Read the Registration Document - Guerbet

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Note 22 – Research and development expendituresThe following amounts were recognised under expenses:2012 2011Direct expenses 31,338 35,627Indirect expenses 7,914 6,804Total 39,252 42,431Direct expenses include supplies used in operations, external charges, personnel expenses and allowancesfor depreciation.Note 23 – Investment grantsThe following investment grants were recognised under income:Account heading Nature 2012 2011Other revenue from ordinary activities Innovation grant 1,499 2,423Other revenue from ordinary activities Job creation subsidies 199 125Other revenue from ordinary activities Misc. grants 60 13Other operating income Investment grants - 74Total 1,758 2,635In December 2008, the request for aid submitted to OSEO innovation agency for the Franco-Germanresearch project, Iseult, was approved by the European commission. The aid agreement provides forfinancing for one half of the expenses incurred including 39% in the form of repayable advances and 61% inthe form of grants.At 31 December 2012, the following items were recognised in connection with this aid agreement:In the balance sheet:- €2.3 million in grants received prior to the signature of the agreement in December 2008 andrecognised under "Other current financial liabilities";- €1.8 million in repayable advances received from 2008 to 2011 and recognised under "Non-currentfinancial liabilities".- €1.4 million in grants receivable for research expenditures incurred by Guerbet from 1 July 2011 to30 June 2012. These grants are recognised under "Other current financial assets".In the income statement:- €1.4 million recognised under "Other revenue from ordinary activities" for this grant receivable;A €1.6 million repayable advance to be received in 2013 by Guerbet for research expenditures incurredfrom July 2011 to June 2012. This item was not recognised in the financial statements at 31 December2012.In 2011, Guerbet received and recognised financing of €2.5 million including €2.4 million in grants and€0.1 million in repayable advances for research expenditures incurred by Guerbet from July 2010 to June2011.The amount of contingent income that remains to be received for research expenditures incurred in the2012 second half but not yet approved by Oseo at the end of the reporting period and not recognised in theincome statement would amount to €503,000 in grants. To this, €325,000 in repayable advances should beadded.An amendment is in the process of being executed with Oseo that provides for a two-year extension of theterm of the project and a modification of the terms for financial returns in the eventuality a product is put onthe market on completion of the project.105
Note 24 - Stock options and stock purchase optionsPersonnel of the company and its subsidiaries qualify for stock options. Within the framework of these plansat 31 December 2012, personnel were able to subscribe for 135,000 shares at a weighted average price of€62.59. The portion reserved for officers represented 16,000 shares at a weighted average price of €63.63.If all stock options were exercised, the total number of shares would be 3,185,346 for a nominal amount of€12,741,384. These new shares would represent an increase in shareholders' equity of €8,468,030. On thatbasis, potential dilution of the share capital is 4.44%.Fully diluted net earnings per share calculated to take into account the dilutive effect of stock options grantsoffered to personnel was €6.44 for fiscal 2012.Stock option plan highlightsGrant datePlan of26/07/2005Plan of26/03/2009Plan of17/10/2011Plan of23/11/2011Plan of20/02/2012Tax availability date 26/07/2007 26/03/2011 17/10/2015 23/11/2015 20/02/2016Number of options granted: 106,950 6,000 132,710 12,000 1,700o.w. Yves L’Epine---12,000-o.w. Bruno Bonnemain2,000-4,000--Subscription or purchase price € 82.91 € 112.26 € 61.60 € 64.30 € 61.50Plan expiration date 25/07/2012 25/03/2019 16/10/2021 22/11/2021 20/02/2022Number of options exercised 16,023 - - - -Number of options cancelled 90,927 4,000 13,110 - -Number of options outstanding - 2,000 119,600 12,000 1,700106
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CONTENTSCHIEF EXECUTIVE OFFICERS’
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CHIEF EXECUTIVE OFFICERS’ MESSAGE
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THE GUERBET GROUP1) History of the
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3) Business overview3.1 Guerbet is
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3.4 The pathologiesIn Oncology, the
