Valeo : Valeo : Sales up 8.2% year on year to 11.8 billion euros and operating margin up 3% to 725 million euros

Valeo : Valeo : Sales up 8.2% year on year to 11.8 billion euros and operating
                      margin up 3% to 725 million euros

13.03

Sales up 8.2% year on year to 11.8billioneuros and operating margin up 3% to
725millioneuros

Jacques Aschenbroich, Valeo's Chief Executive Officer, stated:

"In 2012, our order intake reached a record high of 15.8 billion euros and our
operating margin  increased  3%  year on  year  to  725millioneuros  despite 
economic headwinds in  Europe. In view  of the record  level of order  intake, 
driven by a portfolio of innovative products and the expansion of our business
in Asia and  emerging countries, we  are confident in  our ability to  achieve 
strong and profitable organic growth in the years ahead."



    Full-year 2012

  *Record order intake of 15.8 billion euros driven by innovations and growth
    in Asia

  *Total sales of 11.8 billion euros, up 8.2%

           *Original equipment sales  advanced 8% (up  2% on a  like-for-like 
             basis^[1])
           *Asia accounted for 26% of original equipment sales versus 22%  in 
             2011

           *Share of German and  Asian customers at 29%  and 28% of  original 
             equipment sales, respectively

  *Operating margin[(2)] of 725 million euros, up 3%, or 6.2% of sales

           *Sound management of net research and development expenditure  and 
             administrative expenses,  representing 5.1%  and 3.6%  of  sales, 
             respectively

           *Net income  of 380  million euros  (420 million  euros  excluding 
             non-recurring items[(3)])

           *Earnings per share of 5.03 euros 

           *Earnings per  share excluding  non-recurring items  in line  with 
             2011 at 5.56 euros

  *Free cash flow[(7)]of 81 million euros during the year

           *After investments  of 613  million  euros and  capitalization  of 
             research and development expenditure in the amount of 244 million
             euros, the  Group's  net  debt  totaled  763  millions  euros  at 
             December31,2012

    Second-half 2012

  *Sales rose by 4% despite the slowdown in Europe 

           *Original equipment sales advanced 2% (down 1% on a  like-for-like 
             basis)

           *Aftermarket sales grew 4% (up 1% on a like-for-like basis)

  *Operating margin[(2)]  at  6.2% of  sales,  on par  with  first-half  2012 
    despite headwinds in Europe

    Increase in 2012 dividend

  *Proposed dividend payment up 7% to 1.50 euros per share

    2013 outlook

  *Based on the following market assumptions:

           *4% decline in automotive production in Europe

           *1% growth in global automotive production

           *raw material prices in line with 2012 levels

  *Valeo has set the following objectives for 2013: 

           *sales growth  higher  than  the market  in  the  main  production 
             regions

           *assuming an upturn in the European  market in the second half  of 
             2013, operating margin in line  with 2012 (in millions of  euros) 
             despite a decline in the  first half of the  year as a result  of 
             market conditions

Paris, France, February  22, 2013  - Valeo's  Board of  Directors' meeting  of 
February 21,  2013, approved  the consolidated  and parent  company  financial 
statements for the year ended December31, 2012*:



H2 2011 H2 2012                                                   2011   2012
  7.2     7.8   Order intake (in €b)                              14.9   15.8
 5,534   5,760  Sales (in €m)                                    10,868 11,759
 4,697   4,792                              o/w OE sales (in €m) 9,207  9,910
  359     355   Operating margin[(2)](in €m)                      704    725
 6.5%    6.2%   Operating margin[(2)](as a % of sales)            6.5%   6.2%
  360     324   Operating income (in €m)                          704    672
 6.5%    5.6%   Operating income (as a % of sales)                6.5%   5.7%
  209     182   Net income (in €m)                                427    380
 3.8%    3.2%   Net income (as a % of sales)                      3.9%   3.2%
  NC      NC    Net income (excluding non-recurring               427    420
                items)[(3)](in €m)
  NC      NC    Net income (excluding non-recurring               3.9%   3.6%
                items)[(3)](as a % of sales)
 2.76    2.40   Basic earnings per share (in €)                   5.68   5.03
  NC      NC    Basic earnings per share (excluding               5.68   5.56
                non-recurring items) (in €)
  31%     28%   ROCE[(4)]                                         31%    28%
  19%     17%   ROA(5)                                            19%    17%
 11.0%   10.5%  EBITDA[(6)](as a % of sales)                     11.2%  10.7%
  98     (67)   Free cash flow(7) (in €m)                         232     81
 (44)    (211)  Net cash flow[(8) ](in €m)                       (227)  (180)
  523     763   Net debt[(9) ](in €m)                             523    763




