CONSOLIDATED BALANCE-SHEET
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1 CONSOLIDATED BALANCE-SHEET Intangible assets Notes (except "consolidation principles") FISCAL YEAR 2009 (KE) FISCAL YEAR 2008 (KE) Development costs Others TOTAL INTANGIBLE ASSETS Fixed assets Land Building Machinery & equipment Others Assets under construction TOTAL FIXED ASSETS NON CURRENT ASSETS FOR SALE A.1.4./C Financial assets Shares in unconsolidated subsidiaries Loans and other non current financial assets A TOTAL FINANCIAL ASSETS Recoverable deferred taxes A TOTAL NON CURRENT ASSETS Inventories & work in progress Raw materials Spare-parts Tooling Work in progress & finished goods TOTAL Trade debtors Advances & deposits on orders Accounts receivable & related Other trade debtors TOTAL TRADE DEBTORS Other debtors Prepayment Marketable securities Cash Current assets for sale C TOTAL CURRENT ASSETS TOTAL ASSETS A.1.4. A / Annual Report MONTUPET / Consolidated Accounts
2 Related notes FISCAL YEAR 2009 FISCAL YEAR 2008 (in KE) (in KE) Called-up Share Capital A Additional paid-in capital Reserves & retained earnings Translation adjustment (30 905) (37 964) CURRENT YEAR PROFIT - INSIDE GROUP (16 200) (811) TOTAL STOCKHOLDERS'EQUITY - INSIDE GROUP Minority interests as per January 1st Minority interests in current year profit TOTAL MINORITY INTERESTS TOTAL STOCKHOLDERS'EQUITY Non current provisions A.1.4./C.1. Regulated provisions (1) (1) Provisions for liabilities & charges A Provisions for retirement commitments A Deferred taxation A TOTAL NON CURRENT PROVISIONS Non current financial liabilities A.4.1./A Other non current liabilities A Non current liabilities of activities for sale C TOTAL NON CURRENT LIABILITIES Financial debts A Short-term bank debts A Deposits on orders Accounts payable Taxation & social security Other liabilities - current portion Other liabilities Advance payments Current liabilities for sale C TOTAL CURRENT LIABILITIES TOTAL LIABILITIES & STOCKHOLDERS'EQUITY
3 CONSOLIDATED INCOME STATEMENT Related notes FISCAL YEAR 2009 (in KE) FISCAL YEAR 2008 (in KE) Sales Changes in inventory (11 800) Own work capitalized Operating subsidies Others TOTAL OPERATING INCOME Cost of raw materials & other supplies Other operating expenses Taxes Salaries & wages Depreciation charges on fixed assets Provision charges on current assets (3 199) Other operating expenses TOTAL OPERATING EXPENSES Other income & expenses (1 105) 447 CURRENT OPERATING INCOME (19 572) Other operating income & expenses B.1. 0 (11 192) OPERATING INCOME (19 572) Interests received from debts & deposits Interests paid (2 672) (4 685) Net cost of debt (2 654) (3 726) Exchange gains & losses (1 467) Release of provisions & charges transfers (197) (1) Others (455) 920 FINANCIAL INCOME (LOSS) (1 056) (4 274) Income tax Deferred tax B NET RESULT (EXCEPT ACTIVITIES STOPPED OR FOR SALE) (10 545) Gross result of activities stopped or for sale C.5. (7 384) (25 772) Income tax on activities stopped or for sale C.4./C Deferred tax on activities stopped or for sale C.4./C NET INCOME FOR THE PERIOD (16 183) (674) Minority interests NET INCOME ATTRIBUTABLE TO SHAREHOLDERS (16 200) (811) 132 / Annual Report MONTUPET / Consolidated Accounts
4 FISCAL YEAR 2009 FISCAL YEAR 2008 in Euros per share: Net income attributable to shareholders - per share (1,50) (0,07) Diluted net income - per share (1) (1,46) (0,07) Number of issued shares Number of issuable shares - - Number of issued and issuable shares (1) prorata division of the overall result on shares outstanding in the first half-year, and shares outstanding in the second half-year, following the cancellation of treasury shares decided by the Extraordinary Shareholders Meeting held on June 30th,
5 VARIATION IN STOCKHOLDERS'EQUITY Group Minority interests Total CONSOLIDATED SHAREHOLDERS'EQUITY BY Payment of dividends (1 402) (467) (1 869) Variation in translation adjustment (24 086) 0 (24 086) retroactive entries CONSOLIDATED SHAREHOLDERS'EQUITY BY YEAR 2008 RESULT (811) 137 (674) CONSOLIDATED SHAREHOLDERS'EQUITY BY Retroactive entries (585) 0 (585) Variation in translation adjustment CONSOLIDATED SHAREHOLDERS'EQUITY BY YEAR 2009 RESULT (16 200) 17 (16 183) CONSOLIDATED SHAREHOLDERS'EQUITY BY / Annual Report MONTUPET / Consolidated Accounts
6 GLOBAL RESULT 31/12/ /12/2008 NET RESULT (16 183) (674) Actuarial differences on employee benefits 0 0 Entries having impacted the equity without impacting the income statement Translation adjustment arising on translation of foreign operations of the period (586) (24 086) GLOBAL RESULT (9 710) (24 627) - Including group result (9 727) (24 627) - Including minority interests
