2007 Reference document (PDF) - Valeo

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3 Consolidated PAGE 130 fi nancial statements at December 31, 2007 Notes to consolidated financial statements The Group also has a short-term commercial paper financing program of a maximum amount of 1.2 billion euros and a medium- and longterm Euro Medium Term Note financing program of a maximum amount of 2 billion euros. Covenants: existing credit lines have an early repayment clause related to the Group’s debt/equity ratio. This clause stipulates that the Group’s net debt should not exceed 120% of stockholders’ equity. Non-compliance with this ratio would cause the credit lines to be suspended and would lead to early repayment of Residual contractual maturity of non-derivative financial instruments can be analyzed as follows: At December 31, 2007 (In millions of euros) Carrying amount 2007 Reference document - VALEO Contractual cash flows prior drawdowns. At December 31, 2007, the Group’s ratio is 45% (55% at December 31, 2006). The Euro Medium Term Note includes an option granted to the bondholders who can request early redemption of their bonds in the event of a change of control of Valeo which leads to a downgrade in the bond’s rating to below investment grade. Such a change of control is deemed to occur if a stockholder (or several stockholders acting together) acquires more than 50% of Valeo’s share capital or holds more than 50% of voting rights. Contractual cash flows Payment schedule Total < 6 months 6 to 12 months 1 to 2 years 2 to 5 years > 5 years Bond issues 1,054 1,264 11 22 67 542 622 Syndicated loans 219 267 3 6 8 250 - Other long-term debt Accounts and notes 39 39 - 6 8 9 16 payable 1,836 1,836 1,836 - - - - Short-term debt 260 260 260 - - - - Residual contractual maturities of derivative financial instruments can be analyzed as follows: At December 31, 2007 (In millions of euros) Forward currency contracts used as hedges: Carrying amount Contractual cash flows Contractual cash flows Payment schedule Total < 6 months 6 to 12 months 1 to 2 years 2 to 5 years ▪ Assets 2 2 2 - - - ▪ Liabilities (1) (1) (1) - - - Currency swaps used as hedges: ▪ Assets 1 1 1 - - - ▪ Liabilities (1) (1) (1) - - - Commodity derivatives: ▪ Assets 1 1 1 - - - ▪ Liabilities (13) (13) (13) - - - Interest rate swaps: < Contents > ▪ Assets - - - - - - ▪ Liabilities (6) (8) (3) 1 (2) (4) 1 2 3 4 5 6
Consolidated fi nancial statements at December 31, 2007 Notes to consolidated financial statements ■ Credit risk Commercial credit risk Financial credit risk The Group is exposed to financial counterparty risk in the context of Valeo is exposed to credit risk arising on its commercial operations, particularly the risk of default by its customers. financial market transactions carried out for the purposes of risk and Valeo operates exclusively in the automotive sector and is thus treasury management. Limits have been set by counterparty, taking dependent on the sector’s performance. Valeo works with all into account the ratings of the counterparties provided by rating automakers in the sector. At December 31, 2007, Valeo’s largest agencies. This also has the effect of avoiding excessive concentration customer accounts for 18% of the Group’s accounts and notes of market transactions with a limited number of banks. receivable. Approximately 10% of receivables relate to the three largest US automakers. The table below presents an aged analysis of accounts and notes receivable: At December 31 (In millions of euros) Carrying amount 2007 Carrying amount 2006 Carrying amount 2005 Not yet due 1,617 1,754 1,814 Less than 1 month past due 67 60 72 More than 1 month but less than 12 months past due 34 34 40 More than 1 year past due 10 16 12 TOTAL 1,728 1,864 1,938 5.4. Commitments given To the best of Valeo’s knowledge, no other significant commitments exist or exceptional events have occurred other than those disclosed in the notes to the financial statements, that are likely to have a material impact on the business, financial position, results or assets and liabilities of the Group. 5.4.1. Lease commitments Future minimum lease commitments existing at December 31, 2007 (excluding capital leases) are as follows: At December 31 (In millions of euros) 2007 2006 2005 Less than 1 year 32 34 38 1 to 5 years 29 33 31 More than 5 years 10 9 10 TOTAL 71 76 79 Lease rentals recognized in expenses in the year were as follows: < Contents > (In millions of euros) 2007 2006 2005 Rent 56 53 56 2007 Reference document - VALEO 3 PAGE 131 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
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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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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 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: 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
Page 175 and 176: Under these R ules, independent Dir
Page 177 and 178: Fixed compensation and benefits-in-
Page 179 and 180: compensation, 1,905,169 euros to va
Page 181 and 182: 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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