Read the Registration Document - Guerbet

The change in the net value of inventory in the period (+0.6%) reflects a significant decline in trade goods (Optiject)linked to the renewal of the Covidien contract and offset by an increase in finished goods and active ingredients forXenetix. The provision for impairment increased by €1 million resulting mainly from slow inventory turnover.Note 10 – Trade receivables and related accounts2012 2011Gross 88,595 87,941Provisions (1,769) (2,687)Net 86,826 85,254Receivables transferred within the framework of securitisation agreements are maintained in the balancesheet as assets when the risks and rewards are not transferred in full. For further information of maturitiesand the assignment of receivables refer to Note 1.1.Note 11 – Shareholders' equityAt 31 December 2012, the share capital of the parent company was 3,050,046 shares with a par value of €4per share. The Group has 5,107 treasury shares.11.1 – Changes in the share capital of the parent companyThe share capital has remained unchanged since 31 December 2010.11.2 – Analysis of shareholders' equity2012 2011Guerbet common stock 12,200 12,200Additional paid-in capital and shares from Guerbet convertible bonds 5,462 5,559Guerbet legal reserves 1,220 1,220Retained earnings 130,602 117,961Guerbet retained earnings 55,123 60,283Consolidated net income 20,399 14,427Currency translation adjustments 1,203 3,148Total 226,209 214,79897