2007 Reference document (PDF) - Valeo

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3 Consolidated PAGE 112 fi nancial statements at December 31, 2007 Notes to consolidated financial statements 4.9.1. Provisions for reorganization expenses Provisions for reorganization expenses correspond to a series of measures adopted by the Group as part of an industrial streamlining plan aimed at tailoring Valeo’s industrial base more closely to customer requirements, in terms of cost competitiveness and geographical location. The provisions include costs relating primarily to: ■ ■ continued rightsizing and production streamlining measures; specific severance payments (CATS) applicable at certain French sites, in accordance with the industry agreement signed in March 2001. 4.9.2. Provisions for pensions and other employee benefits ■ Description of the plans in force within the Group The Group’s commitments in relation to pensions and other employee benefits primarily concern the following defined benefit plans: ■ termination benefits (France, Italy, South Korea, Mexico); 2007 Reference document - VALEO ■ supplementary pension benefits (France, Germany, Japan, United Kingdom , United States) which top up the statutory pension schemes in force in those countries; ■ the payment of certain medical and life insurance costs for retired employees (United States); ■ certain of the above-mentioned benefits granted specifically under early retirement schemes (France, Germany and United States); ■ other long-term benefits (long-service bonuses in France and Germany). The costs relating to all of these benefits are accounted for in accordance with the accounting policy described in note 1.17. ■ Actuarial assumptions The actuarial assumptions used by the Group to calculate its obligations relating to pensions and other employee benefits take into account the specific demographic and financial conditions of each Group company and each country in which the Group operates. Discount rates are determined by reference to market yields at the valuation date on high quality corporate bonds with a term consistent with that of the employee benefits concerned. In 2007, the average discount rates used in the countries representing the Group’s most significant obligations were as follows: At December 31 (In %) 2007 2006 2005 Euro zone 5.3 4.5 4.2 United Kingdom 5.8 5.0 4.8 United States 6.3 5.9 5.6 South Korea 5.5 5.3 5.8 The rise in the discount rates used to measure pensions and other post-employment obligations reflects higher long-term interest rates at end-2007 compared with end-2006. The expected long-term return on plan assets has been calculated taking into account the structure of the investment portfolio in each country, and is as follows for the Group’s principal plans: At December 31 < Contents > (In %) 2007 2006 2005 United States 8.5 8,5 8.5 United Kingdom 6.4 6.4 6.7 Japan 2.7 2,0 2 South Korea 4.5 4,5 4.5 The weighted long-term salary increase rate was 3.5% at December 31, 2007, unchanged from December 31, 2006 and 2005. The rate of increase for medical costs in the United States used to value the Group’s obligations at December 31, 2007 was 10% up to the end of 2008, reducing by one percentage point a year for the following five years to 5% at December 31, 2013. 1 2 3 4 5 6
■ Breakdown of obligations At December 31, 2007 (In millions of euros) France Other European countries Consolidated fi nancial statements at December 31, 2007 Notes to consolidated financial statements North America Other countries Present value of unfunded obligations 169 231 113 41 554 Present value of funded obligations 21 64 253 41 379 Market value of plan assets (6) (44) (211) (39) (300) Deficit 184 251 155 43 633 Unrecognized past service cost (25) - - - (25) Provisions recognized at December 31, 2007 159 251 155 43 608 At December 31, 2006 (In millions of euros) France Other European countries North America Other countries Present value of unfunded obligations 181 266 142 47 636 Present value of funded obligations 27 77 287 47 438 Market value of plan assets (5) (45) (205) (46) (301) Deficit 203 298 224 48 773 Unrecognized past service cost (26) - 1 - (25) Provisions recognized at December 31, 2006 177 298 225 48 748 At December 31, 2005 (In millions of euros) France Other European countries North America < Contents > Other countries Present value of unfunded obligations 179 286 201 44 710 Present value of funded obligations 24 73 325 56 478 Market value of plan assets (3) (42) (197) (52) (294) Deficit 200 317 329 48 894 Unrecognized past service cost (31) - 20 - (11) Provisions recognized at December 31, 2005 169 317 349 48 883 2007 Reference document - VALEO Total Total Total 3 PAGE 113 1 2 3 4 5 6
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2007 Reference document
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Group profile 2007 Valeo is an inde
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Gross margin In % of net sales Oper
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Basic earnings per share for the ye
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valeo added TM < Contents > 1 Activ
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1998 ■ Acquisition of the Electri
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The Group 1. Description and organi
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■ ■ ■ ignition components; in
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■ LED front and rear lighting and
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Valeo Climate Control has four prod
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4.1.1.2. Internal mobility and indi
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4.2.2. Environment Environmental pr
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4.3.1. Purchasing The role of Valeo
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4.3.4. Projects The Projects Depart
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Geographical presence The Group opt
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■ In a world first, the Volkswage
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Other contributions from Valeo Prod
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■ ■ The Group also continued to
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valeo added TM Accounting methods 3
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production (source: J.D. Power). In
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Change in stockholders’ equity 1.
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Provisions The balance sheet at Dec
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At the Board of Directors meeting h
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1.2. Environmental risks In the var
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4.3. Credit risk Valeo is exposed t
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Outlook In 2008, Valeo is aiming to
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Valeo addresses these challenges th
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Percentage of ISO 14001 and OHSAS 1
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The 2007 reporting scope excludes s
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The increase in the ratio of energy
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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 and 102: 3.6.2. Effective tax rate The effec
Page 103 and 104: 4.2. Other intangible assets At Dec
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: 4.8.7. Minority interests Changes i
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
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Auditors Statutory Auditors ■ −
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Martin Haub Vice-President, Product
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Name/business address Jérôme Cont
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Name/business address Georges Pauge
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Jérôme Contamine graduated from
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Under these R ules, independent Dir
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Fixed compensation and benefits-in-
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compensation, 1,905,169 euros to va
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Share grants to the ten employees r
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Information on the Company and its
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2. Authorized, unissued capital Sec
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Exercise date and conditions Nbre d
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1.1. Major shareholders To the best
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the relevant disclosure threshold h
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2. Dividends Dividends per share ov
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3. Ownership structure Primarily on
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8. Monthly trading volumes Informat
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Information on the Company and its
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valeo added TM 6 < Contents > Other
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Annual information document Other i
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Other i nformation Annual informati
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November 2007 November 9, 2007 - Ex
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Other i nformation Person responsib
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The printer of this report is envir
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