7 CASH-FLOW STATEMENT Including leasing impact - strategic and discontinued activities Strategic activities Fiscal year 2009 (in K ) Leasing impact on strategic activities Discontinued or for sale activities Fiscal year 2008 (in K ) Including leasing impact I. Cash-flows from operating activities Net income for the period (16 200) (10 562) 202 (5 638) (811) Minority interests Income and expenses with no impact on cash: Depreciations and provisions for impairment in value (net) Grants apportioned to income (67) (67) 0 0 (740) Provisions for impairment in value of financial assets (net) (1) Gains (losses) on sales of assets (88) (3 209) Variation in deferred taxes (9 178) (8 201) 102 (977) (9 963) EBITDA (Gross cash-flow) (2 672) Changes in working capital (except variation in deferred taxes) (3 078) (12 543) Including changes in working capital - operating receivables and payables (11 846) Including C/C between the activities (14 637) 0 Including changes in working capital - other receivables and payables (1 257) (86) 0 (1 171) (697) NET CASH-FLOWS PROVIDED BY OPERATING ACTIVITIES (A) (5 750) II. Cash-flows from investing activities Outflow relating to acquisitions of intangible & tangible assets Outflow relating to acquisitions of financial investments (19 084) (18 738) 0 (346) (38 942) (1 251) (177) 0 (1 074) (4 128) CUMULATED INVESTMENTS (20 335) (18 915) 0 (1 420) (43 070) Inflows relating to disposals of intangible & tangible assets Inflows relating to disposals of financial investments Impact of changes in scope of consolidation Decreases in receivables & loans CUMULATED DISPOSALS OR DECREASES OF FIXED ASSETS INCREASES (DECREASES) OF MARKETABLE SECURITIES / Annual Report MONTUPET / Consolidated Accounts
8 NET CASH PROVIDED BY INVESTING ACTIVITIES (B) III. Cash provided by financing activities MONTUPET SA increase (decrease) in capital Variation of minority interests in MONTUPET SA increase (decrease) in capital (18 373) (17 591) 98 (782) (37 713) Dividends paid to MONTUPET SA shareholders Dividends paid to minority interests in consolidated subsidiaries (1 402) (467) Purchase of treasury shares CUMULATED MOVEMENTS ON EQUITY (1 869) Increase in debt Decrease in debt (18 421) (18 421) (2 084) 0 (33 059) CUMULATED VARIATION IN DEBT (14 153) (14 304) (2 084) 151 (11 990) VARIATION IN CONDITIONAL ADVANCE PAYMENTS (359) (359) 0 0 (68) VARIATION IN GRANTS NET CASH PROVIDED BY FINANCING ACTIVITIES (C) (13 681) (13 832) (2 084) 151 (13 910) IV. Change in cash Effects of changes in scope of consolidation Effects of exchange rate changes on cash (14 438) Other flows Others (831) 787 CUMULATED CASH FLOWS (D) (299) (13 651) Change in current cash (7 211) (42 498) Effect of exchange rate changes (1 548) Net change in cash (6 679) (44 046) 137
9 NOTES TO THE CONSOLIDATED ACCOUNTS These accounts were approved by the Board of Directors on April 26th They are shown in thousands Euros. SIGNIFICANT ITEMS IN THE FISCAL YEAR The Group has had to deal with the crisis and the downturn, and to take significant steps to reduce staffing and to implement partial unemployment. The restructuring of its plants was continued. In the United Kingdom and North America, the activity was focused in the Belfast and Torreon (Mexico) factories CALCAST whose production had stopped and the equipment had been transferred to MONTUPET UK in 2008 was reclassified in as activities discontinued or for sale in the 2009 accounts after selling its stock of finished product in the first quarter, generating a turnover of K. MONTUPET LIMITEE in Canada has also been reclassified as activities discontinued or for sale. In France, the "wheels" activity was transferred to a subsidiary retroactively from the date of January 1st The new company, FRANÇAISE DE ROUES SAS, recorded a net loss of K. It is classified as activities discontinued or for sale in the 2009 accounts. In 2009, MONTUPET SA has granted an advance of to its Chinese subsidiary, CHANGZHOU MONTUPET AUTO PARTS Ltd. The construction of the plant has been suspended and a provision for impairment of equity securities of CHANGZHOU MONTUPET AUTO PARTS Ltd in the amount of was recorded at December 31st In Bulgaria, the plant has completed its installation phase and began its sales. As of December 31st, the Group includes within its scope the FDPA company. The recovery of assets and goodwill of Fonderies du Poitou by FDPA2 (now FDPA), a company created for this purpose, became effective on that date. In July 2009, MONTUPET SA was able to conclude a renegotiation with a pool of six banks for the rescheduling of its medium-term debt and renewal of its short-term debts. Regardless of the current financing of foreign subsidiaries, 82.7 M of medium term loans and 37.9 M million of short-term loans are available to the group. 138 / Annual Report MONTUPET / Consolidated Accounts
10 A. CONSOLIDATION RULES The financial information has been set up in compliance with the IFRS standards. 1. ACCOUNTING REGULATION, PRINCIPLES AND METHODS OF CONSOLIDATION 1.1. ACCOUNTING STANDARDS Under Regulation 1606/2002 adopted on July 19th 2002 by the European Parliament and the Council of Europe, these financial statements are prepared in accordance with IFRS as adopted by the European Union at December 31st IMPLEMENTATION OF THE NEW STANDARDS IFRS 8 on segment reporting was applied from the 2008 accounts in anticipation. The application of revised IAS 1 standard on the presentation of accounts has one consequence in the case of MONTUPET: the presentation of a table detailing the comprehensive income. The revised IAS 23 standard on the borrowing cost and IFRIC 14 from IAS 19 relating to defined benefit schemes have no impact on the accounts of MONTUPET CONSOLIDATED GROUP Consolidation methods and holding rates are unchanged as compared