2011 Registration Document - Valeo

Contents
Interview with the Chief Executive Offi cer 2
1 Presentation of Valeo
and its businesses 5
1.1 Key fi gures 6
1.2 Valeo’s strategy 11
1.3 Presentation of Valeo 17
1.4 Core businesses 34
2 Risk Factors 51
2.1 Main risks AFR 52
2.2 Insurance and risk coverage 61
3 Valeo and sustainable
development 63
Message from Jacques Aschenbroich,
Chief Executive Offi cer of Valeo 64
3.1 Sustainable development policy 66
3.2 Research and Development, product
innovation and sustainable development 67
3.3 Environmental performance of Valeo’s sites 76
3.4 Valeo’s social performance 93
3.5 Valeo’s commitment to corporate-citizenship 115
3.6 Summary of Valeo’s CSR performance 120
3.7 Cross-reference table with sustainable
development benchmarks 124
4 Corporate governance 129
4.1 Corporate governance structure 130
4.2 Compensation of corporate offi cers 144
4.3 Organization and operation
of the Board of Directors 157
4.4 Report of the Chairman of the Board
of Directors on the composition
of the Board, the application of
the principle of equal representation
of women and men, the conditions in
which the Board’s work is prepared and
organized, and the internal control and
risk management procedures put in place
by the Valeo Group AFR
159
4.5 Statutory Auditors’ report , prepared
in accordance with Article L.225-235
of the French Commercial Code
(Code de commerce), on the report prepared
by the Chairman of the Board of Directors
of Valeo AFR
177
4.6 Statutory Auditors’ special report on related
party agreements and commitments AFR 178
5 Financial and accounting
information 181
5.1 Analysis of 2011 consolidated results AFR 182
5.2 Consolidated fi nancial statements for the
year ended December 31, 2011 AFR 188
5.3 Subsequent events and outlook 256
5.4 Analysis of Valeo’s results AFR 257
5.5 Parent company fi nancial statements for
the year ended December 31, 2011 AFR 258
5.6 Other fi nancial
and accounting information AFR
279
6 Valeo and its shareholders 281
6.1 Stock market data 282
6.2 Investor relations 285
6.3 Dividends 286
6.4 Capital ownership 287
6.5 Share buyback program AFR 290
6.6 Additional disclosures 294
7 Additional information 305
7.1 Principal provisions of the law
and the articles of association 306
7.2 Information on subsidiaries and affi liates 309
7.3 Material contracts 312
7.4 Documents on display 312
7.5 Information related to the Statutory Auditors 316
7.6 Person responsible
for the Registration Document 318
8 Cross-reference tables 319
8.1 Cross-reference table
for the Registration Document 320
8.2 Cross-reference table for the annual
fi nancial report 324
8.3 Cross-reference table of the management
report as provided for by Articles L.225-100
et seq. of the French Commercial Code 325
The elements of the annual fi nancial report can be clearly
identifi ed in the table of contents using the AFR pictogram