2007 Reference document (PDF) - Valeo

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3 Consolidated PAGE 118 fi nancial statements at December 31, 2007 Notes to consolidated financial statements 4.10.2. Long-term debt ■ Analysis of long-term debt At December 31 (In millions of euros) 2007 2006 2005 Bonds 596 595 1,094 OCEANE (1) 435 427 419 Syndicated loans 219 216 221 Lease obligations 9 15 25 Other borrowings 28 49 86 Accrued interest 25 26 39 Long-term debt 1,312 1,328 1,884 (1) The carrying amount of the OCEANE bonds was reduced from 463 million euros to 419 million euros following the application of IAS 32 at January 1, 2005. Long-term debt includes: ■ ■ 600 million euros worth of eight-year fixed rate bonds issued by Valeo on June 24, 2005. The interest rate on these bonds is 3.75% of the nominal amount. These bonds were issued in the context of the Euro Medium Term Notes program. The effective interest rate on these bonds is 3.89%; 463 million euros worth of bonds convertible for new shares and/or exchangeable for existing shares (OCEANE) issued on August 4, 2003, representing 9,975,754 bonds with a nominal value of 46.4 euros each. The interest on these bonds is 2.375% per annum payable in arrears on January 1 of each year. Bearers of the bonds may request conversion and/or exchange into common stock at any time, on the basis of 1.013 Valeo share for one bond. In addition, Valeo has a call option that may be exercised between January 31, 2007 and December 31, 2010 if the Valeo share is valued at an average price of 60 euros. The effective interest ■ Maturities of long-term debt At December 31 (In millions of euros) 2007 Reference document - VALEO ■ − − rate of the OCEANE bonds amounts to 4.54% (4.46% excluding the call); two seven-year syndicated loans for a total amount of 225 million euros issued on July 29, 2005, hedged by two interest rate swaps which are perfectly matched in both amount and duration. These loans and the related hedges have the following characteristics: the first loan is at a variable rate and incorporates a cap which limits the interest rate to a maximum of 4.735%. It is hedged by a derivative which offsets the option included in the loan, the second loan is at a fixed rate of 3.62% and incorporates a swaption that enables the Group to opt for a variable rate in 2009. It is hedged by a derivative which has identical characteristics to those of the call option included in the loan. 2009 2010 2011 2012 2013 and beyond < Contents > Bond issues - - - - 596 596 OCEANE - - 435 - - 435 Syndicated loans - - - 219 - 219 Lease obligations 1 1 1 1 1 5 Other borrowings 2 4 4 3 15 28 TOTAL 3 5 440 223 612 1,283 Total 1 2 3 4 5 6
4.10.3. Short-term debt At December 31 Consolidated fi nancial statements at December 31, 2007 Notes to consolidated financial statements (In millions of euros) 2007 2006 2005 Commercial paper 50 140 - Short-term loans and overdrafts 210 134 157 Short-term debt 260 274 157 4.10.4. Cash and cash equivalents At December 31 (In millions of euros) 2007 2006 2005 Marketable securities 328 97 454 Cash 443 521 495 Cash and cash equivalents 771 618 949 4.10.5. Net debt Net debt is defined as all long-term debt (including current maturities thereof) and short-term debt, less loans, other non-current financial assets and cash and cash equivalents. ■ Breakdown of net debt < Contents > (In millions of euros) 2007 2006 2005 Long-term debt (note 4.10.2) 1,283 1,274 1,303 Current maturities of long-term debt (note 4.10.2) 29 54 581 Loans and other non-current financial assets (note 5.2.1) (2) (16) (12) Total long-term debt 1,310 1,312 1,872 Short-term debt (note 4.10.3) 260 274 157 Cash and cash equivalents (note 4.10.4) (771) (618) (949) Net cash and cash equivalents (511) (344) (792) Net debt 799 968 1,080 2007 Reference document - VALEO 3 PAGE 119 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
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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
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 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: Consolidated fi nancial statements
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 129 and 130: Consolidated fi nancial statements
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
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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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