with previous year. FONDERIES DU POITOU CY is a new subsidiary consolidated from December 31st The consolidated entities, that are consolidated using the global method, are the following: MONTUPET SA (mother company), MONTUPET LIMITEE (100%) (Canada): aluminium foundry, car-parts manufacturer, MONTUPET UK (100%) (Northern Ireland): aluminium foundry, car-parts manufacturer, and its subsidiaries, WILLACE UK Ltd, BS TOOLING Ltd, GESFITEC UK Ltd, ALUMALSA (99,67%) (Spain): aluminium foundry car-parts manufacturer, MFT-MONTUPET Snc (100%) (Belgium): services inside the group, MONTIAC SA de CV (100%) (Mexico): aluminium foundry, car-parts manufacturer, CALCAST LTD (100%) (Northern Ireland): aluminium foundry, car-parts manufacturer, MFT SARL (100%) (France): metal trading and services, MONTUPET EOOD (100%) (Bulgaria): aluminium foundry, car-parts manufacturer, FRANÇAISE DE ROUES SAS (100%) (France): aluminium foundry, car-parts manufacturer, of which activity is the former "wheels" activity from MONTUPET SA, that transferred it to its subsidiary, FDPA (100%) (France): aluminium foundry. MONTUPET Inc. (USA) and MONTUPET GmbH, wholly owned by MONTUPET SA, of minor significance for the purpose of providing a true and fair view of the Group were not taken into account. CHANGZHOU MONTUPET AUTO PARTS Ltd, the chinese subsidiary created in 2008 was not taken into account either as this project is cancelled. Its building is currently for sale. 139
11 Minority interests: Minority interests relate primarily to the remaining shareholdings held within MONTUPET UK sub-group. Additional information on the above mentioned companies appear on the table detailing subsidiaries CONSOLIDATION PRINCIPLES All transactions between consolidated entities were eliminated. Minority interests were recorded proportionally in the stockholders' equity and in the income statement. Statements of all consolidated entities are closed at December 31st 2009, each fiscal year including twelve months. The difference deriving from initial consolidation is the difference between the book-value of a company shares and their purchase price. This "goodwill" was fully written off before The statements of consolidated companies are translated as follows: assets and liabilities are translated at the year-end exchange rate, income statement accounts are translated at the average exchange rate for the year, translation adjustments resulting from the difference between previous and current closing year exchange rates on the assets and liabilities, as well as those resulting from the difference between the yearly average and closing exchange rates on the income statement accounts are recorded as "translation adjustments" through the stockholders' entity. Main exchange rates record: - Sterling Pound: : 1 = 1, : 1 = 1, Canadian Dollar: : 1 CAD = 0, : 1 CAD = 0, ACCOUNTING PRINCIPES AND VALUATION BASIS 2.1. ACCOUNTING PRINCIPLES AND ASSETS VALUATION BASIS Intangible assets Intangible assets are valued at cost. Start-up expenses are written off immediately in the year they are incurred. Research and development expenditures are recognized as expenses. Development expenditures of new parts up to the start of volume production are capitalized and amortized over a period of four years Tangible assets Tangible assets are valued at purchase cost plus costs to put them in working condition, or at production cost. Gathered in Cash-Generating-Units and divided into structures and components as defined by the IAS-16 standard, they are depreciated over their useful life. Main replacement parts with useful life over one year and as defined in IAS-16 are reported among fixed assets. 140 / Annual Report MONTUPET / Consolidated Accounts
12 Depreciation durations appear hereunder Tangible assets: Buildings...20 to 25 years Fixtures and fittings...10 to 20 years Machinery and tooling...3 to 10 years Office furniture...10 years Computers...3 to 5 years Intangible assets: Patents...5 years Development...4 to 8 years Softwares...1 to 5 years Capital grants Capital grants are recognized in deduction of the corresponding assets. They are written-back to income proportionately to the depreciation of these assets Leasing contracts Leases defined by the IAS-17 standard are retreated. Capital leased assets are recognized as assets and amortized over the depreciation duration group scheme. Related debts are reported under financial liabilities Other non-current financial assets Non consolidated investments are valued at purchase cost, and may be depreciated in view of their future prospects. Other financial assets are recorded at origination value. Accruals are set-up if applicable (bad debts) Inventories and in-process products Inventories and in process products are stated at the lower of purchase or manufacturing cost or net realizable value. Any financial cost is excluded. Inventories from intra-group supplies are not reduced by intra-group margins, in view of their un-significant cumulated value. The closing inventories are valued using the method of weighted average cost per unit Trading receivables and related Trading receivables and payables are registered at their nominal value. Those denominated in foreign currencies are translated at the year-end exchange rate, or at the hedged rate if covered by hedging transactions. Foreign currencies translation differences are reported in the income statement (exchange loss or gain). Receivable accounts can be subject to provision for impairment in value Cash Available funds are mainly bank balances and short-term deposits. 141
