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H1-2008 - Valeo

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Four consecutive quarters of margin improvement<br />

Quarterly YOY change in operating margin (Q1-07 to Q2-08)<br />

(pt)<br />

-0.4<br />

July 29, <strong>2008</strong> I 19<br />

0<br />

+ 0.3<br />

+1.1<br />

+0.6<br />

Q1 Q2 Q3 Q4 Q1 Q2<br />

2007 <strong>2008</strong><br />

+ 0.5

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