ANNUAL REPORT 2011 REGISTRATION DOCUMENT - Saft

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6 Notes 2011 CONSOLIDATED FINANCIAL STATEMENTS to the Consolidated Financial Statements 18.2 BREAKDOWN OF DEBT AT YEAR-END Breakdown of debt by maturity (in € million) At 31/12/2011 At 31/12/2010 At 31/12/2009 Non-current Senior debt – Facility in euro 100.0 150.0 150.0 Senior debt – Facility in USD 0,0 179.6 166.6 Deferred bank fees 0,0 (3.7) (5.9) Other debts 0.5 0.7 0.7 Finance leases 0.7 1.1 1.3 Current 101.2 327.7 312.7 Senior debt – Facility in euro 50.0 0.0 0.0 Senior debt – Facility in USD 185.5 0.0 0.0 Accrued interest 0.1 1.7 2.0 Finance leases 0.2 0.2 0.2 Other debts 1.6 0,0 0,0 R&D grants 0.4 0.4 1.0 237.8 2.3 3.2 Breakdown of non-current debt by maturity (in € million) At 31/12/2011 At 31/12/2010 At 31/12/2009 Between 1 and 2 years 0.7 330.4 2.9 Between 2 and 5 years 100.5 1.0 315.5 More than 5 years 0.0 0.0 0.2 101.2 331.4 318.6 Bank fees 0.0 (3.7) (5.9) 101.2 327.7 312.7 Breakdown of debt by currency (in € million) At 31/12/2011 At 31/12/2010 At 31/12/2009 Euro 153.7 151.9 153.0 USD 185.9 181.8 169.5 339.6 333.7 321.8 Bank fees (0.6) (3.7) (5.9) 339.0 330.0 315.9 At 31 December 2009, 2010 and 2011, as the debt is at fl oating rate, its fair value is the same as its carrying value. 164 / SAFT - ANNUAL REPORT 2011
6 2011 CONSOLIDATED FINANCIAL STATEMENTS Notes to the Consolidated Financial Statements 18.3 INTEREST RATE RISK MANAGEMENT No changes were made in the methods of management and hedging of interest rate risk with regard to the Group’s debt during the 2011 fi nancial year. The aim remains to provide the Group with hedging against signifi cant rises in interest rates. The following interest rate risk hedging methods are in place: � as from 6 July 2010 and up until 27 April 2012, the US LIBOR interest rate for the senior debt in US dollars will be capped at a maximum rate of 3.5% with a fl oor rate of 1.23%; the hedged amount is $170 million (for a total US dollar debt of $240 million at 31 December 2011); � as from 6 July 2010 and up until 27 April 2012, the EURIBOR interest rate for the senior debt will be capped at a maximum rate of 3.5% with a fl oor rate of 1.40%; the hedged amount is €100 million (for a total euro debt of €150 million at 31 December 2011). NOTE 19 OTHER NON-CURRENT FINANCIAL LIABILITIES 18.4 HEDGE OF NET INVESTMENTS IN FOREIGN OPERATIONS A portion of the Group’s dollar-denominated debt contracted in the successive refi nancing operations on 5 July 2005 and 3 July 2009 has been designated as a hedge of the net investments in the Group’s American and Israeli subsidiaries. The negative translation adjustment of €(5.9) million as of 31 December 2011 (versus a negative adjustment of €(13.0) million as of 31 December 2010 and of €(0.3) million at 31 December 2009) arising on the translation of this debt into euro at the balance sheet date has been recognised in fair value reserves in shareholders’ equity for an amount of €(3.9) million (as compared to €(8.7) million at 31 December 2010 and €(0.5) million at 31 December 2009) net of tax. Other fi nancial liabilities comprise repayable subsidies. These totalled €5.3 million as of 31 December 2011, as compared to €5.1 million as of 31 December 2010 and €6.2 million as of 31 December 2009. NOTE 20 PENSIONS, RETIREMENT INDEMNITIES AND OTHER EMPLOYEE BENEFITS Provisions for pensions and other long-term employee benefi ts comprise: � pensions and retirement benefi ts; � other long-term employee benefi ts (long-service benefi ts, early retirement plans, etc.). (in € million) At 31/12/2011 At 31/12/2010 At 31/12/2009 Obligations recognised in the balance sheet: ■ pensions and retirement benefi ts 11.4 10.9 9.5 ■ other long-term employee benefi ts 3.2 3.3 3.3 14.6 14.2 12.8 SAFT - ANNUAL REPORT 2011 / 165
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THE FUTURE COMES FROM EXPERIENCE AN
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5 COMMENTS ON THE 2011 FINANCIAL YE
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19 SITES WORLDWIDE 16 MANUFACTURING
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FRANçOIS LINCk MARkETING MANAGER N
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What vision for lithium-ion? ANNE D
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What vision for renewable energy st
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What vision for the environment? CL
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OVERVIEW 2011 MESSAGE FROM THE CHAI
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“I am convinced the company’s p
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Limassol Moscow Port Washington Val
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JUNE ENERGY STORAGE FOR SEPTA The S
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EBITDA (in e million) 110.0 406.6 1
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35 30 25 20 STOCk MARkET INFORMATIO
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MANAGEMENT COMMITTEE Saft’s Manag