13 2.2. ACCOUNTING PRINCIPLES AND LIABILITIES VALUATION BASIS Retirement benefits MONTUPET companies have chosen defined contribution plans, under which the employer has no obligation to pay further contributions. However, MONTUPET SA, FRANÇAISE DE ROUES SAS and FDPPA pay a retirement premium to the retiring employees, and MONTUPET UK partly shares the risk of a pension fund covering a few managing executives. A provision for pension liabilities accounts for these commitments on the balance sheet. Detailed data are provided in the second part of these notes Deferred taxes Deferred taxes are accounted on all temporary differences between the tax basis and the accounting profit and on consolidation adjustments. Deferred tax assets are accounted for as tax losses carried-forward only when future taxable profits are expectable. Deferred taxes calculated using the liability method are rated as follows: French companies: rate is 33,33%, Spanish companies: rate is 30%, British companies: rate is 28% (subsidiaries in Northern Ireland), Canadian company: rate is 30,90%, Bulgarian company: rate is 10% ACCOUNTING PRINCIPLES AND PROFIT AND LOSS ACCOUNTS VALUATION BASIS Operating revenues Operating revenues include net sales, production stock, own work capitalized, cashed grants, charges transfers, and other revenues. Net sales primarily include sales of finished goods and also include all tooling revenues. Sales of finished goods and tooling revenues are recognized at the date on which the Group transfers substantially all the risks and rewards related to ownership to the buyer and is no longer involved in the management or in the effective control of the goods sold. Compensation claims are accounted only when they are cashed as their payment by customers is unsecured Other current and non-current operational income and expenses The other operational income and expenses (note B.5.1.) are a few non-recurring elements, with a significant level on the consolidated accounts, as defined in the recommendation Nr 2004-R.02, issued by the National Accounting Council. They include: machining equipment purchases and sales to customers (excluding tooling) that are used by MONTUPET but are under the customers control, income and expenses on previous years. 142 / Annual Report MONTUPET / Consolidated Accounts
14 2.4. SEGMENT REPORTING The primary segmentation is the geographical segmentation. This reflects the group management control and relates to operational units. The secondary segmentation is the business segmentation per product type (engine-parts, wheels, other foundry parts, tooling). Method change: A change was made in the geographical areas in 2008 by applying in advance the provisions of IFRS 8 that replace IAS 14. The new geographical segment includes the European area and the American area. The American area includes the mexican subsidiary only as the canadian subsidiary ceased its activities RELATED PARTIES With the exception of the directors, there are no related parties as defined in IAS 24. The intra-group transactions, outsourcing operations, services and finance, are made at normal market conditions. 3. DISCONTINUED OR FOR SALE ACTIVITIES In the accounts for the fiscal year 2008, this category included: two properties for sale: the land and factory building of Nogent-sur-Oise and a building formerly used by MONTUPET UK to manufacture wheel rims, a "wheels" activity for sale, in the process of becoming a subsidiary. Evolution on the year 2009 The land and factory building of Nogent-sur-Oise are still for sale, as the real estate crisis delayed the outcome of these operations. The "wheels" activity remains in the activities to be divested. Three new properties to be divested appeared in 2009: the land and building factory of CALCAST in Londonderry, Northern Ireland, are now for sale, after the equipment has been transferred at MONTUPET UK, Belfast. This subsidiary accounts have been reclassified as discontinued operations in 2009, the building constructed in China is also now for sale, as the contracts which had been the source of this settlement have been cancelled or postponed. Compensation is being negotiated with the client concerned, the Canadian plant was closed following the defection of Chrysler. Its land and building factory are also for sale. This subsidiary result (depreciation of equipment, maintenance of premises, professional fees and personnel costs) was reclassified as income from discontinued operations, on the opposite, the building formerly used by MONTUPET UK for wheels has been reclassified among continuing operations, this building being reused for new parts. The latter was valued for 849 K in 2008 accounts as asset for sale. 143
