2007 Reference document (PDF) - Valeo

5.6. Contingent liabilities
The Group has contingent liabilities relating to legal proceedings
arising in the normal course of its business.
The Group does not expect these items to give rise to material
liabilities other than those for which a provision has already been
recognized in its financial statements.
5.8. Related party transactions
5.8.1. Management remuneration
Consolidated fi nancial statements at December 31, 2007
Notes to consolidated financial statements
5.7. French statutory training entitlement
Under the French law of May 4, 2004 relating to professional training,
all French employees of the Group, regardless of qualifications,
obtained a statutory training entitlement which can be accumulated
and used at the employees’ initiative, subject to the employer’s
agreement. As of 2004, each employee is entitled to at least
20 hours’ training per year.
The cumulative volume of training hours corresponding to Group
employees’ vested rights under French statutory training entitlement
was 1,008,800 hours at December 31, 2007, representing a usage
rate of around 5%.
Management is comprised of the members of the Group’s Management Committee. Remuneration paid during the year is broken
down as follows:
(In millions of euros) 2007 2006 2005
Salaries and other short-term benefits 13 12 12
Contract termination payments - - -
TOTAL 13 12 12
The Group recognized 3 million euros related to stock subscription
and stock options plans in 2007 (unchanged from 2006). It also
recorded expenses in relation to pension obligations in an amount
of 3 million euros (unchanged from 2006). At December 31, 2007,
5.8.2. Transactions with associates
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provisions included in the Group balance sheet in respect of these
pension obligations amounted to 15 million euros (14 million euros
as at December 31, 2006).
The consolidated financial statements include transactions carried out in the normal course of business between the Group and its associates.
These transactions are carried out at market prices.
(In millions of euros) 2007 2006 2005
Sales of goods and services 22 17 13
Purchases of goods and services (6) (7) (18)
Interest and dividends received 2 3 4
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