2007 Reference document (PDF) - Valeo

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3 Consolidated PAGE 122 fi nancial statements at December 31, 2007 Notes to consolidated financial statements Total segment assets reconcile to total Group assets as follows: (In millions of euros) 2007 2006 2005 Total segment assets 4,996 5,322 5,428 Financial assets 896 755 1,117 Deferred tax assets 99 96 100 Goodwill 1,165 1,415 1,484 TOTAL 7,156 7,588 8,129 Goodwill balances cannot be broken down by geographical area as they are allocated to groups of CGUs which belong to several areas. 5.1.2. Research and development expenditure by Domain of innovation and sales by Product Family The objective of the domains of innovation is to enhance and support innovation by bringing together different technologies and Product Families in order to propose integrated solutions to the market in terms of comfort, safety and the environment. (In millions of euros) 2007 2006 2005 Driving Assistance 193 188 175 Propulsion Efficiency 230 214 204 Comfort Enhancement 242 232 231 Other 3 6 - TOTAL 668 640 610 The Domains of innovation aim to boost sales of the product portfolio, the production and sale of which is placed under the responsibility of the Group’s divisions. The product portfolio is broken down into the following Product Families: (In millions of euros) 2007 2006 2005 Transmissions 784 761 742 Climate Control 1,436 1,485 1,463 Engine Cooling 1,353 1,301 1,227 Lighting Systems 1,198 1,189 1,151 Electrical Systems 1,154 1,084 1,041 Wiper Systems 1,052 1,027 1,056 Security Systems 726 719 676 Interior Controls 983 943 969 Compressors 414 396 403 Engine Management Systems 339 405 366 Other and eliminations 116 126 97 TOTAL 9,555 9,436 9,191 During the first half of 2007, the Group reallocated businesses between certain P roduct F amilies. These reclassifications mainly concern Climate Control, Engine Cooling and Interior Controls (previously known as Switches & Detection Systems). Sales by P roduct F amily previously reported for the years ended December 31, 2006 and December 31, 2005 have therefore been adjusted in order to facilitate comparison with sales by P roduct F amily for the year ended December 31, 2007. 2007 Reference document - VALEO < Contents > 1 2 3 4 5 6
5.2. Financial instruments 5.2.1. Fair value of financial instruments Consolidated fi nancial statements at December 31, 2007 Notes to consolidated financial statements Recognition and measurement principles regarding financial assets and liabilities are defined in IAS 32 and IAS 39. The classification of financial instruments into specific categories is described in note 1.13. At December 31 (In millions of euros) 2007 Carrying amount under IAS 39 2007 Carrying amount Amortized cost Loans and receivables Fair value through equity < Contents > Fair value through income ASSETS Non-current financial assets: ▪ i nvestments in non-consolidated companies 4 - - 4 - 4 ▪ l oans 2 2 - - - 2 ▪ d eposits and guarantees 6 - 6 - - 6 ▪ o ther non-current financial assets 6 - 6 - - 6 Accounts and notes receivable Other current financial assets: 1,699 1,699 - - - 1,699 ▪ d erivative instruments (assets) eligible for hedge accounting 1 - - 1 - 1 ▪ d erivative instruments (assets) ineligible for hedge accounting 3 - - - 3 3 Cash and cash equivalents LIABILITIES 771 - - - 771 771 Bonds 608 608 - - - 560 OCEANE (debt component) 446 446 - - - 437 Syndicated loans 221 - - - 221 221 Other long-term debt 37 - - - 37 37 Accounts and notes payable Other current financial liabilities: 1,836 1836 - - - 1836 ▪ d erivative instruments (liabilities) eligible for hedge accounting 19 - - 13 6 19 ▪ d erivative instruments (liabilities) ineligible for hedge accounting 2 - - - 2 2 Short-term debt 260 260 - - - 260 2007 Reference document - VALEO Fair value 3 PAGE 123 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
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1.2.1. Permanent contracts Number o
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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 and 120: Consolidated fi nancial statements
Page 121 and 122: 4.10.3. Short-term debt At December
Page 123: 5. Additional disclosures 5.1. Segm
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
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
Page 171 and 172: Name/business address Georges Pauge
Page 173 and 174: 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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