* Further to their statutory audit, the Statutory Auditors issued an
unqualified opinion on the consolidated financial statements for the year
ended December 31, 2012.

2012 results

Record order intake[(1)] at 15.8 billion euros

In 2012, the order intake[(1)] once again  reached a new high of 15.8  billion 
euros compared  with 14.9billion  euros in  2011. This  performance  confirms 
Valeo's organic growth potential which is driven by:

  *the Group's innovative products  and systems, which  accounted for 28%  of 
    order intake in 2012;

  *accelerated expansion in Asia and emerging countries. In particular,  Asia 
    and China contributed  34% and  18% respectively, to  order intake,  eight 
    percentage  points  more  than  their  current  contribution  to  original 
    equipment sales by  destination in  2012 (26% and  10%, respectively).  By 
    contrast, Europe contributed 44% to order intake, seven percentage  points 
    less than its contribution to  original equipment sales by destination  in 
    2012.

Sales up 8.2% (2.5% on a like-for-like basis) to 11.8 billion euros

In  2012,  global  automotive   production  advanced  6%,  reflecting   widely 
contrasting results across the various regions:

    European (and  African) automotive  production shrank  5% due  to  the 
    economic crisis and the resulting fall in new vehicle registrations;

    global automotive production was driven by growth in Asia and the rise
    in new vehicle registrations in NorthAmerica.

In second-half 2012, European (and African) automotive production continued to
decline, retreating 7% over the period. Automotive production in South America
reported an  improved performance,  driven, in  particular, by  the  Brazilian 
government's stimulus package.

Change in automotive production Second-half 2012* Full-year 2012*
    Asia & Middle East                 +3%              +9%
    Europe & Africa                    -7%              -5%
    North America                     +13%             +18%
    South America                      +6%              -1%
    Total                              +3%              +6%

* LMC & Valeo estimates

In 2012, sales came  in at 11,759millioneuros,  representing an increase  of 
8.2% on a reported basis (2.5% like-for-like). In the same period, changes  in 
exchange rates and changes in Group structure had positive impacts of 2.5% and
3.2%, respectively. Changes in Group structure were mainly attributable to the
consolidation of Niles on July1,2011.

In the second half of 2012, sales totaled 5,760 million euros, representing  a 
more moderate increase  of 4.1% as  reported (1.0% like-for-like),  confirming 
the slowdown in operations in Europe. In the same period, changes in  exchange 
rates and changes in  Group structure had positive  impacts of 2.4% and  0.7%, 
respectively.

  (in millions of   As a % of       Second-half              Full-year
      euros)        2012 sales  2011  2012  % change    2011   2012  % change
                                             sales                    sales
Total                  100%    5,534 5,760    +4%     10,868 11,759    +8%
of which:
 Original             84%     4,697 4,792    +2%      9,207  9,910    +8%
equipment
 Aftermarket          12%       693   722    +4%      1,412  1,454    +3%
 Miscellaneous         4%       144   246    +71%       249    395    +59%

In 2012,  original equipment  sales advanced  8% on  a reported  basis (up  2% 
like-for-like). In  the second  half  of the  year, original  equipment  sales 
advanced 2%  on  a reported  basis  (down 1%  like-for-like),  reflecting  the 
slowdown in European automotive production.

Aftermarket  sales  rose  3%  in  2012  on  a  reported  basis.  Due  to   the 
deteriorating economic  climate in  Europe,  aftermarket sales  fell 2%  on  a 
like-for-like basis. Valeo posted a relatively good performance in this market
in the second half  with sales increasing 4%  as reported (1%  like-for-like). 
The Group benefited from the healthy performance of its operations in Asia and
emerging countries.

