VALEO 
Q1 2024
Sales
April 25, 2024
Christophe Périllat
Chief Executive Ofûcer
Edouard de Pirey Chief Financial Ofûcer
2024
2024 Q1 Sales
Summary
01 | 02 | 03 | 03 |
Highlights | Sales | Conclusion | Backup slides |
Q&A |
VALEO Q1 2024 SALES | APRIL 25, 2024 | 2 |
01
Highlights
2024 | Sales of |
Q1 | €5.4bn |
VALEO Q1 2024 SALES | APRIL 25, 2024 | 3 |
01
Outperformance in all businesses except High-Voltage Powertrain
Q1 outperformance: +2pts
Strong in all segments but high voltage
- +9pts in Traditional PTS (ICE and hybrid cars)
- +7pts in ADAS
- +6pts in Visibility
- +4pts in Thermal
Low quarter in High-Voltage
- -49%in OEM sales
- Lower activity on certain EV platforms in Europe
- High comparaison basis due to inventory build-upin Q1 2023 (+69% in OEM sales vs Q1 2022)
FX & Scope impact
- FX -2.4pts: appreciation of euro vs Yuan, Yen & Won
- Scope -0.6pts: mainly Ichikoh Mirror business
- Geographical mix slightly unfavorable*
VALEO Q1 2024 SALES | APRIL 25, 2024 | * S&P Global Mobility estimates as of April 16, 2024. | 4 | |
01
Cost reduction measures on track
Update at the end of April 2024
Project to merge PTS and THS on track
Social and Legal Procedures completed in most
jurisdictions
New entity created April 22, 2024*
Most of the redundancy plan expected to be executed by end of June 2024
- involving 1,150 job cuts worldwide, incl. 735 in Europe
- The replacement is gradual and will be ûnal once the remaining social and legal procedures have been completed. During this transition period, the current organization will co-exist with the new one.
Group's cost base adjustments
€300m in one-offself-help measures**
- Over the 2-year period (2024 & 2025)
More than €200m annual run rate savings
- Positive impact starting in H2 2024
- This cost includes, but is not limited to, potential restructuring measures.
VALEO Q1 2024 SALES | APRIL 25, 2024 | 5 | |
01
New Names for our 3 Divisions
Segment reporting modiûed accordingly as from publication of 2024 half-year results
Comfort & Driving | ADAS acceleration |
Interior experience | |
Assistance Systems | |
SDV & software | |
Powertrain
Systems
Electrification acceleration
Thermal Systems
Visibility Systems | Lighting everywhere |
Brain
Power
Light
VALEO Q1 2024 SALES | APRIL 25, 2024 | 6 | |
01
2024 & 2025 Move Up roadmap reaffirmed
FY 2023 | FY 2024 | FY 2025 | |||
reported | guidance (a) (b) | objectives (b) | |||
Sales | €22bn | €22.5bn to €23.5bn | €24.5bn to €25.5bn | ||
EBITDA | 12.0% | 12.1% to 13.1% | 13.5% to 14.5% | ||
(as % of sales) | |||||
Operating margin | 3.8% | 4.0% to 5.0% | 5.5% to 6.5% | ||
(as % of sales) | |||||
Free cash flow | - | ~€500m | ~€800m | ||
before one-off exceptional cost of self-help | |||||
measures (c) | |||||
Free cash flow | €379m | ~€350m | ~€650m | ||
after one-off exceptional cost of self-help | |||||
measures (c) | |||||
(a) H2 2024 margins and cash generation expected to be higher than H1 thanks to higher volumes and efficiency gains in H2 | |||||
VALEO Q1 2024 SALES | APRIL 25, 2024 (b) For greater comfort, based on (i) LVP 3% below S&P Global mobility production scenario released on February 16, 2024, (ii) stable Valeo sales in high-voltage over the period 2023/2025 | 7 | ||||
(c) This cost includes, but is not limited to, potential restructuring measures |
02
Sales
2024 | |||
Q1 | Sales | Sales | Sales |
by type | by region | by Business | |
Group |
VALEO Q1 2024 SALES | APRIL 25, 2024 | 8 |
• Q1020 Sales by type
2
Total sales | OEM | Aftermarket | Miscellaneous |
€5,427m | €4,554m | €597m | €276m |
+2% lü growth | +1% lü growth | +1% lü growth | +24% lü growth |
Reported growth: -1% | Reported growth: -2% | Reported growth: -3% | Reported growth: +20% |
Exchange rate: -2.4% | Exchange rate: -2.2% | Exchange rate: -3.9% | Exchange rate: -1.9% |
Scope: -0.6% | Scope: -0.6% | Scope: -0.5% | Scope: -2.1% |
VALEO Q1 2024 SALES | APRIL 25, 2024 | 9 |
02 | |
Q1 OEM sales | 2 pts global outperformance |
Performance* by region | Lower EV car production for speciûc programs in Europe |
Ongoing customer repositioning in China |
World | Europe | North | Asia | China | South |
(including Africa) | America | (excluding China) | America |
+1% OEM sales lfl | -3% OEM sales lü | +9% OEM sales lü | +2% OEM sales lü | +6% OEM sales lü | -7% OEM sales lü |
-2% Production* | +1% Production* | -6% Production* | +4% Production* | -6% Production* | |
-1% Production* | |||||
Perf. +2pts* | -1pt* | +8pts* | +8pts* | +2pts* | -1pt* |
VALEO Q1 2024 SALES | APRIL 25, 2024 | * S&P Global Mobility estimates as of April 16, 2024. | 10 |
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Valeo SA published this content on 25 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2024 16:05:33 UTC.
