2 % +	5 % +

* JD Power estimates

Performance of FY sales on a like-for-like basisIn euro million

OE and Aftermarket sales

In euro million and YoY variation

	F Y 0 9 -	F Y 1 0 -	▲
O i i l E i t r g n a q u p m e n % f l a s o s a e s	6 0 2 9 , 8 0 %	9 5 2 7 , 8 3 %	3 2 % 2 % * 7 + +
A f k t t e r m a r e % f l a s o s a e s	1 2 4 2 , 1 % 7	1 4 4 5 , 1 % 5	1 6 % * 1 4 % + +
M i l l s c e a n e o s u f % l a s o s a e s	2 2 8 3 %	2 3 5 2 %	3 % 4 % * + -
S l a e s	7 4 9 9 ,	9 6 3 2 ,	2 8 % 2 4 % * + +

*At same perimeter and exchange rates

February 24, 2011I 17

FY-10 Results ^I

Outperforming Asian market by 8 Pts

Rebalanced geographical exposureIncreasing position in Asia at 19% of OE sales

Continued evolution of customers exposureIncreasing position towards German and Asian customers

In % of OE sales

2007 2010

* Excluding Nissan

** Including Nissan

BG outperformance

Worldwide Production** (YoY)+25%

OE sales in line or higher than automotive production

Order intake at record high€12.5 bn in 2010

Order Intake / OE Sales ratio

Operating margin(1) at 6.4% of sales and net result at 3.8% of sales

FY-10 Results ^I

FY-10 resultsOperating margin(1) at 6.4% of sales

I i l l i n e u r o m o n	F Y 0 9 -	F Y 1 0 -	▲
T l l t o a s a e s	4 9 9 7 ,	9 6 3 2 ,	2 8 % +
G i r o s s m a r g n	1 1 3 8 ,	1 3 7 5 ,	3 % 5 +
f l % o s a e s	1 5 2 %	1 8. 0 %	2 8 t p s +
N R & D t e	( ) 4 7 3	( ) 5 3 7	1 4 % +
f l % o s a e s	6. 3 % -	5 6 % -	0. 7 t p -
S G & A e x p e n s e s	( ) 3 2 5	( ) 8 1 5	9 % +
f l % o s a e s	7. 1 % -	6 0 % -	1. 1 t p -
O i i t p e r a n g m a r g n ( 1)	1 3 3	6 1 7	3 6 4 % +
% f l o s a e s	1. 8 %	6. 4 %	4 6 t p s +
O i i t p e r a n g n c o m e	8 4	9 0 5	6 0 2 % +
% f l o s a e s	1. 1 %	6. 1 %	0 5 t p s +
N l t t e r e s u	( ) 1 3 5	3 6 5	n a
f % l o s a e s	2 0 % -	3 8 %	8 5 t p s +

Gross margin walkdownAs % of sales

2010 raw material headwind€1.3 bn of raw material purchased

Gross margin improvement

Streamlining the organization for a lightened cost structure

Sales(in € million)

February 24, 2011I 27

Operating margin(1) walkdownAs % of sales

FY-10 Results ^I

Net R&D expenses

R&D efforts sustained to comply with order intake at record high

SG&A expenses

New organization implementation on track

February 24, 2011I 30

Worldwide headcount evolutionCost structure adapted to industrial footprint

vs situation end of H1-2008

Mature countries

Competitive cost countries

Break even point under strict control at €7.6 bnBelow the €8 bn target, in a context of a strong activity recovery

	2 0 1 0 2 0 0 9 v s	2 0 1 0 2 0 0 7 v s
S l	2 8 % +	1 % +
a e s	€ 2 1 b + n	€ 0 1 b + n
B k i t	% 7 +	1 0 % -
r e a e v e n p o n	€ b 0 5 + n	€ b 0 8 n -
F i d t e c o s s x	7 % +	8 % -
i / i M b l t a r g n v a r a e c o s s	0 2 t p -	0 5 t p +
O i i t p e r a n g m a r g n ( 1)	4 6 t p s +	2 8 t p s +

