2007 Reference document (PDF) - Valeo

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3 Consolidated PAGE 94 fi nancial statements at December 31, 2007 Notes to consolidated financial statements 2.2.4. Sale of Zexel Logitec Company On June 30, 2006, Valeo sold Zexel Logitec Company. The contribution of this company to Group net sales amounted to 30 million euros in 2006 (over the period from January 1 to June 30) and 53 million euros in 2005. The capital gain recognized by the Group in “Other income and expenses” for 2006 amounted to 14 million euros. 2007 Reference document - VALEO 2.2.5. Valeo Raytheon Systems Inc. Valeo continued to invest in Raytheon Systems Inc., increasing its stake from 73.1% at December 31, 2005 to 77.2% at December 31, 2006. Valeo owns Raytheon Systems Inc. jointly with the Raytheon Group, and accounts for its interest by the proportional consolidation method because of the characteristics of the partnership agreement. 2.3. Impact of changes in scope of consolidation on the statement of income, statement of cash fl ows and balance sheet 2.3.1. Statement of income ■ The components of the income statement caption “Income/(loss) from non-strategic activities” are as follows: (In millions of euros) 2007 2006 2005 Income/(loss) from non-strategic activities before income taxes - (9) (1) Income taxes on income from non-strategic activities (8) (10) (6) Pre-tax capital gain or loss on disposal of non-strategic activities (51) 46 - Taxes on capital gains from disposal of non-strategic activities - (5) - Income/(loss) from non-strategic activities (59) 22 (7) ■ Earnings per share from non-strategic activities are as follows: Income/(loss) from non-strategic activities 2007 2006 2005 ▪ b asic earnings (loss) per share (in euros) (0.76) 0.29 (0.09) ▪ d iluted earnings (loss) per share (in euros) (0.76) 0.29 (0.09) 2.3.2. Statement of cash flows ■ Cash flows from non-strategic activities are analyzed as follows: < Contents > (In millions of euros) 2007 2006 2005 Cash flows from operating activities - non-strategic activities 7 30 56 Cash flows used in investing activities - non-strategic activities (15) (22) (34) Cash flows from (used in) financing activities - non-strategic activities (9) 12 (1) Net change in cash and cash equivalents (17) 20 21 1 2 3 4 5 6
2.3.3. Balance sheet Consolidated fi nancial statements at December 31, 2007 Notes to consolidated financial statements The assets, liabilities and contingent liabilities acquired or sold in financial years 2007, 2006 and 2005, as measured at their date of entry into the Group or exit from the Group, are analyzed below and reconciled with the corresponding cash flows: (In millions of euros) Disposal of Wiring Harness activity 2007 2006 2005 Acquisitions and other disposals Goodwill related to businesses sold (212) - (212) (26) - Other intangible assets (12) 1 (11) (13) 198 Property, plant and equipment (70) 16 (54) (56) 150 Investments in associates (1) - (1) 3 8 Deferred tax assets (3) - (3) (2) 1 Current assets (227) 13 (214) (61) 298 Stockholders’ equity (1) 50 12 62 (63) 48 Long-term debt 1 - 1 1 (54) Other non-current liabilities 22 - 22 33 (218) Current liabilities 215 (18) 197 48 (244) Net assets acquired (sold) (237) 24 (213) (136) 187 Minority interests - - - 4 19 Total net assets acquired (sold) after minority interests (237) 24 (213) (132) 206 Goodwill on entities acquired - 5 5 8 260 Impact of changes in scope of consolidation (237) 29 (208) (124) 466 (1) This item is shown net of the (sale)/acquisition price. In 2007, the impact of changes in scope of consolidation is essentially attributable to the sale of the Wiring H arness activity to German Group Leoni. The impact of changes in scope of consolidation in 2006 amounts to (124) million euros, after deducting costs paid on the sale of the Electric Motors & Actuators business. Total The impact of changes in scope of consolidation in 2005 on the Group’s cash position of 466 million euros is mainly due to the following two transactions: ■ ■ < Contents > acquisition of the Engine Electronics business of Johnson Controls Inc. for a total cost of 321 million euros; and acquisition of the remainder of the shares of ZVCC (Zexel Valeo Climate Control) and VZCCC (Valeo Zexel China Climate Control) for a total cost of 104 million euros. 2007 Reference document - VALEO 3 PAGE 95 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
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Other contributions from Valeo Prod
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■ ■ The Group also continued to
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valeo added TM Accounting methods 3
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production (source: J.D. Power). In
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Change in stockholders’ equity 1.
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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 and 84: Consolidated statements of income (
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: 2. Changes in the scope of consolid
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
Page 135 and 136: 5.6. Contingent liabilities The Gro
Page 137 and 138: 6. Restatement of prior year financ
Page 139 and 140: Companies Countries % voting rights
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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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