2007 Reference document (PDF) - Valeo

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3 Consolidated PAGE 82 fi nancial statements at December 31, 2007 Consolidated balance sheets Consolidated balance sheets (In millions of euros) Notes Dec. 31, 2007 Dec. 31, 2006 Dec. 31, 2005 ASSETS Goodwill 4.1 1,165 1,415 1,484 Other intangible assets 4.2 514 528 522 Property, plant and equipment 4.3 1,790 1,918 2,041 Investments in associates 4.4 103 103 116 Non-current financial assets 5.2.1 18 24 28 Deferred tax assets 4.5 99 96 100 Non-current assets 3,689 4,084 4,291 Inventories 4.6 622 647 654 Accounts and notes receivable 4.7 1,699 1,834 1,906 Other current assets 292 311 243 Taxes recoverable 72 64 51 Other current financial assets 5.2 4 10 24 Assets held for sale 4.3 7 20 11 Cash and cash equivalents 4.10.4 771 618 949 Current assets 3,467 3,504 3,838 TOTAL ASSETS LIABILITIES AND EQUITY 7,156 7,588 8,129 Share capital 235 233 233 Additional paid-in capital 1,402 1,387 1,385 Retained earnings 101 94 56 Stockholders’ equity 1,738 1,714 1,674 Minority interests 44 38 43 Stockholders’ equity including minority interests 4.8 1,782 1,752 1,717 Provisions - long-term portion 4.9 778 937 1,123 Long-term debt 4.10 1,283 1,274 1,303 Deferred tax liabilities 4.5 21 1 9 Non-current liabilities 2,082 2,212 2,435 Accounts and notes payable 1,836 1,955 1,925 Provisions - current portion 4.9 324 418 431 Taxes payable 72 76 82 Other current liabilities 750 836 792 Current maturities of long-term debt 4.10 29 54 581 Other current financial liabilities 5.2 21 11 9 Short-term debt 4.10.3 260 274 157 Current liabilities 3,292 3,624 3,977 TOTAL LIABILITIES AND EQUITY 7,156 7,588 8,129 The notes are an integral part of the consolidated financial statements. 2007 Reference document - VALEO < Contents > 1 2 3 4 5 6
Consolidated statements of cash flows Consolidated fi nancial statements at December 31, 2007 Consolidated statements of cash fl ows (In millions of euros) Notes 2007 2006 2005 CASH FLOWS FROM OPERATING ACTIVITIES (1) Net income for the year 88 166 148 Equity in net earnings of associates (8) - (6) Net dividends received from associates 2 4 4 Other expenses (income) with no cash effect 4.11 479 411 518 Cost of net debt 57 59 54 Income taxes (current and deferred) 91 77 60 Gross operating cash flows 709 717 778 Income taxes paid (85) (85) (65) Changes in working capital 4.11 (42) 48 107 Net cash provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES 582 680 820 (1) Outflows relating to acquisitions of intangible assets (138) (165) (145) Outflows relating to acquisitions of property, plant and equipment (435) (494) (441) Inflows relating to disposals of property, plant and equipment 47 17 41 Net change in non-current financial assets (3) 32 (3) Impact of changes in scope of consolidation 2.3.3 208 124 (466) Net cash provided by (used in) investing activities CASH FLOWS FROM FINANCING ACTIVITIES (321) (486) (1,014) (1) Dividends paid to parent company stockholders (85) (84) (91) Dividends paid to minority interests in consolidated subsidiaries (4) (5) (5) Issuance of share capital 20 4 1 Sale (purchase) of treasury shares (26) 4 8 Issuance of long-term debt 22 3 826 Grants and contributions received 57 48 39 Net outflows related to capital reductions - - (252) Net interest paid (47) (60) (33) Repayments of long-term debt (35) (553) (196) Net cash provided by (used in) financing activities (98) (643) 297 Effect of exchange rate changes on cash 4 1 28 NET CHANGE IN CASH AND CASH EQUIVALENTS 167 (448) 131 Net cash and cash equivalents at beginning of year 344 792 661 Net cash and cash equivalents at end of year Of which: 511 344 792 ▪ c ash and cash equivalents 771 618 949 ▪ s hort-term debt (260) (274) (157) (1) The impact of changes in scope of consolidation at December 31, 2007 is described in note 2.3. The notes are an integral part of the consolidated financial statements. < Contents > 2007 Reference document - VALEO 3 PAGE 83 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
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■ 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 and 82: valeo added TM 3 < Contents > Conso
Page 83: Consolidated statements of income (
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 131 and 132: At December 31, 2006 (In millions o
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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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