ANNUAL REPORT 2011 REGISTRATION DOCUMENT - Saft

6 Notes
2011 CONSOLIDATED FINANCIAL STATEMENTS
to the Consolidated Financial Statements
NOTE 29 RELATED-PARTY TRANSACTIONS AND INVESTMENTS
IN ASSOCIATES
Following the sale by the Group of its 49% stake in the
joint venture Johnson Controls-Saft on 30 September 2011,
investments in associates are limited to a 50% interest in ASB,
the joint venture with EADS.
Transactions regarding Johnson Controls-Saft and its sale
are detailed in Note 30 “Net profi t/(loss) from discontinued
operations” of the Consolidated Financial Statements.
29.1 INVESTMENTS IN ASSOCIATES
The Saft Group holds a 50% interest in the share capital of
ASB and its subsidiaries, jointly with the EADS Group. ASB
manufacture and sell thermal batteries for military applications.
176 / SAFT - ANNUAL REPORT 2011
As mentioned in Note 2.4 relative of the consolidation
methods, ASB is consolidated under the equity method, being
a jointly controlled venture.
29.2 RELATED-PARTY TRANSACTIONS
The Group does not realise any sales with ASB, a company in
which it holds a 50% interest and which is consolidated under
the equity method. Support services provided and invoiced by
the Saft Group to the ASB Group amounted to €0.3 million in
2011 as compared to €0.3 million both in 2010 and 2009.
The Group’s share of the balance sheets of ASB and Johnson Controls-Saft (JCS) (none of which is listed on a stock market) is as
follows:
(in € million) 2011 2010 2009
Non-current assets 8.7 8.4 8.0
Current assets 11.7 11.5 10.0
Total assets 20.4 19.9 18.0
Non-current liabilities 0.0 0.0 0.0
Current liabilities 7.1 7.4 6.2
Total liabilities 7.1 7.4 6.2
Group’s share in net assets of ASB Group 13.3 12.5 11.8
Group’s share in net assets of JCS 0.0 37.1 18.2
TOTAL INVESTMENTS IN ASSOCIATES 13.3 49.6 30.0
The Group’s share of the income statement of ASB is as follows:
(in € million) 2011 2010 2009
Sales 14.0 12.9 13.0
Cost of sales (10.4) (9.0) (8.7)
R&D costs (Engineering) 0.0 0.0 0.0
Other operating expenses (1.8) (1.7) (2.3)
Operating income 1.8 2.2 2.0
GROUP’S SHARE IN NET ASSETS NET INCOME (LOSS)
FOR THE YEAR OF ASB GROUP 1.8 1.6 1.3