15 NOTES ON BALANCE-SHEET AND INCOME STATEMENT All figures are in thousands euros. A. NOTES ABOUT NON CURRENT ASSETS EXCEPT ASSETS AND LIABILITIES FOR SALE A.1. NON CURRENT ASSETS A Non current assets gross value ASSETS Gross Value Opening balance Reclassification and assets for sale Increases Decreases New company FDPA included in the consolidated figures Exchange rate variations Gross value Goodwill Development costs (1 176) 676 (2) Other intangibles (1) 201 (1 253) Tangibles excluding assets for sale - Including tangible assets on lease Non current financial assets (60 670) (8 514) (2 873) (4 113) 57 (94) SUB-TOTAL (65 960) (9 863) Assets for sale (49 527) TOTAL (1 301) (59 390) A.1.2. Depreciation record ASSETS Opening balance Reclassification and assets for sale Increases Decreases New company FDPA included in the consolidated figures Exchange rate variations Gross value Goodwill Development costs (1 297) Other intangibles (1 253) Tangibles excluding assets for sale - Including tangible assets on lease Non current financial assets (56 974) (8 133) (2 758) SUB-TOTAL (58 152) (9 386) Assets for sale (45 901) TOTAL (1 301) (55 287) / Annual Report MONTUPET / Consolidated Accounts
16 A.1.3. Grants on tangible assets ASSETS Opening balance Reclassification and assets for sale Increases Decreases New company FDPA included in the consolidated figures Exchange rate variations Gross value Grants (17) Of which on depreciations (7 409) 0 0 (67) 0 0 (7 476) TOTAL (84) A.1.4. Assets and other non-current assets except deferred tax assets net value ASSETS Opening balance Reclassification and assets for sale Increases Decreases New company FDPA included in the consolidated figures Exchange rate variations Gross value Goodwill Development costs (364) (2) Other intangibles (120) (94) Tangibles excluding assets for sale - Including tangible assets on lease Non current financial assets (3 696) (7 447) (297) (1 834) (115) (4 113) 57 (94) SUB-TOTAL (7 808) (7 848) (393) Assets for sale (3 626) TOTAL (5 852) (4 019) Grants are deducted from the net value of tangible assets and do not appear among liabilities. A Development costs and other intangibles: details and contribution of affiliated companies Gross value Depreciation Net value Development costs MONTUPET SA MONTUPET UK consolidated MONTUPET EOOD SUB-TOTAL Other intangibles MONTUPET SA MONTUPET UK consolidated MFT SARL MONTUPET EOOD FDPA SUB-TOTAL TOTAL
17 A Détails of financial assets investments in unconsolidated subsidiaries ASSETS % held within the group Equity Profit MONTUPET Inc 100% MONTUPET GmbH 100% 52 0 CHANGZHOU MONTUPET AUTO PARTS Ltd 100% A.1.5. Details of non-current financial assets ASSETS Opening balance Reclassification on opening balance of assets linked to activities stopped in 2009 Increases Decreases New company FDPA included in the consolidated figures Exchange rate variations Gross value TOTAL (126) A.1.6. Deferred tax assets Temporary differences opening balance Endowments (and recaptures) Exchange rate variations Reclassification from deferred tax liabilities Temporary differences closing balance Including related to losses carried forward in ME MONTUPET SA (474) ,9 ALUMALSA ,0 MONTUPET UK (9) (122) 0 0 MONTUPET EOOD 235 (235) ,3 MONTIAC 359 (49) TOTAL (4) ,2 Deferred taxes of each subsidiary appear among deferred tax assets or deferred tax liabilities according to their positive or negative balance. Deferred accounted tax losses: In addition to the deferred tax liabilities arising from the consolidation process, the balance of deferred taxes is made of tax losses that the group has decided to account for their whole value on December 31st These tax losses are made primarily by: MONTUPET SA (excluding FRANÇAISE DE ROUES SAS): 13.9 million euros loss for the year 2009 at 33.1 / 3% rate, the related deferred tax, 4.6 million euros, added to the balance activated at year-end 2008 for 15.3 million euros, leading to a new balance of 19.9 million euros of deferred tax losses carried forward, ALUMALSA: 6.6 million euros loss taxed at 30%, i.e. a deferred tax activated for 2.0 million euros (no deficit before), MONTUPET EOOD: 3.0 million euros loss in the fiscal year 2009; the related deferred tax rated at 10%, i.e. 0.3 million euros, added to the balance at year end 2008 for 0.2 million euros, leading to a new balance of 0.5 million euros of deferred tax in respect of losses carried forward. Furthermore, regarding FRANÇAISE DE ROUES SAS treated as a business for sale, the group decided to record a deferred tax asset amounting to 0.6 million euros under its 2009 fiscal loss of a 1,7 million euros. This amount is recorded as "Non-current assets for sale" (see Note C.1.). As this company was incorporated in MONTUPET SA tax group, the balance of deferred tax losses carried forward from MONTUPET tax group amounts to 20.5 million euros. 146 / Annual Report MONTUPET / Consolidated Accounts
18 In our Business Plan, the payback period should be between 6-10 years for France but should remain below 5 years for Spain and Bulgaria. A.2. NOTES TO THE CURRENT ASSETS A.2.1. Depreciations record ASSETS Opening balance Reclassification on opening balance of assets linked to activities stopped in 2009 Increases Decreases New company FDPA included in the consolidated figures Exchange rate variations Gross value Raw materials (275) 494 (1 084) In process and finished parts (545) 299 (2 142) Spare parts Customer accounts (479) TOTAL (820) (3 705) A.2.2. Receivable and payable analysis by payment maturity All receivables are maturing within one year, except those hereunder. TRADE & MISCELLANEA DEBTORS OVER ONE YEAR MONTUPET SA 972 MONTUPET UK 52 TOTAL Nearly all MONTUPET customers are automotive makers. The default risk is therefore low. A.2.3 Accrued income They mainly are pre-payments. 147
