2007 Reference document (PDF) - Valeo

2 Management
PAGE 38
Report
Main investments over the past three years
Main investments over the past three years
1. 2007
In 2007, investments in property, plant and equipment amounted to
435 million euros, or 4.5% of total operating revenues. Investments
in intangible assets – mainly capitalized development expenditure
– amounted to 138 million euros (1.4% of total operating revenues).
2. 2006
In 2006, investments in property, plant and equipment amounted to
494 million euros, or 4.9% of total operating revenues. Investments
in intangible assets – mainly capitalized development expenditure
– amounted to 165 million euros (1.6% of total operating revenues).
Changes in the scope of consolidation (essentially the disposals of
Zexel Logitec Company and the Valeo Motors & Actuators business)
3. 2005
In 2005, investments in property, plant and equipment amounted to
441 million euros, or 4.5% of total operating revenues. Investments
in intangible assets – mainly capitalized development expenditure
– totaled 145 million euros (1.5% of total operating revenues).
Acquisition-led growth over the year absorbed 466 million euros.
Valeo implemented targeted strategic operations aimed at boosting
the technological offering of its Domains and increasing the organic
growth potential of its Product Families. In particular, the acquisition
of Johnson Controls Engine Electronics (effective March 1, 2005)
2007 Reference document - VALEO
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Changes in the scope of consolidation had a 208 million euro net
impact on income, and mainly reflected the disposal of the Wiring
Harness business and the Group’s ongoing strategy of focus ing on
around the three Domains.
had a 124 million euro net impact on income. These disposals
signaled the launch of the Group’s strategy of focusing on businesses
having reached critical mass in the three Domains.
for 316 million euros considerably boosted the potential of the
Group’s Powertrain Efficiency Domain. Similarly, the acquisition
(effective April 1, 2005) of the remaining shares held by Bosch in
the climate control and engine cooling businesses in Asia, enhanced
the growth potential of the Group’s related activities in the promising
Asian markets, and strengthened its expertise in climate control
compressors, one of the main components of climate control systems.
In 2005, the Group also increased its shareholding in Ichikoh, one of
Japan’s leading players in lighting systems, from 22.7% to 28.2%.
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