VALEORAP006 VUK · 2019-05-14 · It is one of the world’s leading automotive suppliers. The...

51
68I>K>IN!G:EDGI! 2006 In a difficult automotive environment, our Group is on the offensive. Industrial excellence and growth are at the heart of our strategy. Our ambition is to innovate for the comfort and well-being of all, while respecting the environment. Now more than ever, Valeo is committed to enabling a better automotive world. I]^Zggn!Bdg^c!!8]V^gbVc!'!8:D

Transcript of VALEORAP006 VUK · 2019-05-14 · It is one of the world’s leading automotive suppliers. The...

Page 1: VALEORAP006 VUK · 2019-05-14 · It is one of the world’s leading automotive suppliers. The Group employs 69,800 people representing 91 nationalities in 129 production sites, 68

68I>K>IN�G:EDGI�

2006In a difficult automotive environment, our Group is on the offensive.Industrial excellence and growth are at the heart of our strategy. Our ambition is to innovate for the comfort and well-being of all, while respecting the environment.

Now more than ever, Valeo is committed to enabling a better automotive world.I]^Zggn�Bdg^c!�8]V^gbVc���8:D

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Contents

> Meeting the needs of the automotive industry

Operationalexcellence� e#�(%

Total Quality e#�('

Global presence e#�()

Technologicaldifferentiation� e#�(+

> Committed to our employees

Values and people e#�)%

Luc Alphand,Valeo’s partner e#�)-

> Reconciling automobiles and society

Environment� e#�&+

Safety e#�'%

Well-being e#�')

%&

> Creating value

Group profile e#�%'

Key financial figures e#�%(

Key environmental figures e#�%+

Interview with Thierry Morin e#�%-

Page 3: VALEORAP006 VUK · 2019-05-14 · It is one of the world’s leading automotive suppliers. The Group employs 69,800 people representing 91 nationalities in 129 production sites, 68

It is one of the world’s leading automotive suppliers.The Group employs 69,800 people representing 91 nationalities in 129 production sites, 68 Research & Development centers and 9 distribution platforms in 29 countries.Valeo applies its profitable growth strategy in line with a policy of sustainable development.

Valeo is an independent and international industrial group fully focused on the design, production and sale of components, systems and modules for automobiles and trucks, both on the original equipment market and the aftermarket.

Profile

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%(

Key Figures

1. Sales by region>c�b^aa^dc�Zjgdh�VcY�^c���d[�hVaZh

2. Sales by market>c���d[�hVaZh

��>c�VXXdgYVcXZ�l^i]�>;GH!�Vaa�'%%)�VcY�'%%*�Ò\jgZh�VgZ�gZhiViZY!�bV^can�id�VXXdjci�[dg�cdc�higViZ\^X�VXi^k^i^Zh#

6[iZgbVg`Zi�18%�

2004* 2005* 2006

71%

16%

10%

3%

9,018

69%

14%

12%

5%

9,736

13%

13%

5%

9,970

Europe North America

Asia and Others South América

69%

3. Gross margin>c���d[�hVaZh

��>c�VXXdgYVcXZ�l^i]�>;GH!�Vaa�'%%)�VcY�'%%*�Ò\jgZh�VgZ�gZhiViZY!�bV^can�id�VXXdjci�[dg�cdc�higViZ\^X�VXi^k^i^Zh#

2004* 2005* 2006

17.2%16.0%

15.4%

H1-2004* H2-2004* H1-2005* H2-2005* H1-2006 H2-2006

17.3% 17.1%16.3% 15.8% 15.9%

14.9%

D:B�82%

Customer diversity, the recovery of the aftermarket business and rigorous management lessened the impact on margins of the decline in automotive production in the Group’s key markets and the increase in raw material prices.

Results

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%)� @:N�;><JG:H

5. Research and Development>c���d[�idiVa�deZgVi^c\�gZkZcjZh

7. Basic earnings per share>c�Zjgdh

2004* 2005* 2006

6.4% 6.5% 6.6%

��>c�VXXdgYVcXZ�l^i]�>;GH!�Vaa�'%%)�VcY�'%%*�Ò\jgZh�VgZ�gZhiViZY!�bV^can�id�VXXdjci�[dg�cdc�higViZ\^X�VXi^k^i^Zh#

8. Net income >c�b^aa^dc�Zjgdh�VcY�^c���d[�idiVa�deZgVi^c\�gZkZcjZh

��>c�VXXdgYVcXZ�l^i]�>;GH!�Vaa�'%%)�VcY�'%%*�Ò\jgZh�VgZ�gZhiViZY!�bV^can�id�VXXdjci�[dg�cdc�higViZ\^X�VXi^k^i^Zh#���>cXajY^c\�Vc�ZmXZei^dcVa�iVm�\V^c�d[�-(�b^aa^dc�Zjgdh#

161142

2004* 2005* 2006

240**

2.6% 1.4% 1.6%

2.10

1.80

2004* 2005* 2006

2.92

6. Net financial debt

968

1,080

01/01/2005 12/31/2005 12/31/2006

497

27% 63% 55%

4. Operating income>c���d[�idiVa�deZgVi^c\�gZkZcjZh

2004* 2005* 2006

3.5%3.3%

2.7%

H1-2004* H2-2004* H1-2005* H2-2005* H1-2006 H2-2006

4.4%

2.7%

3.2% 3.3% 3.2%

2.1%

��>c�VXXdgYVcXZ�l^i]�>;GH!�Vaa�'%%)�VcY�'%%*�Ò\jgZh�VgZ�gZhiViZY!�bV^can�id�VXXdjci�[dg�cdc�higViZ\^X�VXi^k^i^Zh#

