Montupet Annual Report 2010 · Annual report MONTUPET / 4 2 1 6 5 4 3 Table 1. ... Virax and Fonderie de Précision. After a decade marked by industrial and financial restructuring,

Annual report MONTUPET / 1

MontupetAnnual Report 2010

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Shareholders meetingJune 30th 2011


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Table1. Montupet on line .................................................................................................7

2. Key figures ............................................................................................................9

3. Group profile ......................................................................................................13

3.1. History .................................................................................................................................. 13

3.2. Competitive position ....................................................................................................... 13

3.3. Geographical presence ................................................................................................... 14

4. Board of directors and auditors ......................................................................17

5. Management report ..........................................................................................19

5.1. Results, funding and outlook ........................................................................................ 20

5.1.1. Results ......................................................................................................................................................20

5.1.2. Financing ................................................................................................................................................24

5.1.3. Priorities and outlook .......................................................................................................................25

5.1.4. Risks and uncertainties ....................................................................................................................27

5.1.5. Stock market developments during the financial year 2010 ..........................................30

5.2. Research & Development ............................................................................................... 31

5.3. Legal information concerning the company and its capital ............................... 33

5.3.1. General information on the company ......................................................................................33

5.3.2. Company representatives and board members ..................................................................33

5.3.3. Subsidiaries and holdings ...............................................................................................................37

5.3.4. Share capital and shareholding ....................................................................................................38

5.3.5. Auditors' fees .........................................................................................................................................39

5.3.6. Miscellaneous information .............................................................................................................39

5.4. Social indicators ................................................................................................................ 41

5.5. Environment and sustainable development ............................................................ 47

5.5.1. Environmental appraisal of Montupet SA ................................................................................47

5.5.2. Consolidated elements concerning the Group's environmental impact ................56


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6. Consolidated Accounts ....................................................................................61

6.1. Consolidated balance sheet .........................................................................................62

6.2. Consolidated income statement ................................................................................64

6.3. Changes in equity ...........................................................................................................66

6.4. Global result ......................................................................................................................67

6.5. Consolidated cash flow statement ............................................................................68

6.6. Appendix to the consolidated accounts ..................................................................70


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Annual report MONTUPET / Montupet on line / 7

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Montupet, on lineVisit the Montupet website www.montupet.fr which presents information on the

group (history, financial information, business appraisal), current events, the firm

(customers, products, manufacturing processes, etc.), the corporate strategy, the

production units and a "career" section.

On www.journal-officiel.gouv.fr in the section entitled "advertisements published

in the BALO" (French legal advertisements publication) you can consult the obliga-

tory legal advertisements published by Montupet (quarterly turnovers, half-yearly

accounts, invitations to meetings).

On www.amf-france.org in the sections entitled "issuer area" and "decisions and

financial information" you can consult published information and press releases.

You can consult the value of Montupet SA on the financial sites by entering the code

FR0000037046.

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Annual report MONTUPET / Key figures / 9

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Montupet, key figures

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Consolidated turnover of strategic activities In M€↗

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Current operating result of strategic activities In M€↗


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Group net result In M€

Cash flow In M€

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31 december 201031 december 200931 december 2008

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Closing price of Montupet shares In €

Net debt & stockholders’ equity In M€↗

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Annual report MONTUPET / Group profile / 13

1. History

Montupet is a French industrial group established as a limited liability company which specialises in products cast in aluminium alloys for the

automobile industry.

The group was formed in 1977 by the amalgamation of three French foundries: Montupet, Debard became Virax and Fonderie de Précision. After a decade marked by industrial and financial restructuring, the group developed internationally by taking over the Spanish foundry Alumalsa in 1987 and establishing three new foundries in 1988 and 1989 in France, Canada and the United Kingdom. At the same time, Montupet became a producer and supplier of tools with the aim, among other things, of controlling its most technical supplies which constitute one of the strengths of its technology.

After being called into question due to the automobile crisis between 1991 and 1996, expansion resumed from 1997 onwards with the development of existing sites, the establishment of a new foundry in Mexico and the acqui-sition of an existing foundry in Northern Ireland at the request of Ford. In 2008, a new factory began producing in Bulgaria whilst two factories in Northern Ireland and Canada closed down and a planned foundry in China was suspended. On 31 December 2009, the Group acquired the business and assets of the company Fonderie de Poitou Aluminium (in Ingrandes, France). On 30 June 2010, the Group transferred its subsidiary Française de Roues specialising in the wheel business.

The company owns 3 establishments in France:

• The La Martinerie factory in Châteauroux in the de-partment of Indre,

• the Laigneville factory in the department of Oise,• the head offices in Clichy in the department of

Ile-de-France.

It possesses a majority holding in 10 subsidiaries1:

• MFT-Montupet Snc in Brussels, Belgium: coordination centre,

• MFT-Sarl in Clichy, France: metal trading and service provision,

• Alumalsa in Saragossa, Spain: foundry,• Montupet UK in Dunmurry, United Kingdom (and its

subsidiaries): foundry and tools,• Calcast Ltd in Londonderry, United Kingdom: foundry,• Montiac SA de CV in Torreon, Mexico: foundry,• Montupet EOOD, Bulgaria: foundry,• Montupet INC in Livonia, United States: commercial

office,• Montupet Limitée in Rivière-Beaudette, Canada

(inactive),• Montupet Deutschland GmbH, Germany (inactive). And indirectly holds 100% of the company Fonderie du Poitou Aluminium in France.

2. Competitive position

Montupet works in partnership with all European and American automobile manufacturers and specialises in the design and production of two types of cast alumi-nium product:

• untreated or machine-cut parts for engines: cylinder heads, cylinder blocks, induction pipes,

• untreated or machine-cut structural, suspension and braking parts.

Montupet, group profile

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1. On 30 June 2010, the Montupet SA group transferred its subsidiary Française de roues SAS in which it had a 100% holding.

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The challenges facing metallurgists are becoming increasingly difficult. This is why the group's reco-gnised skills in this field, particularly as regards cylin-der heads, has enabled it to gain a leading position in Europe and the United-States. Thanks to its large customer base, Montupet is involved in most of the new decade's engine programmes.

In response to environmental regulations and the deve-lopment of electronic functions relating specifically to the automobile sector, manufacturers are showing a strong desire to simplify their vehicles and modernise their drive trains.

Aluminium, and particularly cast aluminium, fulfils these requirements:

• its thermal conductivity is better than that of cast iron and means that more compact, more powerful and less polluting engines can be developed;

• its low density compared with steel or cast iron means that lighter engines and chassis frames can be created.

The processes used in the casting of aluminium also provide a great deal of design flexibility which is bene-ficial for both engineers and designers.

In order to optimise these qualities and propose pro-ducts which comply with the specific requirements of each automobile manufacturer, Montupet has esta-blished a research and innovation policy whose aim is to develop the potential of aluminium and encourage new applications. Montupet is currently developing radical innovations in terms of casting and thermal processing in order to increase the resistance of cylinder heads to thermo-mechanical fatigue and is thus offering moto-rists enhanced design flexibility.

Furthermore, since Montupet's aim is to serve its cus-tomers in the long term, it is important for the firm to control the effects of its business on the environment and to develop the skills of the individuals representing it.

These policies stand alongside the total quality policy of which enables the Group to provide its products and services to Audi, Bosch, Continental-Teves, Fiat, Ford, General Motors, Nissan, PSA, Renault and Volvo.

3. Geographical presence

The local strategy, the synergy between production sites and the international commercial policy of Montupet enable the Group to provide a consistent service and standard quality to customers who possess or are seeking positions all over the world.

r Plants

• Mexico, Torréon• Northern Ireland, Belfast• France, Laigneville• France, Châteauroux• France, Ingrandes• Spain, Saragossa• Bulgaria, Roussé n Commercial presence

• Montupet INC, Livonia, Michigan, USA,• Pechiney UK Ldt, Berkshire, UK,• Montupet SA, head office, Clichy, France,• Alumalsa, Saragossa, Spain,• Esma AB, Spanga-Stockholm & Göteborg, Sweden,• Montupet Eood, Roussé, Bulgaria

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SWEDEN

MEXICO

UNITED STATES

FRANCEBELGIUM

UNITED KINGDOM

NOTHERN IRELAND

SPAINBULGARIA

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r Plants n Commercial presence


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Annual report MONTUPET / Board of directors and auditors / 17

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Board of directors and auditors

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CHAIRMAn AnD MAnAGInG DIRECTOR

• Stéphane Magnan

DIRECTORS

• Didier Crozet, Director and Executive Managing Director• Marc Majus, Director and Executive Managing Director• Francois Feuillet, Director• Jean Berruyer, Director

REGULAR AUDITORS

• Guilleret & Associés, represented by Marie-José Rochereau• Bellot Mullenbach & Associés, represented by Thierry Bellot

SUBSTITUTE AUDITORS

• Eric Blache• Geneviève Collin-Mansart


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Annual Report MONTUPET / Management report / 19

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Management report5.1. Results, funding and outlook ................................................................................ 20

5.1.1. Results ............................................................................................................................................20

5.1.2. Financing ....................................................................................................................... 24

5.1.3. Priorities and outlook ............................................................................................... 25

5.1.4. Risks and uncertainties ............................................................................................ 27

5.1.5. Stock market developments during the financial year 2010................. 30

5.2. Research & Development ....................................................................................... 31

5.3. Legal information concerning the company and its capital ...................... 33

5.3.1. General information on the company ............................................................. 33

5.3.2. Company representatives and board members .......................................... 33

5.3.3. Subsidiaries and holdings ....................................................................................... 37

5.3.4. Share capital and shareholding ........................................................................... 38

5.3.5. Auditors' fees ................................................................................................................ 39

5.3.6. Miscellaneous information .................................................................................... 39

5.4. Social indicators........................................................................................................ 41

5.5. Environment and sustainable development .................................................... 47

5.5.1. Environmental appraisal of Montupet SA ....................................................... 47

5.5.2. Consolidated elements concerning the Group's environmental

impact ............................................................................................................................ 56

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5.1. Results, funding and outlook

In accordance with regulation n°1606/2002 adopted on 19 July 2002 by the European Parliament and the European Council, these consolidated accounts have been drawn up according to the IFRS reference system adopted by the European Union on 31 December 2010.

Main activities and productsMontupet designs and produces parts and equipment for the automobile industry:

• untreatedormachine-cutpartsforengines:cylinderheads, cylinder blocks, induction pipes,

•machine-cut,paintedwheels(businesstransferredon 30 June 2010)

• untreatedormachine-cutstructural,suspensionandbraking parts,

• someofthetoolsrequiredforproduction.

