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  • 1. Consolidated statement of income 22. Consolidated statement of comprehensive

    income 33. Consolidated statement of financial position 44. Consolidated statement of cash flows 55. Consolidated statement of changes

    in stockholders equity 66. Notes to the consolidated financial statements 77. Statutory auditors report on the

    consolidated financial statements 93

    5 2017 CONSOLIDATED FINANCIAL STATEMENTS

    1Valeo 2017 consolidated financial statements

  • 2017 consolidated financial statements

    2017 consolidated financial statements AFR

    1. Consolidated statement of income

    (in millions of euros) Notes 2017 2016

    SALES 4.1 18,550 16,519

    Cost of sales 4.3 (15,076) (13,499)

    GRoss maRGin 4.3 3,474 3,020

    as a % of sales 18.7% 18.3%

    Research and Development expenditure, net 4.5.1 (1,130) (956)

    Selling expenses (302) (258)

    Administrative expenses (587) (533)

    OPERATING MARGIN 1,455 1,273

    as a % of sales 7.8% 7.7%

    Share in net earnings of equity-accounted companies 4.5.3.1 22 61

    OPERATING MARGIN INCLUDING SHARE IN NET EARNINGS OF EQUITY-ACCOUNTED COMPANIES 4.5 1,477 1,334

    as a % of sales 8.0% 8.1%

    Other income and expenses 4.6.2 (67) (33)

    oPeRatinG income inclUdinG sHaRe in net eaRninGs of eQUitY-accoUnted comPanies 4.6.1 1,410 1,301

    Interest expense 8.2.1 (88) (90)

    Interest income 8.2.1 15 7

    Other financial income and expenses 8.2.2 (47) (46)

    income BefoRe income taXes 1,290 1,172

    Income taxes 9.1 (325) (189)

    NET INCOME FOR THE YEAR 965 983

    attributable to:

    Owners of the Company 886 925

    Non-controlling interests 10.1.4 79 58

    earnings per share:

    Basic earnings per share (in euros) 10.2 3.72 3.91

    Diluted earnings per share (in euros) 10.2 3.68 3.86

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

    Valeo 2017 consolidated financial statements2

  • 2017 consolidated financial statements

    2. Consolidated statement of comprehensive income

    (in millions of euros) 2017 2016

    NET INCOME FOR THE YEAR 965 983

    Share of changes in comprehensive income from equity-accounted companies that may subsequently be recycled to income (7) (8)

    o/w income taxes - -

    Translation adjustment (331) 45

    Cash flow hedges:

    Gains (losses) taken to equity 44 (14)

    (Gains) losses transferred to income for the year (26) 4

    o/w income taxes (1) 3

    Remeasurement of available-for-sale financial assets 4 -

    o/w income taxes (1) -

    otHeR comPReHensiVe income (loss) tHat maY sUBseQUentlY Be RecYcled to income (316) 27

    Share of changes in comprehensive income from equity-accounted companies that may not subsequently be recycled to income - (1)

    o/w income taxes - -

    Actuarial gains (losses) on defined benefit plans 51 (90)

    o/w income taxes (18) 2

    otHeR comPReHensiVe income (loss) tHat maY not sUBseQUentlY Be RecYcled to income 51 (91)

    otHeR comPReHensiVe income (loss) foR tHe YeaR, net of taX (265) (64)

    TOTAL COMPREHENSIVE INCOME FOR THE YEAR 700 919

    attributable to:

    Owners of the Company 642 860

    Non-controlling interests 58 59

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

    Valeo 2017 consolidated financial statements 3

  • 2017 consolidated financial statements

    3. Consolidated statement of financial position

    (in millions of euros) Notes December31, 2017december31, 2016

    restated(1)

    ASSETSGoodwill 6.1 2,615 1,944Other intangible assets 6.2 1,830 1,372Property, plant and equipment 6.3 4,055 3,063Investments in equity-accounted companies 4.5.3.2 357 473Other non-current financial assets 8.1.1 420 211Assets relating to pensions and other employee benefits 5.3 5 -Deferred tax assets 9.2 456 625non-cURRent assets 9,738 7,688Inventories, net 4.4 1,720 1,393Accounts and notes receivable, net 4.2 2,919 2,462Other current assets 4.5.2 483 427Taxes receivable 42 38Other current financial assets 8.1.1 40 20Cash and cash equivalents 8.1.3.2 2,436 2,359Assets held for sale 2.2.2.1 41 -cURRent assets 7,681 6,699TOTAL ASSETS 17,419 14,387EQUITY AND LIABILITIESShare capital 10.1.1 240 239Additional paid-in capital 10.1.1 1,487 1,462Translation adjustment 10.1.3 (36) 282Retained earnings 2,723 2,134stocKHoldeRs eQUitY 4,414 4,117Non-controlling interests 10.1.4 649 236stocKHoldeRs eQUitY inclUdinG non-contRollinG inteRests 5,063 4,353Provisions for pensions and other employee benefits long-term portion 5.3 1,018 983Other provisions long-term portion 7.1 388 358Long-term portion of long-term debt 8.1.2.1 3,237 2,069Other financial liabilities long-term portion 8.1.1 162 116Liabilities associated with put options granted to holders ofnon-controlling interests long-term portion 8.1.2.2 17 23Subsidies and grants long-term portion 43 41Deferred tax liabilities 9.2 73 66non-cURRent liaBilities 4,938 3,656Accounts and notes payable 4,394 3,885Provisions for pensions and other employee benefits current portion 5.3 117 89Other provisions current portion 7.1 207 302Subsidies and grants current portion 19 18Taxes payable 116 107Other current liabilities 1,401 1,128Current portion of long-term debt 8.1.2.1 383 225Other financial liabilities current portion 8.1.1 15 26Liabilities associated with put options granted to holders ofnon-controlling interests current portion 8.1.2.2 65 56Short-term debt 8.1.2.3 664 542Liabilities held for sale 2.2.2.1 37 -cURRent liaBilities 7,418 6,378TOTAL EQUITY AND LIABILITIES 17,419 14,387(1) The consolidated statement of financial position for December 31, 2016 differs from that presented in the 2016 consolidated financial statements published in February 2017