P�GZhjaih�R

>c�b^aa^dc�Zjgdh�VcY�^c���d[�Zfj^in

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%*

2. Share price >c�Zjgdh

3. Stock market data

May 9, 2007 2006 2005 2004 2003

Market capitalization at year-end (in billion euros)� 3.19 '#)* '#)) '#*- '#+&

Highest share price (in euros) 45.89 (*#)% (-#'% (-#(* (+#)%

Lowest share price (in euros) 31.35 '*#%% (%#'* ',#'' &.#,*

Share price at end of year (in euros) 41.08 (&#*( (&#)& (%#-% (&#,*

Number of shares on December 31, 2006: 77,580,617

4. Per share data

2006 2005 2004 2003

Earnings per share (in euros) 2.10 &#-%�� '#.'�� '#'%�

Net dividend (in euros) 1.10*** &#&% &#&% &#%*

��>c�VXXdgYVcXZ�l^i]�;gZcX]�VXXdjci^c\�eg^cX^eaZh#�����GZhiViZY�YViV#������HjW_ZXi�id�VeegdkVa�Wn�h]VgZ]daYZgh�Vi�i]Z�<ZcZgVa�H]VgZ]daYZgh�BZZi^c\#

Calendar of upcoming events: 2007

3 Annual General Shareholders’ Meeting 3BVn�'&

3 Publication of 2007 H1 results 3 ?jan�'+

3 Publication of 2007 Q3 results 3�DXidWZg�&,

Contacts Valeo Investor Relations43, rue Bayen - 75848 Paris Cedex 17 - FranceWeb site: www.valeo.comToll free number: 0800 814 045

Shareholder information

18

22

26

30

34

38

42

46

CAC40Valeo

04/01/03

07/01/03

10/01/03

01/01/04

04/01/04

07/01/04

10/01/04

01/01/05

04/01/05

07/01/05

10/01/05

01/01/06

04/01/06

07/01/06

10/01/06

01/01/07

04/01/07

1. Ownership structure on May 9, 2007

70.5%(68.5%)

14.1%(13.8%)

6.0%(8.5%)

4.8%(4.7%)

4.6%(4.5%)

�Di]Zgh

EVgYjh�:jgdeZVc�HeZX^Va��

Deedgijc^i^Zh�BVhiZg�;jcY�AE

8V^hhZ�YZh�9�e�ih

�����Zi�Xdch^\cVi^dch��898��

;gVc`a^c�GZhdjgXZh!�>cX#

7gVcYZh�>ckZhibZci��

EVgicZgh�AE

�Dlc�VXXdjci#

Between April 1, 2003 and May 9, 2007, Valeo’s share price rose

by 105%, from 20.08 euros to 41.08 euros.

+30%Increase in Valeo’s share price (between December 31, 2006 and May 9, 2007)

>c���d[�kdi^c\�g^\]ih����d[�XVe^iVa�

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%+� @:N�;><JG:H� �

For over fifteen years now, Valeo has been committed to environmental protection, reducing pollution and protecting the environment through efficient use of energy and raw materials.

I]Z�<ZcZg^X�EaVci

Successful integration of the environment into the Valeo culture

The generic plant concept takes the environment, as well as the safety of the people and the facilities, into account right from the initial construction.As an automotive supplier long concerned by environmental issues, Valeo has defined the concept for a generic plant for all its construction projects. The Group has been developing the idea since the 1990s, based on the work of the High Quality Environment association (HQE), the US Green Building and recommendations from the World Bank. Every site construction or renovation project is planned according to the generic plant concept as laid out in the “Valeo Factory Design” manual. The manual covers the choice of location, architecture, working conditions, optimized energy consumption and the reduction of waste and emissions. Risk assessments are also carried out in four specific areas: safety, health, security and the environment. Recent buildings or factory renovations in Veszprem

(Hungary), Skawina and Chrzanow (Poland), Zebrak (Czech Republic), Atsugi-shi (Japan), Bouznika (Morocco) and, most recently, Garulhos (Brazil) show how far the environment has been successfully integrated into the Valeo culture. For Valeo, the environment is considered as part of the overall risk management system. The objective is to identify all risks as far upstream as possible and map them, so that all the necessary means of protection and prevention can then be set up to aim toward zero risk. This approach is applied to the safety of people, tangible and intangible investments, information systems and every area of the professional environment.

�&*d[�i]Z�<gdjeÉh�[VXidg^Zh�]VkZ�WZZc�Wj ai�VXXdgY^c\�id�i]Z�<ZcZg^X�KVaZd�

;VXidgn�9Zh^\c�h^cXZ�'%%%#

&',KVaZd�h^iZh�VgZ�XZgi^ÒZY�>HD�&)%%&�VcY�,'�XZgi^ÒZY�D=H6H�&-%%&!�V�bVcV\ZbZci�hnhiZb�Xdbeg^h^c\��

heZX^ÒXVi^dch�heZX^ÒX�id�i]Z�

i]ZbZh�d[�ldg`eaVXZ�]ZVai]�

VcY�hV[Zin#

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%,

1. Water consumption 2. Breakdown of energy consumption�

3. Energy consumption 4. Use of recycled plastic >c�idch

6. Breakdown of packagingmaterials used

2004 2005 2006

514

303341

5,032

3,2623,463

Electricity Gas Fuel oil Other

2004 2005 2006

6,219

5,198

6,150

7. Use of chlorinatedsolvents

5. Use of packaging materials

2004 2005 2006

2004 2005 2006

EnvironmentThe implementation of the ISO 14001 system of management in all Valeo plants is a way to improve environmental performance and limit the impact of the Group’s activities. Our indicators reflect this performance.