5.1.1. Results

The consolidated turnover for 2010 amounted to 375 M€ (excludingtransferredactivities),up84%comparedwith 2009.

Thesefiguresconfirmareturntonormalpre-crisisbusiness levels allowing for the optimum use of the capacities of Montupet after restructuring.

Allthesiteshaveseenasignificantincreaseinbusiness:Bulgaria has almost quadrupled its turnover and growth elsewherevariesbetween28%fortheUKsub-groupand71%forMexico.Theturnovergeneratedbythesubsidiary Fonderie du Poitou Aluminium, acquired on 31 December 2009, has enhanced the growth of the French factories.

The current operating result stands at 16.2 M€ compa-red with a loss of 19.6 M€ in 2009.

In 2010, Montupet continued its restructuring activity by selling the wheel unit and the Chinese subsidiary, whichgeneratedanextraordinarylossof8.7M€withoutaffecting the net debt.

The net result amounted to 6.7 M€ compared with -16.2M€in2009.

The Group's industrial mechanism currently consists of threelow-costfactories(Mexico,UnitedKingdomandBulgaria) and four less productive factories in France andSpain.Mostoftheprofitisgeneratedbythelowcost sites with the other units more or less reaching a balance.


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Turnover Operating result

In M€ 2010 2009 Variation

Variation at constant exchange

rate

Variation at constant

metal price and exchange

rate

2010 2009

Strategic Activities

France&Belgium(exceptwheels) 189.0 86.2 119% 120% 112% 3.8 -11.6

UnitedKingdom 71.9 56.4 28% 23% 18% 7.8 -1.4

Mexico 34.9 20.4 71% 63% 38% 4.7 0.6

Spain 55.9 34.9 60% 60% 59% -1.0 -3.6

Bulgaria 23.4 6.5 261% 261% 231% 1.0 -3.5

SUbTOTAL 375.1 204.4 84% 82% 73% 16.2 -19.6

Activities stopped or transferred

Canada 0.0 0 -0.5 -4.6

China -1.8

Calcast(UnitedKingdom) 0.0 1.8 -100% -100% -100% 0.5 -0.9

BSTooling(UnitedKingdom) 0.0 0 -0.1 0

Wheels(FrançaisedeRouesSAS) 31.8 54.4 -42% -42% -42% -5.8 -1.6

SUbTOTAL 31.8 56.2 -43% -43% -44% -7.7 -7.1

ToTal sTRaTegic and sTopped oR TRansfeRRed acTiviTies

406.9 260.6 56% 55% 48% 8.5 -26.7

2. Since the wheel business was transferred on 30.06.2010. its results only relate to the first half of 2010..

5.1.1. Results

• Changes in turnover and consolidated results (2010 v 2009) by business and geographical production area 2


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• Change in consolidated turnover of strategic activities over a 10 year period (M€)In IFRS standards from 2004

• Change in consolidated current operating result of strategic activities over a 10 year period (M€) In IFRS standards from 2004

• Consolidated key figures for the Montupet group on 31 December 2010

In M€ 2010 2009

Consolidated turnover of strategic activities 375.1 204.4

Consolidated turnover of strategic and stopped or transferred activities 406.9 260.6

-atconstantmetalpriceandexchangerate- 386.0 284.5

Operating result of strategic activities 16.2 -19.6

Group net consolidated result 6.7 -16.2

Cashflow 36.6 1.9

Net debt 86.5 86

Stockholders' equity 136.1 125.8

Net debt/ Stockholders' equity 0.64 0.7

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• Breakdown of consolidated turnover of strategic activities by customer in 2010

OTHERS 10%

VOLKSWAGEN/ AUDI 7%

RENAULT 42%

PSA 13%

JOHN DEERE 3% HONEYWELL 2%GENERAL MOTORS 3%

FORD 17%

CONTINENTAL TEVES 3%

• Breakdown of consolidated turnover of strategic activities by geographical area in 2010

• Current operating result of strategic activities by geographical area in 2010 (M€)

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BulgariaSpainMexicoUnited KingdomFrance-Belgium

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Mexico 9%

United Kingdom 19%

Spain 15%

Bulgaria 6%

France-Belgium 51%


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5.1.2. financing

• Change in cash flow for all activities over a 10 year period (M€)In IFRS standards from 2004

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■ Net debt ■ Stockholders’ equity

Thecashflowstoodat36.6M€comparedwith1.9M€in2009.Theextremelystrictmanagementoftheincreaseintheworkingcapitalrequirementlimitedthenetdebtto86.5M€comparedwith86M€attheendof2009.Stockholders'equitystoodat136.1M€withgearingthusamountingto0.64.


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5.1.3. priorities and outlook

Sincethesaleofits"wheel"business,91%ofMontupet'sactivity has been in the market for aluminium engine parts. This positioning has enabled the Group to be-comeinvolvedintheworld-widegrowthoftheauto-mobile market as engines "travel" much more easily than bodywork. Since they are less visible, they are less dependent on the model, make and country: they can be assembled in different vehicles, in private cars as wellassmallcommercialvehicles,andareexchangedbetween different makes all over the world.

Thismarketistechnicallyextremelydynamicasitfol-lows the rapid development in mentalities and legis-lation relating to CO2 and particle emissions and fuel consumption. New engines are being developed which requiremorecomplexcylinderhead"architectures",more resistant materials and increased precision in terms of dimensions which Montupet is successfully incorporating in its research and products.

Therefore, in spite of the stagnation in western European markets,Montupetwillthisyearberecordingtwo-figuregrowth due, on the one hand, to the healthy position of current orders and, on the other, on the successful launchoftwonewordersforFord(SigmaEuro5petrolengine)andRenault(K9Euro5dieselengine).

2011willbemarkedbynewproductlaunches(RenaultR9M diesel engine, Nissan R9M diesel engine and Ford Foxpetrolengine,allofwhichhavealreadybeendeve-loped for the Euro6 standard). These new products may initially draw on the Group's resources but will in the future provide growth by gaining new market share.

In addition to "engines", the Group's other products are also developing, particularly suspension parts and turbo safety hoods which currently also equip petrol engines.

The Group's factories are therefore operating in line withtheirinstalledcapacitywiththeexceptionoftheChâtelleraultfactory(FDPA),aswasthecaselastyear.Employee numbers are increasing in a steady, controlled manner both in France and abroad.


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EVENTS AfTEr ThE ClOSE Of ThE fINANCIAl yEAr

• Consolidated turnover for the 1st quarter of 2011(ContributiontotheconsolidatedturnoverinK€)

Montupet's consolidated turnover in the 1st quarter of 2011amountedto121millionEuros,up30%comparedwith 2010 according to the Group forecasts,

2011 2010 adjusted* 2010 published VariationVariation at

constant exchange rate

Strategic Activities on a like-for-like basis by geographical area

France 58,519 50,461 16.0%

Spain 22,221 13,811 60.9%

UnitedKingdom 21,665 17,236 25.7%

Bulgaria 10,334 4,257 142.8%

Mexico 8,594 7,056 21.8%

ToTal 121,334 92,823 97,990 30.7% 31.6%

*: after adjustement of provisions registered in 2009 and charge-back of sales of metal and wheels to Française de Roues

The current outlook for the 2nd quarter is following the same trend.Asfarasfinancingisconcerned,theGrouphasopenednegotiations with its banks with the aim of altering the credit agreement signed in 2009.


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5.1.4. Risks and uncertainties

• risks linked to the Group's business

TheMontupetGroupoperatesexclusivelyintheautomo-bilemarketasaleadingsupplierofseveralworld-widemanufacturers and a secondary supplier of equipment manufacturers(15%ofitssales).Itisthereforesubjectto cyclical and accidental variations in this global market aswitnessedattheendof2008andin2009.

Its current customers, in descending order of turnover, areRenault-Nissan,Ford,PSA,Audi,HTT(HoneywellTurboTechnologies),GM-Daewoo.Thecurrentdefaultrisk for any of these vehicle or equipment manufactu-rersisextremelylow.

The risks linked to the lack of success of a vehicle are reduced by the distribution of turnover between a large number of engine programmes. These engines are ins-talled in several vehicles of the same make, including smallcommercialvehicles,andsomeareexchangedbetween makes, which further reduces the effects of a potential slowdown in the sales of a particular vehicle model.

If, in spite of everything, an engine programme falls below the volume and duration predictions for the esta-blishmentofacylinderheadsaleprice,financialcom-pensationisrequested(andgenerallyobtained)fromthe manufacturer on the basis of an economic study. The ratio maintained in the long term between a limited number of customers and an even smaller number of suppliers is a characteristic of the market for highly sought-aftercastaluminiumpartssuchascylinderheads, braking parts and suspension parts.

The cost of the raw material is passed on to the price ofpartsaccordingtoamathematicalformulaspecificto each customer which protects the Group against increasesinaluminiumprices.However,thisyearweare suffering the effects of an increase in the alloy pre-mium by our suppliers which is being added to the price ofaluminium.Thishascalledforanadjustmentinthemathematical formulae agreed with each customer.

Whilst the supplying of primary alloys is not proving pro-blematic, a certain tension has been noted this year in the supplying of secondary alloys for cylinder heads. We havenotidentifiedanyriskofshortagesinconsumablematerialsforthecurrentfinancialyear.

The competition between manufacturers and between suppliers has led to the acceptance of sale price reduc-tionscheduleswhichthefirmwillhavetocompensatefor by increases in productivity. This productivity stems from various different sources:

• investmentintheautomationoftaskswhenlargeproduction volumes are at stake,

• thecreationofproductionunitsinlowcostareas,particularly in terms of labour,

• profit-makingmethodsinallareaswhosecommonfeatureistoinvolvenotonlyexpertsbutalsotheplayers involved in each of our businesses.

Thankstotheseconstantefforts,thefirmismanagingto satisfy its customers in the long term and gradually gain market share as a result.

• Interest rate risksMontupet is not involved in any hedging and none of its transactions are hedged at present. All the group's loansarespecifiedatvariablerates.

• Exchange rate risks Thegrouprecordedanet foreignexchangelossof-1,345K€in2010(comparedwithaprofitof2,250K€in 2009).

EurO ZONE

MontupetSArecordedanet foreignexchangelossof1,202K€in2010(comparedwithalossof264K€in2009).TheforeignexchangelossesandgainsofMontupet SA stem above all from receivables and de-bts in foreign currency with customers and suppliers. MontupetSAhasalsorecordedaforeignexchangelossof1,666K€asaresultoftheoffsettingofthenetdivi-dendof9,304K€paidbyitssubsidiaryMontupetLimitéewith the loan granted by the latter.

