2007 Reference document (PDF) - Valeo

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1 Activity History PAGE 10 − − − − following this transaction, Valeo increased its holding in two Thai companies - Siam Zexel Co. Ltd. and Zexel Sales Thailand Co. Ltd. – by 35.9% and 14.3% respectively, giving Valeo 74.9% ownership of each of these two companies specializing in automotive climate control, Valeo concluded a new joint venture with FAWER, the automotive supply branch of FAW, one of the main Chinese automakers. The new entity, 60% owned by Valeo, develops and manufactures compressors for climate control systems aimed at the Chinese market and at export. Its plant is located in Changchun in the north east of China, Valeo announced the creation of a joint venture with Hangshen Electronics, a Chinese Tier One automotive supplier, for the production of ultrasonic park assist systems. Valeo owns a 75% share in this joint venture, Valeo increased its stake in Ichikoh—the Japanese manufacturer of automotive lighting systems and mirrors—from 22.7% to 28.2%. 2007 Reference document - VALEO In 2006 ■ ■ Valeo pursued its strategy to rationalize its portfolio, resulting in the sale of its Electric Motors & Actuators business to the Japanese Group Nidec, the sale of its share in the bluetooth specialist Parrot, and the sale of Logitec, a logistics business in Japan. Valeo also acquired a 50% share in Threestar, one of the leading radiator manufacturers in South Korea. This new entity, of which the other 50% is held by Samsung Climate Control Group, is called Valeo Samsung Thermal Systems. In 2007 ■ ■ ■ < Contents > In selling its Wiring Harness activity to Leoni, Valeo reaffirmed its strategy of focusing its offer on solutions in the three Domains, with strong competitive positions and diverse customers, via targeted disposals and acquisitions. In July, Valeo acquired Connaught Electrics Ltd (CEL), an Irish manufacturer of automotive electronics, to strengthen its Driving Assistance Domain. Two joint ventures were created in India—Valeo Minda Security Systems and Valeo Minda Electrical Systems India Private Limited (for more information, see “Strategic operations”, section 3. of “Key Events”). 1 2 3 4 5 6
The Group 1. Description and organization Valeo is an industrial group fully focused on the design, production and sale of components, systems and modules for automobiles and trucks, both on the original equipment and the aftermarket. The Group’s sole sector of activity is “Automotive Supply”. On 31 December 2007, the Group employed 61,200 people, of 93 different nationalities at 125 production sites, 62 Research & Development centres and nine distribution platforms. 1.1. Organization: Original Equipment The Group is organized into one hundred or so decentralized and autonomous Divisions, and it is at Division level that resources are allocated and performance is evaluated. The Divisions enjoy the backing of Valeo’s functional networks and Branches, which oversee the coherence of the Group’s Product Families; they also exploit synergies with the innovation Domains, and are coordinated by National Directorates in some countries. Valeo’s Industrial Divisions are responsible for running business relating to OE production and sales from the various Product Families for specific geographical areas. 1.2. Organization: Aftermarket The industrial Divisions are also responsible for the production and part of the distribution of Aftermarket products on behalf of the Valeo Service structure, which handles the sale of products and services relating to the aftermarket. Valeo Service comprises two activities, one for each major distribution channel: automakers and their networks, and independent distributors (including trading groups). Valeo Service provides shared marketing and logistics services for both Branches. 1.3. Domains Since the Valeo 2010 strategic plan was launched in 2004, the Group has adopted a transversal approach to develop new solutions. The Domains are responsible for the Research & Development 2007 Reference document - VALEO Activity The Group and Marketing of transversal innovations. Their work centres around three strategic areas, in line with customers’ fundamental requirements: respecting the environment (Powertrain Efficiency Domain), safety (Driving Assistance Domain) and comfort (Comfort Enhancement Domain). Each Domain is in charge of its own budget. When the innovations designed and developed by the Domains reach the marketing stage, they are transferred to one or several Divisions which take charge of commercial negotiations, final development and production. 1.4. Product Families < Contents > Valeo has ten P roduct F amilies which are, in alphabetical order: ■ Climate Control; ■ Compressors; ■ Electrical Systems; ■ Engine Cooling; ■ Engine Management Systems; ■ Interior Controls; ■ Lighting Systems; ■ Security Systems; ■ Transmissions; ■ Wiper Systems. Since May 2005, P roduct F amilies have been overseen by a single Department: the Operations Department. This Department was created to accelerate the deployment of best practices and the implementation of synergies between Product Families. It carries out operational control of the performance of individual Divisions. On April 1, 2007, Valeo created a new P roduct F amilies , Valeo Interior Controls, which combines switches and detection systems and the A/C control panel with the new camera-based vision assistance business of Connaught Electronics Ltd. It has also restructured some Divisions and product lines. These changes should allow the Group to provide a better response to the needs of its customers, with complete solutions developed in all three Domains—Powertrain efficiency, Driving assistance and Comfort enhancement. 1 PAGE 11 1 2 3 4 5 6
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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: 1998 ■ Acquisition of the Electri
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
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All Valeo Group sites will be certi
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2.6. Reducing all types of pollutio
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Social indicators This social indic
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1.2.1. Permanent contracts Number o
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Breakdown of 2007 departures by geo
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3. Equality between men and women i
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Valeo’s “Well-being and effecti
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At December 31, 2007, 11,738 employ
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8. Disabled employees Valeo amended
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valeo added TM 3 < Contents > Conso
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Consolidated statements of income (
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Consolidated statements of cash flo
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Consolidated statement of changes i
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The proportionate consolidation met
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1.11. Property, plant and equipment
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■ OCEANE bonds Bonds convertible
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2. Changes in the scope of consolid
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2.3.3. Balance sheet Consolidated f
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3.3.1. Claims and litigation In the
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3.6.2. Effective tax rate The effec
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4.2. Other intangible assets At Dec
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Changes in property, plant and equi
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Summarized financial data in respec
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4.8. Stockholders’ equity 4.8.1.
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2006 Consolidated fi nancial statem
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4.8.7. Minority interests Changes i
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■ Breakdown of obligations At Dec
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(In millions of euros) France Other
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Consolidated fi nancial statements
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4.10.3. Short-term debt At December
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5. Additional disclosures 5.1. Segm
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5.2. Financial instruments 5.2.1. F
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5.2.2. Fair value of derivatives At
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At December 31, 2006 (In millions o
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5.6. Contingent liabilities The Gro
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6. Restatement of prior year financ
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Companies Countries % voting rights
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valeo added TM < Contents > 4 Corpo
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appointed Gérard Blanc, Pascal Col
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■ to check that internal procedur
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1.10. General Management of the Com
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2. Internal control procedures 2.1.
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2.4. Review of work carried out in
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Composition of the Board of Directo
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Name First appointed Helle Kristoff
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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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