Read the Registration Document - Guerbet

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• Statement of cash flowsIn millions of euros 2012 2011Gross cash flow 27.54 26.48Change in inventories (0.61) (6.16)Change in trade receivables and related accounts (10.78) (5.19)Change in trade payables and related accounts (10.44) 9.59Increase (decrease) in other current assets and liabilities 20.98 2.27Cash flow from operating activities (A) 26.69 26.99Capital expenditures for operations (23.79) (31.77)Disposal of operating assets 0.36 0.16Increase (decrease) in financial assets 0.02 0.85Cash flow from investing activities (B) (23.41) (30.76)Capital increase - -Merger loss (mali de fusion) (0.10) -Decrease in retained earnings - -Dividends paid (5.48) (5.48)New long-term debt 13.29 1.71Debt repayment (2.92) (6.30)Cash flow from financing activities (C) 4.79 (10.07)Net change in cash (A) + (B) + (C) 8.07 (13.84)Opening cash and cash equivalents (14.52) (0.68)Closing cash and cash equivalents (6.45) (14.52)117
) Notes to the annual financial statements of GuerbetFigures presented in these notes are in thousands of euros.IntroductionThe balance sheet has been prepared before distribution. In consequence the dividend payment proposedto the general meeting is not included under debt.Significant accounting policiesThe financial statements have been prepared in accordance with the general principles established by the1999 French Chart of Accounts (CRC regulation 99-03).a) Estimates and assumptionsTo prepare the financial statements, the Group makes estimates and assumptions that affect the carryingvalue of assets and liabilities, income and expenses, as well as information provided in certain notes.Management reviews these estimates and assumptions on an ongoing basis in reference to pastexperience as well as other factors considered reasonable that provide the basis for these assumptions.Actual results may materially differ from these estimates in light of different assumptions or conditions.The principal material estimates made by management concern notably changes in value of investments.b) Intangible assetsPatents and marketing authorisationsPatents are carried at purchase cost. Costs associated with patents and marketing authorisations areexpensed. Patents and marketing authorisations are amortised over their useful lives.TrademarksTrademarks acquired are carried at their purchase cost. In compliance with Regulations 2002-10 and 2004-06 concerning assets adopted by the Accounting Regulatory Committee, costs for registering or renewingtrademarks are expensed in the period incurred. Trademarks are not amortised.Research and development expendituresResearch costs are expensed in the period incurred.Development expenditures are capitalised as intangible assets only if they meet the following criteria:- There exists an intent and financial and technical resources to complete the development;- It is probable that future economic benefits attributable to the asset will flow to the company;- The cost of this asset can be measured reliably.Because not all these criteria have been met, development expenditures are expensed in the periodincurred.Other intangible assetsOther intangible assets concern primarily software that is amortised over three years. Because of the optionauthorised by tax regulations to amortise software over 12 months, special excess tax amortisation hasbeen recorded. This corresponds to the additional amortisation expense in excess of amortisation forimpairment.118
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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
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• Information technology risksAn
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• Five-year summary of consolidat
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• Other information included in t
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• Recruitment and dismissalsGuerb
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and employee savings. The goal is s
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• 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 106 and 107: Note 22 - Research and development
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 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
Page 156 and 157: 7) 2013 shareholders calendarEventD
Page 158 and 159: ) Annual financial reportInformatio
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