• Mexican pesoMontupet SA pays the operating costs charged by its MexicansubsidiaryMontiacSAdeCVinMexicanpe-sos(MXN)withintheframeworkofits"maquiladora"contractamountingto207,286KMXNaccordingtothecontractin2010(12,467K€).TheexchangerateeffectwasunfavourableforMontupetSAastheMXNhadincreasedby13%attheendofDecember2010com-pared with 2009.

• US DollarMontupetSAhassoldtheproductsofMontiacSAdeCV,whichitowns,inUS$.Theturnoverstoodat34,723K€intheaccounts(19%oftheturnoverofMontupetSA).TheaveragerateoftheUSDincreasedby8%in2010.

• Bulgarian levThereisnoexchangeraterisksincethelevislinkedto the euro.


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NON-EurO ZONE

• Northern IrelandIn2010,MontupetUKsoldapproximately62%ofitsproductioninGBPand38%ineurostoMontupetSA.However,thesalepriceineurostotheendcustomervaries contractually according to the €/GBP parity.

• MexicoStructural equipment is essentially purchased by Montiac inUS$;anincreaseintheMXNthereforeminimises these investments and their deprecia-tion (Montiac'sproductionequipment is ownedbyMontupet SA). Montiac charges Montupet SA for its pro-ductioncostsinMXNandthereforedoesnotincuranyexchangeraterisk,whichispassedontoMontupetSA.

• BulgariaTransactions are conducted in lev or euros and do not generateanyexchangeraterisk.

• Credit risksA credit agreement dated 29 July 2009, amended by an additional clause on 29 July 2010, was concluded between Montupet SA and a banking pool in order to guaranteethefinancingofthefirm'sgeneralrequire-ments. Within the framework of this credit agreement, the following credit lines were granted and used on 31 December 2010:

Term credit Section A

revolving creditSection B

OverdraftSection C

Total lines on 31.12.2010 74,385,000 41,900,000 1,000,000

Linesusedon31.12.2010 74,385,000 25,000,000 0

Within the framework of the credit agreement signed with its banks, Montupet SA is committed to:

• transferring its customer receivables as a guarantee;

• ensuring that the total nominal amount of receivables transferredisatleastequalto60%ofthetotalamountof advances in Tranche B, which stood at 25,000,000 euros on 31 December 2010;

• domiciling all its transferred customer receivables to the collection account opened with the BECM;

• respecting, on the basis of the consolidated accounts, the following ratios amended by the additional clause of 29 July 2010:


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On31December2010,MontupetSAwasfulfillingallthecommitmentsofthecreditagreement.

Theaccountsscheduleiscurrentlybeingre-negotiatedwiththelenders'pool.

• Industrial and legal risks linked to the environment

Montupet is concerned to control the environmental effects of industrial sites and the associated risks. The group's activities are governed by traditional systems, declarationsandoperationsspecifictoeachcountry.In addition to the national and local regulations, the different categories of activity may be governed by spe-cificauthorisations.Statutoryconformityismanagedoneachsitebymeansofanon-goingimprovementprocedure.

The risks linked to the environment are those which stem from the use and disposal of mineral oils, chemi-cals(amines,volatilecomponents,solvents,paint,mas-tics and adhesives), the casting of aluminium, air com-pression and radiography workshops. Facilities have beenestablishedfordustandoilremovalfilters,therecyclingofsand,chipsandoilandthermaloxidisers;regular supervision is carried out. A number of sites possess their own water treatment plants. Emergency plansandfirepreventionsystemsexistonallsites.

InFrance,theLaignevillesitewhichMontupetrentsissituated on land which has been polluted by its previous occupant(Desnoyers),whoiscontractuallyresponsiblefor its decontamination.

MontupetSA,andmorespecificallytheLaignevillefactory, received a formal notice on 13 January 2010 concerning the choice of the foundry sand elimination system; the system was changed at the end of February and the formal notice was withdrawn on 15 June 2010.

Comments on the environmental consequences linked to the activity are presented a few pages further.

• Insurance policy

Montupet SA and its subsidiaries are covered by in-surance policies for risks associated with "material damage/operating losses" within the general limits of the guarantee of 250 million euros and for "operating liability" risks up to 50 million euros per claim and "pro-duct liability" up to 50 million euros per year.

At 31.12.2010 At 30.06.2011 At 31.12.2011 At 30.06.2012

Equity at least equal to 125,000,000 125,000,000 135,000,000 135,000,000

Netfinancialdebtatleastequalto 130,000,000 110,000,000 90,000,000 90,000,000

Gearing ratio < 0.95 <0.88 < 0.66 < 0.66

Netdebt/Cashflow < 3.5 < or = to 3 < or = to 3 < or = to 3


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5.1.5. stock market developments during the financial year 2010

CodeISINFR0000037046Trading: primary market

• Montupet SA share average weighted closing monthly rate

0

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4

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7

8

DNOSAJJMAMFJ

4.09

3.96

3.91 5.11

5.07

5.25

5.71

5.70

5.777.21

7.22

6.97

• Monthly volumes exchanged (number of shares)

0

500 000

1 000 000

1 500 000

2 000 000

2 500 000

DNOSAJJMAMFJ

CAC 40 Montupet

Opening 3,950.61 3

Higheryearclosingrate 4,088.18 8.1

Loweryearclosingrate 3,321.35 3.03

Year closing rate 3,804.78 7

Variationascomparedwiththelastclosingrateofyear2009 -3% 122%

Average rate over the year 3,746.76 5.14


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5.2. Research & Development

In2010 theR&Dexpensesof theMontupetGroupamountedto24.5M€.Thisamount,whichissignifi-cantlyhigherthanthe2010budget(21.1M€),corres-ponds to the highest level of R&D business in the history of the Group.

This activity illustrates, on the one hand, the intensity of the research efforts made by Montupet in providing its customers with solutions in order to produce more efficientvehicleswhoseenergyconsumptionisreducedand which respect the environment and, on the other, the acceleration of the application of these solutions in customer programmes.

The implementation of European, national and regional financingandinparticulartheuseoftheResearchTaxCredit mechanism, are helping to sustain this effort. The amountofResearchTaxCreditfor2010businesswas2,897K€(comparedwith3,352K€ for 2009 business).

The entire R&D programme focuses on making lighter and more reliable vehicles with a particular focus on the downsizing of engines, or in other words increasing the power per litre of displacement which currently stands at 100 hp per litre for a number of current petrol and diesel models.

The notable elements in 2010 included the following achievements:

rESEArCh

• Materials and thermal processing

Work was carried out in close cooperation with our cus-tomersinthedevelopmentofhighlysought-aftercylin-der heads using new material and thermal processing concepts. The initial customer results have revealed a level of material performance which has never been attained before.

Work on the modelling of residual constraints and microstructure predictions will add to the range of software available from Montupet for the calculation ofpartsirrespectiveoftheircomplexityandconditionsof use.

• ProcessesTheTomographXwaslaunchedinthemiddleof2010atthe“centreV.E.R.T”inLaigneville(GroupcylinderheadR&D sector). This original dual source tool can be used fortheprecisethree-dimensionalreconstitutionoftheexaminedpartsaswellasaquantitativeanalysisofthedimensions and condition of the material.

The information is used for the development of cylin-der heads but also, by comparing the actual situation with digital simulation, to improve the precision and responsespeedofcastingandsolidificationsimulationsoftware. Theaimofthisprogramme(FederTomopic)isalsotodistributetomographyXamonglaboratoriesandfirmsin the Picardy region.

• Development tools

Action has been taken and partnerships established to obtain process and calculation method simulation software which is more powerful than the software cur-rently in use by focusing on highly parallel calculations. Virtualdigitaldevelopmentprovidesaresponsetotherequirements of our customers who are seeking faster developmentofincreasinglycomplexparts.

DevelopMent

Thanks to the establishment in 2010 of a low pressure machinewithsidegate(BPAL),the“centreV.E.R.T.”possesses casting resources which are representative of all the Group's factories including the recently acquired subsidiary,thePoitouAluminiumfoundry.ThisBPALtechnology is particularly suitable for the creation of new engine block structures in aluminium.

ALP"AdvancedLowPressure",anewgenerationoflowpressure casting, has been used on the Ford Puma I5 dieselcylinderheadinLaigneville.Thisprocessallowsforreducedproductioncosts (characteristicof lowpressure) with enhanced mechanical properties in the cylinderheadasawhole(betterthananyotherfoundryprocess).

The tilt casting of cylinder heads has been launched onthesitesofRoussé(Bulgaria)andTorréon(Mexico)withflexibleproductionresourcesrepresentingthenewstandardproductionmodulesofMontupet.Torréonhassuccessfully launched this technology with a Daewoo dieselcylinderheadwhichisalsothefirstMontupetpart to be produced in a batch run with air quenching.

Theteamsfromthe“centreV.E.R.T.”havesupportedthelaunchofproductioninRousséandtakenpartinthetechnical training of staff at this new factory. This team work, which has been upheld in terms of production by staff from different Group factories, resulted in 2010 in the attainment of a high level of autonomy within the Bulgarian factory and internal quality and customer levels comparable with those of the most successful Montupet factories. This performance has been achie-ved with highly technical products, including a BMW


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cylinderhead,whichisoneofthemostsought-afterinthemarket,andV6Audicylinderheadswhosewatercirculation system and sizing and metallurgical requi-rementsarethemostdifficultknowntodate.

The equipment standardisation policy introduced seve-ral years ago is bearing fruit: it has led to a reduction in acquisition costs, the acceleration of production launches,greaterflexibilityinthedistributionofactivi-ties between the different sites and the reuse of equip-ment for new production lines.

The development of the engine market is characte-risedbythelarge-scaleintroductionofsuperchargedengines, for which the factory in Alumalsa develops turbocharger casings.

The development of cylinder head designs is charac-terisedbytheintegrationoffunctions:forexample,thenewgenerationsofdieselenginesuchastheDVlaunchedforPSAinBelfastandthehigh-performanceversionofK9KlaunchedforRenaultinLaignevilleincor-porate the intake manifold in the cylinder head itself.

Some of Montupet's customers frequently use cylinder headswithintegratedexhaustmanifoldswhichallowsfor a further reduction in the number of engine com-ponents, making engines more compact and lighter whilst reducing consumption and emissions to enhance performance. The preparatory work carried out over recent years by Montupet has allowed for numerous developments of this type of cylinder head, which are considerablymoredifficulttocastthanthosewithamore traditional structure, for future production in Roussé,BelfastandTorréon.

