2007 Reference document (PDF) - Valeo

3 Consolidated
PAGE 104
fi nancial statements at December 31, 2007
Notes to consolidated financial statements
2005
(In millions of euros)
2007 Reference document - VALEO
Land Buildings Plant and
equipment
Specific
tooling
Other Fixed assets
in progress
Gross at January 1, 2005 155 934 2,977 1,021 489 192 5,768
Accumulated
depreciation
and impairment (10) (478) (2,097) (869) (369) - (3,823)
Net at January 1, 2005 145 456 880 152 120 192 1,945
Capital expenditure 1 19 154 65 43 165 447
Disposals (10) (13) (8) (2) - (12) (45)
Assets held for sale (1) Changes in scope
(2) (9) - - - - (11)
of consolidation 30 20 71 4 7 18 150
Impairment losses (1) (2) (12) (2) (9) - (26)
Depreciation - (50) (286) (113) (55) - (504)
Translation adjustments 6 20 40 9 6 7 88
Reclassifications (2) 17 94 42 11 (165) (3)
Net at December 31, 2005 167 458 933 155 123 205 2,041
(1) In accordance with IFRS 5, buildings for which the Group is actively seeking buyers are classified in “Assets held for sale”.
4.4. Investments in associates
Changes in the “Investments in associates” caption can be analyzed as follows:
(In millions of euros) 2007 2006 2005
Investments in associates at January 1 103 116 96
Share in net earnings (losses) of associates 8 (1) 6
Dividend payments (2) (4) (4)
Impact of changes in scope of consolidation 1 3 8
Translation adjustments (1) (12) 7
Other (6) 1 3
Investments in associates at December 31 103 103 116
At December 31
Ownership interest
(%)
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Carrying amount
(In millions of euros)
Ichikoh is a company listed on the Tokyo Stock Exchange. At December 31, 2007, the market capitalization of the shares held by the Valeo
Group was 49 million euros. The carrying amount of the investment is supported by its value in use.
Total
2007 2006 2005 2007 2006 2005
Ichikoh 31.6 29.4 28.2 74 72 80
Faw Valeo Climate Control 36.5 36.5 36.5 23 23 25
Other - - - 6 8 11
Investments in associates - - - 103 103 116
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