8. CO2 atmospheric emissions

2004 2005 2006

IdiVa�kdajbZ�d[�lViZg�XdchjbZY$hVaZh��b($b aa dc�Zjgdh�

IdiVa�kdajbZ�d[�lViZg�XdchjbZY��b(�i]djhVcYh�

IdiVa�eVX`V\^c\�bViZg Vah�jhZY$hVaZh��idch$b aa dc�Zjgdh�

IdiVa��eVX`V\^c\�bViZg^Vah�jhZY��idch�

<gZZc]djhZ�\Vh�Zb^hh^dch$hVaZh�idch�Zfj^k#�8D

'$b^aa^dc�Zjgdh��

<gZZc]djhZ�\Vh�Zb^hh^dch�idch�Zfj^k#�8D

'�

JhZ�d[�X]adg^cViZY�hdakZcih$hVaZh��`\$b^aa^dc�Zjgdh�

JhZ�d[�X]adg^cViZY�hdakZcih�^c�idch

In 2006, Valeo pursued its drive to preserve natural resources and limit waste. As a result:

> Gains have been made in energy consumption, especially through heat recovery systems wherever that has been possible;

> Dangerous substance usage is down as more alternative products are brought in that are not harmful to health or the environment;

> The use of raw materials in packaging has been cut by using recycled products and returnable containers between suppliers and customers.

These results are made possible by our policy of ongoing research into better and sustainable solutions.

58%

33%

6%

3%

63%

34%

2%1%

64%

34%

2%

153

109 107

1,469

1,1711,096

5,503

6,741 6,669

48,606

67,23963,248

Plastic Cardboard

OtherWood

2004 2005 2006

121211

112,195121,157 123,971

IdiVa�ZcZg\n�Xdchjbei^dc$hVaZh��BL]$b^aa^dc�Zjgdh�

IdiVa�ZcZg\n�Xdchjbei^dc��<L]�

!!

!

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%-� >CI:GK>:L�

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%.

“Enabling a WZiiZgautomotive world”

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Page 18: VALEORAP006 VUK · 2019-05-14 · It is one of the world’s leading automotive suppliers. The Group employs 69,800 people representing 91 nationalities in 129 production sites, 68

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is a chemical compound (one carbon atom + two oxygen atoms). CO2 emissions are not, in themselves, toxic. But CO2 is considered to be the main cause of global warming – although it is not the only greenhouse gas – because it is found in increasingly high concentrations in the atmosphere.

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XdcXZcigVi^dc�in the atmosphere since the beginning of the industrial age. In 100 years, the level of CO2 has increased from 278 ppmv (parts per million in volume) to 382 ppmv in 2007, leading to an imbalance and hence to global warming.

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Zb^hh^dch�from transport in the European Union since 1990, with the greatest increase coming from the transport of goods.

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will set for automakers for 2012. This is a drastic measure: by this date, cars mustnot emit more than 120g of CO2 per km traveled. In 2005, they were still emitting an average of 162g per km. Regulations are expected to tighten even further,with plans to set a new limit of 95g per km for 2020.

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A closer look at CO2

Page 19: VALEORAP006 VUK · 2019-05-14 · It is one of the world’s leading automotive suppliers. The Group employs 69,800 people representing 91 nationalities in 129 production sites, 68

Valeo has set up a database listing all banned and regulated substances in the automotive industry along with the requirements of its automaker customers.

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In February 2003, I announced

an initial measure stipulating that London would charge a fee for driving private cars in its central area during weekdays. Thismeasure was designed as a way to reduce traffic congestion, raise revenues to fund transport improvements and diminish CO2

emissions. The ensuing reduction in traffic did indeed bring a host of benefits, including a significant cut in CO2

emissions. Since that date, we have launched some additional initiatives, regarding cars especially. We have decided that drivers of the least polluting cars will receive a reduction on the current £8 daily charge, while those

which emit the most CO2 will have to pay a much higher price, up to £25. In February 2007, this congestion charging policy was extended even further westward and different rates for parking permits based on vehicle fuel emissions are currently being studied by London’s other boroughs.Today, we are clearly encouraging, among other solutions, the use of public transport, cycling and fuel-efficient cars. We know that the automotive industry can mass produce much cleaner vehicles. Indeed, if every vehicle in London were swapped for the cleanest model in its class, carbon emissions from cars would be cut by at least 30% overnight.

Launching initiatives to reduce urban pollutionKen Livingstone / Mayor of London

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Page 20: VALEORAP006 VUK · 2019-05-14 · It is one of the world’s leading automotive suppliers. The Group employs 69,800 people representing 91 nationalities in 129 production sites, 68

&.

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Valeo’s innovations aim to make vehicles not only safer and more comfortable, but also more economical and environmentally friendly. Its R&D engineers are constantly searching for solutions to reduce fuel consumption and CO2 emissions.

With innovations such as the StARSTM

micro-hybrid system, the Themis™ thermal management system and the camless engine, Valeo can achieve fuel savings of up to 40%, without sacrificing performance or driving comfort.