Miscellaneous sales benefited from  significant increases in tooling  revenues 
resulting from the launch  of new production lines,  climbing 59% as  reported 
(52% like-for-like).

Trends in Valeo's customer portfolio

In 2012, Asian and  German customers represented 57%  of the Group's  original 
equipment sales. The share  of Asian customers accounted  for 28% of  original 
equipment sales (versus 25% in 2011).  The share of German customers  remained 
stable at 29%.

Trends in Valeo's original equipment sales by destination compared with global
automotive production

Original                 Second-half                      Full-year
equipment
                           OE sales Auto. prod.             OE sales   Auto.
(in millions    2011  2012 growth*   growth**    2011  2012 growth*    prod.
of euros)                                                            growth**
    TOTAL      4,697 4,792   -1%        +3%     9,207 9,910   +2%       +6%
Europe &       2,468 2,351   -5%        -7%     5,188 5,056   -3%       -5%
Africa
 Asia, Middle  1,193 1,287   -1%        +3%     1,997 2,542   +8%       +9%
East & Oceania
of which China   435   525   +9%        +7%       753 1,006   +16%      +7%
of which Japan   397   353   -14%       -3%       585   738   -1%      +20%
North America    715   872   +13%      +13%     1,355 1,735   +15%     +18%
South America    321   282   -5%        +6%       667   577   -8%       -1%

* Like-for-like
* LMC & Valeo estimates

In 2012, growth in original equipment  sales was four percentage points  lower 
than the market, reflecting  the rally in the  activity of Japanese  customers 
and the economic slowdown in Europe.
Excluding Japanese customers, Valeo's global performance was in line with  the 
market.

The Group's performance in 2012 on a like-for-like basis was as follows:

  *In Asia,  total original  equipment  sales were  up  8%, standing  at  one 
    percentage point lower than the market. This performance testifies to  the 
    Group's strong performance in  India, China and  South Korea (with  growth 
    outpacing  automotive  production  by  7,  9  and  10  percentage  points, 
    respectively) but also an unfavorable customer mix in Japan as  automotive 
    production returned to normal market conditions.

  *In Europe,  original  equipment sales  growth  was two  percentage  points 
    higher than the market thanks to a favorable product and customer mix.

  *In North America, excluding Japanese customers, Valeo outpaced the  market 
    by four percentage points  thanks to the increase  in its market share  in 
    the three  American  automakers.  This region's  performance  relative  to 
    automotive production  was affected  by the  strong rally  among  Japanese 
    automakers and as  a result,  original equipment  sales came  in at  three 
    percentage points lower than the market. 

  *In South America, Valeo's original  equipment sales were seven  percentage 
    points lower than the market on the back of a low order intake in 2006 and
    2007.

Geographic trends in Valeo's production facilities

By location of  assets, 54% of  the Group's original  equipment sales in  2012 
were recorded in Asia and emerging countries (including Eastern Europe) versus
50% in 2011. In 2012, 52% of  sales were recorded in Europe compared with  58% 
in 2011. In second-half 2012, 50% of original equipment sales were  recognized 
in Europe.

Operating margin[(2)] up  3% year on  year to  725 million euros,  or 6.2%  of 
sales

Gross margin amounted to 1,948 million  euros, or 16.6% of sales versus  17.0% 
in 2011. Gross margin was impacted  by the depreciation of the Brazilian  real 
and the Indian rupee, and startup costs at new plants.

The Group's operating margin amounted to  725 million euros, or 6.2% of  sales 
versus 6.5% in 2011. In second-half  2012, operating margin held firm at  6.2% 
of sales despite a deteriorating economic climate in Europe. This reflects, in
particular, sound management of net research and development (R&D) expenditure
as well as administrative and selling expenses.

  *Valeo is continuing its R&D efforts in  response to the rise in the  order 
    intake.  In  2012,  gross  R&D   expenditure  totaled  1  billion   euros, 
    representing a year-on-year  increase of 14.4%.  Net R&D expenditure  rose 
    6.6% to 598million euros, or 5.1%  of sales, edging down slightly by  0.1 
    percentage points compared with 2011. Capitalized R&D expenditure rose  to 
    244 million euros,  in line with  the increase in  the number of  projects 
    under development  following  the growth  in  order intake  and  improving 
    margins of these projects;

  *administrative and  selling expenses  amounted to  625 million  euros  and 
    remained steady at 5.3% of sales.

