ANNUAL REPORT 2011 REGISTRATION DOCUMENT - Saft

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7 Notes PARENT COMPANY CERTIFIED FINANCIAL STATEMENTS to the Parent Company Financial Statements 7.4 NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS DETAILED SUMMARY OF NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS NOTE 1 Information relative to the company 187 NOTE 2 Summary of accounting policies 187 NOTE 3 Long-term fi nancial assets 187 NOTE 4 Share capital 188 NOTE 5 Accrued expenses 188 NOTE 6 Accounts receivables 188 NOTE 7 Accounts payables 189 NOTE 8 Impact from ad valorem tax appraisals 189 NOTE 9 Increases and relief in future tax debt 189 186 / SAFT - ANNUAL REPORT 2011 NOTE 10 Management compensation as of 31 December 2011 189 NOTE 11 Average number of employees 189 NOTE 12 Breakdown of income tax 190 NOTE 13 Changes in shareholders’ equity 190 NOTE 14 Financial position with affi liates as of 31 December 2011 190 NOTE 15 Miscellaneous borrowings and fi nancial debts 191 NOTE 16 Stock option plans 191
7 PARENT COMPANY CERTIFIED FINANCIAL STATEMENTS Notes to the Parent Company Financial Statements NOTE 1 INFORMATION RELATIVE TO THE COMPANY Saft Groupe SA was created in March 2005 by a group of investment funds managed by Doughty Hanson & Co Limited (the “Doughty Hanson Funds”). Its purpose was to group, under the control of a French company, the various operating subsidiaries of the Saft Group directly or indirectly acquired by Saft France Sarl, a Luxembourg company created as part of the purchase by the Doughty Hanson Funds in January 2004 of Alcatel Group’s battery activities. The fi nancial year ran from January 1 to December 31. Consolidating entity: NOTE 2 SUMMARY OF ACCOUNTING POLICIES The annual accounts are drawn up in accordance with the rules laid out in the 1999 chart of accounts and the French Commercial Code, as well as with French generally accepted accounting principles. The fundamental accounting policies were applied in accordance with the prudence principle, and the following basic assumptions: � on-going business; � consistent accounting methods from one year to another; � independence of fi nancial years; � and, in accordance with the general rules for drawing up and presenting annual fi nancial statements. The basic method adopted for evaluating the items recorded in the books is the historical cost method. The principal methods used are as follows: a) Shareholdings, other investments Shareholdings and other investments are entered at their cost of purchase plus miscellaneous expenses. When the inventory value is lower than the book value, a depreciation provision is entered to account for the difference. The inventory value of the shares corresponds to their market value for the Company. It is determined according to the net asset value of the Company under consideration, its return on investment and its future prospects. NOTE 3 LONG-TERM FINANCIAL ASSETS Saft Groupe SA, whose registered offi ce is 12, rue Sadi Carnot, 93170 Bagnolet, France is the Group’s parent company consolidating the Saft Group’s entities. b) Marketable securities Marketable securities constitute short-term investments of cash in the form of money market funds with a daily liquidity. c) Accounts receivables Receivables are valued at their nominal value. An impairment provision is entered when the inventory value is lower then the book value. d) Debts Debts are reported as liabilities at their nominal value. e) Basis of conversion for items expressed in foreign currencies Where applicable, items expressed in foreign currencies are recorded for their exchange-value on the date of the transaction. Receivables, cash, cash equivalents and liabilities in foreign currencies are shown in the balance sheet at the year-end exchange rates. The difference resulting from updating receivables and liabilities in foreign currencies at their yearend value is disclosed on the balance sheet as unrealised translation gains or losses. Unrealised losses on foreign currency translation are subject to a provision for contingencies. 01/01/2011 Acquisitions Sales 31/12/2011 Shares in subsidiaries and associates 308,955 - - 308,955 Loans and other fi nancial fi xed assets 1 - - 1 TOTAL 308,956 - - 308,956 Saft Groupe SA only holds a 100% shareholding in Saft Finance Sarl for an amount of €308,955,256. Saft Finance Sarl net equity as of 31 December 2011 was €179.3 million and its net income for the 2011 fi nancial year was a profi t of €20.6 million. The Saft Group subsidiaries indirectly held by Saft Groupe SA are listed in section 5.14 of this Annual Report. SAFT - ANNUAL REPORT 2011 / 187
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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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5.2.4 OTHER ACTIVITIES 5 COMMENTS O
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2011 CONSOLIDATED FINANCIAL STATEME
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LIABILITIES 6 2011 CONSOLIDATED FIN
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6 2011 CONSOLIDATED FINANCIAL STATE
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Page 137 and 138: 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 and 166: 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: 7 Balance PARENT COMPANY CERTIFIED
Page 191 and 192: 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
Page 217 and 218: ADDITIONAL INFORMATION10 Offi cers
Page 219 and 220: ADDITIONAL INFORMATION10 registrati
Page 221 and 222: ADDITIONAL INFORMATION10 Annual fi
Page 223 and 224: ADDITIONAL INFORMATION10 Cross-refe
Page 225 and 226: The information contained in the ma
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ANNUAL REPORT 2011 REGISTRATION DOCUMENT - Saft

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