2007 Reference document (PDF) - Valeo

4.3. Credit risk
Valeo is exposed to credit risk, particularly to risk of default by its
automotive customers.
Valeo works with all automakers in the sector. At December 31,
2007, Valeo’s largest customer accounts for 18% of the Group’s
accounts and notes receivable. Approximately 10% of accounts
and notes receivable are with the American automakers, Chrysler,
Ford and General Motors. The downturn in the automobile sector
business environment in recent years has led the Group to
Information likely to be impacted
by a public tender offer
Management Report
Information likely to be impacted by a public tender offer
strengthen control of customer risks and settlement periods which
may, on a case-by-case basis, be subject to bilateral negotiations
with customers. The average settlement period at December 31,
2007 is 69 days.
Valeo also generates more than 8% of its net sales in the aftermarket.
The Group’s large, dispersed customer base in this market is
constantly monitored and the risk of default is covered by a credit
insurance policy. These customers represent slightly more than 8%
of Group accounts and notes receivable at December 31, 2007.
1. Direct or indirect shareholdings in the Company, brought to the Company’s
attention (articles L. 233-7 and 233-12 of the French Commercial Code)
As far as the Company is aware, the following shareholders held
more than 2% of the Company’s share capital or voting rights
at February 12, 2008.
The ownership structure and voting rights presented above were
prepared based on data brought to the attention of the Company
in accordance with articles L. 233-7 and L. 233-12 of the French
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Commercial Code, and where applicable, on information voluntarily
provided by shareholders of Valeo SA. The ownership structure and
voting rights per shareholder are calculated based on the Company’s
share capital at January 31, 2008, i.e., 78,209,617 shares representing
78,417,554 voting rights, excluding treasury stock.
Shareholders % ownership % voting rights
Pardus E uropean Special Opportunities Master Fund LP 18.5% 18.4%
Morgan Stanley 11.1% 11.0%
Caisse des Dépôts et Consignations Group 6.0% 8.5%
Franklin Resources Inc 3.2% 3.1%
Brandes Investment Partners LP 4.6% 4.5%
M&G Investment Management Limited 2.9% 2.9%
2007 Reference document - VALEO
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