The Group's operating income came in at  672 million euros, or 5.7% of  sales, 
after taking  into account  other expenses,  including the  provision for  the 
disposal loss on the Access Mechanisms  business and the legal costs  incurred 
in respect of anti-trust proceedings.

The  cost  of  net  debt  totaled  103  million  euros,  corresponding  to   a 
year-on-year increase of 32 million years. This increase chiefly reflects  new 
long-term financing  (due  in 2017  and  2018) in  a  context defined  by  the 
investment of surplus cash at very low short-term interest rates.

The Group's share in net earnings  of associates was 14 million euros.  Taking 
into account the 27%effective tax  rate and non-controlling interests in  net 
income for 25millioneuros,  net attributable income  (Group share) stood  at 
380million euros, or 3.2% of sales, down 11% year on year. Basic earnings per
share declined  11% to  5.03 euros.  Excluding non-recurring  items[(3)],  net 
attributable income  (Group  share)  and  basic  earnings  per  share  totaled 
420millioneuros and 5.56 euros, respectively.

The return on  capital employed[(4)]  (ROCE) and return  on assets[(5)]  (ROA) 
were impacted by the increase in investments aimed at supporting the growth in
order intake and stood at 28% and 17%, respectively.

Segment reporting

Sales growth across all Business Groups in 2012

Despite economic headwinds in Europe, all of Valeo's Business Groups  reported 
growth in  sales.  As  is the  case  for  the consolidated  Group,  the  sales 
performance for  each Business  Group reflected  the specific  geographic  and 
customer mix and the relative weighting  of the aftermarket in their  activity 
as a whole.

Sales                       Second-half                    Full-year

(in millions of    2011* 2012*  Sales  OE sales  2011* 2012*  Sales  OE sales
euros)                         growth  growth**              growth  growth**
Powertrain Systems 1,577 1,585   +1%      -5%    3,126 3,266   +4%      -1%
Thermal Systems    1,581 1,621   +3%      0%     3,140 3,340   +6%      +4%
Comfort & Driving  1,187 1,219   +3%      0%     2,157 2,510  +16%      +2%
Assistance Systems
Visibility Systems 1,245 1,377  +11%      +3%    2,549 2,734   +7%      +2%

* Including intersegment sales
** Like-for-like

Sales for the Powertrain  Systems Business Group were  up 4% at 3,266  million 
euros.  The  Business  Group's  original   equipment  sales  (down  1%  on   a 
like-for-like basis) reflected the lesser  weighting of Japanese customers  in 
the Powertrain Systems portfolio.

Sales for the Comfort and Driving Assistance Systems Business Group came in at
2,510millioneuros, up 16%.  In the first  half of 2012,  the Business  Group 
benefited from the positive impact of changes in Group structure  attributable 
to the consolidation of Niles on July 1, 2011.

                                          Second-half         Full-year
EBITDA[(6) ](as a % of sales)          2011 2012 % change 2011 2012 % change
Powertrain Systems                      6.6 11.0 +4.4 pts  8.6 10.1 +1.5 pts
Thermal Systems                        11.8 10.9 -0.9 pts 11.4 11.5 +0.1 pts
Comfort and Driving Assistance Systems 13.2 11.8 -1.4 pts 12.2 11.9 -0.3 pts
Visibility Systems                     11.2  6.8 -4.4 pts 10.9  8.0 -2.9 pts

The downturn in EBITDA[(6)] in the Visibility Systems Business Group reflected
the lackluster aftermarket and startup costs for new projects. The  Powertrain 
Systems Business Group returned to profitability during the year.

