VALEO

FR
Real-time Quote. Real-time  - 07/30 11:35:29 am
24.38EUR -0.97%

Valeo : Financial statement at June 30, 2021 – H1 2021 Results

07/22/2021 | 12:58pm

4. CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2021

  1. CONSOLIDATED STATEMENT OF INCOME
  2. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
  3. CONSOLIDATED STATEMENT OF FINANCIAL POSITION
  4. CONSOLIDATED STATEMENT OF CASH FLOWS
  5. CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
  6. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Note 1 Accounting policies

Note 2 Significant events of the period

Note 3 Segment reporting

Note 4 Operating data

Note 5 Personnel expenses and employee benefits

Note 6 Intangible assets and property, plant and equipment

Note 7 Other provisions and contingent liabilities

Note 8 Financing and financial instruments

Note 9 Income taxes

Note 10 Stockholders' equity and earnings per share

Note 11 Breakdown of cash flows

2

3

4

5

6

7

7

10

11

14

17

18

20

22

30

30

31

Valeo - 2021 Half-year Financial Report

1

4.1. Consolidated statement of income

(in millions of euros)

Notes

First-half 2021

First-half 2020

SALES

4.1

8,994

7,058

Cost of sales

4.2

(7,408)

(6,551)

Research and Development expenditure

4.3.1

(756)

(928)

Selling expenses

(132)

(134)

Administrative expenses

(283)

(285)

OPERATING MARGIN

415

(840)

as a % of sales

4.6%

(11.9)%

Share in net earnings (losses) of equity-accounted companies

4.3.2

(119)

(166)

OPERATING MARGIN INCLUDING SHARE IN NET EARNINGS (LOSSES)

4.3

296

(1,006)

OF EQUITY-ACCOUNTED COMPANIES

as a % of sales

3.3 %

(14.3)%

Other income and expenses

4.4.2

(29)

(135)

OPERATING INCOME (LOSS) INCLUDING SHARE IN

4.4.1

267

(1,141)

NET EARNINGS (LOSSES) OF EQUITY-ACCOUNTED COMPANIES

Cost of net debt

8.4.1

(28)

(33)

Other financial income and expenses

8.4.2

6

(22)

INCOME (LOSS) BEFORE INCOME TAXES

245

(1,196)

Income taxes

9

(114)

(24)

NET INCOME (LOSS) FOR THE PERIOD

131

(1,220)

Attributable to:

Owners of the Company

90

(1,215)

Non-controlling interests

41

(5)

Attributable earnings per share:

Basic earnings per share (in euros)

10.2

0.38

(5.08)

Diluted earnings per share (in euros)

10.2

0.37

(5.08)

The Notes are an integral part of the condensed interim consolidated financial statements.

Valeo - 2021 Half-year Financial Report

2

4.2. Consolidated statement of comprehensive income

(in millions of euros)

First-half 2021

First-half 2020

NET INCOME (LOSS) FOR THE PERIOD

131

(1,220)

Share of changes in comprehensive income from equity-accounted companies that may

(2)

1

subsequently be recycled to income

-

-

o/w income taxes

Translation adjustment

90

(118)

Cash flow hedges:

49

Gains (losses) taken to equity

(14)

(Gains) losses transferred to income for the period

(36)

19

o/w income taxes

3

2

OTHER COMPREHENSIVE INCOME (LOSS) THAT MAY SUBSEQUENTLY BE RECYCLED

101

(112)

TO INCOME

Share of changes in comprehensive income from equity-accounted companies that may not subsequently be recycled to income

o/w income taxes

Actuarial gains (losses) on defined benefit plans

o/w income taxes

Remeasurement of long-term investments

o/w income taxes

OTHER COMPREHENSIVE INCOME (LOSS) THAT MAY NOT SUBSEQUENTLY BE RECYCLED TO INCOME

-

-

-

-

(2)

(6)

(3)

3

(5)

(5)

-

2

(7)

(11)

OTHER COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD, NET OF TAX

94

(123)

TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD

225

(1,343)

Attributable to:

182

(1,317)

Owners of the Company

Non-controlling interests

43

(26)

The Notes are an integral part of the condensed interim consolidated financial statements.

