ANNUAL REPORT 2011 REGISTRATION DOCUMENT - Saft

6 Notes
2011 CONSOLIDATED FINANCIAL STATEMENTS
to the Consolidated Financial Statements
NOTE 16 EQUITY
16.1 ORDINARY SHARES AND SHARE
PREMIUMS
At 31 December 2011, following the capital increase, there
were 25,174,845 ordinary shares of Saft Groupe SA with a
par value of 1 euro, as compared to 25,125,840 shares at
31 December 2010.
Share premiums amounted to €103.2 million at 31 December
2011, as compared to €102.1 million at 31 December 2010.
16.2 CHANGES IN CONSOLIDATED
SHAREHOLDERS’ EQUITY
The changes in consolidated shareholders’ equity between 1
January and 31 December 2011 break down as follows:
Capital increases
Following the exercise of stock options by Group employees,
the Saft Group carried out a capital increase in 2011. This
created 49,005 new shares in fi nancial year 2011.
NOTE 17 PUBLIC SUBSIDIES
The Group is currently carrying out the construction of a new
Li-ion battery production facility in Jacksonville, Florida, in the
USA.
This project, costing a total amount of approximately
$200 million over the period 2010-2013 (including both
capital expenditure and operating expenses relating to
project management), has been selected to receive, within the
framework of the provisions of the Federal American Recovery
and Reinvestment Act (ARRA), a federal public grant awarded
by the US Department of Energy in the form of a cost-sharing
programme for 50% that may amount to up to $95.5 million.
Receipt of this grant will be spread over time according to the
progress of the project. It covers capital expenditure and some
of the project management costs.
This project is also receiving additional funding from the State
of Florida and the City of Jacksonville for an amount of up to
$20.8 million.
Furthermore, the Saft Group receives, primarily in France, tax
credits related to research. Such tax credits are being treated
as grants from an accounting standpoint.
162 / SAFT - ANNUAL REPORT 2011
Distribution
At the Annual General Meeting on 4 May 2011, Saft
Groupe SA’s shareholders set the dividend for the 2010
fi nancial year at €0.70 per ordinary share. The total amount
of dividends paid out in 2011 was €17.6 million.
Treasury shares
At 31 December 2011, the Company held 93,096 treasury
shares under the liquidity contract set up with an independent
fi nancial institution to stabilise the secondary market or ensure
the liquidity of the Company’s shares. The total value of these
shares amounted to €1,905,806 on the basis of the purchase
price and €2,034,148 in terms of market value.
Stock options
No stock option plan was set up during fi nancial year 2011.
17.1 PUBLIC GRANTS RELATED TO ASSETS
Public grants received that relate to assets are presented under
balance sheet liabilities as deferred income on a specifi c line
called “Deferred grants related to assets”. These grants are
recorded as income over the depreciation period of the assets
that they are used to fund. This income is recorded in cost of
sales like the depreciation expense for the related assets.
At 31 December 2011, the amount of the public grants received
with regard to assets totals €48.1 million ($62.4 million).
Following the start of the Jacksonville production facility in the
second half of 2011, amortisation in the income statement of
these deferred grants relating to assets totalled €0.8 million
during 2011 fi nancial year.