19 A.3. NOTES TO THE STOCKHOLDERS EQUITY AND TO NON-CURRENT LIABILITIES A.3.1. Share capital Called-up and fully paid share capital consists in shares with a face value of 1.52 euros each, i.e. a total of K. In 2008, MONTUPET SA was holding own shares, valued at K in its accounts. Own shares were cancelled in 2009 as decided by the Shareholders Extraordinary Meeting on June 30th There was not any other transaction on self-detained shares since January 1st A.3.2. Non-current provisions A Provisions for risks and charges ASSETS Opening balance Increases Decreases New company FDPA included in the consolidated figures Exchange rate variations Gross value MONTUPET SA MONTUPET UK (929) FDPA TOTAL (929) A Provisions for compensation retirement ASSETS Opening balance Increases Decreases New company FDPA included in the consolidated figures EXchange rate variations Gross value MONTUPET SA (202) MONTUPET UK FDPA TOTAL (202) (1) details of the compensation retirements at MONTUPET SA: Provision on January 1st Variation 2009: - at constant discounting rate (402) - effect of change in the discounting rate 200 PROVISION ON DECEMBER 31ST (2) details of MONTUPET UK pension fund: Market value of held assets Updated commitments value (2 923) Deficit 01/01/2009 (583) Cost of services (256) Contributions 125 Other financial products 179 Payments to beneficiaries 0 Discounting effect (567) Exchange rate variations (54) DEFICIT ON 31/12/2009 (1 156) 148 / Annual Report MONTUPET / Consolidated Accounts
20 The calculation of this position is based upon the following assumptions: wages increases at 2,00% in 2009 (against 2,20% in 2008) at MONTUPET SA and FDPA, and 4,35% (against 3,50% in 2008) at MONTUPET UK, financial discounting rate at 3,90% in 2009 (against 4,50% in 2008 for MONTUPET SA and FDPA), the same rate as the return on assets rate, and 5,70% (against 6% in 2008) for MONTUPET UK, retirement at 65. A Deferred tax liabilities: ASSETS Temporary differences opening balance Reclassification on opening balance of assets linked to activities stopped in 2009 Endowments (and recaptures) Exchange rate variations Reclassification Gross value MONTUPET SA (474) 0 ALUMALSA 0 0 (1 993) MONTUPET UK consolidated (475) (1 630) 81 (122) 245 MONTIAC MONTUPET EOOD 0 0 (572) TOTAL (475) (3 721) Deferred taxes of each subsidiary or tax group appear among deferred tax assets or deferred tax liabilities according to their positive or negative balance. A.3.3. Other non current liabilities Opening balance New grants Refunds Reclassifications Exchange rate variations Closing balance Other liabilities 208 (51) 0 (21) Conditional loans (359) TOTAL 987 (51) (359) Conditional advances are a financial assistance from ANVAR and ADEME. ANVAR funds are innovation incentives. ADEME funds financed a used casting sand regeneration system. A.3.4. Debt analysis per deadline All debts are maturing within one year. 149
21 A.4. NOTES TO DEBTS A.4.1. Non current financial debt analysis Opening balance - amounts borrowed Increases Reclassifications Decreases Exchange rate variations Gross value Loans to MONTUPET SA (5 850) Other financial liabilities Middle-term loans to subsidiaries Leasing (2 141) TOTAL (7 991) MONTUPET SA debt maturing within one year has been reclassified among current financial debt. A.4.2. Debt analysis by deadline Gross amount clossing balance Current portion Between 1 and Over 5 years 5 years Non current liabilities Leasing contracts Current liabilities CURRENT LIABILITIES A.4.3. Debt analysis per currency Euro Sterling Pound 0 Canadian Dollar 0 US Dollar 0 Others 0 TOTAL All borrowing rates are variable rates. 150 / Annual Report MONTUPET / Consolidated Accounts
22 B. NOTES TO THE INCOME STATEMENT EXCEPT DISCONTINUED OR FOR SALE ACTIVITIES B.1. OTHER OPERATIONAL INCOME AND EXPENSES These are very significant and non-recurring items. There was no such item in year At end december 2008, other operational income and expenses were the following: MONTUPET SA: Start-up costs of the new plant in Bulgaria (1 174) Start-up costs of the new plant in China (795) Depreciation on land (500) SUB-TOTAL MONTUPET SA (2 469) MONTUPET EOOD: Start-up of the plant in Bulgaria (1 587) MONTUPET LIMITEE Extraordinary depreciation of assets (3 903) CALCAST Redundancy costs and stock depreciation (3 233) TOTAL (11 192) B.2. TAX ANALYSIS Consolidated result before taxes (20 628) Mother-company tax rate 33,33% Mother-company deferred tax rate 33,33% Theoretical tax (6 875) Impact of foreign companies tax rate difference Permanent differences 216 Unactivated tax losses 0 MONTUPET SA research tax credits (3 619) Other tax credits (1 521) Discounting impact 0 Others 649 Accounted corporation tax (10 083) - of which MONTUPET SA research tax credit (3 622) - of which payable tax of which deferred tax (8 324) 151