Valeo - 2021 Half-year Financial Report

3

4.3. Consolidated statement of financial position

(in millions of euros)

Notes

June 30, 2021

December 31, 2020

ASSETS

Goodwill

6.1

2,515

2,512

Other intangible assets

2,360

2,341

Property, plant and equipment

4,979

4,919

Investments in equity-accounted companies

102

108

Other non-current financial assets

625

641

Assets relating to pensions and other employee benefits

5.1

19

19

Deferred tax assets

450

440

NON-CURRENT ASSETS

11,050

10,980

Inventories, net

1,783

1,582

Accounts and notes receivable, net

2,491

2,674

Other current assets

616

508

Taxes receivable

25

30

Other current financial assets

74

100

Cash and cash equivalents

8.2.4

2,280

2,951

Assets held for sale

-

22

CURRENT ASSETS

7,269

7,867

TOTAL ASSETS

18,319

18,847

EQUITY AND LIABILITIES

Share capital

242

242

Additional paid-in capital

1,545

1,545

Translation adjustment

(187)

(271)

Retained earnings

1,748

1,710

STOCKHOLDERS' EQUITY

3,348

3,226

Non-controlling interests

776

756

STOCKHOLDERS' EQUITY INCLUDING NON-CONTROLLING

4,124

3,982

INTERESTS

Provisions for pensions and other employee benefits - long-term portion

5.1

1,082

1,091

Other provisions - long-term portion

7.1

333

369

Long-term portion of long-term debt

8.2.1

4,290

3,869

Other financial liabilities - long-term portion

36

42

Liabilities associated with put options granted to holders of non-controlling

8.2.3

19

18

interests - long-term portion

Subsidies and grants - long-term portion

106

101

Deferred tax liabilities

65

67

NON-CURRENT LIABILITIES

5,931

5,557

Accounts and notes payable

4,649

4,697

Provisions for pensions and other employee benefits - current portion

5.1

67

58

Other provisions - current portion

7.1

346

369

Subsidies and grants - current portion

20

31

Taxes payable

112

132

Other current liabilities

1,613

1,590

Current portion of long-term debt

8.2.1

143

622

Other financial liabilities - current portion

14

90

Liabilities associated with put options granted to holders of non-controlling

8.2.3

47

50

interests - current portion

Short-term financing

8.2.2.5

1,248

1,631

Bank overdrafts

8.2.2.5

5

6

Liabilities held for sale

-

32

CURRENT LIABILITIES

8,264

9,308

TOTAL EQUITY AND LIABILITIES

18,319

18,847

The Notes are an integral part of the condensed interim consolidated financial statements.

Valeo - 2021 Half-year Financial Report

4

4.4. Consolidated statement of cash flows

(in millions of euros)

Notes

First-half 2021

First-half 2020

CASH FLOWS FROM OPERATING ACTIVITIES

Net income (loss) for the period

131

(1,220)

Share in net (earnings) losses of equity-accounted companies

119

166

Net dividends received from equity-accounted companies

10

13

Expenses (income) with no cash effect

11.1

706

1,372

Cost of net debt

28

33

Income taxes (current and deferred)

114

24

GROSS OPERATING CASH FLOWS

1,108

388

Income taxes paid

(133)

(106)

Changes in working capital

11.2

(160)

(506)

NET CASH FLOWS FROM (USED IN)

815

(224)

OPERATING ACTIVITIES

CASH FLOWS FROM INVESTING ACTIVITIES

Acquisitions of intangible assets

Acquisitions of property, plant and equipment

Investment subsidies and grants received

Disposals of property, plant and equipment and intangible assets Net change in non-current financial assets

Acquisitions of investments with gain of control, net of cash acquired

Disposals of investments with loss of control, net of cash transferred

NET CASH FLOWS FROM (USED IN)

INVESTING ACTIVITIES

CASH FLOWS FROM FINANCING ACTIVITIES

(299)

(332)

(377)

(430)

11

6

44

3

(92)

(143)

-

(5)

(9)

(5)

(722)

(906)

Dividends paid to owners of the Company

(72)

-

Dividends paid to non-controlling interests in consolidated subsidiaries

(17)

(34)

Sale (purchase) of treasury stock

(1)

1

Issuance of long-term debt

11.3

305

21

Loan issuance costs and premiums

-

-

Interest paid

(70)

(80)

Interest received

8.2.2.2

57

18

Repayment of long-term debt

11.3

(567)

(94)

Change in short-term financing

8.2.2.5

(383)

1,662

NET CASH FLOWS FROM (USED IN)

(748)

1,494

FINANCING ACTIVITIES

CASH AND CASH EQUIVALENTS RELATING TO OPERATIONS

1

-

HELD FOR SALE

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH

(16)

(4)

EQUIVALENTS

NET CHANGE IN CASH AND CASH EQUIVALENTS

(670)

360

NET CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

2,945

1,751

NET CASH AND CASH EQUIVALENTS AT END OF PERIOD

2,275

2,111

Of which:

Cash and cash equivalents

2,280

2,113

Bank overdrafts

(5)

(2)

The Notes are an integral part of the condensed interim consolidated financial statements.

Valeo - 2021 Half-year Financial Report

5

Disclaimer

Valeo SA published this content on 22 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 July 2021 16:57:12 UTC.

© Publicnow 2021
Copier lien
All news about VALEO
2d ago
3d ago
4d ago
4d ago
5d ago