EBITDA(5)Convergence of BG operating performance

2007 2008 2009 20107,4999,632Sales(in € million)8,6779,567

2010Comfort & Driving Assistanceas % of sales 11.5 %Powertrainas % of sales 11.1 %Thermalas % of sales 12.5 %Visibilityas % of sales 11.2%TOTAL 11.9 %

FY-10 Results

Improvement of the net income to 3.8% of sales

I € i l l i n m o n	F Y 0 9 -	F Y 1 0 -	▲
T l l t o a s a e s	7 4 9 9 ,	9 6 3 2 ,	2 8 % +
O i i t p e r a n g m a r g n ( 1) f l % a s o s a e s	1 3 3 1. 8 %	6 1 7 6. 4 %	3 6 4 % + 4 6 t p s +
O h i & t e r n c o m e e p e n s e s x f % l a s o s a e s	( ) 4 9 0. % 7 -	( ) 2 7 0. 3 % -	4 5 % - 0. 4 t p +
O i i t p e r a n g n c o m e f l % a s o s a e s	8 4 1. 1 %	9 0 5 6. 1 %	% 6 0 2 + 5 0 t p s +
C f d b t t t o s o n e e O h f i i l t e r n a n c a e p e n s e s x A i t s s o c a e s	( ) 6 0 ( ) 5 7 ( ) 3 4	( ) 6 7 ( ) 3 2 ( ) 1	1 2 % + 4 4 % - n a
f I b t n c o m e e o r e a e s x	( ) 6 7	4 9 0	n a
T a e s x E f f i t t t e c e a r a e v x N i i i i t t t t o n s r a e g c a c v e s M i i i d h t t t t n o r y n e r e s a n o e r s	( ) 7 9 n a 0 ( ) 7	( ) 1 0 4 2 1 % ( ) 2 ( ) 1 9	3 2 % + n a n a n a
N i t e n c o m e	( ) 1 5 3	3 6 5	n a

ROCE(4)higher than 30%

Capital turnover of 5.0Strict management of capital employed

ROCE2010 profitability reaching 2013 financial targets

	F Y 0 7 -	F Y 0 9 -	F Y 1 0 -	2 0 1 3 t t a r g e s ( Ma h 2 0 1 0, rc ) Inv to 's da es r y
T l l t o a s a e s	€ b 9 6 n	€ 5 b 7 n	€ b 9 6 n	€ b 1 0 0 n
O i i t p e r a n g m a r g n ( 1)	3 6 %	1 8 %	6 4 %	6 % 7 -
C i l t t a p a r n o e r u v	4 0	4 0	5 0	5 0
C R O E ( 5)	1 4 %	7 %	3 2 %	≥ 3 0 %

Net cash flow(2) generationof €440 m

FY-10 Results ^I

Strong net cash flow(2) generation of €440 MKey factors

Cash generation of €440 m

i € i l l i n m o n	F Y 0 9 -	F Y 1 0 -	▲
E B I T D A ( 5)	6 0 7	1 1 0 5 ,	2 % 7 +
O i k i i l t t p e r a n g o r n g c a p a w	2 1 4	3 1	8 5 % -
R i & i l t t t e s r u c u r n g s o c a c o s s	( ) 1 6 5	( ) 2 7	6 % 5 -
O h i l i t t t e r o p e r a o n a e m s	( ) 1 2 0	( ) 1 1 8	2 % -
C a p e x	( ) 4 4 4	( ) 4 6 4	4 % +
f F h l r e e c a s o w	1 5 5	5 2 7	2 4 1 % +
I t t n e r e s	( ) 4 8	( ) 2 5	8 % +
O h f i i l i t t e r n a n c a e m s	( ) 8	( ) 3 5	3 3 9 % +
N h f l t e c a s o w ( 2)	9 9	4 4 0	3 4 4 % +
f N i i l d b t t( e n a n c a e 3)	7 2 2	2 7 8	6 1 % -