Achieving 40% fuel savings ;^kZ�edhh^WaZ�VgZVh�[dg� begdkZbZci�Wn�KVaZd

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Page 21: VALEORAP006 VUK · 2019-05-14 · It is one of the world’s leading automotive suppliers. The Group employs 69,800 people representing 91 nationalities in 129 production sites, 68

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Reconciling automobiles

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Page 22: VALEORAP006 VUK · 2019-05-14 · It is one of the world’s leading automotive suppliers. The Group employs 69,800 people representing 91 nationalities in 129 production sites, 68

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on the world’s roads, according to the World Health Organization.These figures could rise by up to 60% between now and 2020 due to the increasing number of vehicles on the road in developing countries. However, there will be major variations in different parts of the world. Whereas the number of accidents is expected to fall by 30% in OECD countries, it could rise sharply in countries such as China and Brazil unless govern-ments implement strict road safety policies.

3�.)��d[�eZdeaZ�l]d�Wjn�V�XVg�idYVnname safety as a top priority when choosing a vehicle, according to a September 2005 survey carried out by EuroNCap. (source: MORI).

3�,%�!�-%��dg�.%�4�Road safety experts may not agree on the figures, but one thing is certain: based on detailed surveys, they all note that human error plays a key role in accidents. A majority of accidents are indeed due to a misinterpretation of the situation or to poor or inappropriate driving decisions.

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Everybody’s involved

Page 23: VALEORAP006 VUK · 2019-05-14 · It is one of the world’s leading automotive suppliers. The Group employs 69,800 people representing 91 nationalities in 129 production sites, 68

Valeo favors an active andpreventive safety policy by giving priority to innovations that impact daily driving.

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Road danger in emerging countries: still so much more to do... Doctor Etienne Krug / Director of the department for the prevention of violence and trauma at theWorld Health Organization (WHO)

Every year we record 1.2 million

deaths and between 20 and 50 million people injured as a result of road danger! This scourge is the tenth biggest cause of death worldwide – it is a major phenomenon that merits the attention of international organiza-tions and governments. While Europe, Australia and North America have made real progress in this area, there is still much to do in low- and medium-income countries, which register 90% of road deaths and injuries. The lack of road safety in these countries is due to three factors: the infrastructures, which are often poorly maintained; the vehicles, which are often second-hand and in a deplorable state of repair and the behavior of road users. To reverse this trend, we must develop education programs and make

information available for these populations, ensure that local regulations are respected and we must foster a strong political will at the highest level in the countries concerned. In this context, the WHO has launched a wide array of programs on themes such as respect-ing the law, the need for safety helmets for cyclists and for seatbelts in vehicles, and the dangers of speeding and drinking while driving, by introducing mecha-nisms for international cooperation. The idea is to create a culture of road safety in emerging countries. We have begun in China, in some African states, and in Vietnam, and awareness is gradually spreading. To step up this process, everybody must play their part: political leaders, local organiza-tions promoting road safety, if they exist, as well as automakers and suppliers.

Page 24: VALEORAP006 VUK · 2019-05-14 · It is one of the world’s leading automotive suppliers. The Group employs 69,800 people representing 91 nationalities in 129 production sites, 68

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Front, rear and side of the vehicle:the full range of safety

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The Park4U™ system allows the driver to semi-automatically park the car in less than 15 seconds. Using ultrasonic technology, the system scans both sides of the road for spaces, which it calculates according to the vehicle length. Once a slot has been identified, the driver stops and puts the car into reverse. The system calculates the trajectory and controls the vehicle’s steering.

The driver, aided by ultrasonic sensors on the front and rear of the vehicle, controls acceleration and braking during the maneuver. The system can be disabled at any time by braking or taking hold of the steering wheel. In 2007, Valeo will equip the VW Touran with this system.

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Page 25: VALEORAP006 VUK · 2019-05-14 · It is one of the world’s leading automotive suppliers. The Group employs 69,800 people representing 91 nationalities in 129 production sites, 68

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Reconciling automobiles

andwell-being

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Page 26: VALEORAP006 VUK · 2019-05-14 · It is one of the world’s leading automotive suppliers. The Group employs 69,800 people representing 91 nationalities in 129 production sites, 68

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3�:kZgn�)%�id�+%�nZVgh!according to Nikolai Kondratieff’s theory of long socio-economic “waves”, society undergoes a fundamental process of reorganization. The “sixth wave”, marked by key developments in health and well-being, is expected to result in unprecedented change, and we are already feeling the beginnings of this in the richest countries.

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This is the value placed on comfort by European motorists when they buy a new car, among the key criteria for choosing a vehicle. While they put safety first, either of property or people, driving comfort,

visual comfort and exterior and interior design are the next most important criteria.HdjgXZ/�>ciZgcVi^dcVa�hjgkZn�Wn�IVnadg�CZahdc�Hd[gZh�

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Page 27: VALEORAP006 VUK · 2019-05-14 · It is one of the world’s leading automotive suppliers. The Group employs 69,800 people representing 91 nationalities in 129 production sites, 68

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Making vehicles more user-friendly and improving the comfort and well-being of their occupants in all stages of use: approaching, entering, starting, driving and getting out of the vehicle.

These days, comfort is a general

concept that applies to many areas, whether in terms of safety or in the more standard areas of ergonomics, style and design. This comprehensive vision of comfort derives from several powerful trends as well as the current social context: first, the consumer has become more active than passive, and second, individual opinions weigh more. Today, consumer comfort has become a subjective concept that must meet the following requirements: the option of choosing what one wants, according to many different needs, easily, and at the lowest cost.

To fit into the new social fabric and satisfy contemporary expectations regarding comfort, the automobile has become less of a status symbol and more of a means of moving around. The “automobile” is a symbolic word in which “mobile” has gained the upper hand over “auto”. Automotive suppliers, in this context, must be highly attentive to uses, expectations and this increasing desire for mobility. They can, in my opinion, play a major role by providing appropriate innovations to support the changes underway. We must not forget that it is the innovations of today that will define the conditions of future mobility.

