ANNUAL REPORT 2011 REGISTRATION DOCUMENT - Saft

RISK FACTORS
2.1 Risks related to the market
environment and the Group’s
activities 54
2.1.1 Risks related to exposure to a high level of
competition and price pressure 54
2.1.2 Risks related to technologies used 54
2.1.3 Risks related to development of new markets in
which Saft is making a signifi cant investment 55
2.1.4 Risks related to the Group’s dependence on certain
customers or core sectors 55
2.1.5 Risks related to the geopolitical environment 56
2.2 Operational risks 56
2.2.1 Risks related to defective or poor quality products 56
2.2.2 Risks related to the ability to recruit and retain
qualifi ed staff 56
2.2.3 Risks related to potential disagreements between
Saft and its partners relating to their joint subsidiaries 57
2.2.4 Risks related to purchases and suppliers 57
2.2.5 Risks of Internal Control failure and risk of fraud 57
2.3 Credit and counterparty risks 58
2.3.1 Credit risk 58
2.3.2 Counterparty risk 58
2.4 Liquidity risk 58
2.5 Market risks 59
2.5.1 Raw material price risks 59
2.5.2 Foreign exchange risk 59
2.5.3 Interest rate risk 59
2.5.4 Share price risk 59
2.6 Contractual and legal risks 59
2.6.1 Risks related to products sold 59
2.6.2 Risks related to export control 60
2.6.3 Litigation risks 60
2.6.4 Risks related to intellectual property 60
2.7 Risks related to the impact of
the Group’s business on the
environment, human health and
safety 61
2.7.1 Environmental risks related to operating factories 61
2.7.2 Risks related to the availability and use of chemical
substances 61
2.7.3 Risks related to the end of life of products sold 62
2.7.4 Risks to human health and safety 62
2.8 Insurance 63
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