2007 Reference document (PDF) - Valeo

More documents

Recommendations

Info

6 Other PAGE 200 i nformation 2008 quaterly fi nancial i nformation 2008 quaterly financial i nformation Valeo: 30% increase in net income in the first quarter 2008 ■ ■ Third consecutive quarter of improved margins Continued refocusing of the product portfolio 1 January - 31 March (In € million) 2008 * 2007 ** Change Total operating revenues 2,473 2,499 - 1.0 % Gross margin 392 377 + 4.0 % % of sales 16.1 % 15.3 % + 0.8 pt Operating margin 90 74 + 21.6 % % of total operating revenues 3.6 % 3.0 % + 0.6 pt Net income (attributable to the company’s shareholders) 43 33 + 30.3 % % of total operating revenues 1.7 % 1.3 % + 0.4 pt Basic earnings per share from continued operations (€) 0.57 0.42 +35.7 % * The first quarter 2008 results were not audited by the Statutory Auditors, nor were they the object of a limited review by these auditors. ** These figures do not include amounts related to the Wiring Harness activity, which was divested on 31 December 2007, in line with IFRS 5 norms. (1) Operating income before other income and expenses. The Group’s strategy is confirmed by the continued improvement of its performance. Despite a market slowdown, Valeo’s results have progressed, thanks to its strategy of operational excellence (cost and quality). The Group continued the alignment of its product portfolio around its three Domains of Innovation, with the planned divestiture of its truck engine cooling activity. First quarter 2008 results In the first quarter of 2008, total operating revenues stood at 2,473 million euros, stable at constant reporting entity and exchange rates. Volumes increased by 3.7%. At the same time, world automotive production rose by only 1.5%, a marked slowdown compared with the second half of 2007 (+8%). Gross margin totaled 392 million euros or 16.1% of sales. The 0.8 point increase in the margin rate reflects productivity gains and a slight drop in raw material costs. Operating margin rose by 21.6% to 90 million euros, compared with 74 million euros in 2007. Despite the marked automotive market slowdown and an unfavorable calendar impact for the first quarter, the operating margin rate was up by 0.6 points, in line with progress made during the second half of 2007. Net financial debt amounted to 786 million euros, down by 19%, versus 966 million euros at 31 March 2007. This was due in part to the sale of the W iring H arness business on 31 December 2007. The Group’s net debt-to-equity ratio is 44%, down 10 points versus the end of the first quarter 2007. 2007 Reference document - VALEO Highlights On 3 April 2008, Valeo announced a project to sell its truck engine cooling division to the company EQT. This operation, which aims to focus the Group’s engine cooling activity on the passenger car segment, is part of the program to divest non-strategic activities. Valeo received several awards from its automaker customers recognizing the Group’s quality performance, including an Excellent Quality Performance Award from Toyota in Nagoya, Japan. The Group also received awards from Toyota Europe, TPCA (Toyota Peugeot Citroën Automobile) and Renault. For the fourth year in a row, Valeo improved its quality performance, recording its lowest ever level of customer returns in 2007, with a rate of 10 ppm (defective parts per million delivered) versus 185 ppm four years earlier. On 10 April 2008, the German insurance company Allianz gave Valeo’s Park4UTM system the 2008 Genius Safety Award, recognizing innovations that contribute to better road safety. Park4UTM also won the automotive industry’s prestigious 2008 PACE Award. This is the Group’s fourth consecutive PACE Award, following the blind spot detection system in 2007, the StARS micro-hybrid system in 2006 and the Lane VueTM system in 2005. Outlook < Contents > In the context of an automotive market slowdown, with new tensions impacting raw material prices, Valeo confirms an improvement of its operating margin in 2008, thanks to the pursuit of its strategy based on operational excellence and innovation. 1 2 3 4 5 6
Annual information document Other i nformation Annual information document This Annual Information Document has been prepared in compliance with Article 451-1-1 of the French Monetary and Financial Code and Article 222-7 of the General Regulations of the French securities regulator (Autorité des marchés financiers, AMF). This document lists the information published or made public by Valeo from March 16, 2007 through March 17, 2008. Annual, interim and quarterly financial information, share buyback programs, Euro Medium Term Note (EMTN) programs and other information April 25, 2008 - Press release: first-quarter 2008 results (1) April 5, 2008 - Monthly press release containing weekly share buyback statements – March statement (1) March 7, 2008 - Monthly press release containing weekly share buyback statements – February statement (1) February 13, 2008 - Presentation of the 2007 results and outlook (1) February 7, 2008 - Monthly press release containing weekly share buyback statements – January statement (1) January 18, 2008 - Execution of the agreement for partial management of the share buyback programs (1) January 10, 2008 - Interim statement regarding the liquidity agreement (1) January 7, 2008 - Monthly press release containing weekly share buyback statements – December statement (1) December 7, 2007 - Monthly press release containing weekly share buyback statements – November statement (1) November 9, 2007 - Execution of the agreement for the partial management of the share buyback program (1) November 7, 2007 - Monthly press release containing weekly share buyback programs – October statement (1) October 17, 2007 - Press release: third-quarter 2007 results (1) October 5, 2007 - Monthly press release containing weekly share buyback statements – September statement (1) September 7, 2007 - Monthly press release containing weekly share buyback statements – August statement (1) September 6, 2007 - Agreement for partial management of the share buyback programs (1) August 7, 2007 - Monthly press release containing weekly share buyback statements – July statement (1) July 26, 2007 - First-half 2007 results (1) July 11, 2007 - Interim statement regarding the liquidity agreement (1) July 6, 2007 - Monthly press release containing weekly share buyback statements – June statement (1) June 7, 2007 - Monthly press release containing weekly share buyback statements – May statement (1) May 18, 2007 - Description of the 2007 share buyback program (1) May 11, 2007 - Base Prospectus for the EMTN program (2) May 7, 2007 - Monthly press release containing weekly share buyback statements – April statement (1) April 24, 2007 - Press release: first-quarter 2007 results (1) April 6, 2007 - Monthly press release containing weekly share buyback statements – March statement (1) March 29, 2007 - 2006 Reference d ocument (1) (1) available at www.valeo.com (2) available at www.bourse.lu < Contents > 2007 Reference document - VALEO 6 PAGE 201 1 2 3 4 5 6
Page 1 and 2:
2007 Reference document
Page 3 and 4:
Group profile 2007 Valeo is an inde
Page 5 and 6:
Gross margin In % of net sales Oper
Page 7 and 8:
Basic earnings per share for the ye
Page 9 and 10:
valeo added TM < Contents > 1 Activ
Page 11 and 12:
1998 ■ Acquisition of the Electri
Page 13 and 14:
The Group 1. Description and organi
Page 15 and 16:
■ ■ ■ ignition components; in
Page 17 and 18:
■ LED front and rear lighting and
Page 19 and 20:
Valeo Climate Control has four prod
Page 21 and 22:
4.1.1.2. Internal mobility and indi
Page 23 and 24:
4.2.2. Environment Environmental pr
Page 25 and 26:
4.3.1. Purchasing The role of Valeo
Page 27 and 28:
4.3.4. Projects The Projects Depart
Page 29 and 30:
Geographical presence The Group opt
Page 31 and 32:
■ In a world first, the Volkswage
Page 33 and 34:
Other contributions from Valeo Prod
Page 35 and 36:
■ ■ The Group also continued to
Page 37 and 38:
valeo added TM Accounting methods 3
Page 39 and 40:
production (source: J.D. Power). In
Page 41 and 42:
Change in stockholders’ equity 1.
Page 43 and 44:
Provisions The balance sheet at Dec
Page 45 and 46:
At the Board of Directors meeting h
Page 47 and 48:
1.2. Environmental risks In the var
Page 49 and 50:
4.3. Credit risk Valeo is exposed t
Page 51 and 52:
Outlook In 2008, Valeo is aiming to
Page 53 and 54:
Valeo addresses these challenges th
Page 55 and 56:
Percentage of ISO 14001 and OHSAS 1
Page 57 and 58:
The 2007 reporting scope excludes s
Page 59 and 60:
The increase in the ratio of energy
Page 61 and 62:
Overall, Valeo used higher tonnages
Page 63 and 64:
All Valeo Group sites will be certi
Page 65 and 66:
2.6. Reducing all types of pollutio
Page 67 and 68:
Social indicators This social indic
Page 69 and 70:
1.2.1. Permanent contracts Number o
Page 71 and 72:
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 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 129 and 130:
Page 131 and 132:
At December 31, 2006 (In millions o
Page 133 and 134:
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 141 and 142:
Page 143 and 144:
Page 145 and 146:
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
Page 183 and 184: Information on the Company and its
Page 185 and 186: 2. Authorized, unissued capital Sec
Page 187 and 188: Exercise date and conditions Nbre d
Page 189 and 190: 1.1. Major shareholders To the best
Page 191 and 192: the relevant disclosure threshold h
Page 193 and 194: 2. Dividends Dividends per share ov
Page 195 and 196: 3. Ownership structure Primarily on
Page 197 and 198: 8. Monthly trading volumes Informat
Page 199 and 200: Information on the Company and its
Page 201: valeo added TM 6 < Contents > Other
Page 205 and 206: Other i nformation Annual informati
Page 207 and 208: November 2007 November 9, 2007 - Ex
Page 209 and 210: Other i nformation Person responsib
Page 211 and 212: The printer of this report is envir
show all

2007 Reference document (PDF) - Valeo

Create successful ePaper yourself

Delete template?

Save as template?