In general, the work which has been carried out in recentyearsintheR&Dfieldhasdevelopedsolutionswhichcorrespondexactlytocustomers'requirementsin terms of Euro 5 and Euro 6 generation diesel, petrol and hybrid engines.

Alongside these developments, structural components have been developed for electric vehicles with a view to aproductionlaunchinChâteaurouxin2011.

The 2011 budget remains at a similar level as in 2010 at23.8M€.


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5.3. -Legal information concerning the company and its capital

5.3.1. general information on the company

• Corporate name and addressMontupet SA, 202 Quai de Clichy, 92110 Clichy

• legal form and registrationMontupet, a limited liability company under French law withacapitalof16,389,808.88eurosisenteredinthetrade and companies' register of Nanterre under num-ber:542050794.

• Corporate aimManufacturing of parts and equipment intended for the mechanicalindustry-directorindirectinvolvementinall companies liable to develop social affairs.

• Trading yearThe trading year, which covers a period of 12 months, begins on 1 January and ends on 31 December.

• Montupet stock marketMontupet's shares are listed in compartment C of the EuronextmarketinParis.ISINcode:FR0000037046Mnemo : MON

5.3.2. company representatives and board members

remuneration of company representatives The amounts paid by the company or the companies whichitcontrolsasremunerationandbenefitsforcom-panyrepresentativesduringthefinancialyear2010were:

• forMrStéphaneMagnan,ChairmanandManagingDirector:988,952eurosgross,

• forMrDidierCrozet,ExecutiveManagingDirector:290,896eurosgross,including30,000eurosasremu-nerationforpositionofExecutiveManagingDirectorofMFT-MontupetSNC,

• forMrMarcMajus,ExecutiveManagingDirector:652,364eurosgross,

ThegrossremunerationofMrMagnanisdown0.3%comparedwith2009and thatofMrMajus isdown3%.Thesevariationsareduetothedecreaseinsocialsecurity contributions paid by the Montupet group for theirbenefitwhichstoodat44,567eurosand28,211eurosrespectivelycomparedwith47,302eurosin2009.Their net remuneration paid by the group, from which social security contributions are deducted, remains unchanged.

The gross remuneration of Mr Crozet has increased by 0.1%.

Thesefiguresdonotincludeanyvariableorexceptionalshares. No commitments have been made towards the company representatives apart from the managers' pen-sioncommitmentswhicharenotspecificandwhichareincluded in the pension commitments under liabilities in the consolidated balance sheet.

Duringthefinancialyear2010andthepreviousfinancialyear, no call options or stock options were attributed to the company representatives.

No option or subscription programmes allowed for the taking up of options of this type. No performance shares were attributed and no such shares became available duringthefinancialyear.

Noexceptionalremunerationwasattributed.


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Acquisition of Montupet SA shares by Mr François Feuillet, board member

Date Quantity unit Price Amount including extra costs

09/08/10 6 5.91 € 35.46€

10/08/10 977 5.91 € 5,775.16 €

10/08/10 1,000 5.81€ 5,810.00€

12/08/10 1,000 5.70 € 5,700.00 €

23/08/10 1,000 5.47€ 5,470.00€

Acquisition of Montupet SA shares by Mr Jean Berruyer, board member


26/03/10 1,000 3.90 € 3,900.00 €

22/10/10 500 7.75 € 3,875.00€

Transfer of Montupet SA shares by Mr Jean Berruyer, board member


27/04/10 1,000 5.68€ 5,680.00€

28/04/10 1,190 5.68€ 6,759.20 €

• transactions carried out by company managers concerning company securities during the financial year 2010


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• list of mandates carried out by board members during the financial year 2010

Mr sTepHane Magnan France / Within Montupet group (1)MontupetSA aluminiumfoundry,car-partsmanufacturer ChairmanandExecutiveManagingDirector

France / Outside Montupet group Chambre Syndicale de l'Aluminium DirectorGroupeDesIndustriesMétallurgiques(CIM) Director

Abroad / within Montupet group MFT-MontupetSnc(Belgium) serviceswithintheGroup Director(2)MontupetLimitée(Canada) aluminiumfoundry,car-partsmanufacturer ChairmanAlumalsa(Spain) aluminiumfoundry,car-partsmanufacturer Director(2)BSTooling(NorthernIreland) aluminiumfoundry,car-partsmanufacturer DirectorGesfitecLtd(NorthernIreland) holding Director(2)WillaceUKLtd(NorthernIreland) aluminiumfoundry,carpartsmanufacturer DirectorMontiacSAdeCV(Mexico) aluminiumfoundry,carpartsmanufacturer ExecutiveManagingDirectorMontupetInc(USA) commercialrepresentation Director(2)ChangzhouMontupetAutoPartsLtd aluminiumfoundry,carpartsmanufacturer Chairman Mr didieR cRoZeT France / Within Montupet group (1)Montupet SA aluminium foundry, carparts manufacturer DirectorandCo-ExecutiveManaging DirectorFrançaisede Roues aluminium foundry, carparts manufacturer Chairman

Abroad / Within MONTUPET group MontupetUKLtd (NorthernIreland) aluminiumfoundry,carpartsmanufacturer ExecutiveManagingDirector(2)MontupetGmbH(Germany) commercialrepresentation ChairmanMFT-MontupetSnc(Belgium) serviceswithintheGroup DirectorMontupetEOOD(Bulgaria) aluminiumfoundry,carpartsmanufacturer Co-ExecutiveManagingDirectorAlumalsa(Spain) aluminiumfoundry,carpartsmanufacturer Director(2)BSTooling(NorthernIreland) aluminiumfoundry,carpartsmanufacturer DirectorMontupetINC(USA) commercialrepresentation Director Mr MaRc MaJUs France / Within Montupet groups (1)MontupetSA aluminiumfoundry,carpartsmanufacturer DirectorandExecutiveManagingDirector Abroad / Within Montupet group MFT-MontupetSNC(Belgium) serviceswithintheGroup DirectorMontupetEOOD(Bulgaria) aluminiumfoundry,carpartsmanufacturer Co-ExecutiveManagingDirector(2)MontupetLimitée(Canada) aluminiumfoundry,carpartsmanufacturer SecretaryAlumalsa(Spain) aluminiumfoundry,carpartsmanufacturer Director(2)BSTooling(NorthernIreland) aluminiumfoundry,carpartsmanufacturer DirectorandSecretaryGestifecLtd(NorthernIreland) aluminiumfoundry,carpartsmanufacturer DirectorandSecretaryMontupetUKLtd(NorthernIreland) aluminiumfoundry,carpartsmanufacturer Secretary(2)WillaceUKLtd(NorthernIreland) aluminiumfoundry,carpartsmanufacturer DirectorandSecretaryMontiacSAdeCV(Mexico) aluminiumfoundry,carpartsmanufacturer Secretary,TreasurerandViceChairmanMontupetINC(USA) commercialrepresentation DirectorandSecretary(2)CHangzhouMontupetAutoPartsLtd aluminiumfoundry,carpartsmanufacturer Supervisor


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Mr Jean BeRRUYeR France (1)Montupet SA aluminium foundry, carparts manufacturer Director M. fRancois feUilleT France/Trigano group Autostar SAS leisure vehicles manufacturer Chairman CaravanesLaMancelleSARL leisurevehiclesmanufacturer ManagerClairval SAS camping equipment ChairmanCMC France SCP holding Manager Ecim SAS trailers manufacturer ChairmanEuro Accessoires SAS leisure vehicles accessories ChairmanEurop’HolidaysSARL leisurevehiclestrading ManagerLoisirsFinancePublicCywithManagementandSupervisoryBoard leisurevehiclesfinancing BoardMemberMaitre Equipement SAS leisure vehicles accessories ChairmanMecadisSARL trailerstrading ManagerMecanoremSARL trailersmanufacturing ManagerMistercamp SA motor home rental Chairman PerigordVéhiculesdeLoisirsSAS leisurevehiclesmanufacturer ChairmanRivieraFranceSARL leisurevehiclestrading ManagerRulquin SA leisure vehicles accessories Chairman TechwoodSARL carpentryforleisurevehicles Manager(1)TriganoSA Triganogroupmothercompany ChairmanandExecutiveManagingDirectorTrigano Jardin SAS Garden equipment Supervisory Board Member Trigano MDC SAS camping equipment Chairman of Supervisory Board Trigano Remorques SAS trailers manufacturing ChairmanTriganoServiceSARL leisurevehiclesaccessories ManagerTriganoVDLSAS leisurevehiclesmanufacturer ChairmanTroisSoleilsSARL leisurevehiclesrentals Manager

France / Outside Trigano group CICBanqueCIO-BROSA bank DirectorGroupement Foncier Agricole DomaineFrançoisFeuilletGFA vineyard ManagerGroupement Foncier Agricole FrançoisFeuilletGFA vineyard Manager(1)Montupet SA carparts Director SociétéCivileImmobilièreLiliOneSCI realestaterental ManagerSociétéCivileImmobilièreSEVOneSCI realestaterental Manager

Abroad / Trigano group Arca Camper SPA(Italie) leisurevehiclesmanufacturer ChairmanAuto-TrailVRLtd(Grande-Bretagne) leisurevehiclesmanufacturer ChairmanBenimar-OcarsaSA(Espagne) leisurevehiclesmanufacturer ChairmanandDirectorDelwynEnterprisesLtd(Irlande-du-Nord)(PrivateCompany) Garden equipment Director


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DeutscheReisemobilVermietungsGMBH(Germany) leisure vehicles rentals Manager ETRiddiough(Sales)Ltd(UnitedKingdom) leisurevehiclesaccessories DirectorGroveProductsLtd(UnitedKingdom) leisurevehiclesaccessories DirectorPolytexSARL(Tunisia) campingequipment ManagerSorelpolSpzoo(Poland) trailersmanufacturer ManagerTriganoDeutschlandVerwaltungsGMBH(Germany) holding ManagerTrigano GMBH(Germany) leisurevehiclestrading ManagerTrigano SPA(Italy) leisurevehiclesmanufacturer ChairmanTriganoVanSrl(Italy) leisurevehiclesmanufacturer(vans) Chairman

(1) Companies which publicly call upon savings.(2) Inactive companies.

