2007 Reference document (PDF) - Valeo

3 Consolidated
PAGE 106
fi nancial statements at December 31, 2007
Notes to consolidated financial statements
At December 31, 2007, deferred tax assets not recognized by the Group are broken down as follows:
(In millions of euros)
2007 Reference document - VALEO
Tax basis Potential tax
saving
Tax loss carry forwards - expiration date 2008 to 2011 85 29
Tax loss carry forwards - expiration date 2011 and beyond 765 263
Tax loss carry forwards - available indefinitely 879 303
Current tax loss carry forwards 1,729 595
Unrecognized deferred tax assets on temporary differences 166
Total unrecognized deferred tax assets 761
At December 31, 2006 and 2005, the total amount of unrecognized deferred tax assets came to 778 million euros and 849 million euros,
respectively.
4.6. Inventories
At December 31 , inventories are broken down as follows:
(In millions of euros)
2007 2006 2005
Gross Provisions Net Net Net
Raw materials 261 (44) 217 231 221
Work-in-progress 73 (7) 66 74 81
Finished goods, supplies and specific tooling 398 (59) 339 342 352
Inventories - net 732 (110) 622 647 654
Provisions for impairment in the value of inventories amounted
to 110 million euros at December 31, 2007 (109 million euros at
December 31, 2006), including an allowance of 35 million euros in
the year (excluding non-strategic activities).
4.7. Accounts and notes receivable
At December 31
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Allowances to provisions for impairment in 2006 and 2005 amounted
to 19 million euros and 32 million euros, respectively (excluding
non-strategic activities).
(In millions of euros) 2007 2006 2005
Accounts and notes receivable 1,728 1,864 1,938
Less provisions (29) (30) (32)
Accounts and notes receivable - net 1,699 1,834 1,906
Allowances to provisions against accounts and notes receivable are recognized in “Other financial income and expenses” where such a provision
results from a risk of client default (see note 3.5), and in administrative expenses in other cases.
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