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ACTIVITIES INDUSTRIAL BATTERY GROUP
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ACTIVITIES INDUSTRIAL BATTERY GROUP
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“The role of batteries for teleco
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Saft launched the SRM+ compact solu
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ACTIVITIES SPECIALTY BATTERY GROUP
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“The company is strongly penetrat
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THE EXPERT EXPLAINS Each battery sy
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COMMITMENTS RESEARCH & DEVELOPMENT
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INNOVATION & COMMITMENTS RESEARCH &
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This is a very important next step
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INNOVATION & COMMITMENTS SUSTAINABL
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kEY EVENT Saft policy is to fully c
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FINANCIAL REPORT RISK FACTORS 53 SU
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RISK FACTORS 2.1 Risks related to t
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technologies, while maintaining a f
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of expertise and affect the Group
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2.5 MARKET RISKS 2.5.1 RAW MATERIAL
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RISK FACTORS 2 Risks related to the
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2.8 INSURANCE The Group has a polic
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SUSTAINABLE DEVELOPMENT 3 3.1 Envir
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3.1 ENVIRONMENTAL RESPONSIBILITY Fo
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Type and amount of waste generated
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3.1.10 RESOURCE CONSERVATION Sustai
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3.2.3 HUMAN RESOURCE MANAGEMENT The
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3.3 CORPORATE SOCIAL RESPONSIBILITY
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III. CONCLUSION Moderate assurance
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CORPORATE GOVERNANCE 4 4.1 Manageme
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A short presentation of each Manage
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You will fi nd hereafter a short re
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The members of the Committees are:
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CORPORATE GOVERNANCE 4 Remuneration
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No stock options were awarded to em
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During the 2011 fi nancial year, th
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In the course of its meetings, the
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The Chairman of the Management Boar
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The control environment is subject
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eceives the consistent accounting a
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Other information 4 CORPORATE GOVER
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4.5.2 DUTIES AND RESPONSIBILITIES O
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COMMENTS ON THE 2011 FINANCIAL YEAR
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5 COMMENTS ON THE 2011 FINANCIAL YE
Page 115 and 116: 5 COMMENTS ON THE 2011 FINANCIAL YE
Page 117 and 118: 5.2.4 OTHER ACTIVITIES 5 COMMENTS O
Page 125 and 126: 2011 CONSOLIDATED FINANCIAL STATEME
Page 127 and 128: LIABILITIES 6 2011 CONSOLIDATED FIN
Page 129 and 130: 6 2011 CONSOLIDATED FINANCIAL STATE
Page 145 and 146: Risk management 6 2011 CONSOLIDATED
Page 153 and 154: Balance sheet by business segment A
Page 157 and 158: NOTE 8 GOODWILL 6 2011 CONSOLIDATED
Page 165: 17.2 PUBLIC GRANTS RELATED TO RESUL
Page 169 and 170: 6 Notes 2011 CONSOLIDATED FINANCIAL
Page 185 and 186: 6 Statutory 2011 CONSOLIDATED FINAN
Page 187 and 188: 7 Balance PARENT COMPANY CERTIFIED
Page 189 and 190: 7 PARENT COMPANY CERTIFIED FINANCIA
Page 197 and 198: INFORMATION ABOUT THE COMPANY AND I
Page 199 and 200: 8 INFORMATION ABOUT THE COMPANY AND
Page 209 and 210: ANNUAL GENERAL MEETING 9.1 Overview
Page 211 and 212: ANNUAL GENERAL MEETING 9 Statutory
Page 213 and 214: 3. Services Agreement Type of agree
Page 215 and 216: ADDITIONAL INFORMATION 10 10.1 Docu
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ADDITIONAL INFORMATION10 Offi cers
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ADDITIONAL INFORMATION10 registrati
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ADDITIONAL INFORMATION10 Annual fi
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ADDITIONAL INFORMATION10 Cross-refe
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The information contained in the ma
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