5-3-3-subsidiaries and holdings

On 31 December 2010, the company Montupet SA controlled the following subsidiaries:

MFT Sarl 100% services within the Group France

MFT Montupet Snc 100% services within the Group Belgium

MontupetUKLtdanditssubsidiariesWillaceLTD,BSToolingLTD,GesfitecUKLtd

100% aluminium foundry, carparts manufacturerUnitedKingdom/Northern Ireland

CalcastLtd 100% aluminium foundry, carparts manufacturer Northern Ireland

FDPA(FonderiedePoitouAluminium)(subbranch)

100% aluminium foundry, carparts manufacturer France

MontupetLimitée 100% aluminium foundry, carparts manufacturer Canada /Quebec

Alumalsa 99.67% aluminium foundry, carparts manufacturer Spain

MontiacSAdeCV 100% aluminium foundry, carparts manufacturer Mexico

Montupet INC 100% commercial representation USA

Montupet GMBH 100% commercial representation Germany

Montupet EOOD 100% aluminium foundry, carparts manufacturer Bulgaria

(1) Inactive.

None of the controlled companies holds shares in Montupet SA.

notable events during this financial year: TheChinesesubsidiaryChangzhouMontupetAutopartswastransferredinOctober2010andthecompanyFrançaisedeRouesSASwas transferred on 30 June 2010.


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5.3.4. share capital and shareholding

• Type of capital

ShArES CATEGOryNumber of shares

2009 variation 2010

Shares with a single voting right 6,751,486 96,788 6,848,274

Shares with a double voting right 4,031,283 -96,788 3,934,495

ToTal 10,782,769 - 10,782,769

• Capital holding

NAME Number of shares at

31/12/2010

% Capital at 31/12/2010

Existing voting rights (even not

exercisable if any)

% Existing voting rights

M.StéphaneMagnan 1,172,503 10.87% 2,319,001 15.8%

M.MarcMajus 1,150,016 10.67% 2,285,032 15.5%

M. Didier Crozet 1,053,238 9.77% 2,106,476 14.3%

M. Philippe Mauduit 448,006 4.15% 896,012 6.1%

RichelieuFinanceGestionPrivée 534,173 4.95% 534,173 3.6%

Financièredel'Échiquier 1,077,247 9.99% 1,077,247 7.3%

Financièredel'Échiquier(fondsgérés)

682,411 6.33% 682,411 4.6%

Quaeroq 965,000 8.95% 965,000 6.6%

Orsay Asset Management 537,922 4.99% 537,922 3.7%

Public 3,162,253 29.33% 3,313,990 22.5%

ToTal 10,782,769 100% 14,717,264 100%

• Exceeding the threshold

In a letter received on 30 December 2010, the general partnership Orsay Asset Management, acting on behalf of the funds which it manages, declared:

• inthecontextofanadjustment,thatithadexceededthethresholdof5%ofthecapitalofMontupeton2 November 2010 and that it held on behalf of said fund578,005Montupetsharesrepresentinganequi-valentnumberofvotingrights,amountingto5.36%ofthecapitaland3.93%ofthevotingrightsofthiscompany. This crossing of the threshold is the result of the acquisition of Montupet shares in the market.

• thatithadfallenbelowthethresholdof5%ofthecapital of Montupet on 30 December 2010 and that it held on behalf of said fund 537,922 Montupet shares representing an equivalent number of voting rights, amountingto4.99%ofthecapitaland3.65%ofthevoting rights of this company. This crossing of the threshold is the result of the transfer of Montupet shares in the market.


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35.3.5. auditors' fees

Auditors fees paid in 2010 Bellot, Mullenbach & Associés Cabinet Guilleret & Associés

216,000 63,000

5.3.6. Miscellaneous information

• use of existing delegations for new equity issues

Thejointgeneralmeetingof29June2010authorisedthe Board of Directors to issue new share capital for amaximumnominalamountof6millioneuros;thisdelegationwastobevalidforaperiodoftwentysixmonths. The Board of Directors has not made use of this delegation to date.

• Tax information

Nontax-deductibleexpenses

In accordance with the provisions of article 223 d of theGeneralTaxCode,weshouldpointoutthatthefollowing amounts were added back for the determi-nationofthetaxableincome:

• surplusdepreciationforcompanyvehiclesamountingto 35,917 euros,

• ataxoncompanyvehiclesamountingto37,190euros.

• Transactions relating to the share capital carried out during the financial year

No transactions relating to the share capital were car-riedoutduringthefinancialyear2010.

• Information on option plans, salaried shareholders, share redemption programmes

• Option plansBy delegation, the board of directors did not grant any options for company representatives or employees of the company or associated companies granting the right to purchase company shares.On 31 December 2010, no option plans were open or liable to be opened as a result of authorisation by a generalmeetingoftheexistingshareholders.

• Salaried shareholdersOn 31 December 2010, the term salaried shareholders asdefinedaccordingtothetermsofarticleL.225-102ofthe Commercial Code was limited to shares held within the framework of the company savings plan and stood at61,750sharesrepresenting0.57%ofthecapital.On31 December 2010, no registered shares which could not be freely transferred were held by the employees. Thefirmisnotawareofanybearersharesheldbytheemployees.

• Transactions carried out by Montupet with its own sharesMontupet did not carry out any transactions with its own sharesduringthefinancialyear2010.


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• Questions on the agenda of the General meeting

Proposed allocation of results The proposed allocation of results has been decided by the board of directors as follows:

- 51,876eurosaslegalreserve,whichincreasesfrom1,587,105eurosto1,638,981euros,

- 1,293,932eurosasdividends, i.eadividendof0.12 euro per share,

- and6,986,244eurosincreasingtheaccumulatedprofit,fromadebitbalanceof2,361,533eurostoacreditbalanceof4,624,711euros.

Other questions on the agenda of the General meeting In addition to the items traditionally put forward at the ordinary general meeting: approval of the company ac-countsandconsolidatedfinancialstatements,ratifica-tion of the regulated agreements, allocation of results, the Board of Directors made the following suggestion at the meeting:

- the allocationof directors' fees amounting to10,000 euros for board members.

• Itemsappendedtothemanagementreport- Tableofresultsforthepastfivefinancialyears,- Chairman'sreportoninternalauditing.

• Amount and tax status of dividends

fiscal year Net dividend Tax relief

2007 0.13 Eligiblefor40%tax

relief

2008 -

2009 -

Asfarasdividendseligibleforthe40%deductionareconcerned, each shareholder may opt for the levy at sourceof19%;thisoptionexcludesthe40%deductionandtheannualdeductionaswellasthetaxcredit.

The option may be partial or total but it is irrevocable andmustbeexercisedwiththecompanybyeachsha-reholder concerned at the latest by the time of the divi-dendpayment.Iftheoptionisexercised,thecompanywillpayadividendreducedby31.3%(19%+12.3%insocial security contributions) and the corresponding amount will be paid directly to the treasury. The sha-reholders are informed that, in the case of a partial option for the levy at source, the dividends for which this option has not been applied would be liable to income taxwithoutthe40%deductionandwithoutbenefitingfromthetaxcredit.

Theoptionforthelevyatsourcedeprivesthebeneficiaryof the possibility of deducting the CSG levied at source for5.8%.Furthermore,fortheincometobetakenintoaccountinthecontextofthe"taxshield",thedividends

subjecttothelevyatsourceareretainedattheirgrossamount without deduction whereas, if this option is not exercised,thecategoricaltaxablenetincomeistakenintoaccountasincomefrommovableassets(thereforeafter deductions).

• Change in stock valuation methodSince 1 January 2010, raw material stocks, supplies, consumables and packaging have been valued accor-dingtothePUMPmethod(weightedaverageunitprice)as Montupet has changed its computer system and optedforanintegratedinformationsystem,SAGEX3,in which the management of stocks at the PUMP is recommended.Stocks were previously valued according to the FIFO method(firstin-firstout).Theeffectonthe2010ac-counts of this change in method

• Information on payment terms The following information is provided in accordance with

articleL.441-6-1oftheCommercialCode:- Thesubsidiariesrepresentmorethan25%ofthe

suppliers'accountsandarepaidwithin45daysfrom the end of the month, 30 days from the end of the month in the case of Montupet EOOD or by cur-rentaccountadjustment(MontupetUK,Montiac,FrançaisedeRouesSAS).

- ThesuppliersfromoutsidetheMontupetgroupcanbe broken down as follows:

<30 days 30 to 60 days >60 days Total TTC

In K€ 2010 2009 2010 2009 2010 2009 2010 2009

Supplier debts outside the group 12,849 3,669 4,769 5,533 1,077 62 18,695 9,264

Accrued invoices 2,936 4,256

ToTal 21,631 13,520


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5.4. Social indicators

The following information concerns Montupet SA.

• Payroll

Thetotalpayrollofthefirmamountedto976employeeson31December2010.Thefirmhired32individualsonfixed-termcontracts(comparedwith9in2009)and17onpermanentcontractsduringtheyear(comparedwith 12 in 2009). Thisyearasin2009,thefirmhasnotmadeanyredun-

dancies on economic grounds but has applied partial unemployment measures. Theproportionofpart-timejobsstoodat1%ofthetotalsalaried employees on 31 December 2010.Employeesagedunder35yearsaccountfor26%ofemployeescomparedwith24%in2009.

• Payroll

0

200

400

600

800

1000

1200

1400

1600

WorkersNon Executives Executives

201020092008

669

104127 100

347 251 256

1,097 616

• Age pyramid

0

50

100

150

200

55 years and +45 to 54 years35 to 44 years25 to 34 years18 to 24 years

249 3

118

5641

173

70

30

194

94

17

107

2713



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3

• Seniority pyramid

• Organisation of working hours

• Type of employment

0

50

100

150

200

250

30 years and +25 to 29 years20 to 24 years15 to 19 years10 to 14 years3 to 9 years- 3 years

27 31 30

76

43 35

237

42

1224

10 3

104

58

16

56

32

2

92

40

6


0

500

1000

1500

2000

201020092008

Day shift2 shifts3 shifts4 shifts

655

156133

627

485

193

342

528

190

258

Permanent contracts Fixed term contracts 0

10

20

30

40

50

60

70

80

ExecutivesNon Executives

Workers ExecutivesNon Executives

Workers ExecutivesNon Executives

Workers

2008 2009 2010

30

38 27

15

14

25

0

0

74

28

1

16

10

12 64


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• Salaries and social security expenses of Montupet SA (in K€)

• Type of departures

• remunerations

The salaries posted in the Montupet SA accounts in 2010(includingprovisionsforpaidholidays)amountedto28,973K€withsocialsecurityexpensesstandingat12,407K€.The"temporaryemployees"itemrepre-sented781.6K€.