Responding to an “active” consumer who prefers comfort over status Clément Rousseau / Chairman of the Plan Créatif Group, a design agency

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Page 28: VALEORAP006 VUK · 2019-05-14 · It is one of the world’s leading automotive suppliers. The Group employs 69,800 people representing 91 nationalities in 129 production sites, 68

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The hands-free card: a new intelligent and interactive identifierHbVgi�8Vg�@Zn

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The Smart Car Key is a new intelligent identifier that offers motorists several brand new features. Using an LCD screen, it gives the driver a full range of essential information to ensure safer driving: fuel and oil level, tire pressure, exterior and interior temperature… The Smart Car Key also allows the driver to remotely program the heating settings and download route and destination information, as well as music, from the Internet. When the driver approaches the vehicle, this information is automatically transferred to the in-car audio GPS system.

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Page 39: VALEORAP006 VUK · 2019-05-14 · It is one of the world’s leading automotive suppliers. The Group employs 69,800 people representing 91 nationalities in 129 production sites, 68

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Vi�ZkZgn�aZkZa�d[�i]Z�dg\Vc^oVi^dc#�>c�'%%+!�KVaZd�dcXZ�V\V^c�

Give our employees every

opportunity to expresstheir

�iVaZci

)%� E6GI�(����>����8dbb^iiZY�id�djg�ZbeadnZZh

Id�VX]^ZkZ�hjXXZhh�^ciZgcVi^dcVaan!�aZVY^c\�XdbeVc^Zh�]VkZ�id�[dXjh�dc�YZkZade^c\�i]Z�h`^aah�VcY�iVaZcih�d[�i]Z^g�ZbeadnZZh#�>c�Vaa�^ih�Wjh^cZhhZh�VcY�^c�ZkZgn�h^iZ�VgdjcY�i]Z�ldgaY!�KVaZd�egdbdiZh�V�]jbVc�gZhdjgXZh�eda^Xn�WVhZY�dc�Zi]^Xh!�igV^c^c\�VcY�ZbedlZgbZci#

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Page 42: VALEORAP006 VUK · 2019-05-14 · It is one of the world’s leading automotive suppliers. The Group employs 69,800 people representing 91 nationalities in 129 production sites, 68

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i]Z�<gdje�deZgViZh#�

I]Z�ÒcVa�XdbedcZci�d[�i]Z�<gdje�h�=jbVc�GZhdjgXZh�eda^Xn�^h�

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he^g^i�d[�^c^i^Vi^kZ!�Vjidcdbn�VcY�bdi^kVi^dc#

“We can progress only if all of ouremployees are proud of what they do

and if they feel empowered to add value every day.

Working for Valeo is thrilling.”Michel Boulain, Vice-President, Human Resources

>c�'%%+!�KVaZd�VXi^kZan�

ejghjZY�^ih�eda^Xn�d[�

gZaVi^dch�l^i]�]^\]Zg�

ZYjXVi^dc�establishments by building partnerships with some of the world's most prestigious schools and universities. The Group also took part in several

events organized by these institutions in order to meet future graduates at forums held in France, Tunisia, Poland and Germany, as well as in the USA and at the Chinese universities of Wuhan, Nanjing and Changchun. In France, Valeo

further strengthened its ties with its partner schools and sponsored the 2006 class of the Compiègne University of Technology (UTC). In Tunisia, Valeo helped set up a DESS in Logistics at the Tunis IHEC school.

EVgicZgh]^eh�l^i]�jc^kZgh^i^Zh�VcY�hX]ddah

Page 43: VALEORAP006 VUK · 2019-05-14 · It is one of the world’s leading automotive suppliers. The Group employs 69,800 people representing 91 nationalities in 129 production sites, 68

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Through ten fundamental principles, Valeo’s Code of ethics sets out the rules which apply to the Group and all its employees, as well as every working partner. Valeo commits to ensure its development in compliance with all national legislation and the rules of the Code of ethics, to respect the dignity and value of each human being, to give top priority to the respect of the environment and to the improvement of environmental protection. The Group encourages responsible social dialogue and the involvement of personnel, develops professional training and a research and development approach enabling the integration of the automobile in society. All Group employees must comply with the Code of ethics, manage business inan honest and impartial manner, respect confidentiality and ensure the security of Group assets, and loyally execute their employment contracts.

“For Valeo, ethics are an essential value”

1. Ethics6�8dYZ�d[�Zi]^Xh�^h�V�hZi�d[�hiVcYVgYh�bZVci�id�WZ�Veea^ZY�Wn�ZkZgndcZ�l]d�VX`cdlaZY\Zh�i]Z^g�aZ\^i^bVXn#�6c�ZkZg�^cXgZVh^c\�cjbWZg�d[�XdbeVc^Zh�gZ[Zg�idYVn�id�V�XdYZ�d[�Zi]^Xh#�>i�YZÒcZh�jcYZg�l]^X]�XdcY^i^dch�i]Z^g�VXi^k^in�XVc�iV`Z�eaVXZ�l^i]dji�jcYZgb^c^c\�Z^i]Zg�i]Z�[jcYVbZciVa�g^\]ih�d[�eZdeaZ�VcY�dg\Vc^oVi^dch!�dg�Vcn�Wjh^cZhh�XdcYjXi�gjaZh#�

{

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Page 44: VALEORAP006 VUK · 2019-05-14 · It is one of the world’s leading automotive suppliers. The Group employs 69,800 people representing 91 nationalities in 129 production sites, 68

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V�[Zl�h^beaZ!�ZVhn"id"Veean�^YZVh�VWdji�]VcYa^c\�djg�Zfj^ebZci�VcY�bV`^c\�

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Health and safety at work are priorities for Valeo. Safety is everybody’s business. In order to meet the “zero accident” objective at all sites and in all functions, every employee is involved in the Safety QRQC approach. The detection, communication, analysis and verification of minor incidents prevents them from recurring or becoming more serious. This daily vigilance fosters a preventive mindset and a proactive attitude which, among other things, leads to a drop in the number and frequency of accidents. Valeo is one of the pioneering companies in the application of the OHSAS 18001 standard relating to health and safety in the workplace, with 72 sites certified today. Training policy has also been reinforced with the implementation of “safety awareness days” bringing together all health, safety and environment managers of a given country.

