2007 Reference document (PDF) - Valeo
2007 Reference document (PDF) - Valeo
2007 Reference document (PDF) - Valeo
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2.3.3. Balance sheet<br />
Consolidated fi nancial statements at December 31, <strong>2007</strong><br />
Notes to consolidated financial statements<br />
The assets, liabilities and contingent liabilities acquired or sold in financial years <strong>2007</strong>, 2006 and 2005, as measured at their date of entry into<br />
the Group or exit from the Group, are analyzed below and reconciled with the corresponding cash flows:<br />
(In millions of euros)<br />
Disposal<br />
of Wiring<br />
Harness<br />
activity<br />
<strong>2007</strong> 2006 2005<br />
Acquisitions<br />
and other<br />
disposals<br />
Goodwill related to businesses sold (212) - (212) (26) -<br />
Other intangible assets (12) 1 (11) (13) 198<br />
Property, plant and equipment (70) 16 (54) (56) 150<br />
Investments in associates (1) - (1) 3 8<br />
Deferred tax assets (3) - (3) (2) 1<br />
Current assets (227) 13 (214) (61) 298<br />
Stockholders’ equity (1) 50 12 62 (63) 48<br />
Long-term debt 1 - 1 1 (54)<br />
Other non-current liabilities 22 - 22 33 (218)<br />
Current liabilities 215 (18) 197 48 (244)<br />
Net assets acquired (sold) (237) 24 (213) (136) 187<br />
Minority interests - - - 4 19<br />
Total net assets acquired (sold) after minority<br />
interests (237) 24 (213) (132) 206<br />
Goodwill on entities acquired - 5 5 8 260<br />
Impact of changes in scope of consolidation (237) 29 (208) (124) 466<br />
(1) This item is shown net of the (sale)/acquisition price.<br />
In <strong>2007</strong>, the impact of changes in scope of consolidation is essentially<br />
attributable to the sale of the Wiring H arness activity to German<br />
Group Leoni.<br />
The impact of changes in scope of consolidation in 2006 amounts<br />
to (124) million euros, after deducting costs paid on the sale of the<br />
Electric Motors & Actuators business.<br />
Total<br />
The impact of changes in scope of consolidation in 2005 on the<br />
Group’s cash position of 466 million euros is mainly due to the<br />
following two transactions:<br />
■<br />
■<br />
< Contents ><br />
acquisition of the Engine Electronics business of Johnson Controls<br />
Inc. for a total cost of 321 million euros; and<br />
acquisition of the remainder of the shares of ZVCC (Zexel <strong>Valeo</strong><br />
Climate Control) and VZCCC (<strong>Valeo</strong> Zexel China Climate Control) for<br />
a total cost of 104 million euros.<br />
<strong>2007</strong> <strong>Reference</strong> <strong>document</strong> - VALEO<br />
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