Valeo S.A. Business Report FY2010
|(in million euros)|
|FY2010||FY2009||Rate of change (%)||Factors|
-Group net sales rose 28.4% to 9,632 million euros in 2010 from 7,499 million euros in 2009. Sales growth results chiefly from the rise in worldwide automotive production.
-In 2010, the Company’s operational performance surpassed the targets set in the plan presented at the start of 2010. With sales of 9.6 billion euros, the Group achieved an operating margin of 6.4%, 2.8 points higher than it was before the economic downturn in 2009 on comparable sales and net income of 365 million euros, representing 3.8% of sales.The best news for 2010 is certainly the record order level of 12.5 billion euros: in particular our innovations in CO2 emission reduction.
Contracts-New Volkswagen Touran and Sharan are to be equipped with Valeo's parking system, Park4U. To date, 22 models from seven different brands have been equipped with Valeo's Park4U. By the end of 2011, these figures will rise to 38 models and 12 brands. (From a press release on September 30, 2010)
-The Company will equip Peugeot 508 with its new multifunction faceplate. The faceplate's design incorporates the air-conditioning and radio functions. The company also supplies hands-free access and start system for the vehicle.(From a press release on September 30, 2010)
-The Company and Ichikoh have developed a new generation of LED front lighting systems, unveiled on the Nissan Leaf Electric Vehicle. (From a press release on September 30, 2010)
-The Company equips the new Volkswagen Phaeton with its BeamAtic Premium adaptive lighting system. (From a press release on September 30, 2010)
-The Company's 360Vue system is equipped with the new Volkswagen Touareg.(From a press release on September 30, 2010)
-The Company earned contracts to supply torque converters in North America. It was chosen to equip the 6-speed automatic transmissions on Ford F-Series Super Duty pickup trucks and is also represented on the 6-speed front wheel drive transmissions of General Motors equipping several passenger car models. (From a press release on July 26, 2010)
-The Company supplies Stop-Start system "i-StARS" for PSA Peugeot Citroen e-HDi diesel models. Valeo "i-StARS" will equip one million vehicles by 2013. (From a press release on June 9, 2010)
Acquisitions-Signed an agreement with RHJ International SA and Nissan to acquire Niles, a Japan-based automotive switch supplier which would reinforce Valeo’s Comfort and Driving Assistance Systems Business Group. The transaction amounts to 320 million euros. With this acquisition, Valeo would strengthen its relationship with Japanese automakers, particularly Nissan. (From a press release on February 23, 2011)
-Acquired 100% of the capital in Valeo Minda Electrical Systems India Private Limited, its former joint venture based in Pune. The company, which produces alternators and starters for passenger cars, will be named Valeo Engine and Electrical Systems India Private Ltd. The group currently produces components including transmissions, security systems and electrical systems in India The production of lighting systems and wiper systems will be launched in the nation later in 2010. (From a press release on May 19, 2010)
Diverstitures-Sold its Telma speed controller activity, which manufactures electromagnetic retarders, to the current management team. The operation includes its headquarters and main plant based in Saint Ouen l'Aumone, France and a joint venture plant in China. The business generated sales of 39.4 million euros in 2009. (From a press release on March 19, 2010)
-Sold its lighting modules business, consisting primarily of headlamp levelers, to a group of investors backed by UK-based investment fund Syntegra Capital and regional development capital fund Picardie Investissements of France. This operation comprises a R&D activity based in Bobigny, France and a manufacturing site in Hirson, France. It generated sales of 46 million euros in 2009. (From a press release on February 25, 2010)
|(in million euros)|
|% of operating revenues||5.6%||6.3%||5.5%|
R&D Facilities-At the end of 2010, the Group had 20 research centers and 38 development centers.
|Research centers||Development centers|
Patents-In 2010, 612 new patents were filed.
Technological Alliance-The Company and BAIC (Beijing Automotive Industry Corporation) presented to the Beijing Governor an electric demo car equipped with a complete Valeo electric powertrain system. By using a synchronous permanent magnet motor, Valeo's electric powertrain is able to deliver both good acceleration at low and medium speeds and a high top vehicle speed all with a single gear transmission. Developed by Valeo and its partners Leroy Somer and GKN, this system includes an electric motor, an inverter, a transmission, a charger, a supervisor and a DC/DC converter. The partnership between Valeo and BAIC started in early 2010 with the intent to bring an electric vehicle to series production in 2011. (From a press release on December 20, 2010)
-Signed a cooperation agreement with Ibeo Automotive Systems GmbH in the field of driving assistance systems. Ibeo, based in Hamburg, Germany, is a supplier of laser scanner sensors for automotive applications. Using Ibeo's laser scanner technology, Valeo will develop and mass produce active safety systems. (From a press release on December 17, 2010)
-The Company and IFP Energies nouvelles have signed a framework contract for the development of powertrains, covering both internal combustion engines and hybrid and electric motor systems. IFP Energies nouvelles is a French public-sector research center in the fields of energy, transport and the environment. (From a press release on December 13, 2010)
R&D Activities-In 2010, the Company has become a member of the GENIVI Alliance, a non-profit organization of automakers, suppliers and other industrial companies committed to the development and adoption of an open source In-Vehicle Infotainment (IVI) reference platform for the automotive industry. (From a press release on March 3, 2010)
-In 2010, the Company has partnered with Modulowatt Ingenierie on its project for automatic docking to a battery charging station. Automatic docking is handled by an automated arm which connects the vehicle to the charging station. The system however, requires the vehicle to be accurately positioned in front of the arm. Valeo provides the detection system which localizes the charging zones. Modulowatt, founded in 2009, is a France-based organization which provides service for electro-mobility sector. (From a press release on September 30, 2010)
Product Development"Dual Direct Drive Wiper System"
-Developed a dual direct drive wiper system. Since the beginning of 2010, Valeo has equipped the Mercedes SLS AMG with the wiper system. The wipers are directly powered by the output shafts from two separate motors. With the elimination of linkage, the company was able to reduce the size and weight of the system by around 30% compared to conventional systems. (From a press release on September 7, 2010)
|(in million euros)|
|Comfort and Driving Assistance Systems
-Inaugurated two new sites in China: an Electronics Expertise Center in Shenzhen, Guangdong province and a wiper systems production plant in Wenling, Zhejiang province, China. The new Electronics Expertise Center, located within Valeo's Shenzhen production plant, will develop electronic components for electric vehicles. The new Wenling production plant of 15,600 square meters will replace the former plant. (From a press release on April 1, 2011)