Valeo: posts H1 loss of E1,215m
(CercleFinance.com) - Valeo has announced H1 2020 consolidated sales of 7,058 million euros, down 28% like-for-like relative to H1 2019.
New orders reached 5.6 billion euros.
Measures taken by Valeo reduced costs by 570 million euros compared to H1 2019 (of which 90% in Q2) and reduced capex and gross inventories by 384 million euros.
Its operating loss reached 1,141 million euros. while the net loss (group share) came in at 1,215 million euros. This takes into account non-recurrent items reaching 622 million euros. Meanwhile, free cash flow for the period was -1,049 million euros.
In the second half of the year, the Group expects restructuring costs of between 50 million and 100 million euros to accelerate structural cost reductions, with EBITDA at around 10% of sales and free cash flow of over 400 million euros.
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