TheemployeesbenefitfromaCompanySavingsPlanwithacontributionpaidbythefirm.Onthebasisofatotalindividualisationpolicyforallitsworkers,execu-tivesandnon-executives,thefirmstrivestodeterminethe contributions of each one to the development of business in value terms.

0

100

200

300

400

500

600

201020092008

Transfer to subsidiaries DeathEnd of fixed term contractsOthersEnd of apprentice ship contracts 10Early retirements & pensionsResignationsDismissals - other reasonsRedundancies 0Transfer to Française de Roues

33

5

63 48 8

3023

19

62

2222

24

2723

461

1

10

Salaries Social security expenses 0

10000

20000

30000

40000

50000

201020092008

44,279 18,948 28,110 11,740 28,973 12,407

The2009figureshavebeenreprocessedanddonotincludethesalariesforthe"wheels"activity.


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• Temporary staff expenditure of Montupet SA (in K€)

• Importance of subcontracting

In2010,thesubcontractingcostincurredbythefirmtotalled44,014,491eurosmainlyassociatedwithinter-nal subcontracting within the group. These amounts do not include the production referred to in the "maquila" contractconcludedwiththeMexicansubsidiaryMontiacSAdeCV(representing12,467,018eurosin2010).With regard to the choice of subcontractors and re-lationswiththelatter,thefirmisconcernedtoverifyand guarantee compliance with the provisions of the InternationalLabourOrganisation(ILO)agreements.The countries in which the company and its subsidiaries arebasedrespecttheILOagreements.Thesecountriesare:France,UnitedKingdom,Spain,Bulgaria,Canada,UnitedStatesandMexico.

• Professional relations and collective agreements

An additional clause to the company savings plan regu-lations was signed in 2010 with the aim of:

- supplementingtherangeoffundsproposedintheregulations with a shared return fund,

- definingthemanagementcompanyofsaidsharedreturn fund and supplementing the regulations accordingly,

- supplementingtheregulationswithanappendixproviding details of the characteristics of the sha-red return fund.

0

2000

4000

6000

8000

10000

201020092008

7829,992 110


2

1

6

5

4

3

• Equal opportunities between men and women

Womenonlyrepresent11.7%ofthestaffofMontupetFrance(factoriesessentiallyemployingmaleworkers)butrepresent25%and14%respectivelyofexecutivesandnon-executivesofthefirm.Salaries are more or less equivalent between men and womenexceptintheexecutivecategoryduetotheexis-

tenceofahighlevelofturn-overamongfemaleexe-cutives in our provincial factories, which reduces their seniority and therefore their scope for development. 2.6% of women are employed on a part-time basis(comparedwith4.3%in2009);theyrepresent21.4%ofpart-timeemployees(comparedwith55.5%).

• Male/female distribution by professional category

• Employment and insertion of handicapped workers

Thefirm'saimistomakeiteasierforhandicappedworkerstoaccessitsjobs.On31December2010,itemployed45handicappedworkers.Thefirmisalsoattemptingtoinvolvefirmswhichemployhandicappedworkersasapriorityandpaysafinancialcontributionprovided for by law to approved organisations.

• health and safety

We are pursuing our policy to increase the involvement of all employees in the prevention of industrial acci-dents.In2010,8accidentsoccurredinthefactoriesofMontupet SA which incurred work stoppages.

• Training

3.2%ofthewagebillwasdedicatedtoprofessionaltraining in2010 (comparedwith2.85 in2009)with720traineesrepresenting74%oftheemployeesofMontupet SA. The most notable efforts were made in thefieldofbusinesstraininginlinewithourdesiretodevelop the skills and employability of employees.

• Social welfare workThe Establishment Committees budget amounted to 311,345euros.

• regional effects of business

Thefirmconductsastudyeachyearonthemanage-ment of skills and employment and their effects on theexternalenvironment.Itispresentedtothetradeunionrepresentativesofthefirminthecontextofanannual report.The establishments take into account the effects of their activities on regional development and local populations both in France and abroad in the following manner:

- prioritisingtherecruitmentofstafffromthelocallabour pool and measurement of the internal stabi-lity rate,

- usinglocalfirmsfortheprovisionofservicesandmonitoring of purchase volumes,

- supportingthelocalcommunityinvariousorgani-sations,

- developingspecialpartnershipswithschoolsanduniversities.

The establishments maintain frequent contacts with government representatives and the main economic and social players in their cities and regions.

0

20

40

60

80

100

WorkersNon Executives

ExecutivesWorkersNon Executives

ExecutivesWorkersNon Executives

Executives

Male Female18 11 7 22 16 8 25 14 9

82 89 93 78 85 92 75 86 91

2008 2009 2010


2

1

6

5

4

3

• payroll of the Montupet Group on 31 December 2010

0 500 1000 1500 2000 2500 3000 3500

Total

Cumul United Sates

Canada

Mexico

Cumul Europ

Bulgaria

Spain

United Kingdom

France + Belgium 1,479

494

467

356

2,796

352

4

356

3,152


2

1

6

5

4

3

5.5. -Environment and sustainable development

5.5.1. environmental appraisal of Montupet sa

• Introduction and scope of the report

This report presents the main indicators used to eva-luate the environmental performance of the French factoriesofMontupetSA,namelytheLaignevilleandChâteaurouxfactories,bothofwhicharecategorisedasfacilitiesclassifiedasenvironmentallysensitive.(ICPE).It also presents the type of organisation used on the production sites to deal with environmental challenges and site developments.

In2008and2009,themeasurementinstrumentswerenot able to differentiate between the "wheels" business, which was made into a subsidiary on 30 June 2009 and the main business of manufacturing cylinder heads and suspension parts in terms of consumption at the Châteaurouxfactory.However,thedatarelatingto2010does not take the "wheels" business into account.

The environmental policy of the French factories is structured around three main themes:

1. a statutory conformity commitment with the appli-cable legislation in terms of the environment,

2. the prevention of all pollution risks,

3.anon-goingimprovementprocedurewhichconcernsall areas of the environment : water, air, waste, energy and prevention of pollution risks.

TheLaignevillesitepossessesadevelopmentcentrewhich incorporates environmental protection as one of its operational criteria. The information provided cor-respondstothefinaluseoftheresources.Therefore,energy consumption and emissions relating to the pro-ductionoftheseresources(aluminium,gas,electricity)are not taken into account.


2

1

6

5

4

3

CONSuMPTION Of rAw MATErIAlS

The main raw materials are aluminium and sand.

In laigneville, the consumption of aluminium and sand increasedsignificantlyfollowingtheincreasesinpro-duction during the 2nd half of the year. The used sand isscreenedand94.8%isrecycled.

In Châteauroux, lthe prototypes workshop uses new sand,96.5%ofwhichisrecycledforproductionbyaregeneration facility with a capacity of four tonnes per hourandanuntreatedsandprocessingsystem(non-polymerised sand obtained from the cleaning of shoo-ting heads).

0

5000

10000

15000

20000

25000

201020092008

6,115 Aluminium in tonsSand in tons

13,834 24,812 10,160 10,909 16,576

0

5000

10000

15000

20000

25000

30000

201020092008

20,26928,741 6,760801 260 569 Aluminium in tonsSand in tons


2

1

6

5

4

3

1,760

Natural Gas consumption in m3 Ratio m3/cast aluminium ton

61,386

28,795

2,5652,465

28,210

0

1000

2000

3000

0

20 000

40 000

60 000

80 000

201020092008

1,150

Electricity consumption in m3 Ratio m3/cast aluminium ton

24,523

18,8171,398

98515,373

0

1 000

2 000

3 000

0

7 000

14 000

21 000

28 000

35 000

201020092008

6,739

Water consumption in m3

Ratio m3/cast aluminium ton

O.4 O.4

O.6

10,991

7,130

0,0

0,2

0,4

0,6

0,8

0

2 000

4 000

6 000

8 000

10 000

12 000

201020092008

ConSUMption of wAter AnD enerGy

In laigneville, water consumption has been reduced by improving the monitoring of consumption during machi-ning and passing a limited number of parts through the traditionalTTH.Asfarasgasconsumptionisconcerned,thereductionintheKWH/tonneofmeltedaluminiumratio is due to the optimum use of the FFC furnace for

large-scaleproduction.Theuseofcheckliststoensurethat lights are switched off when a team goes off duty, the optimisation of equipment opening times and the revision and maintenance of the facilities have improved the electricity consumption ratio.


2

1

6

5

4

3

In Châteauroux, water is used by cooling towers, furnace hardening basins, surface treatment tunnels, casting platforms and the lubrication centre. Consumption has decreased in the cooling tower and has fallen below 5 m3/tonne and below the limit of 7 m3/tonne set by the order of the prefect. A steering committee meets every month to analyse consumption levels and ratios and to validate the action taken to reduce the latter. In addition, although the ratios for electricity and gas

showed an upward trend between 2009 and 2010 for all activities(FrançaisedeRouesandMontupetSA),theratios linked to the production of cylinder heads and sus-pensionparts(MontupetSA)improvedoverthatperiod.Campaigns have been conducted to eliminate air lea-kages on machines improving the output of air compres-sors. The energy steering committee analyses consump-tion levels and ratios with a view to reducing them.

5,657

Natural Gas consumption in m3 Ratio m3/cast aluminium ton

116,022

38,241

4,150

4,037

84,110

0

2000

4000

6000

0

50 000

100 000

150 000

201020092008

2,467

Electricity consumption in m3 Ratio m3/cast aluminium ton

56,105

1,996

1,952 40,447

0

1000

2000

3000

0

12 000

24 000

36 000

48 000

60 000

201020092008

16,676

26,509 Water consumption in m3


5 3.9

5143,992

101,122

0

2

4

6

8

0

50000

100000

150000

200000

201020092008


2

1

6

5

4

3

ConSUMption of toxiC proDUCtS

Themainenvironmentallytoxicproductsusedbytheproduction sites are the phenolic resins used for the core making process. Since 2006, Montupet SA has no longerbeenusingorstockinghighlytoxicsubstancesand liquid preparations referred to in section n°1111.2.b oftheregulationsonfacilitiesclassifiedasenvironmen-tally sensitive. Chemicals are stored in retention contai-ners to prevent the risk of dispersion and in equipped storestopreventtheriskoffire.

In laigneville, the consumption of resin has increased following the increase in production in the second half of 2010.

In Châteauroux, the consumption of resin has increased following the increase in production in 2010.