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Guerbet's offering of products is c
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c) Research & development• R&D ob
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• A proactive partnering strategy
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5) Group organisation at 31 Decembe
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e) DistributionGuerbet distribute i
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DirectorsOther offices and director
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There exist no arrangements or unde
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Summary of compensation for Marie-C
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• Stock options granted to non-of
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I - 1Organisation of the work of th
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"Research and Innovation" Committee
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II - Internal control and risk mana
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4) Statutory Auditors’ report pre
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SHAREHOLDER INFORMATION1) The Guerb
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As at 31 December 2010SHARESVOTING
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considered to have automatically re
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10) Provisions of the Articles of A
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c) Earnings highlightsIFRS(in thous
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g) OutlookStrongly focused on the n
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3) Risk factorsThe company conducte
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• Sourcing risksGuerbet has an ex
Page 56 and 57: • Information technology risksAn
Page 58 and 59: • Five-year summary of consolidat
Page 60 and 61: • Other information included in t
Page 62 and 63: • Recruitment and dismissalsGuerb
Page 64 and 65: and employee savings. The goal is s
Page 66 and 67: • Measures adopted to promote emp
Page 68 and 69: ) Pollution and waste managementThe
Page 70 and 71: 3) Societal informationa) Territori
Page 72 and 73: • Consolidated income statementIn
Page 74 and 75: In thousands of euros• Statement
Page 76 and 77: Changes in standards and interpreta
Page 78 and 79: g) Research and development expendi
Page 80 and 81: Held to maturity investmentsHeld-to
Page 82 and 83: creation are recorded under "Other
Page 84 and 85: III) Notes to the financial stateme
Page 86 and 87: Aged trial balance information for
Page 88 and 89: 2.2 - Borrowings by currencyCurrenc
Page 90 and 91: 3.3 - Analysis of the sensitivity o
Page 92 and 93: Revenue2012European companiesfor th
Page 94 and 95: In 2005, the Group acquired for ¥5
Page 96 and 97: 6.2 - Analysis of property, plant a
Page 98 and 99: The change in the net value of inve
Page 100 and 101: 12.2 - Accrued employee benefitsa)
Page 102 and 103: Change in net liabilities of the pe
Page 104 and 105: 14.4 - Personnel by region at year-
Page 108 and 109: Note 25 - Related parties25.1 - Rel
Page 110 and 111: Note 27 - Basic earnings per share
Page 112 and 113: 2) Auditors’ report on the consol
Page 114 and 115: 3) Parent company financial stateme
Page 116 and 117: • Income statementIn thousands of
Page 118 and 119: • Statement of cash flowsIn milli
Page 120 and 121: c) Property, plant and equipmentPro
Page 122 and 123: Note 1 - Intangible assets1 - 1 - C
Page 124 and 125: Note 6 - Receivables by maturityCos
Page 126 and 127: Note 9 - Regulated provisionsInvest
Page 128 and 129: Note 13 - Sales by region2012 2011F
Page 130 and 131: Tax income or expense recorded in t
Page 132 and 133: Debt waiver agreements granted to a
Page 134 and 135: Capital lease commitments relative
Page 136 and 137: 4) Auditors' report on the separate
Page 138 and 139: 5) Auditors' special report on rela
Page 140 and 141: ORDINARY AND EXTRAORDINARY GENERAL
Page 142 and 143: RESOLUTION THREE (Special report of
Page 144 and 145: Extraordinary resolutionsRESOLUTION
Page 146 and 147: 3) Report of the Board of Directors
Page 148 and 149: Application of legal provisions gov
Page 150 and 151: • Tenth draft resolution: stock s
Page 152 and 153: 2) The Statutory Auditorsa) Statuto
Page 154 and 155: 6) Articles of association (selecte
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7) 2013 shareholders calendarEventD
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) Annual financial reportInformatio
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