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4Financial position – resultsNotes to the parent company financial statementsNotes to the parent company financial statements167 Note 1 Significant events of the year167 Note 2 Basis of preparation169 Note 3 Investments169 Note 4 Cash and cash equivalents170 Note 5 Statement of changes in equity170 Note 6 Debt (see Note 15 to the parent companyfinancial statements)170 Note 7 Operating loss171 Note 8 Net financial income171 Note 9 Non-recurring income and expenses172 Note 10 Income tax expense172 Note 11 Statement of cash flows173 Note 12 Remuneration of corporate officers173 Note 13 Related companies173 Note 14 Off-balance sheet commitments175 Note 15 Treasury management –financial instruments176 Note 16 List of subsidiaries and associatesat 31 December 2012176 Note 17 Subsequent events166 | Sequana | 2012 Document de référence (English version)
Note 1 - Significant events of the yearFinancial position – results4Notes to the parent company financial statementsValuation of investments in subsidiariesThe following information concerning the value in use of theCompany’s subsidiaries at 31 December 2012 – as defined inNote 2 – Basis of presentation – is based on valuations performedby the Company.a) Operating subsidiariesThe value in use of Arjowiggins SAS shares was less than the carryingamount of the investment, resulting in the recognition of aprovision for impairment losses of €30 million.The value in use of Antalis shares was greater than the carryingamount of the investment, resulting in the reversal of impairmentlosses previously recognised of €13 million.b) Non-operating subsidiaryNon-materialRefinancing of the Group:On 30 April 2012, the Group and its banks finalised the renewalof Sequana’s confirmed credit facility through to 30 June 2014.The main contractual terms and conditions of these facilitiesand details of any drawdowns and repayments are disclosed inNote 15 “Treasury management – Financial instruments”.Capital increaseOn 13 June 2012, Sequana announced that it was increasing itscapital by an amount of €150 million (€146 million after deductingthe related transaction costs). The subscription period for thecapital increase closed on 27 June 2012. The Group’s main shareholderssubscribed to a total of €51 million, including €30 millionin shareholder loans (arranged on 30 April 2012 within the scopeof the renewed financing agreements) which have been convertedinto equity.Fonds Stratégique d’Investissement (FSI) has now become theCompany’s largest shareholder by subscribing to €45 millionworth of capital.The newly-created shares were issued on 9 July 2012 and a total of€150 million in share capital was paid up in full.On 15 November 2012, Sequana carried out a reverse stock split.The exchange ratio was six old shares with a par value of €1.50 eachfor one new share with a par value of €9.00.The amount of the share capital remained unchanged but it nowcomprises 25,009,372 shares with a par value of €9 each.Note 2 - Basis of preparationThe parent company financial statements are prepared in accordancewith French generally accepted accounting principles basedon the General Chart of Accounts.The basic method used to value items recorded in the books ofaccount is the historical cost method.The usual accounting conventions have been applied in compliancewith the principle of prudence and:■■the going concern principle,■■the consistency principle, and■■the accrual basis principle.Accounting policiesa) Property, plant and equipmentProperty, plant and equipment are stated at cost.They are depreciated by the straight-line method over their estimateduseful lives.b) Investments in subsidiaries and associatesInvestments in subsidiaries and associates are stated at the lowerof cost and value in use.Valuation of operating subsidiaries and associatesEnterprise value is the sole basis used for determining the fairvalue of investments and it is calculated by discounting futurecash flows to present value.Enterprise value is then calculated as value in use less the correspondingnet debt. Any impairment losses are recognisedthrough profit or loss.Previously recognised impairment losses are reversed in theincome statement when the value in use of the investmentsexceeds their carrying amount.Valuation of non-operating holding companiesThe value in use of holding companies is assessed based on theCompany’s equity in their revalued net assets, or on consolidatedvalue in the case of sub-groups.Sequana | 2012 Document de référence (English version) | 167
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ProfileSequana is a major player in
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Chapter 1PRESENTATION OF THE GROUPP
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Presentation of the groupPresentati
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1Presentation of the groupPresentat
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Corporate governanceBoard of Direct
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Michel Taittinger■■Independent
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Fonds Stratégique d’Investisseme
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Executive CommitteeThe Executive Co
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Corporate governanceCompensation2St
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Chapter 3RISK MANAGEMENTIndustrial
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Chapter 4FINANCIAL POSITION - RESUL
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Financial position - resultsOvervie
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Consolidated statement of cash flow
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8, rue de Seine92100 Boulogne-Billa
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