Debt reduction of €444 m coherent with our target: back to investment grade

FY-10 Results ^I

February 24, 2011I 44

Financial resources after convertible reimbursementAfter January 1, 2011

February 24, 2011I 45

FY-10 Results ^I

FY-10 highlights

Ahead of the strategic plan disclosed in March 2010

• Sales of €9,632 m increasing by 28%
• Operating margin(1) of €617 m (6.4% of sales)
• Net result of €365 m (3.8% of sales)
• Earning per share of €4.86
• ROCE(4) > 32%
• Net cash(2) generation of €440 m
• Net debt(3) lowered by €444 m at €278 m as of December 31, 2010
• Order intake at record level of €12.5 bn
• Dividend distribution of €1.20 per share to be proposed

Acquisition of Niles

FY-10 Results ^I

Niles, a leading player in Asia

Niles key figures (January to December 2010)

• Sales : ~ €435 m
• EBITDA > 13%
• Operating margin >7%
• Employees : ~3,500 (60% in competitive countries)

A comprehensive product portfolio in Interior Controls

• Steering Column Switches
• Switches for Interior trim
• Door Switches
• Power Train and Pedal

Niles, a leading player in Asia

Rationale

• Increase exposure of Valeo in Asia
• Rebalance Comfort and Driving Assistance customer portfolio
• Cost synergies higher than 2% of sales

Valeo, new worldwide leader in Interior Controls

Transaction

• Acquisition of: 77.9% stake from RHJ 20 % stake from Nissan
• Enterprise Value: €320 m
• "Debt like items"* : €146 m

*to be adjusted at closing

Multiples

• EV/sales: 0.74x
• EV/EBITDA: < 5.7x

February 24, 2011 I 49FY-10 Results ^I

Rebalanced geographic exposureNiles, a perfect match with Valeo

Rebalanced customer portfolio Niles, a perfect match with Valeo

Interior Control OEM sales

FY-10 Results ^I

2011 outlook

February 24, 2011I 52

2011 market assumptions

Automotive production

( h Y Y ) c a n g e o	F l l e a r u y
( f ) E & A i u r o p e r c a	0 %
A i ( & h ) t s a o e r s	5 % +
N h A i t o r m e r c a	8 % +
S h A i t o m e r c a u	% 7 +
W l d i d o r e w	5 % +

Raw material

	2 0 1 1
i U d l t t n e r c u r r e n r a w m a e r a	i i k d t t m a r e c o n o n s
\$ / A l i ( T ) m n m u u \$ C ( / T ) o p p e r \$ ( / ) Z i T n c	2 0 0 5 , 9 5 0 0 , 2 4 0 0 ,

Valeo raw material risk management policy

LME

• Pass through for 65% of purchasing
• Balance (35%) hedged with 6 months rolling forward derivative contracts

FY: 85% of risk neutralized

Steel

• Pass through for 50% of purchasing
• Non quoted commodity

FY: pass through for 50%

INVESTOR DAY

March 9, 2011In Paris

FY-10 Results ^I

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: thierry.lacorre@valeo.comWeb site: www.valeo.com

Share Information

Share Data

B l b T i k o o m e r g c e r	F R F P
R T i k t e e r s c e r u	O V L F P A
S I I N N b m e r u	F R 0 0 0 1 3 0 3 3 8
S h d i 3 1 1 2 2 0 1 0 t t a r e s o s a n n g a s p e r u	8 2 0 9 6 1 7 7 , ,

ADR Data

/ T i k d i b l t c e r r a n g s m o y C S U I P N b m e r u E h c a n g e x R i A D R d t a o o r :	V L E E Y 9 1 9 1 3 4 3 0 4 O C T 1 2 :
( ) D i B k t e p o s a r y a n	J P M o r g a n

(1) Operating margin corresponds to operating income less other income and expenses

(2) Net cash flow corresponds to free cash flow less financial expenses and after taking into account the payment of dividends and financial flows relating to mergers and acquisitions.