Free cash  flow[(7)]of  81  million euros,  reflecting  increased  investments 
following the rise in order intake

In 2012, the Group generated 81 million euros in free cash flow[(7)]  compared 
with 232 million euros in 2011. This is chiefly the result of:

  *a 4% increase in EBITDA[(6)] to 1,260 million euros, or 10.7% of sales;

  *a rise in investment flows to 857 million euros (versus 666 million  euros 
    in 2011) due to a growing  number of projects under development  requiring 
    an increase  in  recognized  production capacities  (5.4%  of  sales)  and 
    capitalized R&D expenditure (2.1% of sales);

  *the increase  in working  capital requirement  (49 million  euros) due  to 
    Valeo's structural negative operating working capital in Europe, following
    a decline in business in this region as from the third quarter of 2012.

Following the  payment  of  financial expenses  (66millioneuros)  and  other 
financial items (195millioneuros), including, in particular, the payment  of 
the dividend  to  stockholders  (106millioneuros)  and  the  acquisition  of 
non-controlling interests  in China-based  subsidiary Valeo  Air  Conditioning 
Hubei (52millioneuros), the Group's  net cash flow[(8)]  amounted to a  cash 
outflow of 180millioneuros.

A strong financial position in line with the investment grade granted by
Moody's and Standard & Poor's

Net  debt[(9)  ]came  in  at  763millioneuros  at  December31,2012  versus 
523millioneuros at December31,2011.

The  leverage  ratio  (net  debt[(9)]/EBITDA[(6)])  came  out  at  0.6   times 
EBITDA[(6)]  and  the  gearing   ratio  (net  debt[(9)]/stockholders'   equity 
excluding non-controlling interests) stood at 37% of equity.

In 2012, the Group's debt had an average interest rate of 4.93% and an average
maturity of 3.3 years.

Increase in 2012 dividend

A proposal will be submitted to the Shareholders' Meeting to pay a dividend of
1.50 euros per share in respect of 2012, representing an increase of 7% on the
2011 dividend, i.e.,  an increase  in the dividend  payout ratio  from 25%  of 
earnings in 2011 to 30% in 2012.

2013 outlook

Based on the following market assumptions:

           *4% decline in automotive production in Europe

           *1% growth in global automotive production

           *raw material prices in line with 2012 levels

Valeo has set the following objectives for 2013:

  *sales growth higher than the market in the main production regions

           *assuming an upturn in the European  market in the second half  of 
             2013, operating margin in line  with 2012 (in millions of  euros) 
             despite a decline in the  first half of the  year as a result  of 
             market conditions

Strategic plan

In light of  trends in the  European automotive market  since 2011, Valeo  has 
adjusted the automotive production  assumptions presented during the  Investor 
Day on March9,2011.

Following 2012, a year  during which automotive production  fell by 5% in  the 
Europe geographic segment  (including Africa),  the Group now  forecasts a  4% 
decrease  in  production  in  this  region  for  2013  compared  with  the  5% 
year-on-year increase initially expected for 2012 and 2013.

In view  of the  record  order intake  of  the past  few  years, driven  by  a 
portfolio of  innovative  products  and  accelerated  expansion  in  Asia  and 
emerging countries, we are  less dependent on the  European market and  remain 
confident in our ability to achieve our objectives:

  *annual sales growth exceeding the  market rate by three percentage  points 
    on average;

  *medium-term operating margin above 7%. Valeo has achieved its objective of
    an operating margin of between 6% and  7% in each of the past three  years 
    (6.4% in 2010, 6.5% in 2011 and 6.2% in 2012);

  *return on  capital employed  in  the region  of  30%. Valeo  achieved  its 
    objective of a return on  capital employed of above  30% in 2010 and  2011 
    (32% in 2010, 31% in 2011 and 28% in 2012).

In a context  of additional investments  required to support  the increase  in 
order intake, the Group  has set priorities of  generating free cash flow  and 
maintaining a solid financial position.

Highlights

Sale of the Access Mechanisms business

On November 29, 2012, Valeo announced the execution of a contract for the sale
of its  AccessMechanisms business  to Japan-based  U-Shin for  an  enterprise 
value of 223millioneuros. Closing  is still subject  to approval by  certain 
anti-trust authorities and is expected to occur no later than  March31,2013. 
The Access Mechanisms business, which is primarily mechanical-based, comprises
products such  as locksets,  steering column  locks, handles  and latches  and 
benefits from  a broad  presence in  Europe and  South America.  The  business 
generated sales  of 580millioneuros  in 2012  and employed  4,500 people  at 
12plants at  December31,2012.  This  divestment  is  aligned  with  Valeo's 
strategy of focusing on  developing products that  reduce CO[2 ]emissions  and 
stepping up its expansion in Asia and emerging markets.