Phenol in phenolic resins in tons Phenolic resins in tons

0

20

40

60

80

100

120

201020092008

72 68 87

43

4

Phenol in phenolic resins in tons Phenolic resins in tons

0

20

40

60

80

100

120

201020092008

101 53 88

5

3

4


2

1

6

5

4

3

EMISSIONS IN ThE AIr

Emissionsintheairaresubjecttoregularmonitoringaccording to the regulations in force.

In laigneville,volatileorganiccompounds(VOC)stemmainly from core making and casting operations. The measurementpresentedin2010isbasedonaone-offmeasurementflow.Theflowfor2010amountedto2.5 kg/h compared with 2.2 kg/h in 2009. The change in greenhouse gas emissions is in proportion to that of natural gas consumption.

5 287

SO2 in tonsCO2 in tons

0.04 0.05

5,179

11,270

0.09

0

2 000

4 000

6 000

8 000

10 000

12 000

0,0

0,2

0,4

0,6

0,8

1,0

201020092008

0

5

10

15

20

COV in tonsNO2 in tons

5 12 12 6 16 6

201020092008


2

1

6

5

4

3

In Châteauroux, emissions of volatile organic com-pounds stem from core making operations, the cas-ting of parts with cores and the application of paint on wheels.In 2006, the DRIRE (Regional Office for Industry,Research and Development) validated the plan for the control of emissions of volatile organic compounds intended to reduce atmospheric emissions from "core making"and"wheelfinishing"workshops.AnadditionalorderbytheprefectsetaspecificlimitforVOCemis-sionsof11.85kgofVOC/tonneofmetalproduced.TheEnvironmental Management System guarantees the statutory conformity of these emissions.

Improvementsintroducedin2008andpursuedinsub-sequentyearshaveledtoasignificantreductionintheseemissionsandconfirmedcompliancewiththeobjectivesetbytheDREAL:

• ThetotaleliminationofthecleaningsolventSOLV60 since January 2006, which represents a 2.6T re-ductioninVOCcomparedwith2000withequivalentproduction levels,

• thetotaleliminationofthereleaseagentKlüberchemsince October 2006, which represents an 11.5T re-ductioninVOCcomparedwith2000withequivalentproduction levels,

• theintroductionofsandeconomisersontheshootingheadsof3newtools(3newproductsplannedin2010on the Montupet site).

• maintainingthecorerejectrate(2009average=7.26%and2010average=7.67%)withincreasedactivity in 2010.

• thetestingofanewresintoreducetheresinintro-ductionpercentage(target-10%for2011)

• thereductionofthecorerejectrateto7%(7.67%achieved in 2010) in order to reduce the consumption of all the products required for core manufacturing,

• Optimisationoftheprocessparametersfromthestartoftheprojectafterthelaunchof2newcylinderheads in order to reduce DMEA consumption.

7,021


0.150.07

15,443

21,302

0.21

0

5000

10000

15000

20000

25000

0,0

0,2

0,4

0,6

0,8

1,0

201020092008

0

20

40

60

80

100

201020092008

COV in tonsNO2 in tons97 23 82 17 37 8


2

1

6

5

4

3

inDUStriAl wASte

In laigneville, dangerous waste includes slag, labora-tory waste, brine, etc. This waste is eliminated by appro-vedfirms.Non-dangerousindustrialwasteincludesordinary waste, scrap metal, used sand, wood and card-board.Allthisdangerousandnon-dangerouswasteisrecycled. The volume of sand increased in 2010 in line

with the increase in production, particularly for M9R whose part requires a large core. In 2010, the increase inthevolumeofexternallyrecycledaluminiumwaslinked mainly to an increase in production in the second half of the year.

Ordinary waste Hazardous waste Aluminium waste valued externally0

2 000

4 000

6 000

8 000

10 000

12 000

14 000

16 000

18 000

201020092008

669

16,001

7051,7981,263

506

12,479

2,823

182 In tons:

EMISSIONS IN wATEr

In laigneville, rainwaterisfilteredbymeansoftwooil/slime separators. Our emissions are monitored on a monthly basis. Industrial water is treated and pumped byanexternalserviceprovider.In Châteauroux, industrialwaterandrainwaterisfil-tered by three oil separators and the industrial water passes through a sedimentation basin.

The emergency gates on the two sites are intended to contain the industrial water in the event of pollution. The ground water is monitored twice a year by piezometers.

In Châteauroux, the almost complete recycling of used sandhassignificantlyreducedthevolumeofdiscardedsand. Aluminium chips and cutting oils are also recycled inspecificfacilities.

Ordinary wasteHazardous waste Aluminium waste valued externally0

1 000

2 000

3 000

4 000

5 000

201020092008

804

972

97376

512

554

1,6362,635

676

In tons:


2

1

6

5

4

3

MISCEllANEOuS POlluTION

In laigneville, the use of amine products in the core making process is a potential source of olfactive pollu-tion which can be reduced by the washing tower.

The activities of Montupet SA may cause potential noise disturbances which our operating rules and machine maintenanceaimtoreduce.Themachinespecificationsincorporate this environmental constraint.

prevention of leGionnAire'S DiSeASe AnD SuPErVISION Of COOlING TOwErS

In Châteauroux, the cooling towers used to chill the cooling water allow the operation to be conducted in a closed circuit which saves water.However,theycanencouragethedevelopmentoflegion-naire's disease. In order to prevent contamination and prevent the risk of legionnaire's disease, the site moni-tors the facilities closely: preventive water treatment, regularcleaningofthefacilities,monthlyverificationofthe bacteria rate by an approved laboratory.

The laigneville site is not equipped with a cooling tower.

environMentAl MAnAGeMent AnD CertifiCAtion SySteM

Plants Implemented EMS iSo 14001 Certification

Laigneville Since September 2003 Obtained in December 2003. Renewalobtainedin2010(ISO14001:2004)

Châteauroux Since September 2000 Obtained in December 2000. LastauditinMarch2010(ISO14001:2004)

MeASUreS intenDeD to GUArAntee ThE COMPlIANCE Of ThE COMPANy wITh APPlICABlE rEGulATIONS

In laigneville, the Environmental department is res-ponsible for environmental statutory monitoring and for guaranteeing compliance with the requirements of the orders of the prefect. The QE systems manager of thesiteistheDREAlcontact.TheLaignevillesiteisafacilityclassifiedasenvironmentallysensitivesubjectto authorisation and has obtained authorisation and its emissions agreement for waste water.

The sites regularly provide the administration with the resultsofverificationsandsupervisionrelatingtotheenvironment, such as analyses of factory emissions in the air and water and the type and volume of eliminated

industrial waste.

expenSeS inCUrreD for the proteCtion of the ENVIrONMENT

In laigneville,,investmentsamountingto139K€weremade in 2010 consisting of:

• sandsorting:alterationofpipingandreplacementofdifferentelements23K€,

• K9:exitgascollection75K€,

• M9R:alterationofthesoftenedwaterprocessandinstallationoflevelsensoronthesandsilo6K€,

• maintenance:rainwaterdeviation6K€,

• restorationofaCOV1measurementdeviceK€,

• preventivemeasures23K€.

In Châteauroux, the main investments made in 2010 amountingtoatotalof151K€were:

• coremakingretentiontub11K€,

• woodinsulatorremoval5K€,

• asbestosremovalandunitmaintenanceinsulation99K€,

• lightningriskanalysis3K€,

• oilandmixturepumping2K€,

• statutorycontrolTAR2K€andlegionnaire'sanalysisTARMontupet8K€,

• compulsoryannualsamplesandanalyses18K€.


2

1

6

5

4

3

• Organisation for environmental management

An Environment service is available on each site. It is responsible for coordinating the environmental ma-nagement system and the "environment" campaigns on the site. Each site has a Quality Manager and an Environmental Safety Manager and environment cor-respondents create links and communicate with all staff members in each sector of each factory.

• Training / Information

Information and training relating to the environment are dealt with according to the requirements of the ISO 14001standard:• trainingforenvironmentcorrespondentsandinternal

auditors,

• informingallstaffmembersonthecurrentenvi-ronmental situation and sensitive issues such as "sorting waste" and "necessary precautions",

• raisingtheawarenessofallnewrecruitstothefirm'senvironmental policy,

• trainingon"chemicals"foremployeeswhohandlethem,

• trainingstaffwhoseworkisdirectlylinkedtotheenvironment,

• trainingforthepreventionoffireandaccidentalspillages.

• Internal audits

The QSE systems manager is also in charge of organi-sing internal audits to measure the performance and progress levels attained by the company with regard to the environment.

• Organisation for the prevention of risks

ScenariosforemergencysituationshavebeendefinedinanInternalOperationPlan(IOP).Severalemergencyscenarioshavebeendefined;theyspecifysuitablereac-tions and the resources and organisation to be used to minimise environmental risks. They take into account riskslinkedtofires,explosionsandaccidentalspraying.

• Provisions and guarantees relating to the environment

Not applicable apart from the insurance cover referred to in the "Risks and uncertainties" section of the mana-gement report.

5.5.2. consolidated elements concerning the group's environmental impact

• Introduction and scope of the report

Anumberof industrialsitesare involved inacertifi-cation procedure for their Environmental Management SystemaccordingtotheinternationalISO14001stan-dard. The factories in Laigneville, Châteauroux andIngrandes(FDPA) inFrance,Saragossa(Alumalsa) inSpainandTorreon(Montiac)inMexicohavebeencer-tified.TheRuséfactory(MontupetEOOD)inBulgariaisalso governed by strict environmental standards.

Thedatafor2008takesintoaccounttheactivityoftheRivière-Beaudette site in Canada (Montupet Limitée)and the 2009 data incorporates the activity of Fran-çaisedeRouesoverafullyear.

The risks linked to the environment are those which stem from the use and disposal of mineral oils, che-micals (amines, volatile components, solvents, paint,mastics and adhesives), the casting of aluminium, air compression and radiography workshops. Facilities havebeenestablishedfordustandoilremovalfilters,therecyclingofsand,chipsandoilandthermaloxidi-sers; regular supervision is carried out. A number of sites possess their own water treatment plants. Emer-gency plans and fire prevention systems exist on allsites.


