ANNUAL REPORT 2011 REGISTRATION DOCUMENT - Saft

5
COMMENTS ON THE 2011 FINANCIAL YEAR
Activity of Saft Groupe SA subsidiaries and controlled entities
5.13 SAFT GROUPE SA ACTIVITY AND RESULTS
Saft Groupe SA is a fi nancial holding company. It owns 100%
of the shares of Saft Finance Sarl which owns, directly or
indirectly, the different subsidiaries of the Saft Group.
Revenue for the 2011 fi nancial year totalled €6.5 million,
compared to revenue of €6.4 million in 2010. This was
mainly generated from the different services provided by the
Company to the various Saft Group subsidiaries.
Operating expenses amounted to €5.4 million, compared to
€5.3 million in 2010. They primarily consisted of fees and
the cost of services provided by Saft SAS. At €1.1 million,
operating profi t was unchanged on the previous fi nancial year.
Net fi nancial revenue was €29.8 million and was mainly
comprised of dividends received from Group subsidiaries. The
dividends received in the 2010 fi nancial year amounted to
€7.5 million.
Extraordinary items constituted a net expense of €0.3 million,
unchanged from the net amount for the 2010 fi nancial year.
These expenses represented the cost of trading in Saft shares
under the liquidity contract.
Saft Groupe SA recognised tax income of €0.4 million in the
fi nancial year.
Saft Groupe SA’s 2011 net profi t totalled €31.0 million,
compared to a net profi t of €11.4 million in 2010.
Total assets amounted to €372.1 million, virtually unchanged
on the previous fi nancial year.
Non-current assets primarily comprised Saft Finance Sàrl shares
valued at €309 million, unchanged on the previous fi nancial
year.
Current assets were mainly composed of various receivables
plus cash of €43.4 million at the end of the 2011 fi nancial
year, compared to cash of €35.7 million as of 31 December
2010.
As detailed in the notes, a capital increase was carried out
in the 2011 fi nancial year for a total amount, including share
premiums, of €1.2 million as a result of the exercise of stock
options.
Total liabilities were comprised of equity of €361.1 million
after taking into account the profi t for the period, with current
liabilities amounting to €11.0 million.
5.14 ACTIVITY OF SAFT GROUPE SA SUBSIDIARIES
AND CONTROLLED ENTITIES
Revenue posted in 2011 by consolidated subsidiaries of the Saft Groupe SA is as follows:
CONSOLIDATED SUBSIDIARIES OF SAFT GROUPE SA.
(Saft Groupe SA’s percentage control of and interest in the Group’s subsidiaries can be found in Note 4 of the Consolidated Financial
Statements)
(Revenue in € thousand, excluding inter-company transactions)
Company name Country Activity
Outside
Group sales
2009
Outside
Group sales
2010
Outside
Group
sales 2011
Saft Groupe SA France
Group Holding
company - -
Saft Australia Pty Ltd. Australia Holding company
Assembly and
- -
Saft Batteries Pty Ltd. Australia
commercial 7,772 6,927 8,944
Saft Do Brasil Brazil Commercial
Manufacturing and
- - 0
Saft Zhuhai (Ftz) Batteries Co, Ltd. China
commercial 6,198 5,788 7,952
Saft Nife ME Ltd. Cyprus Commercial 8,701 5,546 6,018
SAFT - ANNUAL REPORT 2011 / 121