2007 Reference document (PDF) - Valeo

More documents

Recommendations

Info

3 Consolidated PAGE 100 fi nancial statements at December 31, 2007 Notes to consolidated financial statements 4. Notes to the balance sheet 4.1. Goodwill (In millions of euros) 2007 2006 2005 Net goodwill at January 1 1,415 1,484 1,158 Acquisitions during the year 5 8 260 Additional purchase consideration in respect of acquisitions made in previous years 2 - - Disposals, net (212) (26) - Translation adjustments (43) (51) 66 Impairment losses (2) - - Net goodwill at December 31 1,165 1,415 1,484 Accumulated impairment losses at December 31 (2) (32) (33) In the years ended December 31, 2007 and 2006, changes in goodwill excluding the effect of foreign currency movements are mainly due to the sale of: ■ the Wiring H arness activity in December 2007 (see note 2.1.1); ■ the Motors & Actuators business in December 2006 (see note 2.2.1). The 2 million euro impairment loss recognized in 2007 reflects the full write-down taken against goodwill assigned to the Iranian CGU (see note 3.3.3). The main goodwill balances are broken down by group of CGUs as follows: At December 31 2007 Reference document - VALEO < Contents > In 2005, Valeo notably carried out the following transactions: ■ acquisition of the Engine Electronics business of Johnson Controls Inc.; ■ purchase of the entire share capital of Japanese company Valeo Thermal Systems Japan Corp.; ■ increase of its interest in two Thai companies, Valeo Siam Thermal Systems Co. Ltd. and Valeo Thermal Systems Sales Thailand Co. Ltd. (In millions of euros) 2007 2006 2005 Wiper Systems 208 221 236 Electronics & Connective Systems - 213 217 Climate Control 207 209 223 Interior Controls 172 170 175 Engine Management Systems 181 181 181 Security Systems 129 127 127 Electrical Systems 100 108 111 Other 168 186 214 TOTAL 1,165 1,415 1,484 1 2 3 4 5 6
4.2. Other intangible assets At December 31 (In millions of euros) Gross carrying amount Consolidated fi nancial statements at December 31, 2007 Notes to consolidated financial statements 2007 2006 2005 Amortization and impairment losses Net carrying amount Net carrying amount Net carrying amount Software 146 (111) 35 35 32 Patents and licenses 80 (59) 21 31 56 Capitalized development expenditure 636 (334) 302 292 279 Other 179 (23) 156 170 155 Intangible assets 1,041 (527) 514 528 522 Other intangible assets include customer relationship intangibles resulting mainly from acquisitions carried out in 2005. Patents and licenses include assets relating to technology intangibles acquired. Changes in other intangible assets over 2007, 2006 and 2005 are analyzed below: 2007 (In millions of euros) 2006 (In millions of euros) Software Patents and licenses Software Patents and licenses Capitalized development expenditure Capitalized development expenditure < Contents > Other intangible assets Gross at January 1, 2007 132 85 550 187 954 Accumulated amortization and impairment (97) (54) (258) (17) (426) Net at January 1, 2007 35 31 292 170 528 Acquisitions 7 1 122 7 137 Disposals - (1) (4) (2) (7) Changes in scope of consolidation - 1 (11) (1) (11) Impairment losses - - - - - Amortization (19) (10) (95) (6) (130) Translation adjustments - - (3) - (3) Reclassifications 12 (1) 1 (12) - Net at December 31, 2007 35 21 302 156 514 Other intangible assets Gross at January 1, 2006 119 96 458 171 844 Accumulated amortization and impairment (87) (40) (179) (16) (322) Net at January 1, 2006 32 56 279 155 522 Acquisitions 13 4 128 19 164 Disposals - - (2) - (2) Changes in scope of consolidation (2) (2) (8) (1) (13) Impairment losses - - (10) - (10) Amortization (19) (9) (85) (8) (121) Translation adjustments (1) (1) (4) (1) (7) Reclassifications 12 (17) (6) 6 (5) Net at December 31, 2006 35 31 292 170 528 2007 Reference document - VALEO Total Total 3 PAGE 101 1 2 3 4 5 6
Page 1 and 2:
2007 Reference document
Page 3 and 4:
Group profile 2007 Valeo is an inde
Page 5 and 6:
Gross margin In % of net sales Oper
Page 7 and 8:
Basic earnings per share for the ye
Page 9 and 10:
valeo added TM < Contents > 1 Activ
Page 11 and 12:
1998 ■ Acquisition of the Electri
Page 13 and 14:
The Group 1. Description and organi
Page 15 and 16:
■ ■ ■ ignition components; in
Page 17 and 18:
■ LED front and rear lighting and
Page 19 and 20:
Valeo Climate Control has four prod
Page 21 and 22:
4.1.1.2. Internal mobility and indi
Page 23 and 24:
4.2.2. Environment Environmental pr
Page 25 and 26:
4.3.1. Purchasing The role of Valeo
Page 27 and 28:
4.3.4. Projects The Projects Depart
Page 29 and 30:
Geographical presence The Group opt
