SYLEA: 2000 Results

    PARIS--April 25, 2001--Valeo (Paris: FR; OTC: VLEEY) today announced that the Board of Directors of SYLEA, meeting on April 23rd, closed the company's accounts for the year 2000; the results showed a consolidated net loss of (euro) 93.5 million versus a profit of (euro)31.4 million in 1999.

In millions of euro           2000          1999            % change

Sales                       1,308.1       1,124.0            +16.4
Operating income             (18.0)          56.4           -131.9
Non operating                 (8.6)         (4.9)            +75.5
 revenues and expenses
Extraordinary item           (48.4)         (5.6)           +764.3
Corporate tax                (16.5)        (10.0)              +65
Net income                   (93.5)          31.4           -397.8
 % production                   7.1%          2.7%
Cash flow                      32.5          72.7            -55.3
 % production                   2.5%          6.3%

    The significant increase in SYLEA Group sales (+16.4%), in addition to the winning of market share, benefited from:

--	the development and successful implementation of the synchronous wiring harness assembly project for SEAT in Spain, after a particularly difficult ramp up in 1999,
--	the coming on stream of newly launched facilities in Portugal and in Tunisia,
--	and the ramp up to full-scale production of the plant dedicated to SKODA in the Czech Republic.

    Consolidated operating income showed a loss of (euro)18 million versus a profit of (euro)56.4 million in 1999. This sharp fall in operating profitability is principally the result of an increase in the consumption of raw materials and the erosion of margins due to the considerable decrease in selling prices which was not compensated by productivity gains.
    Extraordinary items amounted to (euro)-48.4 million compared with (euro)-5.6 million the previous year, due in particular to provisions set aside for the industrial restructuring necessitated by the Group's situation.
    Consolidated net loss totaled (euro)93.5 million, that is 7.1% of production, after corporate tax which amounted to (euro)16.5 million and associated companies contribution of (euro)1.3 million.
    Cash flow, which stood at (euro)72.7 million in 1999, 6.3% of production, fell to (euro)32.5 million in 2000, or 2.5% of production, reflecting the deterioration in the Group's earnings.
    2001 should see a fall in output related to a slowdown in economic growth in (euro)pe. The decrease in the market price of new vehicles entering production will necessitate vigorous reorganization in order to preserve or restore margins.
    Sales of the SYLEA company amounted to (euro) 331.4 million, up by 22.2% over 1999.
    The year 2000 showed a net loss of (euro)12.9 million (3.9% of sales) versus a profit of (euro)22.7 million in 1999.
    Given this result, the Board decided not to distribute a dividend.
    Sylea is a subsidiary of the Valeo Group. Valeo is an independent industrial Group fully focused on the design, production and sale of components, integrated systems and modules for cars and trucks. Valeo ranks amongst the world's top automotive suppliers. The Group has 175 production sites, 41 R&D centers and 10 distribution centers and employs 75,000 people in 25 countries worldwide.

For more information on the Group and its businesses, please consult our Web site: www.valeo.com