2007 Reference document (PDF) - Valeo

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.
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2007 Reference document - VALEO
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