“Safety, an absolute priority on site”

2. SafetyHV[Zin�^h�V�hiViZ�d[�XdcÒYZcXZ�^c�l]^X]�dcZ�]Vh�cdi]^c\�id�[ZVg�[dg�]^b$]ZghZa[�cdg�[dg�]^h$]Zg�Zck^gdcbZci#�>i�]Vh�WZXdbZ�V�bV_dg�^hhjZ�^c�idYVnÉh�hdX^Zin#�:fjVaan�XdcXZgcZY!�XdbeVc^Zh�hig^kZ�id�ZchjgZ�i]Z�hV[Zin�d[�i]Z^g�ldg`[dgXZ�Wn�bV`^c\�i]Z�ldg`^c\�Zck^gdcbZci!�bVX]^cZh!�iddah�VcY�hjWhiVcXZh�hV[Zg!�Vh�lZaa�Vh�WZ^c\�k^\^aVci�Vh�id�i]Z^g�ZbeadnZZhÉ�]ZVai]#�HV[Zin�^h�^cXgZVh^c\an�VX]^ZkZY�k^V�egZkZci^kZ�bZVhjgZh#�

>bZc�BDJ6A=>!�l^i]�KVaZd�h^cXZ�'%%&#

DeZgVidg�Vi�i]Z�:aZXigdc^Xh���8dccZXi^kZ�HnhiZbh�

h^iZ�^c�:o"OV]gV!�Ijc^h^V#

{)(

Page 45: VALEORAP006 VUK · 2019-05-14 · It is one of the world’s leading automotive suppliers. The Group employs 69,800 people representing 91 nationalities in 129 production sites, 68

))� E6GI�(����>����8dbb^iiZY�id�djg�ZbeadnZZh

Æ>�adkZ�WZ^c\�^c�XdciVXi�VcY�ldg`^c\�l^i]�eZdeaZ�l]d�XdbZ�[gdb�i]Z�[djg�XdgcZgh�d[�i]Z�eaVcZi#�>i�^h�dcZ�d[�i]Z�gZVhdch�>�_d^cZY�KVaZd�^c�&..,��I]ZgZ�VgZ�VgdjcY�.%�Y^[[ZgZci�cVi^dcVa^i^Zh�^c�i]Z�<gdje#�>�bnhZa[�bVcV\Z�

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i]Z�egZ"YZkZadebZci�e]VhZ#

>c�\ZcZgVa!�bn�[dgZ^\c�XdaaZV\jZh�d[iZc�]Zae�bZ�id�VeegdVX]�i]Z�egd_ZXi�

[gdb�V�Y^[[ZgZci�Vc\aZ�dc�V�YV^an�WVh^h#�I]Zn�iVX`aZ�egdWaZbh�VcY�^ciZgegZi�

XjhidbZg�gZfjZhih�^c�Y^[[ZgZci�lVnh#�LZ�Y^hXjhh�i]Zb�id\Zi]Zg�id�ÒcY�i]Z�

bdhi�Veegdeg^ViZ�hdaji^dch#�I]Z�VYkVciV\Z�d[�bn�edh^i^dc�Vi�i]Z�bdbZci�

^h�i]Vi�^i�^h�V�\ViZlVn�id�i]Z�l]daZ�ldgaY#Ç

Diversity is very important to Valeo. It offers the Group a stimulating, multicultural working environment enabling it to attract the best talent and fully respond to its global customers’ needs. Recruitment, career development, access to training, management: Group Human Resources is on the look-out for all types of profiles and experience. Present in 29 countries, with 91 different nationalities among its personnel, Valeo considers this diversity as an asset which must constantly be developed and promoted.

“Cultural diversity is a vital asset to my project”

3. Diversity9^kZgh^in�gZÓZXih�i]Z�\gZVi�cjbWZg�VcY�i]Z�kVg^Zin�d[�egdÒaZh�^c�V�XdbeVcn#�>i�\dZh�[Vg�WZndcY�i]Z�bVaZ"[ZbVaZ�WVaVcXZ!�ZbWgVX^c\�Y^kZgh^in�^c�Vaa�^ih�[dgbh/�XjaijgVa!�Zi]c^X!�hdX^Va!�V\Z!�ZmeZg^ZcXZ�VcY�ZYjXVi^dc#�6h�Wjh^cZhhZh�\d�\adWVa!�Y^kZgh^in�iV`Zh�dc�Vc�^cXgZVh^c\an�h^\c^ÒXVci�gdaZ#�>i�^h�ZhhZci^Va�idYVn�id�]VkZ�Y^kZghZ�iZVbh�l]d�XVc�dei^b^oZ�gZaVi^dch]^eh�l^i]�XjhidbZgh�VcY�hjeea^Zgh�l]d�Vahd�deZgViZ�\adWVaan#�9^kZgh^in�^h�cdi�dcan�V�`Zn�XdbeZi^i^kZ�[VXidg!�^i�^h�Vahd�V�edlZg[ja�XViVanhi�[dg�XgZVi^k^in�l^i]^c�V�XdbeVcn#�

