ANNUAL REPORT 2011 REGISTRATION DOCUMENT - Saft

6 Notes
2011 CONSOLIDATED FINANCIAL STATEMENTS
to the Consolidated Financial Statements
31.1 GUARANTEES
Saft has given various guarantees to customers concerning the
execution of contracts awarded to the Group (performance
bonds, customer prepayment guarantees, refunds, etc.). The
total amount of such commitments at 31 December 2011 was
€12.7 million. This represents the maximum potential amount
(undiscounted) that the Group could be required to pay under
these guarantees, and has not been reduced to refl ect any
sums that the Group might be able to recover through legal
proceedings or via counter-guarantees received.
The other guarantees given, for an amount of €4.8 million,
principally consist of guarantees given to fi nancial institutions in
the United States in relation with the implementation of Standby
Letters of Credit.
31.3 OTHER COMMITMENTS
178 / SAFT - ANNUAL REPORT 2011
31.2 DEBT AND ADVANCES SECURED
BY COLLATERAL
Following the fi nancing at 3 July 2009, no assets were
pledged to the lending banks.
Saft has pledged no other assets as collateral, and does not
use discounting of bills or receivables as a source of fi nancing.
(in € million) At 31/12/2011 At 31/12/2010 At 31/12/2009
Unconditional purchase obligations 0.0 0.0 0.0
Obligations to purchase property, plant and equipment 27.2 38.6 3.7
Sub-total - Purchase commitments 27.2 38.6 3.7
Commitments with regard to receivables – Dailly assignments 0.0 0.0 0.0
Unused fi rst demand fi nancial guarantees 19.0 18.4 7.0
TOTAL - OTHER COMMITMENTS 46.2 57.0 10.7
Property, plant and equipment purchasing commitments include
the buyback of the Li-ion production facility at Nersac, France
for the amount of €7.7 million ($10 million).
The above-mentioned fi rst demand fi nancial guarantees
concern guarantees given with regard to surety lines used by
the Group’s US subsidiary to US credit institutions.
Pursuant to IAS 32 “Financial Instruments”, purchase and/or
sale commitments in respect of commodities or forward foreign
currency contracts are recognised in the Group’s consolidated
statement of fi nancial position at fair value.
NOTE 32 REMUNERATION OF MEMBERS OF THE MANAGEMENT BOARD
Remuneration paid to members of the Group Management Board in the past three fi nancial years is broken down as follows:
(in €) 2011 2010 2009
Salaries and other short-term benefi ts 1,799,734 1,531,758 1,514,636
Post-employment benefi ts (Peri) 58,734 48,380 47,340
Other long-term employee benefi ts - - -
Share-based payments Note 33
At 31 December 2011, provisions recognised in the Group’s balance sheet in respect of pension obligations for senior management
amounted to €0.1 million (€0.1 million at 31 December 2010 and €0.3 million at 31 December 2009).