ANNUAL REPORT 2011 REGISTRATION DOCUMENT - Saft

More documents

Recommendations

Info

ACTIVITIES SPECIALTY BATTERY GROUP 36 / SAFT - ANNUAL REPORT 2011 The rebound in the Specialty Battery Group’s civil business during 2011 was substantial. The first half of the year showed outstanding growth, while the second half – compared to a solid second half 2010 – was also very positive. Overall, the division posted solid growth. The military sector though was less dynamic. The economic climate during 2011 did not have a significant impact on Saft’s business. CIVIL ACTIVITIES Civil electronics The Group, with its two major brands, Saft and Tadiran, has maintained its world leadership as a supplier of primary lithium technologies for the main market segments of industry. With their high performance, long life, reduced weight and high reliability, lithiumbased batteries are used to power a wide variety of applications. Saft is the main supplier for most of the large AMR and Smart Meter manufacturers. This is thanks to the high level of reliability and long life of the batteries. On the strength of the excellent customer satisfaction with Saft batteries, and as water, gas and power utilities gear up for the smart grid, the company is strongly penetrating the next generation of meters with the goal of being the supplier of choice for the majority of meter manufacturers in all segments and all geographies. This will be a key component of SBG’s growth in future years. The Group’s medical business continues to flourish, helping customers to successfully roll out new products. The oil and gas drilling market also saw strong sales growth this year. In 2011, for the emergency call battery market, Saft was able to demonstrate very high reliability and very long life for primary batteries that do not need daily testing. This market shows considerable promise for the future. Geographically, activity in Europe and the USA was strong, while business in China was excellent. 43.6% OF GROUP SALES 23.8% OF EBITDA MARGIN Sales here achieved double-digit growth in 2011, and the company is expanding its production facility in China to satisfy the continuation of healthy growth in the future. Also of note during the year was the launch of a new brand of battery, the Eternacell. It is designed spe- cifically for special meter markets in emerging countries and will be a very competitive product while maintaining the Saft levels of quality and performance. In addition, the distribution channel is expanding significantly throughout the world thanks to the company’s efforts to empower distributors through greater emphasis on training and partnering to enhance their success. Space Saft is the world’s leading company for the design, development and manufacture of batteries for satellites used in communications, scientific and defence applications and is continually breaking new ground in this area. Satellites represent the major share of Saft’s space activity. However, the company also equips satellite launchers, where it has pioneered innovative solutions based on lithium-ion technology combining lighter weight with improved thermal management. Saft remains the only manufacturer with a complete range of battery technologies for the space market. As this sector grows, Saft is acquiring an outstanding track record for the reliability and safety of its products for space applications. In 2011, space continued to be a very strong performer, with a number of major contract wins. Highlights of the year included delivery of the 50 th lithium-ion onboard battery module for Thales Alenia Space’s Spacebus medium-class GEO (Geosynchronous Earth Orbit) telecommunications satellite platform. This achievement confirms Saft’s Li-ion batteries as the technology of choice for mission-critical space flight applications.
“The company is strongly penetrating the next generation of meters.” Smart meters, with more powerful batteries, offer two-way communication. They are read several times a day, offering consumers the potential of substantial savings. SAFT - ANNUAL REPORT 2011 / 37
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 and 32: ACTIVITIES INDUSTRIAL BATTERY GROUP
Page 33 and 34: “The role of batteries for teleco
Page 35 and 36: Saft launched the SRM+ compact solu
Page 37: ACTIVITIES SPECIALTY BATTERY GROUP
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
Page 83 and 84: A short presentation of each Manage
Page 85 and 86: You will fi nd hereafter a short re
Page 87 and 88: The members of the Committees are:
Page 89 and 90:
CORPORATE GOVERNANCE 4 Remuneration
Page 91 and 92:
Page 93 and 94:
No stock options were awarded to em
Page 95 and 96:
Page 97 and 98:
During the 2011 fi nancial year, th
Page 99 and 100:
In the course of its meetings, the
Page 101 and 102:
The Chairman of the Management Boar
Page 103 and 104:
The control environment is subject
Page 105 and 106:
eceives the consistent accounting a
Page 107 and 108:
Other information 4 CORPORATE GOVER
Page 109 and 110:
4.5.2 DUTIES AND RESPONSIBILITIES O
Page 111 and 112:
COMMENTS ON THE 2011 FINANCIAL YEAR
Page 113 and 114:
5 COMMENTS ON THE 2011 FINANCIAL YE
Page 115 and 116:
Page 117 and 118:
5.2.4 OTHER ACTIVITIES 5 COMMENTS O
Page 119 and 120:
Page 121 and 122:
Page 123 and 124:
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 131 and 132:
Page 133 and 134:
Page 135 and 136:
Page 137 and 138:
Page 139 and 140:
Page 141 and 142:
Page 143 and 144:
Page 145 and 146:
Risk management 6 2011 CONSOLIDATED
Page 147 and 148:
Page 149 and 150:
Page 151 and 152:
Page 153 and 154:
Balance sheet by business segment A
Page 155 and 156:
Page 157 and 158:
NOTE 8 GOODWILL 6 2011 CONSOLIDATED
Page 159 and 160:
Page 161 and 162:
Page 163 and 164:
Page 165 and 166:
17.2 PUBLIC GRANTS RELATED TO RESUL
Page 167 and 168:
Page 169 and 170:
6 Notes 2011 CONSOLIDATED FINANCIAL
Page 171 and 172:
Page 173 and 174:
Page 175 and 176:
Page 177 and 178:
Page 179 and 180:
Page 181 and 182:
Page 183 and 184:
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 191 and 192:
Page 193 and 194:
Page 195 and 196:
Page 197 and 198:
INFORMATION ABOUT THE COMPANY AND I
Page 199 and 200:
8 INFORMATION ABOUT THE COMPANY AND
Page 201 and 202:
Page 203 and 204:
Page 205 and 206:
Page 207 and 208:
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
show all

ANNUAL REPORT 2011 REGISTRATION DOCUMENT - Saft

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?