Full Year 2018 Valeo SA Earnings Call Transcript
Welcome to the Valeo 2018 results conference call. I now hand over to Mr. Jacques Aschenbroich, Chairman and CEO of Valeo. Sir, please go ahead.
Good afternoon. I'm here with Robert Charvier, our CFO, and Thierry Lacorre, our Investor Relations. So, as you remember, 2018 has been a very challenging year with two half of the year which were very, very different. So the first half of the year where we had growth and increased our operating margin before JV and associate. And you remember that in the July call and release, we had already noticed that the second half of the year would be impacted by the WLTP in Europe and a challenging China.
[Add onto] the fact that, at the time, we didn't anticipate that the impact of the WLTP would be that strong and that the Chinese market would be down 12% in the second half of the year. And if we look at only the Q4, 17%. So it has been a very, very challenging second half of the year.
And you probably remember that we had revised our guidance in October,
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