    since it has been adjusted to reflect the impacts of finalizing the allocation of goodwill to peiker and Spheros (see Notes2.2.1.10 and 2.2.1.9).

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

    Valeo 2017 consolidated financial statements4

  • 2017 consolidated financial statements

    4. Consolidated statement of cash flows

    (in millions of euros) Notes 2017 2016

    CASH FLOWS FROM OPERATING ACTIVITIESNet income for the year 965 983Share in net earnings of equity-accounted companies (22) (61)Net dividends received from equity-accounted companies 46 43Expenses (income) with no cash effect 11.1 882 854Cost of net debt 73 83Income taxes (current and deferred) 325 189GRoss oPeRatinG casH floWs 2,269 2,091Income taxes paid (265) (257)Changes in working capital 11.2 35 56net casH floWs fRom (Used in) oPeRatinG actiVities 2,039 1,890CASH FLOWS FROM INVESTING ACTIVITIESAcquisitions of intangible assets (627) (483)Acquisitions of property, plant and equipment(1) (1,158) (844)Investment subsidies and grants received(1) 9 27Disposals of property, plant and equipment and intangible assets 31 51Net change in non-current financial assets (91) (38)Acquisitions of investments with gain of control, net of cash acquired 11.3 (537) (630)Acquisitions of investments in associates and/or joint ventures 11.4 (7) (17)Disposals of investments with loss of control, net of cash transferred 11.5 (1) 22net casH floWs fRom (Used in) inVestinG actiVities (2,381) (1,912)CASH FLOWS FROM FINANCING ACTIVITIESDividends paid to owners of the Company (297) (236)Dividends paid to non-controlling interests in consolidated subsidiaries (20) (27)Capital increase 26 29Sale (purchase) of treasury stock 11.6 (73) 13Issuance of long-term debt 11.7 1,486 1,112Loan issue costs and premiums 11.7 (7) (64)Interest paid (72) (63)Interest received 9 5Repayments of long-term debt 11.7 (630) (469)Acquisitions of investments without gain of control 11.8 (16) (24)net casH floWs fRom (Used in) financinG actiVities 406 276casH and casH eQUiValents RelatinG to assets Held foR sale (6) -effect of eXcHanGe Rate cHanGes on casH and casH eQUiValents (103) (34)NET CHANGE IN CASH AND CASH EQUIVALENTS (45) 220net casH and casH eQUiValents at BeGinninG of YeaR 1,817 1,597net casH and casH eQUiValents at end of YeaR 1,772 1,817Of which:

    Cash and cash equivalents 2,436 2,359

    Short-term debt (664) (542)(1) The consolidated statement of cash flows shown for 2016 differs from that presented in the 2016 consolidated financial statements published in February 2017 since it has

    been adjusted to present the impacts of subsidies and grants on non-current assets on a separate line within cash flows from investing activities.

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

    Valeo 2017 consolidated financial statements 5

  • 2017 consolidated financial statements

    5. Consolidated statement of changes in stockholders equity

    Total stockholders' equity including non-controlling interests

    number of shares outstanding (in millions of euros)

    share capital

    additional paid-in capital

    cumulative translation adjustment

    Retained earnings

    Stockholders' equity

    Non-controlling interests Total

    235,362,555STOCKHOLDERS' EQUITY ATJANUARY1,2016 238 1,434 245 1,556 3,473 219 3,692

    Dividends paid - - - (236) (236) (27) (263)

    1,784,200 Treasury stock - - - 13 13 - 13

    755,511 Capital increase 1 28 - - 29 - 29

    Share-based payment - - - 21 21 - 21

    Put options granted(2) - - - (18) (18) (3) (21)

    Other movements - - - (25) (25) (12) (37)

    tRansactions WitH oWneRs 1 28 - (245) (216) (42) (258)

    Net income for the year - - - 925 925 58 983

    Other comprehensive income (loss), net of tax - - 37 (102) (65) 1 (64)

    total comPReHensiVe income - - 37 823 860 59 919

    237,902,266STOCKHOLDERS EQUITY AT DECEMBER31,2016 239 1,462 282 2,134 4,117 236 4,353

    Dividends paid - -

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