2007 Reference document (PDF) - Valeo

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3 Consolidated PAGE 80 fi nancial statements at December 31, 2007 2007 Reference document - VALEO < Contents > 1 2 3 4 5 6
Consolidated statements of income (In millions of euros) Notes Consolidated fi nancial statements at December 31, 2007 Consolidated statements of income 2007 2006 (1) As restated 2005 (1) As restated NET SALES 3.1 9,555 9,436 9,191 Other operating revenues 134 114 96 TOTAL OPERATING REVENUES 9,689 9,550 9,287 Cost of sales (8,058) (7,973) (7,729) GROSS MARGIN (2) 1,497 1,463 1,462 % of net sales 15.7% 15.5% 15.9% Research and development expenditure (668) (640) (610) Selling expenses (193) (190) (185) Administrative expenses (424) (427) (424) Other income and expenses 3.3 (27) (49) (35) OPERATING INCOME 319 271 304 % of total operating revenues 3.3% 2.8% 3.3% Interest expense 3.4 (82) (83) (76) Interest income 3.4 31 32 31 Other financial income and expenses 3.5 (46) (8) (50) Equity in net earnings of associates 8 (1) 6 INCOME BEFORE INCOME TAXES 230 211 215 Income taxes 3.6 (83) (67) (60) INCOME FROM CORE ACTIVITIES 147 144 155 % of total operating revenues 1.5% 1.5% 1.7% Income/(loss) from non-strategic activities (3) (59) 22 (7) NET INCOME FOR THE YEAR 88 166 148 Net income attributable to equity holders of the company 81 161 142 Minority interests Income from core activities attributable to equity holders of the company 7 5 6 ▪ b asic earnings per share (in euros) 1.82 1.81 1.89 ▪ d iluted earnings per share (in euros) 1.81 1.80 1.88 Net income attributable to equity holders of the company ▪ b asic earnings per share (in euros) 3.7.1 1.06 2.10 1.80 ▪ d iluted earnings per share (in euros) 3.7.2 1.05 2.09 1.79 (1) The statements of income for 2005 and 2006 were restated from those published in February 2007 following the sale of the Wiring H arness activity (see note 2.1.1). (2) Gross margin represents net sales (excluding other operating revenues) less cost of sales. (3) See note 2. The notes are an integral part of the consolidated financial statements. < Contents > 2007 Reference document - VALEO 3 PAGE 81 1 2 3 4 5 6
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2007 Reference document
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Group profile 2007 Valeo is an inde
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Gross margin In % of net sales Oper
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Basic earnings per share for the ye
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valeo added TM < Contents > 1 Activ
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1998 ■ Acquisition of the Electri
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The Group 1. Description and organi
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■ ■ ■ ignition components; in
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■ LED front and rear lighting and
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Valeo Climate Control has four prod
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4.1.1.2. Internal mobility and indi
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4.2.2. Environment Environmental pr
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4.3.1. Purchasing The role of Valeo
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4.3.4. Projects The Projects Depart
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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: valeo added TM 3 < Contents > Conso
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: Consolidated fi nancial statements
Page 131 and 132: At December 31, 2006 (In millions o
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Consolidated fi nancial statements
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5.6. Contingent liabilities The Gro
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6. Restatement of prior year financ
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Companies Countries % voting rights
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Consolidated fi nancial statements
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valeo added TM < Contents > 4 Corpo
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appointed Gérard Blanc, Pascal Col
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■ to check that internal procedur
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1.10. General Management of the Com
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2. Internal control procedures 2.1.
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2.4. Review of work carried out in
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Composition of the Board of Directo
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Name First appointed Helle Kristoff
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valeo added TM 5 < Contents > Infor
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Auditors Statutory Auditors ■ −
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Martin Haub Vice-President, Product
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Name/business address Jérôme Cont
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Name/business address Georges Pauge
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Jérôme Contamine graduated from
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Under these R ules, independent Dir
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Fixed compensation and benefits-in-
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compensation, 1,905,169 euros to va
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Share grants to the ten employees r
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Information on the Company and its
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2. Authorized, unissued capital Sec
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Exercise date and conditions Nbre d
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1.1. Major shareholders To the best
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the relevant disclosure threshold h
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2. Dividends Dividends per share ov
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3. Ownership structure Primarily on
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8. Monthly trading volumes Informat
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Information on the Company and its
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valeo added TM 6 < Contents > Other
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Annual information document Other i
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Other i nformation Annual informati
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November 2007 November 9, 2007 - Ex
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Other i nformation Person responsib
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The printer of this report is envir
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