ANNUAL REPORT 2011 REGISTRATION DOCUMENT - Saft

5 Changes
COMMENTS ON THE 2011 FINANCIAL YEAR
in the scope of consolidation in 2011
5.10 CHANGES IN THE SCOPE OF CONSOLIDATION
IN 2011
There was one change to the scope of consolidation in the
2011 fi nancial year: it relates to the deconsolidation of
the Johnson Controls-Saft joint venture, which is no longer
120 / SAFT - ANNUAL REPORT 2011
accounted for under the equity method following Saft’s disposal
of its interest in that joint venture on 30 September 2011.
5.11 BASIS OF PREPARATION OF THE CONSOLIDATED
FINANCIAL STATEMENTS
In accordance with EC regulation 1606/2002 of 19 July
2002 on international accounting standards, Saft Groupe SA’s
Consolidated Financial Statements for the fi nancial year ended
31 December 2011 were prepared in accordance with the
IFRS accounting basis, as adopted in the European Union and
in compliance with the IFRS as issued by the IASB.
The new accounting standards and interpretations applicables
for periods beginning from 1 January 2011 onwards have
been applied by the Company and have not led to any
signifi cant changes in methods of valuation and fi nancial
statement presentation.
The Company has not opted for the early application of
standards and interpretations that do not have to be mandatorily
used in 2011.
5.12 EVENTS AFTER THE REPORTING PERIOD AND 2012
OUTLOOK
5.12.1 EVENTS AFTER THE REPORTING
PERIOD
No event has occurred since 31 December 2011 that is liable
to have a material impact on the Group’s fi nancial position at
that date.
However, it is worth mentioning that the refi nancing of bank
debt of the group is now well advanced and the group expects
to fi nalize its refi nancing before the end of fi rst quarter of 2012.
Refi nancing will be structured in the form of a fi ve-year maturity
Euro bank debt and a dollar bonds issue in form of a private
placement in the United States. The Group should also benefi t
from a new revolving credit facility that shall increase its
fi nancial fl exibility.
(1) And in particular a €/US$ exchange rate of 1.39.
5.12.2 2012 OUTLOOK
Considering the uncertainties surrounding the near-term
economic performance of the major developed countries, the
Group anticipates that its revenue will grow by at least 5% in
2012 at constant exchange rates (1) .
As regards the Group’s profi tability, Saft expects an EBITDA
margin of between 16.5% and 17.0% of revenue in the 2012
fi nancial year.