{

?Zch�B:N:G!�l^i]�KVaZd�h^cXZ�&..,#Egd_ZXi�BVcV\Zg�8jhidbZg�<gdje�[dg�KL�Vi��

i]Z�8abViZ�8dcigda�h^iZ�^c�Lda[hWjg\!�<ZgbVcn#

Page 46: VALEORAP006 VUK · 2019-05-14 · It is one of the world’s leading automotive suppliers. The Group employs 69,800 people representing 91 nationalities in 129 production sites, 68

Internal mobility is the result of two projects coming together: the employee’s project to further his or her career or to move into a new field and Valeo’s project to open job opportunities in its different sites to anyone who wants to move and who has the skills to do so. In order to offer interesting career prospects to its 12,000 engineers and managers, Valeo has a policy of filling a minimum of three positions out of four internally. A “Succession & Development Plan” is made every year to identify the next step(s) in the career development of each individual. This plan is implemented via “People Review” committees responsible for making decisions regarding internal job applications.

4. Mobility>ciZgcVa�bdW^a^in�\^kZh�ZbeadnZZh�i]Z�X]VcXZ�id�bdkZ�id�V�cZl�_dW�l^i]�^cXgZVhZY�aZkZah�d[�gZhedch^W^a^in�dg�id�X]Vc\Z�id�V�cZl�ÒZaY�d[�ZmeZgi^hZ!�V�cZl�iZVb�dg�V�Y^[[ZgZci�XjaijgVa�Zck^gdcbZci#�>i�^h�V�ild"lVn�^ckZhibZci�i]Vi�[dhiZgh�adnVain�^c�i]Z�WZhi�ZbeadnZZh!�Zc]VcXZh�i]Z^g�h`^aah!�ZchjgZh��i]Z^g�adc\"iZgb�ZbeadnVW^a^in�VcY�Wj^aYh�dc�i]Z�`cdl"]dl�l^i]^c�i]Z�XdbeVcn#

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>�lVh�\^kZc�i]Z�deedgijc^in�id�WZXdbZ�V�iZX]c^XVa�hVaZh�ViiVX]��[dg�KVaZd�

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dc�d[[Zg�^c�V�aVg\Z�XdbeVcn�a^`Z�KVaZd#�Ndj�cZZY�id�WZ�egdVXi^kZ�VcY�id�iV`Z�

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dg\Vc^oVi^dch�i]Vi�]VY�V�hiVgi"je�[ZZa�VWdji�i]Zb�VcY�l]ZgZ�>�lVh�fj^X`an�

\^kZc�bdgZ�gZhedch^W^a^in#�>c�;gVcXZ�>�aZVgcZY��VcY�>�Xdci^cjZ�id�aZVgc��i]Z��

WVh^Xh!�\ddY�iZX]c^fjZ�VcY�bVcV\ZbZci#�DWk^djhan�i]Z�aVc\jV\Z��>�Vb�;gZcX]!�

Wji�d[�8]^cZhZ�dg^\^c��^h�Vc�VYkVciV\Z#�7ji�i]Z�hXVaZ�VcY�\Zd\gVe]^X�hegZVY�

d[�KVaZd!�Vadc\�l^i]�i]Z�Y^kZgh^in�d[�ldg`�deedgijc^i^Zh!�Vahd�]Zae#Ç

“Be open to other people… and to new work horizons!”

)*

Page 47: VALEORAP006 VUK · 2019-05-14 · It is one of the world’s leading automotive suppliers. The Group employs 69,800 people representing 91 nationalities in 129 production sites, 68

)+� E6GI�(����>����8dbb^iiZY�id�djg�ZbeadnZZh

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LZ�VgZ�cdl�VWaZ�id�YgVl�je�V�egZX^hZ�XVaZcYVg�d[�igV^c^c\�[dg�ZVX]�

ZbeadnZZ�[dg�i]Z�Xdb^c\�nZVg#�GZVXi^dc�[gdb�ZbeadnZZh�Vi�djg�h^iZ�^h�

kZgn�edh^i^kZ#�I]Zn�cdl�`cdl�l]Vi�i]Zn�VgZ�\d^c\�id�Yd�VcY�l]n!�l]^X]�

\^kZh�i]Z�egdXZhh�V�bdgZ�hda^Y�[gVbZldg`�VcY�bZZih�KVaZdÉh�

gZfj^gZbZci�[dg�^cY^k^YjVa�Vjidcdbn#Ç

To implement its development and innovation strategy, Valeo relies on competent, highly qualified teams. The Group’s policy is to strengthen individual and collective competencies in areas where they already exist, but also to offer employees and teams the chance to develop new skills. In order to help employees successfully prepare for their next career step, Valeo deployed in 2006 a standardized “individual development plan” format in which acquired competencies can be compared with those required for their future mission. This enables a targeted individual development plan to be put in place. This plan is based on the “3 E” approach, which encourages experience, exposure and education or training. Using these tools, more than 2,000 engineers and managers were able to benefit from a career evolution in 2006.