Acquisitions

In line with its  development strategy in Asia  and emerging countries and  in 
the area of technologies focusing on  the reduction of CO[2] emissions,  Valeo 
announced the following transactions:

On January  3,  2012,  the  acquisition  of an  80%  stake  in  Chery  Group's 
China-based lighting company on December29,2011.

On April 23,  2012, the acquisition  of the non-controlling  interests in  its 
China-based subsidiary Valeo Air Conditioning Hubei, previously 55%-owned.

On September 7, 2012,  an agreement to strengthen  its Lighting Alliance  with 
Ichikoh by creating a joint venture to which the two companies will contribute
their respective Chinese Lighting operations.  The joint venture is  85%-owned 
by Valeo and 15%-owned by Ichikoh.

On October 29, 2012, the creation of the company Detroit Thermal Systems (DTS)
with V.  Johnson  Enterprises  to  acquire the  climate  control  business  of 
Automotive Components Holdings (ACH) which  is currently based at the  Sheldon 
Road plant in Michigan.

Debt management and ratings

On  January  17,  2012,  Valeo   announced  the  successful  outcome  of   its 
500millioneuro bond issue maturing in 2017  (5.75% coupon) and its offer  to 
repurchase 89millioneuros worth of bonds maturing in 2013.

On September  14,  2012,  Standard  &  Poor's  Rating  Services  assigned  its 
"BBB/A-2" long- and short-term corporate credit ratings to Valeo with a stable
outlook.

On January 29, 2013, Moody's Rating Services confirmed its "Baa3/P3" long- and
short-term corporate credit ratings to Valeo with a stable outlook.

Anti-trust proceedings

Since the end of July 2011, several anti-trust proceedings have been initiated
against numerous auto suppliers  (including Valeo), in  particular by the  US, 
European and Japanese  anti-trust authorities  in the areas  of equipment  and 
systems for the automotive industry.

The Group is  unable to  foresee the outcome  of these  investigations at  the 
present time. Without prejudice  to the outcome of  these proceedings, but  in 
view of the  fines that may  be levied  by the authorities  and the  resulting 
consequences, these  proceedings may  have a  material adverse  impact on  the 
Group's future earnings.Valeo  is cooperating  with the  authorities in  this 
investigation.

Upcoming event

First-quarter 2013 sales: April 24, 2013



Valeo is  an  independent  industrial  Group  fully  focused  on  the  design, 
production and  sale of  components, integrated  systems and  modules for  the 
automotive industry, mainly for CO[2]  emissions reduction. Valeo ranks  among 
the world's top automotive  suppliers. The Group  has 125 plants,  21research 
centers, 40 development centers, 12 distribution platforms and employs  72,600 
people in 29 countries worldwide.



For more information, please contact:

Media relations
Tel.: +33 (0)1 40 55 21 75/+33 (0)1 40 55 37 18
        Thierry Lacorre
Investor Relations Director
Tel.: +33 (0)1 40 55 37 93

    For more information about the Valeo Group and its activities,  please 
    visit our website www.valeo.com

