Download PDF version English (3237KB) - Hamon

110
Hamon Annual Report 2012
42. CONTINGENT LIABILITIES
No new significant litigation occurred in 2011 and 2012. The only outstanding litigations are as follows:
Bankruptcy of Hamon Research-Cottrell Italia (HRCI)
The General Assembly of HRCI decided to put this
company into voluntary liquidation in April 2005.
Hamon had already accrued for a significant amount in
its 2004 accounts for this bankruptcy. In June 2005,
the liquidator filed the books at the commercial court of
Milan. An agreement was signed between Hamon and
the bankruptcy administrator of HRCI in July 2008.
FBM Hudson Italiana
The Italian company FBM Hudson Italiana Spa, sold by
Hamon Group in December 2005 has initiated proceedings
against its former directors. FBM was dismissed and
sentenced to pay legal expenses by the Court of Genoa.
FBM appealed on the part of the judgment ordering
the payment of damages and interests for reckless and
vexatious procedure (EUR 100 thousand).
Asbestos
The Group is involved in various proceedings for physical
injuries related to asbestos. These relate to a period prior
to the acquisition of the assets of Research Cottrell,
Inc. by the Group in 1998. Asbestos is not used in the
operations of Hamon in the USA. In the acquisition
agreements of 1998, the seller committed itself to
compensate the Group for all damage sustained because
of such proceedings. The costs of these proceedings
are, till now, exclusively handled by the seller. Insofar as
these proceedings go back to a period prior to the
acquisition of the US subsidiaries of the Group and
taking into account the compensation clause, Hamon’s
management thinks that these do not present risks of
significant liability for the Group.
Other litigations
The nature of the Group’s activities leads us to file /
receive complaints about / from our suppliers and our
customers. The complaints are covered by specific
provisions from the moment that payouts are probable
and where their amount can be reliably estimated.
The Group believes that these complaints will not have a
globally significant impact on Hamon’s financial situation.
43. RELATED PARTIES
The ultimate mother company of the Group is Sopal
International SA. See note 30 for detailed structure of
the shareholders of the Group. The transactions between
the Company and its subsidiaries, which are related
parties of the Company, have been eliminated from the
consolidated accounts and are not considered in this note.
Details of the transactions between the Company and
the other related parties are detailed below :
Income statement as of 31/12/12
in EUR ‘000’ Purchases Revenues
of goods of services lease management Goods Services Royalties Capital
of assets fees gains
Controlling shareholder and
other entities directly and indirectly
controlled by the controlling shareholder - 70 - - 262 -
Other shareholders with significant influence - - - 5 829 - 442 -
Associates - 294 - - 128 60 - -
Other related parties - - - - - - - -