(3) Net financial debt includes all long-term financial debts, short-term credits and bank overdrafts, less loans and other long-term financial assets, cash and cash equivalents

(4) ROCE corresponds to operating margin/capital employed less goodwill calculated over the last 12 months

(5) EBITDA corresponds to operating income before amortization of tangible and intangible assets and depreciation.

Statements contained in this report, which are not historical fact, constitute «Forward-Looking Statements.» Actual results may differ materially due to numerous important factors. Such factors include, among others, the cost and timing of implementing restructuring actions, the company's ability to generate cost savings or manufacturing efficiencies to offset or exceed contractually or competitively required price reductions, conditions in the automotive industry, and certain global and regional economic conditions. The company assumes no responsibility for any analysts'estimates and any other information prepared by third parties which we may reference in this report. Valeo does not intend or assume any obligation to review or confirm analysts' estimates or to update any forward-looking statement to reflect events or circumstances after the date of this report.

Back-up

Quarterly informationin € million

Sales by segments

	Q 1 1 0 -	Q 2 1 0 -	Q 3 1 0 -	Q 4 1 0 -
C f d D i i A i t t o m o r a n r v n g s s s a n c e	4 0 8	4 4 0	4 1 8	4 3 8
i S P t t o w e r r a n y s e m s	6 3 6	7 0 8	6 2 5	7 1 4
T h l S t e r m a y s e m s	6 9 3	5 7 4	5 7 3	5 7 1
S V i i b i l i t t s s e m s y y	5 9 1	5 9 5	5 4 7	6 2 1
T l l t o a s a e s	2 3 0 9 ,	2 4 7 8 ,	2 3 4 2 ,	5 2 0 3 ,

OE & aftermarket sales

	Q 1 1 0 -	Q 2 1 0 -	Q 3 1 0 -	Q 4 1 0 -
S O E l a e s	1, 8 9 8	2 0 5 9 ,	1, 9 2 9	2 0 6 6 ,
A f k t t e r m a r e	3 5 1	3 7 1	3 6 0	3 6 3
M i l l s c e a n e o u s	6 0	4 8	5 3	7 4
T l l t o a s a e s	2 3 0 9 ,	2 4 8 7 ,	2 3 4 2 ,	2 5 0 3 ,

Half year P&L

	2 0 0 8		2 0 0 9		2 0 1 0
( in € i l l ion ) m	H 1	H 2	H 1	H 2	H 1	H 2
To l s les ta a	4, 8 4 8	3, 8 2 9	3, 4 7 2	4, 0 2 7	4, 7 8 7	4, 8 4 5
G in ro ss m ar g	7 9 7	5 3 0	4 5 3	6 8 5	8 5 6	8 7 9
% f s les as o a	1 6. 4 %	1 3. 8 %	1 3. 0 %	1 0 % 7.	1 9 % 7.	1 8. 1 %
R & D d itu ex p en res	( ) 2 7 6	( ) 2 2 5	( ) 2 3 4	( ) 2 3 9	( ) 2 6 7	( ) 2 7 0
Se l l ing & dm in is ive tra t a ex p en se s	( 3 1 8 )	( 2 8 ) 7	( 2 0 ) 7	( 2 6 2 )	( 2 9 7 )	( 2 8 4 )
O he inc & t r om e ex p en se s	( ) 2 1	( ) 2 6 1	( ) 3 7	( ) 1 2	( ) 3 1	4
O in in t p er a g co m e	1 8 2	( ) 2 3 4	( ) 8 8	1 7 2	2 6 1	3 2 9
% f s les as o a	3. 8 %	6. 1 % -	2. 5 % -	4. 3 %	5. 5 %	6. 8 %
Co f n de b t o t t s e	( 2 2 )	( 2 3 )	( 2 1 )	( 3 9 )	( 3 2 )	( 3 5 )
O f he ina ia l inc d e t r nc om e a n xp en se s	( ) 6	( ) 5 3	( ) 3 7	( ) 2 0	( ) 1 4	( ) 1 8
Eq ity in ing f a ia t e tes u ne ar n s o ss oc	7	2	( ) 4 0	6	1 1	( 1 2 )
In be fo in ta co m e re co m e xe s	1 6 1	( 3 0 8 )	( 1 8 6 )	1 1 9	2 2 6	2 6 4
Inc tax om e es	( ) 5 6	5	( ) 2 6	( ) 5 3	( 4 ) 7	( 5 ) 7
In fro in in t co m e m c on u g io t op er a ns	1 0 5	( ) 3 0 3	( ) 2 1 2	6 6	1 9 7	2 0 7
No ic iv it ies tra teg t n-s ac	( ) 1	0	1	( ) 1	( ) 2	0
in fo io Ne t t he d co m e r p er	1 0 4	( ) 3 0 3	( ) 2 1 1	6 5	1 7 7	2 0 7
M ino ity int t r er es	( 4 )	( 4 )	( 2 )	( 5 )	( 9 )	( 1 0 )
Ne in t co m e	1 0 0	( 3 0 7 )	( 2 1 3 )	6 0	1 6 8	1 9 7