Page 31 and 32:
■ In a world first, the Volkswage
Page 33 and 34:
Other contributions from Valeo Prod
Page 35 and 36:
■ ■ The Group also continued to
Page 37 and 38:
valeo added TM Accounting methods 3
Page 39 and 40:
production (source: J.D. Power). In
Page 41 and 42:
Change in stockholders’ equity 1.
Page 43 and 44:
Provisions The balance sheet at Dec
Page 45 and 46:
At the Board of Directors meeting h
Page 47 and 48:
1.2. Environmental risks In the var
Page 49 and 50:
4.3. Credit risk Valeo is exposed t
Page 51 and 52: Outlook In 2008, Valeo is aiming to
Page 53 and 54: Valeo addresses these challenges th
Page 55 and 56: Percentage of ISO 14001 and OHSAS 1
Page 57 and 58: The 2007 reporting scope excludes s
Page 59 and 60: The increase in the ratio of energy
Page 61 and 62: Overall, Valeo used higher tonnages
Page 63 and 64: All Valeo Group sites will be certi
Page 65 and 66: 2.6. Reducing all types of pollutio
Page 67 and 68: Social indicators This social indic
Page 69 and 70: 1.2.1. Permanent contracts Number o
Page 71 and 72: Breakdown of 2007 departures by geo
Page 73 and 74: 3. Equality between men and women i
Page 75 and 76: Valeo’s “Well-being and effecti
Page 77 and 78: At December 31, 2007, 11,738 employ
Page 79 and 80: 8. Disabled employees Valeo amended
Page 81 and 82: valeo added TM 3 < Contents > Conso
Page 83 and 84: Consolidated statements of income (
Page 85 and 86: Consolidated statements of cash flo
Page 87 and 88: Consolidated statement of changes i
Page 89 and 90: The proportionate consolidation met
Page 91 and 92: 1.11. Property, plant and equipment
Page 93 and 94: ■ OCEANE bonds Bonds convertible
Page 95 and 96: 2. Changes in the scope of consolid
Page 97 and 98: 2.3.3. Balance sheet Consolidated f
Page 99 and 100: 3.3.1. Claims and litigation In the
Page 101: 3.6.2. Effective tax rate The effec
Page 105 and 106: Changes in property, plant and equi
Page 107 and 108: Summarized financial data in respec
Page 109 and 110: 4.8. Stockholders’ equity 4.8.1.
Page 111 and 112: 2006 Consolidated fi nancial statem
Page 113 and 114: 4.8.7. Minority interests Changes i
Page 115 and 116: ■ Breakdown of obligations At Dec
Page 117 and 118: (In millions of euros) France Other
Page 119 and 120: Consolidated fi nancial statements
Page 121 and 122: 4.10.3. Short-term debt At December
Page 123 and 124: 5. Additional disclosures 5.1. Segm
Page 125 and 126: 5.2. Financial instruments 5.2.1. F
Page 127 and 128: 5.2.2. Fair value of derivatives At
Page 131 and 132: At December 31, 2006 (In millions o
Page 135 and 136: 5.6. Contingent liabilities The Gro
Page 137 and 138: 6. Restatement of prior year financ
Page 139 and 140: Companies Countries % voting rights
Page 147 and 148: valeo added TM < Contents > 4 Corpo
Page 149 and 150: appointed Gérard Blanc, Pascal Col
Page 151 and 152: ■ to check that internal procedur
Page 153 and 154:
1.10. General Management of the Com
Page 155 and 156:
2. Internal control procedures 2.1.
Page 157 and 158:
2.4. Review of work carried out in
Page 159 and 160:
Composition of the Board of Directo
Page 161 and 162:
Name First appointed Helle Kristoff
Page 163 and 164:
valeo added TM 5 < Contents > Infor
Page 165 and 166:
Auditors Statutory Auditors ■ −
Page 167 and 168:
Martin Haub Vice-President, Product
Page 169 and 170:
Name/business address Jérôme Cont
Page 171 and 172:
Name/business address Georges Pauge
Page 173 and 174:
Jérôme Contamine graduated from
Page 175 and 176:
Under these R ules, independent Dir
Page 177 and 178:
Fixed compensation and benefits-in-
Page 179 and 180:
compensation, 1,905,169 euros to va
Page 181 and 182:
Share grants to the ten employees r
Page 183 and 184:
Information on the Company and its
Page 185 and 186:
2. Authorized, unissued capital Sec
Page 187 and 188:
Exercise date and conditions Nbre d
Page 189 and 190:
1.1. Major shareholders To the best
Page 191 and 192:
the relevant disclosure threshold h
Page 193 and 194:
2. Dividends Dividends per share ov
Page 195 and 196:
3. Ownership structure Primarily on
Page 197 and 198:
8. Monthly trading volumes Informat
Page 199 and 200:
Information on the Company and its
Page 201 and 202:
valeo added TM 6 < Contents > Other
Page 203 and 204:
Annual information document Other i
Page 205 and 206:
Other i nformation Annual informati
Page 207 and 208:
November 2007 November 9, 2007 - Ex
Page 209 and 210:
Other i nformation Person responsib
Page 211 and 212:
The printer of this report is envir
show all

2007 Reference document (PDF) - Valeo

Create successful ePaper yourself

Delete template?

Save as template?