2007 Reference document (PDF) - Valeo

8. Monthly trading volumes
Information on subsidiaries and affiliates
Following the creation of subsidiaries for industrial activities in
2002, Valeo is now the Group’s holding and treasury management
company. As such, Valeo centralizes the management of market
risks to which its operating subsidiaries are exposed, including
changes in interest rates as well as fluctuations in exchange rates
and quoted commodities prices. Valeo also centralizes the financing
requirements of these subsidiaries and is generally the sole
counterparty of the financial institutions that provide the funding to
cover these requirements. The related assets (cash and marketable
securities) and liabilities (external debt) are included in Valeo’s
balance sheet. Valeo is also responsible for upholding the image
of the Valeo brand. To this end, it has entered into brand licensing
Information on the Company and its capital
Information on subsidiaries and affi liates
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agreements with certain of its operating subsidiaries (see “Related
party transactions” on page 179 ). Group-wide control and support
functions, encompassing accounting, legal counsel, information
technology, procurement, real-estate management and supplychain
management, are performed by Valeo Management Services,
which bills a fee to the French subsidiaries. The Group’s operating
assets and liabilities are carried by its 171 subsidiaries, mainly by
the industrial and commercial entities listed on pages 196 and 197 .
A list of consolidated companies – including their geographic location
– is provided in Note 7 to the consolidated financial statements on
pages 136 to 141 .
2007 Reference document - VALEO
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