Highlights by segmentH1-09 and H1-10

( of e s) In m illio ns uro	Co mf nd t a or Dr ivi sis tan ng as ce Sy ste ms	Po ain rtr we Sy ste ms	Th al erm Sy ste ms	Vis ibi lity Sy ste ms	Ot he r	TO TA L
Fir lf 2 st- ha 01 0
Ne ale t s s	84 8	1 3 44	1 4 47	1 1 86		4 7 87
for th (ex clu din Gr ) nt e s eg me g ou p ·	83 2	1 3 33	1 4 37	1 1 74	11	4 7 87
int les ( Gr ) nt ers eg me sa ou p ·	16	11	10	12	( 49 )	-
(1) EB ITD A	10 0	13 1	19 3	13 5	5	56 4
% les sa	11 .8%	9.7 %	13 .3%	11 .4%		11 .8%
Ne h a nd de lop nd itu t re nt Inv in ibl nd in ible tm se arc ts tan ve me tan ex pe re es en g e a g	( ) 69	( ) 74	( ) 67	( ) 63	6	( 7) 26
for th eri od ts as se e p	60	60	36	42	2	20 0
(2) Se nt ts g me as se	8 3 2	1 1 6 6	1 0 43	97 2	3 6	4 0 49
Fir lf 2 st- ha 00 9
Ne ale t s s	62 7	95 1	1 0 12	90 4		3 4 72
for th (ex clu din Gr ) nt e s eg me g ou p ·	61 3	94 2	1 0 11	89 6	10	3 4 72
int les ( Gr ) nt ers eg me sa ou p ·	14	9	1	8	( 32 )	-
(1) EB ITD A	38	86	62	41	2	22 9
% les sa	6.1 %	9.0 %	6.1 %	4.5 %		6.6 %
Ne h a nd de lop nd itu t re nt Inv in ibl nd in ible tm se arc ts tan ve me tan ex pe re es en g e a g	( ) 60	( ) 53	( ) 65	( ) 56	-	( 4) 23
for th eri od ts as se e p	58	83	37	57	2	23 7
(2) Se nt ts g me as se	78 3	1 1 0 3	9 0 8	97 6	26	3 79 7

