ANNUAL REPORT 2011 REGISTRATION DOCUMENT - Saft

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ACTIVITIES INDUSTRIAL BATTERY GROUP 30 / SAFT - ANNUAL REPORT 2011 2011 was an eventful year for the Industrial Battery Group. The division recorded good sales, underpinning the recovery that started in 2010. Its traditional nickel-based business grew and was complemented by the year’s major event, the opening of the Jacksonville production facility in Florida, which is focused on lithium-ion technology. This $200 million project is the biggest ever investment in Saft’s history and clearly positions the company at the leading edge of lithium-ion technology. The Jacksonville facility opened towards the end of the year. Its first products are now rolling off the manufacturing line. The new factory will focus on a new product range, energy storage systems, for which demand is expected to grow substantially in the coming years. It will also produce high-performance Li-ion products for the telecommunications and aviation markets. The Li-ion technology is beginning to open up new possibilities in the industrial markets. TRANSPORTATION Aviation Saft is the world’s leading producer of high-technology batteries for the aviation market. In both commercial and military aircraft, Saft batteries ensure critical safety functions such as power back-up for emergency systems, avionics and engine starting. Saft is a key supplier for all the leading aircraft manufacturers in industrial countries as well as for all major air forces, and the exclusive battery supplier for Airbus aircraft. This activity in 2011 continued to show solid growth, with the replacement business expanding particularly well. Nickel-based technology is still dominant in this area, but Li-ion is the technology of choice for the next generation of aircraft. Rail transport Saft supplies leading railway and mass transit operators as well as train manufacturers with nickelbased batteries for back-up power, communication, 56.4% OF GROUP SALES 12.5% OF EBITDA MARGIN (WITH JACkSONVILLE) lighting, air-conditioning systems, and critical safety applications such as emergency braking and dooropening systems. A number of important orders were received in 2011. These include major orders for the Saft MRX specialised battery systems from Bombardier for express services between Stansted Airport and London city and for the MITRAC locomotives in New Jersey and Montreal. In Asia, Saft batteries will equip trainsets on the Hong kong West Island line and on the kTM network in Malaysia, the latter to be supplied by China’s leading rolling stock manufacturer, CSR Zhuzhou. Indeed, China is investing heavily in its railway industry. That is why Saft is building up its Chinese operations and expanding its production capacity there. Saft, also launched its new SRM+ compact costeffective solution for high-energy back-up onboard rolling stock for applications covering passenger safety and comfort, as well as fail-safe engine starting. The SRM+ delivers high performance, reliability, and a 15-year+ service life in a fully recyclable single cell package that has the same footprint as a block battery. Electric mobility This is a promising new business area for IBG. Saft has customised lithium-ion batteries for a leading German forklift truck manufacturer offering increased power and optimum energy density in a compact, lightweight design. Both of these products were showcased at the 2011 Hannover Fair. Another first for the company was the supply of a specially developed Li-ion battery to power Peugeot’s new electric scooter, e-Vivacity. This is a compact, maintenance-free battery that is rechargeable from a domestic 220 V socket and offers the scooter 60 km of autonomy. It is also to be noted that Saft has supplied Li-ion batteries for the kERS systems for five Formula One racing teams during the 2011 season.
“The role of batteries for telecommunications network back-up is to provide power in case of grid failure.” A major event during the 2011 was the launch of the Evolion Li-ion back-up power battery for telecommunications networks. SAFT - ANNUAL REPORT 2011 / 31
Page 1 and 2: THE FUTURE COMES FROM EXPERIENCE AN
Page 3 and 4: 5 COMMENTS ON THE 2011 FINANCIAL YE
Page 5 and 6: 19 SITES WORLDWIDE 16 MANUFACTURING
Page 7 and 8: FRANçOIS LINCk MARkETING MANAGER N
Page 9 and 10: What vision for lithium-ion? ANNE D
Page 11 and 12: What vision for renewable energy st
Page 13 and 14: What vision for the environment? CL
Page 15 and 16: OVERVIEW 2011 MESSAGE FROM THE CHAI
Page 17 and 18: “I am convinced the company’s p
Page 19 and 20: Limassol Moscow Port Washington Val
Page 21 and 22: JUNE ENERGY STORAGE FOR SEPTA The S
Page 23 and 24: EBITDA (in e million) 110.0 406.6 1
Page 25 and 26: 35 30 25 20 STOCk MARkET INFORMATIO
Page 27 and 28: MANAGEMENT COMMITTEE Saft’s Manag
Page 29 and 30: ACTIVITIES INDUSTRIAL BATTERY GROUP
Page 31: ACTIVITIES INDUSTRIAL BATTERY GROUP
Page 35 and 36: Saft launched the SRM+ compact solu
Page 37 and 38: ACTIVITIES SPECIALTY BATTERY GROUP
Page 39 and 40: “The company is strongly penetrat
Page 41 and 42: THE EXPERT EXPLAINS Each battery sy
Page 43 and 44: COMMITMENTS RESEARCH & DEVELOPMENT
Page 45 and 46: INNOVATION & COMMITMENTS RESEARCH &
Page 47 and 48: This is a very important next step
Page 49 and 50: INNOVATION & COMMITMENTS SUSTAINABL
Page 51 and 52: kEY EVENT Saft policy is to fully c
Page 53 and 54: FINANCIAL REPORT RISK FACTORS 53 SU
Page 55 and 56: RISK FACTORS 2.1 Risks related to t
Page 57 and 58: technologies, while maintaining a f
Page 59 and 60: of expertise and affect the Group
Page 61 and 62: 2.5 MARKET RISKS 2.5.1 RAW MATERIAL
Page 63 and 64: RISK FACTORS 2 Risks related to the
Page 65 and 66: 2.8 INSURANCE The Group has a polic
Page 67 and 68: SUSTAINABLE DEVELOPMENT 3 3.1 Envir
Page 69 and 70: 3.1 ENVIRONMENTAL RESPONSIBILITY Fo
Page 71 and 72: Type and amount of waste generated
Page 73 and 74: 3.1.10 RESOURCE CONSERVATION Sustai
Page 75 and 76: 3.2.3 HUMAN RESOURCE MANAGEMENT The
Page 77 and 78: 3.3 CORPORATE SOCIAL RESPONSIBILITY
Page 79 and 80: III. CONCLUSION Moderate assurance
Page 81 and 82: 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
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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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Risk management 6 2011 CONSOLIDATED
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Balance sheet by business segment A
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NOTE 8 GOODWILL 6 2011 CONSOLIDATED
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17.2 PUBLIC GRANTS RELATED TO RESUL
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6 Notes 2011 CONSOLIDATED FINANCIAL
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6 Statutory 2011 CONSOLIDATED FINAN
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7 Balance PARENT COMPANY CERTIFIED
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7 PARENT COMPANY CERTIFIED FINANCIA
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INFORMATION ABOUT THE COMPANY AND I
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8 INFORMATION ABOUT THE COMPANY AND
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ANNUAL GENERAL MEETING 9.1 Overview
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ANNUAL GENERAL MEETING 9 Statutory
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3. Services Agreement Type of agree
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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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