Contents

4Financial position – resultsNotes to the consolidated financial statementsMovements in provisions in 2011(€ millions) Opening balance AdditionsReversals Reversals(utilised provisions) (surplus provisions)Changes in scopeof consolidation Other (1) Closing balanceRestructuring costs 22 25 (21) (1) (1) (1) 23Litigation and environmental contingencies 18 2 (5) (1) – – 14Pensions and other post-employment benefits 111 6 (16) (18) (11) 55 127Other provisions 22 2 (5) - - (1) 18TOTAL 173 35 (47) (20) (12) 53 182Impact on income statement captionsAdditions to and reversals of provisions(recurring operating income)– 8 (11) (18) – – –Other operating income and expenses – 27 (36) (2) – – –(1) This column comprises (i) a positive amount of €2 million corresponding to translation adjustments; (ii) a positive €52 million corresponding to actuarial gains and lossesrecognised through equity in accordance with IAS 19; and (iii) miscellaneous adjustments for a negative amount of €1 million.Investigation into anti-trust practices in the envelope sectorSince September 2010, both the EU and national competitionauthorities have been investigating horizontal cartel arrangementsin the envelope sector. Antalis’ Spanish envelope productionplant and Hispapel, a Spanish marketing entity in whichit has a non-controlling interest, have been inspected by theSpanish competition authorities.Two successive reports issued by the Spanish CompetitionAuthority’s investigations department in 2012 concluded thatanti-trust practices existed on the envelope market in Spain andon the export market. The reports allege that Antalis EnvelopesManufacturing SL and Antalis International (in its capacity asparent company only) engaged in such practices, however thereports also recommended that the two entities should be treatedleniently and that the applicable sanctions be reduced by between30% and 50% due to the group’s cooperation with the authoritiesin the conduct of their investigations.On 15 October, the Spanish Competition Authority handeddown a decision in which it found that Antalis EnvelopesManufacturing SL had engaged in horizontal cartel arrangementson the export market for envelopes as part of Hispapel andordered it to pay a fine of €0.5 million. This amount includes areduction of 40% (the initial fine was for €0.7 million) in recognitionof Antalis’ cooperation with the Spanish authorities in helpingto determine the truth of the matter. The joint responsibilityof Antalis International was not invoked. Antalis EnvelopesManufacturing SL joined the appeal launched by other companieswho had received fines in order to protect its interests, withoutcontesting the fine, which it paid on 3 December 2012.As of 31 December 2012, the Spanish Competition Authorityhad not handed down a decision concerning the Spanish domesticmarket for envelopes on which Antalis Envelopes ManufacturingSL generated the bulk of its sales. A decision is expected in thefirst-half of 2013. Chapter 3 of this Registration Document alsodescribes the progress of this case, and any recent events whichhave taken place between the approval of the financial statementsby the Group’s Board of Directors and the date the documentis filed with the French financial markets regulator (Autorité desmarches financiers – AMF).126 | Sequana | 2012 Document de référence (English version)