2007 Reference document (PDF) - Valeo

3 Consolidated
PAGE 132
fi nancial statements at December 31, 2007
Notes to consolidated financial statements
Lease commitments in respect of capital leases are as follows:
At December 31
(In millions of euros) 2007 2006 2005
Future minimum lease payments
Less than 1 year 3 8 15
1 to 5 years 5 7 10
More than 5 years 1 2 3
Total future minimum lease payments 9 17 28
Of which interest charges
Present value of future lease payments
(1) (2) (3)
Less than 1 year 3 8 14
1 to 5 years 5 6 9
More than 5 years 1 2 2
Total present value of future lease payments 9 16 25
5.4.2. Other commitments given
Valeo has also given the following commitments:
At December 31
(In millions of euros) 2007 2006 2005
Guarantees given 19 29 30
Non-cancelable purchase commitments for fixed assets 108 72 57
Other commitments given 124 101 66
TOTAL 251 202 153
Other commitments correspond to warranties granted by Valeo in the context of sale transactions.
The following items recognized in assets in the Group’s balance sheet have been pledged as security:
At December 31
(In millions of euros) 2007 2006 2005
Property, plant and equipment 2 24 84
Financial assets 12 12 12
TOTAL 14 36 96
5.4.3. Claims and litigation
Known claims and litigation involving Valeo or its subsidiaries have
been reviewed as of the issuance date of these financial statements.
Based on the advice of counsel, all necessary provisions have been
made to cover the estimated contingencies and potential losses.
2007 Reference document - VALEO
5.5. Commitments received
< Contents >
When Valeo purchased the Engine Electronics business of Johnson
Controls Inc. on March 1, 2005, Johnson Controls granted a warranty
concerning the division’s liabilities, including a four-year warranty in
respect of quality and product liability claims related to the activities
of this division.
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