“Towards a better organization of the Valeo employee development plan”

5.CompetenciesL^i]�i]Z�^cXgZVh^c\�XdbeaZm^in�^c�Wjh^cZhh!�ZbeadnZZh�bjhi�WZ�VWaZ�id�Xdci^cjdjhan�je\gVYZ�i]Z^g�h`^aah#�8dbeZiZcXn�^h�[Vg�bdgZ�i]Vc�_jhi�V�hjb�d[�`cdlaZY\Z/�^i�^h�i]Z�Vei^ijYZ�VcY�Vii^ijYZ�id�WZ�Z[[ZXi^kZ�VcY�id�]VcYaZ�XdbeaZm�h^ijVi^dch�i]gdj\]�i]Z�i^bZan�VcY�Veegdeg^ViZ�jhZ�d[�i]Z�g^\]i�`cdlaZY\Z�VcY�h`^aah#�@cdlaZY\Z�VcY�bdi^kVi^dc�VadcZ�l^aa�cdi�bV`Z�hdbZdcZ�XdbeZiZci�^c�V�\^kZc�ÒZaY0�Y^[[ZgZci�ZmeZg^ZcXZh�VcY�i]Z�VW^a^in�id�YZeadn�i]Zb�VgZ�ZfjVaan�^bedgiVci#

{9Vc^ZaV�6C9Gw!�l^i]�KVaZd�h^cXZ�'%%(#�

IgV^c^c\�VcY�>ckdakZbZci�d[�EZghdccZa�BVcV\Zg��

Vi�i]Z�:c\^cZ�8dda^c\�h^iZ�^c�>iVi^WV!�7gVo^a#

Page 48: VALEORAP006 VUK · 2019-05-14 · It is one of the world’s leading automotive suppliers. The Group employs 69,800 people representing 91 nationalities in 129 production sites, 68

Autonomy is a key value for Valeo, and one that goes hand in hand with the Group’s Total Quality culture. It is made possible by a well-adapted organization, availability of resources and information, and access to a wide-ranging training offer. By empowering employees to act autonomously, Valeo affirms that everyone is fully accountable for the results of their work. The empowerment of operators and teams, implemented in 1991, has led to great progress in terms of efficiency. It has strengthened team spirit and changed attitudes. Through the sharing of knowledge, empowerment has also contributed to increasing competency levels.

6. Autonomy:beadnZZh�VgZ�Vjidcdbdjh�^[�i]Zn�]VkZ�V�XaZVg�b^hh^dc�VcY�VgZ�VXXdjciVWaZ�[dg�^ih�hjXXZhh[ja�XdbeaZi^dc#�6�bdYZgc�XdbeVcn�bjhi�ZbedlZg�^ih�ZbeadnZZh�^c�dgYZg�id�WZiiZg�gZhedcY�id�i]Z�gZVa^i^Zh�d[�adXVa�bVg`Zih�VcY�XjhidbZg�ZmeZXiVi^dch!�ZheZX^Vaan�l]Zc�^i�XdbZh�id�WZ^c\�ÓZm^WaZ�VcY�gZVXi^kZ!�VcY�egdk^Y^c\�fjVa^in#�>i�^h�Vahd�Vc�^bedgiVci�cZZY�[Zai�Wn�ZbeadnZZh�l]d�Vhe^gZ�id�\gZViZg�[gZZYdb�id�YZbdchigViZ�i]Z^g�h`^aah#

BVgZ`�IDB6C:@!�l^i]�KVaZd�h^cXZ�'%%'#�6jidcdbdjh�EgdYjXi^dc�Jc^i�BVcV\Zg�^c�'%%+�Vi�

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{ÆL^i]^c�djg�6jidcdbdjh�EgdYjXi^dc�Jc^i!�ZVX]�ZbeadnZZ�^h�VXXdjciVWaZ�[dg�egdYjXi^dc�fjVa^in#�IgV^c^c\�^h�i]Z�eg^bVgn�bZVch�

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>i�hdbZi^bZh�]VeeZch!�]dlZkZg!�i]Vi�V�egdWaZb�Vg^hZh�dg�V�YZ[ZXi�^h�

YZiZXiZY�dc�V�eVgi#�>c�i]^h�XVhZ!�Vcn�deZgVidg�XVc�YZX^YZ�id�]Vai�

egdYjXi^dc/�i]Zn�XVc�i]Zc�hdakZ�i]Z�egdWaZb�dc�i]Z^g�dlc�dg�XVaa�[dg�

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bZVch�i]Vi�[ZlZg�i]Vc�iZc�^c�V�b^aa^dc�eVgih�egdYjXZY�VgZ�YZ[ZXi^kZ#�

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“Responsible… and accountable for quality”

),

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At the end of 2005, Valeo and Luc Alphand, currently one of the world’s finest rally and endurance drivers, signed a partnership agreement for seasons 2006 to 2008 of the Cross Country Rally World Cup and the Le Mans Endurance Series. Innovation and excellence, two of the Group’s key values, thereby entered the world of motor sports. Luc Alphand lost no time in proving the relevance of this approach by winning the 2006 Lisboa Dakar Rally at the wheel of his Mitsubishi Pajero Evolution. He repeated the exploit a few months later at the “Por las pampas” rally in Argentina and the UAE Desert Challenge in Dubai, before coming in third in the LMGT1 category at the Le Mans 24 Hours race, at the wheel of his Corvette C-5R. The partnership has a major technical side as well: Valeo equips the racing and assistance vehicles of the Mitsubishi Motor Sports and Luc Alphand Aventures teams with its very latest lighting, wiping and air-conditioning systems.

“Our common ground: the valuesof reliability and innovation”

Partnership

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Page 51: VALEORAP006 VUK · 2019-05-14 · It is one of the world’s leading automotive suppliers. The Group employs 69,800 people representing 91 nationalities in 129 production sites, 68

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