Highlights by segmentH2-09 and H2-10

	Co mf d ort an
( In m illio of e s) ns uro	Dr ivi sis tan ng as ce Sy ste ms	Po ain rtr we Sy ste ms	Th al erm Sy ste ms	Vis ibi lity Sy ste ms	Ot he r	TO TA L
Se alf nd -h 20 10 co
Ne ale t s s	85 6	1 3 39	1 4 86	1 1 68		4 8 45
for th (ex clu din Gr ) nt e s eg me g ou p ·	84 3	1 3 27	1 4 73	1 1 52	50	4 8 45
int les ( Gr ) nt ers eg me sa ou p ·	13	12	13	16	( 54 )	-
(1) EB ITD A	96	16 6	17 4	12 9	21	58 6
% les sa	11 .2%	12 .4%	11 .7%	11 .0%		12 .1%
Ne h a nd de lop nd itu t re nt se arc ve me ex pe re	( 71 )	( 72 )	( 66 )	( 58 )	( 3)	( 27 0)
Inv in ible d i ible tm ts tan nta es en g an ng	67	98	52	47	4	26 8
(2) Se t a ets gm en ss	86 2	1 1 70	1 0 33	92 9	36	4 0 30
Se alf nd -h 20 09 co
Ne ale t s s	71 7	1 0 60	1 2 46	1 0 34		4 0 27
for th (ex clu din Gr ) nt e s eg me g ou p ·	70 2	1 0 57	1 2 32	1 0 26	10	4 0 27
int les ( Gr ) nt ers eg me sa ou p ·	15	3	14	8	( ) 40	-
(1) EB ITD A	68	12 1	11 8	10 5	29	44 1
% les sa	9.5 %	11 .4%	9.5 %	10 .2%		11 .0%
Ne h a nd de lop nd itu t re nt se arc ve me ex pe re	( 58 )	( 73 )	( 59 )	( 54 )	5	( 23 9)
Inv in ible d i ible tm ts tan nta es en g an ng	54	84	49	53	2	24 2
(2) Se t a ets gm en ss	80 0	1 1 27	90 8	95 9	34	3 8 28

Highlights by segmentFY-09 and FY-10

( In m illio of e s) ns uro	Co mf ort d an Dr ivi sis tan ng as ce Sy ste ms	Po ain rtr we Sy ste ms	Th al erm Sy ste ms	Vis ibi lity Sy ste ms	Ot he r	TO TA L
20 10
Ne ale t s s	1 7 04	2 6 83	2 9 33	2 3 54		9 6 32
t (e lud ing G ) · se gm en xc rou p	1 6 75	2 6 6 0	2 9 10	2 3 26	61	9 6 32
int ( Gr ) · nt ers eg me ou p	29	23	23	28	( 10 3)	-
(1) EB ITD A	19 6	29 7	3 67	26 4	26	1 1 50
% les sa	11 .5%	11 .1%	12 .5%	11 .2%		11 .9%
Re h a nd de lop nt nd itu t se arc ve me ex pe re, ne Inv in lan nd uip d tm ts rty t a nt es en pro pe , p eq me an	( 14 0 )	( 14 6 )	( 13 3 )	( 12 1 )	3	( 7) 53
int ible ts an g as se	12 7	15 8	8 8	8 9	6	46 8
(2) Se t a ets gm en ss	86 2	1 1 70	1 0 33	92 9	36	4 0 30
20 09
Ne ale t s s	1 3 44	2 0 11	2 2 58	1 9 38		7 4 99
t (e lud ing G ) · se gm en xc rou p	1 3 15	1 9 99	2 2 43	1 9 22	20	7 4 99
( Gr ) · int nt ers eg me ou p	29	12	15	16	( ) 72	-
(1) EB ITD A	10 6	20 7	18 0	14 6	31	67 0
% les sa	7.9 %	10 .3%	8.0 %	7.5 %		8.9 %
Re h a nd de lop nd itu nt t se arc ve me ex pe re, ne Inv in lan nd uip d tm ts rty t a nt es en pro pe , p eq me an	( 11 8)	( 12 6)	( 12 4)	( 11 0)	5	( 47 3)
int ible ts an g as se	11 2	16 7	86	11 0	4	47 9
(2) Se t a ets gm en ss	80 0	1 1 27	90 8	95 9	34	3 8 28