PARIS — The Valeo Board of Directors on Feb. 24 approved the consolidated annual financial statements for the period ending Dec. 31, 2010.

Sales for the second half of 2010 were 4,845 million euros (approximately $6.7 billion), up 20 percent. Valeo reported net income of 197 million euros ($272 million), at 4.1 percent of sales, for the second half.

For the full year 2010, the company reported sales of 9,632 million euros (roughly $13.3 billion), up 28 percent. Net income for the year was 365 million euros (about $505 million), or 3.8 percent of sales.

Valeo CEO Jacques Aschenbroich stated, "Our 2010 results, with an operational performance ahead of the objectives set in the plan presented in early 2010, underline the pertinence of our strategy. Moreover, our medium-term growth prospects, based on a record order intake level, the rising importance of innovative products developed by Valeo and the group’s ability to regularly outperform its main markets, make us confident in our ability to achieve and sustain one of the best levels of return on capital employed in our sector."

For 2011, the company is forecasting 5 percent growth in the global automotive market.