The company posted gross margin of E1.74 billion for the full year of 2010, compared to E1.14 billion for the same period in 2009. Operating margin was E617m, compared to E133m for the same period in 2009.
EBITDA was $1.15 billion for the full year of 2010, compared to E670m for the same period in 2009. Operating income was E590m, compared to E84m for the same period in 2009.
Research and development expenses, particularly in the area of CO2 emissions reduction, totaled E537m, or 5.6 percent of sales. The cost of net financial debt was E67m, up by 12 percent versus the same period in 2009. Other income and expenses showed a net expense of E32m.
Other income and expenses totaled -E27m, or -0.3 percent of sales, including, among others, provisions for social costs related to the implementation of the new organization revealed in March 2010. Income before taxes showed a profit of E490m versus a loss of E67m during the same period in 2009.
In 2011, Valeo forecasts an increase in global automotive production automobile of five percent.
Jacques Aschenbroich, CEO of the company, said: â€œOur 2010 results, with an operational performance ahead of the objectives set in the plan presented in early 2010, underline the pertinence of our strategy.
â€œMoreover, our medium-term growth prospects, based on a record order intake level, the rising importance of innovative products developed by Valeo, and the Groupâ€™s ability to regularly outperform its main markets, make us confident in our ability to achieve and sustain one of the best levels of return on capital employed in our sector.â€
Will the firm further improve sales in 2011?
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