23 C. NOTES TO RECLASSIFIED ITEMS AS PER IFRS 5 C.1. DETAILS OF NON-CURRENT ASSETS FOR SALE MONTUPET SA MONTUPET LIMITEE Inactive companies in Northern Ireland FRANÇAISE DE ROUES TOTAL Other intangibles Land Buildings Equipment and machines Other fixed assets Financial assets (1) Deferred taxes TOTAL (1) Relates mainly to CHANGZHOU MONTUPET AUTO PARTS Ltd. Assets held for sale are stated at net book value, the latter being less than their estimated selling price. The assets of the companies having ceased operations were not amortized in Only the assets of FRANÇAISE DE ROUES SAS have been amortized in C.2. DETAILS OF CURRENT ASSETS FOR SALE Gross value Depreciation Net value Inventories from the wheels activity Raw materials and goods In process and finished parts SUB-TOTAL Customers accounts and others ("wheels" activity) Accounts of stopped activites Cash TOTAL / Annual Report MONTUPET / Consolidated Accounts
24 C.3. DETAILS OF LIABILITIES OF ACTIVITIES FOR SALE Gross value Conditional loans 238 Other financial liabilities 28 Deferred tax liabilities 513 Provision for retirement indemnities FRANÇAISE DE ROUES 925 Provision charges for risks and costs 43 TOTAL CURRENT LIABILITIES current liabilities (suppliers and others) TOTAL C.4. ANALYSIS OF TAXES ON DISCONTINUED OR FOR SALE ACTIVITIES Consolidated result before taxes (7.384) Mother-company tax rate 33,33% Mother-company deferred tax rate 33,33% Theoretical tax (2.461) Impact of foreign companies tax rate difference (150) Permanent differences 236 Unactivated tax losses 0 MONTUPET SA research tax credits 0 Other tax credits 329 Discounting impact 0 Others 0 ACCOUNTED CORPORATION TAX (1.746) - of which payable tax (1.061) - of which deferred tax (685) 153
25 C.5. NET RESULT OF DISCONTINUED OF FOR SALE ACTIVITIES Fiscal year 2009 Activity for sale "wheels" Inactive companies Total Sales Changes in inventory and other income (2 396) 190 (2 206) TOTAL OPERATING INCOME Operating expenses and other expenses (42 657) (3 822) (46 479) Salaries & wages (8 821) (680) (9 501) Taxes (316) (76) (392) Depreciation charges on fixed assets (346) 0 (346) Provision charges on current assets (1 238) 0 (1 238) TOTAL OPERATING EXPENSES (53 378) (4 578) (57 956) Other income & expenses (271) (2 805) (3 076) CURRENT OPERATING INCOME (1 557) (5 508) (7 065) FINANCIAL INCOME (LOSS) (545) 226 (319) Gross result of activities stopped or for sale (2 102) (5 282) (7 384) Income tax Deferred tax NET INCOME FOR THE PERIOD (1 328) (4 310) (5 638) 154 / Annual Report MONTUPET / Consolidated Accounts
26 Fiscal year 2008 Activity for sale "wheels" Inactive companies Total Sales Changes in inventory and other income TOTAL OPERATING INCOME Operating expenses and other expenses (66 760) (78) (66 838) Salaries & wages (19 377) (10) (19 387) Taxes Depreciation charges on fixed assets (5 069) 0 (5 069) Provision charges on current assets (2 007) 0 (2 007) TOTAL OPERATING EXPENSES (93 213) (88) (93 301) Other income & expenses (11 042) (7 894) CURRENT OPERATING INCOME (27 372) (24 312) FINANCIAL INCOME (LOSS) (1 647) 187 (1 460) Gross result of activities stopped or for sale (29 019) (25 772) Income tax Deferred tax (569) NET INCOME FOR THE PERIOD (19 346) (16 668) 155
27 D. FINANCIAL COMMITMENTS AND OTHER DATA D.1. COMMITMENTS GIVEN D.1.1. Commitments given (in K ) MONTUPET SA committed itself to guarantee MONTUPET UK s debt towards "Invest Northern Ireland" up to KGBP, in relation with a previous grant paid under employment requirements. MONTUPET SA Board of directors approved a guarantee capped at 15 M in favour of its suppliers or its subsidiaries suppliers, of which 8.3 M were really granted in favour of FRANÇAISE DE ROUES suppliers (3,3 M to metal suppliers) and MONTUPET EOOD (5 M to a metal supplier). Besides compliance ratios, credit institutions require compliance with laws and regulations, limiting the granting of security over any of MONTUPET SA assets, a restriction on disposals of assets, and on restructuring operations and acquisitions. D.1.2. Commitments given to validate bank loans (relates to MONTUPET SA) MONTUPET SA has undertaken in the framework of the credit convention signed with its banks: to sell its receivables, as security, to ensure that the aggregate nominal amount of receivables sold is less than 70% of the amount borrowed under under Credit B, which amounted to 13 M at December 31st 2009; to respect, on the basis of consolidated accounts, the following ratios: At At At At At Equity at least at Net financial debt at least at Gearing ratio < 1 < 1 < 0,88 < 0,88 < 0,66 Gearing ratio / Cash-flow < 3,5 < ou = 3 < ou = 3 At the end of 2009, all covenants are met. The amount of customer receivables given as guarantee by MONTUPET SA to its bankers was amounting to K by year end. D.1.3. Commitments received (in K ) MONTUPET SA Guarantees and securities received from suppliers of fixed assets Guarantees and securities received from suppliers of goods and services Bank guarantees / Annual Report MONTUPET / Consolidated Accounts
