2007 Reference document (PDF) - Valeo
2007 Reference document (PDF) - Valeo
2007 Reference document (PDF) - Valeo
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Outlook<br />
In 2008, <strong>Valeo</strong> is aiming to boost its profitability still further in an<br />
increasingly uncertain market with stabilized raw material prices.<br />
The plan to reengineer certain Group support functions will be<br />
Subsequent events<br />
To the best of <strong>Valeo</strong>’s knowledge, no other event has occurred since<br />
December 31, <strong>2007</strong> that is likely to have a material impact on<br />
Parent company financial statements<br />
Following the creation of subsidiaries for industrial activities in<br />
2002, <strong>Valeo</strong> SA is now the Group’s holding and cash management<br />
company.<br />
<strong>Valeo</strong> SA’s net financial income for the year amounted to 232 million<br />
euros, up from 47 million euros in 2006. This marked increase was<br />
mainly due to a 53 million euro increase in dividends received from<br />
Group subsidiaries, a 32 million euro rise in financial income, and<br />
lower write-downs on equity investments than in 2006 (88 million<br />
euros). Net exceptional loss stood at 145 million euros for <strong>2007</strong> (2006:<br />
net exceptional loss of 3 million euros) and included 100 million<br />
euros in losses on the disposal of investments in <strong>Valeo</strong> Vision<br />
Belgique and <strong>Valeo</strong> Systèmes de Liaison. It also reflected 45 million<br />
euros in one-off expenditure relating to strategic operations, costs<br />
of disposal and provisions for litigation with employees.<br />
Management Report<br />
Parent company fi nancial statements<br />
< Contents ><br />
deployed on a larger scale and the Group will continue to pursue<br />
its portfolio streamlining strategy in a prudent manner.<br />
the business, financial position, results or assets and liabilities of<br />
the Group.<br />
Corporate income tax yielded a tax credit of 15 million euros<br />
compared with a tax credit of 35 million euros in 2006. In <strong>2007</strong>,<br />
<strong>Valeo</strong> SA recorded an additional provision of 10 million euros<br />
to cover the risk of having to pay tax credits over to tax consolidated<br />
entities.<br />
<strong>Valeo</strong> SA’s net income for the year amounted to 94 million euros<br />
compared with 74 million euros in 2006.<br />
<strong>Valeo</strong> SA’s stockholders’ equity stood at 3,258 million euros at<br />
31 December <strong>2007</strong> compared with 3,232 million euros one year<br />
earlier. This increase mainly comprises net income for the year less<br />
dividends.<br />
<strong>2007</strong> <strong>Reference</strong> <strong>document</strong> - VALEO<br />
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