2012 key financial data

H2 2011 H2 2012 Change   In millions of euros           2011*  2012*  Change
5,534   5,760   4%       Sales                          10,868 11,759 8%
927     942     2%       Gross margin                   1,843  1,948  6%
16.8%   16.4%   -0.4 pts % of sales                     17.0%  16.6%  -0.4 pts
359     355     -1%      Operating margin[(2)]         704    725    3%
6.5%    6.2%    -0.3 pts % of sales                     6.5%   6.2%   -0.3 pts
610     605     -1%      EBITDA[(6)]                    1,212  1,260  4%
11.0%   10.5%   -0.5 pts % of sales                     11.2%  10.7%  -0.5 pts
360     324     -10%     Operating income               704    672    -5%
6.5%    5.6%    -0.9 pts % of sales                     6.5%   5.7%   -0.8 pts
(1)     0       N/A      Income (loss) from             (1)    (2)    N/A
                         discontinued operations
209     182     -13%     Net income Group share         427    380    -11%
3.8%    3.2%    -0.6 pts % of sales                     3.9%   3.2%   -0.7 pts
NC      NC      -        Net income Group share         427    420    -2%
                         (excluding non-recurring
                         items)[(3)]
NC      NC      -        % of sales                     3.9%   3.6%   -0.3 pts
2.76    2.40    -        Basic earnings per share (in   5.68   5.03   -11%
                         €)
NC      NC      -        Basic earnings per share       5.68   5.56   -2%
                         (excluding non-recurring
                         items)[(3)] (in €)
98      (67)    N/A      Free cash flow[(7)]            232    81     N/A
(44)    (211)   N/A      Net cash flow[(8)]            (227)  (180)  N/A
523     763     N/A      Net debt[(9)]                  523    763    N/A

* Data based on the audited consolidated financial statements for the year
ended December 31, 2012 (and 2011).
Glossary



1.Order intake  corresponds  to business  awarded  by automakers  (less  any 
    cancellations) during the  period, based  on Valeo's  best and  reasonable 
    estimates in terms of volumes, sale prices and project lifespans.

2.Operating margin corresponds to operating  income before other income  and 
    expenses.

3.Net  attributable  income  (Group  share)  excluding  non-recurring  items 
    corresponds to net attributable income  (Group share) adjusted for  "other 
    income and  expenses"  net of  tax  and negative  goodwill  recognized  in 
    respect  of  DetroitThermalSystems   in  "share  in   net  earnings   of 
    associates".

4.ROCE,  or   return  on   capital   employed,  corresponds   to   operating 
    margin/capital employed excluding goodwill calculated over 12 months.

5.ROA, or return on assets, corresponds to operating margin/capital employed
    including goodwill.

6.EBITDA  corresponds   to   operating  income   before   depreciation   and 
    amortization of  property,  plant  and equipment  and  intangible  assets, 
    impairment losses and other income and expenses.

7.Free cash flow corresponds to net cash from operating activities less  net 
    outflows on property, plant and equipment and intangible assets. 

8.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.

9.Net  debt  comprises  all  long-term   debt,  short-term  debt  and   bank 
    overdrafts, less loans  and other non-current  financial assets, cash  and 
    cash equivalents.

Safe Harbor Statement

Statements contained in this report, which are not historical fact, constitute
"Forward-Looking Statements". Even  though Valeo's management  feels that  the 
Forward-Looking Statements are  reasonable, investors are  put on notice  that 
actual results may differ materially due to numerous important factors,  risks 
and uncertainties  to which  Valeo  is exposed.  Such factors  include,  among 
others, the  company's  ability  to generate  cost  savings  or  manufacturing 
efficiencies to offset or exceed contractually or competitively required price
reductions. The  risks and  uncertainties  to which  Valeo is  exposed  mainly 
comprise the risks resulting from  the investigations currently being  carried 
out by  the  anti-trust  authorities  as they  have  been  identified  in  the 
Registration  Document,  risks  which  relate  to  being  a  supplier  in  the 
automotive industry and to  the development of new  products and risks due  to 
certain  global   and  regional   economic  conditions.   Also  included   are 
environmental  and  industrial  risks  as  well  as  risks  and  uncertainties 
described or identified  in the  public documents  submitted by  Valeo to  the 
French "Autorité des Marchés Financiers" (AMF), including those set out in the
"Risk Factors" section of Valeo's Registration Document registered at the  AMF 
on March29,2012 (ref. no. D.12-0237).

The company assumes no responsibility for  any estimates made by analysts  and 
any other information  prepared by  third parties which  may be  used in  this 
report. Valeo does not intend or assume any obligation to review or to confirm
the estimates  of analysts  or  to update  any Forward-Looking  Statements  to 
reflect events or circumstances which occur after the date of this report.

[1]Constant Group Structure and exchange rates.

CP résultats 2012

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Source: Valeo via Thomson Reuters ONE
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