28 D.2. OTHER DATA D.2.1. Average workforce Executives Employees Workers TOTAL (1) (2) (1) Including the wheels activity, for sale including stopped activities 18 (2) Including FDPA 539 D.2.2. Director fees Salaries and advantages granted to MONTUPET SA directors in view of their duties in the controlled subsidiaries globally amount to ,00 euros. There are no commitments to corporate officers apart from the pension commitments that have no specificity and are included in the provisions for pension. The fringe benefits enjoyed by corporate officers amount to ,80 euros (included in the above mentioned amount). D.2.3. Research and development expenses Research and development expenses were mostly incurred by MONTUPET SA, FRANÇAISE DE ROUES, MONTUPET UK, ALUMALSA and MONTIAC amounted to K in year 2009, this amount excluding capital expenditures. MONTUPET SA and FRANÇAISE DE ROUES SAS were granted a Research tax credit arising from expenses incurred in year 2009, up to K and 77 K, representing 40% of their eligible Research and development expenses. 157
29 E. DATA PER GEOGRAPHICAL AREA E.1. BALANCE-SHEET AND INCOME STATEMENT PER GEOGRAPHICAL AREA E.1.1. Balance-sheet and income statement per geographical area year 2009 Balance sheet - assets Contribution to consolidated figures IFRS standards Europe America Total Research & Development costs Other intangible assets Tangible assets Non current assets for sale Other non current assets TOTAL NON CURRENT ASSETS Current assets for sale Other current assets TOTAL CURRENT ASSETS TOTAL ASSETS Tangible investments Increases in development costs Other intangible assets increases Balance sheet - liabilities Contribution to consolidated figures IFRS standards Europe America Total Shareholders'equity Minority interests TOTAL SHAREHOLDERS' EQUITY Non current liabilities for sale Other non current liabilities TOTAL NON CURRENT LIABILITES Current liabilities for sale (9 170) Other current liabilities TOTAL CURRENT LIABILITIES TOTAL LIABILITIES / Annual Report MONTUPET / Consolidated Accounts
30 Income statement Contribution to consolidated figures IFRS standards Europe America Total Operating income Sales outside MONTUPET External supports to production inside MONTUPET (20 440) Other operating revenues (7 581) 1 (7 580) TOTAL OPERATING REVENUES Depreciation charges (22 069) (2 151) (24 220) Other expenses ( ) (17 720) ( ) 1. GROSS MARGIN (20 142) 570 (19 572) Other operating revenues and expenses OPERATING PROFIT (LOSS) (20 142) 570 (19 572) 3. FINANCIAL PROFIT (LOSS) (690) (366) (1 056) Income tax Deferred tax (49) NET RESULT (EXCEPT ACTIVITIES STOPPED OR FOR SALE) (10 700) 156 (10 544) Gross result of activities stopped or for sale (2 844) (4 540) (7 384) Income tax on activities stopped or for sale Deferred tax on activities stopped or for sale NET INCOME FOR THE PERIOD (12 771) (3 412) (16 183) Minority interests NET CONSOLIDATED PROFIT ATTRIBUTABLE TO MONTUPET (12 788) (3 412) (16 200) 159
31 E.1.2. Balance-sheet and income statement per geographical area year 2008 Balance sheet - assets Contribution to consolidated figures IFRS standards Europe America Total Research & Development costs Other intangible assets Tangible assets Non current assets for sale Other non current assets TOTAL NON CURRENT ASSETS Current assets for sale Other current assets TOTAL CURRENT ASSETS TOTAL ASSETS Tangible investments Increases in development costs (gross value) Other intangible assets increases (gross value) Balance sheet - liabilities Contribution to consolidated figures IFRS standards Europe America Total Shareholders'equity Minority interests TOTAL SHAREHOLDERS' EQUITY Non current liabilities for sale Other non current liabilities TOTAL NON CURRENT LIABILITES Current liabilities for sale Other current liabilities TOTAL CURRENT LIABILITIES TOTAL LIABILITIES / Annual Report MONTUPET / Consolidated Accounts
32 Income statement Contribution to consolidated figures IFRS standards Europe America Total Operating income Sales outside MONTUPET External supports to production inside MONTUPET (40 149) Other operating revenues TOTAL OPERATING REVENUES Depreciation charges Other expenses GROSS MARGIN Other operating revenues and expenses (7 290) (3 902) (11 192) 2. OPERATING PROFIT (LOSS) (5 928) FINANCIAL PROFIT (LOSS) (3 148) (1 126) (4 274) Income tax (1 380) Deferred tax (2 529) NET RESULT (EXCEPT ACTIVITIES STOPPED OR FOR SALE) (2 201) Gross result of activities stopped or for sale (25 772) 0 (25 772) Deferred tax on activities stopped or for sale NET INCOME FOR THE PERIOD (18 869) (673) Minority interests NET CONSOLIDATED PROFIT ATTRIBUTABLE TO MONTUPET (19 007) (811) 161
33 E.2. DATA PER PRODUCTION TYPE E.2.1. Data per production type year 2009 Sales, tangible assets, development costs Engine-parts (2) Wheels (1) Other foundry parts Tooling Others Total Turnovers Development costs (net value) Tangible assets (net value) NON CURRENT ASSETS FOR SALE (1) "Wheels" turnover reclassified among activities for sale (2) CALCAST turnover reclassified among stopped activities E.2.2. Data per production type year 2008 Sales, tangible assets, development costs Engine-parts Wheels Other foundry parts Tooling Others Total Turnovers Development costs (net value) Tangible assets (net value) NON CURRENT ASSETS FOR SALE (1) "Wheels" turnover reclassified among activities for sale / Annual Report MONTUPET / Consolidated Accounts
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