2

1

6

5

4

3

CONSuMPTION Of rAw MATErIAlS

0

20000

40000

60000

80000

100000

201020092008

Aluminium in tonsSand in tons

88,849 53,520 70,20133,964 38,113 69,216

352,682

Water consumption in m3


2.853.4

2.8

363,540

207,635

0

2

4

6

8

0

100000

200000

300000

400000

201020092008

2,671

Natural gas consumption in m3


383,659

274,404

3,124

3,005

229,634

0

800

1600

2400

3200

0

100 000

200 000

300 000

400 000

201020092008


2

1

6

5

4

3

1,699

Electricity consumption in m3Ratio m3/cast aluminium ton

179,210

1,5521,404

114,078

0

1000

2000

3000

0

100000

200000

300000

400000

500000

201020092008

174,581

Phenol in phenolic resins in tons Phenolic resins in tons0

100

200

300

400

500

201020092008

453 246 479

21

9

21

Ordinary wasteHazardous waste Aluminium waste valued externally 0

5000

10000

15000

20000

25000

30000

35000

40000

201020092008

4,279

25,733

3,628

10,579

15,329

2,5594,1509,468

3,757 In tons:

ConSUMption of toxiC proDUCtS


2

1

6

5

4

3

65,099


6.63

10.18

57,704

79,032

8.4

50 000

60 000

70 000

80 000

6

8

10

12

201020092008

0

30

60

90

120

150

201020092008

COV in tonsNO2 in tons131 61 117 34 130 34

expenSeS inCUrreD for the proteCtion of the environMent

0

300

600

900

1200

1500

20102009

Investments in thousand eurosCost of waste disposal in thousand euros524 447 640 1 215


2

1

6

5

4

3

2

1

6

5

4

3

2

1

6

5

4

3

Annual report MONTUPET / Consolidated accounts 2010 / 61

2

1

5

4

3

Consolidated accounts

6.1. Consolidated balance sheet ..................................................................................62

6.2. Consolidated income statement .........................................................................64

6.3. Changes in equity ....................................................................................................66

6.4. Global result ...............................................................................................................67

6.5. Consolidated cash flow statement .....................................................................68

6.6. Appendix to the consolidated accounts ...........................................................70

6.

6


2

1

6

5

4

3

Consolidated balance sheet

ASSETS Related notes 2010 2009

Intangible assets A.1.4.

Development costs 7,200 2,753

Others 1,023 1,037

TOTAl INTANGIblE AssETs 8,222 3,790

Fixed assets A.1.4.

Land 2,593 2,588

Building 26,550 25,223

Machinery & equipment 98,949 94,671

Others 14,091 15,239

Assets under construction 7,023 5,530

TOTAl fIxEd AssETs 149,205 143,251

NON CUrrENT AssETs fOr sAlE A.1.4./C.1. 5,058 11,933

Financial assets

Shares in unconsolidated subsidiaries 34 33

Loans and other non current financial assets A.1.5. 1,294 185

Total Financial assets 1,328 218

Recoverable deferred taxes A.1.6 19,653 16,657

Other non current assets 0

TOTAl NON CUrrENT AssETs 183,466 175,849

Inventories & work in progress

Raw materials 28,081 28,590

Spare-parts 1,647 5,317

Tooling 4,886 4,749

Work in progress & finished goods 26,215 16,475

TOTAl 60,829 55,131

Trade debtors

Advances & deposits on orders 640 176

Accounts receivable & related 78,729 49,386

Other trade debtors 5,101 6,359

TOTAl TrAdE dEbTOrs 84,470 55,921

Other debtors 1,919 686

Prepayment 2,628 2,928

Marketable securities - 1,663

Cash 21,826 13,267

Non current assets for sale C.2. 1,119 13,325

TOTAl CUrrENT AssETs 172,791 142,921

TOTAL ASSETS 356,257 318,770

2010 - In K€


2

1

6

5

4

3

LIABILITIES Related notes 2010 2009

Stockholders' equity A.3.1.

Called-up Share Capital 16,390 16,390

Additional paid-in capital 20,514 11,619

Reserves & retained earnings 118,865 143,804

Translation adjustment (27,471) (30,905)

CURRENT YEAR PROFIT - INSIDE GROUP 6,677 (16,200)

TOTAl STOCkhOlDERS'EqUITY - INSIDE GROUP 134,975 124,708

Minority interests as per January 1st 1,134 1,118

Minority interests as per January 1st 55 17

TOTAl MINORITY INTERESTS 1,189 1,135

TOTAl STOCkhOlDERS'EqUITY 136,164 125,843

Non current provisions A.1.4 /C.1.

Regulated provisions (1) (1)

Provisions for liabilities & charges A.3.2.1. 354 1,741

Provisions for retirement commitments A.3.2.2. 5,827 6,453

Deferred taxation A.3.2.3. 965 245

TOTAl NON CURRENT PROvISIONS 7,144 8,438

Non current financial liabilities A.4.1./A.4.2. 59,995 76,118

Other non current liabilities A.3.3. 471 577

Non current liabilities of activity for sale C.3. 765 1,747

TOTAl NON CURRENT lIABIlITIES 68,376 86,880

Financial debts A.4.2. 19,087 11,233

Short-term bank debts A.4.2. 29,220 14,018

Deposits on orders 12,349 8,618

Accounts payable 57,097 31,570

Taxation & social security 20,990 16,149

Other liabilities - current portion 3,868 7,678

Other liabilities 4,463 5,704

Advance payments 4,297 4,632

Current liabilities for sale C.3. 346 6,445

TOTAl CURRENT lIABIlITIES 151,717 106,047

TOTAL LIABILITIES & STOCKHOLDERS'EQUITY 356,257 318,770

Consolidated balance sheet2010 - In K€


2

1

6

5

4

3

Consolidated income statement

Related notes 2010 2009

Sales 375,103 204,429

Changes in Inventory 5,368 (11,800)

Own work capitalized 6,594 866

Operating charge transfers 1,445 1,100

Other operating income 3,203 2,256

TOTAl OPErATING INCOME 391,713 196,851

Cost of raw materials & other supplies 173,028 81,786

Other operating expenses 60,334 11,462

Taxes 4,829 3,617

Salaries & wages 111,964 85,958

Depreciation charges on fixed assets 25,350 24,220

Provision charges on current assets (873) (3,199)

other operating expenses 2,680 11,474

TOTAl OPErATING ExPENsEs 377,312 215,318

OThEr INCOME ANd ExPENsEs 1,797 (1,105)

CUrrENT OPErATING PrOfIT (lOss) 16,198 (19,572)

Other operating income and expenses B.1 0 0

OPErATING PrOfIT (lOss) 16,198 (19,572)

Interest received from debts and deposits (395) 18

Interest paid (3,427) (2,672)

Net cost of debt (3,822) (2,654)

Exchange gains & losses (1,345) 2,250

Provisions and release of provisions and charge transfers

125 (197)

Other financial income and expenses 18 (455)

fINANCIAl PrOfIT ( lOss) (5,023) (1,056)

Income tax 2,651 1,761

Deferred tax B.2 (1,077) 8,322

NET INCOmE (ExCEpT ACTIvITIES STOppED OR TRANSFERRED)

12,748 (10,545)

2010 - In K€


2

1

6

5

4

3

Gross income of activities stopped or transferred C.5. (8,201) (7,384)

Income tax of activities stopped or transferred C.4/C.5. (362) 1,061

Deferred tax of activities stopped or transferred C.4/C.5. 2,547 685

NET iNCOME 6,732 (16,183)

Minority interests 55 17

Net iNcome attributable to shareholders 6,677 (16,200)

In Euros per share:

Net income attributable to shareholders per share 0.62 (1.50)

Diluted net income attributable to shareholders per share

0.62 (1.46)

Number of issued shares 10,782,769 10,782,769

Number of issuable shares

Number of issued ans issuable shares 10,782,769 10,782,769

(1) Prorata division of the overall result on 11,473,974 shares outstanding in the first half-year, and 10,782,769 shares outstanding in the second half-year, following the cancellation of 691,205 treasury shares decided by the Extraordinary Shareholders Meeting held on June 30th, 2009.


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Group share Minority share Total

shArEhOldErs EqUITY AT 01.01.2009 134,435 1,117 135,552

Retroactive entries on carried forward and others (585) (585)

Variation of foreign currency translation 7,059 7,059


NET rEsUlT AT 31.12.2009 (16,200) 17 (16,183)


Retroactive entries on carried forward and others 156 156

Variation of foreign currency translation 3 434 3,434


NET rEsUlT AT 31.12.2010 6,677 55 6,732

SHAREHOLDERS EQUITY AT 01.01.2011 134,975 1,189 136,164

Changes in equity2010 - In K€


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2010 2009

Net result 6,732 (16,183) Actuarial gains and losses on employees benefits

0

Entries which have an impact on equity and no impact on the income statement

156 (585)

Translation adjustment resulting from translation of foreign operations of the period

3,434 7,059

GLOBAL RESULT 10,322 (9,711)

attributable to shareholders 10,267 (9,728)

attributable to minority 55 17

Global result2010 - In K€


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2010 2009

TotalStrategic activities

Discontinued or transferred

activitiesTotal

1-Cash flow relating to operating activities

Gross cash flow 36,563 45,965 (9,403) 1,935

Net income attributable to shareholders 6,677 16,291 (9,615) (16,200)

Minority interests 55 55 0 17

Depreciation, amortization and provisions 24,142 23,936 206 24,070

Grants apportioned to income 0 (67)

Provision for impairment in value of financial assets

(750) (750) 0 750

Gains (losses) on sales of assets 8,665 8,665 0 2,543

Variation of deferred taxes (2,226) (2,232) 6 (9,178)

Changes in working capital (except variation in deferred taxes)

(551) 4,947 (5,498) 30,753

NET CASH FLOw pROvIDED BY OpERATING ACTIvITIES (A)

36,012 50,913 (14,901) 32,688

2-Cash flow relating to investing activities

INTANGIblE & TANGIblE INvEsTMENTs (34,441) (34,441) (19,084)

fINANCIAl INvEsTMENTs (1,184) (1,184) 0 (1,251)

Outflow relating to entry in scope 0

TrANsfErs Or dECrEAsEs Of fIxEd AssETs (1,073) 83 (1,156) 1,962

Transfers or decreases of intangible & tangible assets

1,735

Transfers or decreases of financial assets 0 0 0 0

Inflow relating to changes in scope (1,156) 0 (1,156) 0

Decreases in receivables & loans 83 83 (0) 227

Increase (decrease) in investments & deposits 0 0 0 0

NET CASH FLOw pROvIDED BY INvESTING ACTIvITIES (B)

(36,698) (35,541) (1,156) (18,373)

Consolidated cash flow statement2010 - In K€


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3-Cash flow relating to financing activities

Cumulated movements on Equity 0

Increase in the parent company capital 0

Variation of minority interests relating to increase of capital

0

Dividends paid to the parent company shareholders

0

Dividends paid to minority interests 0

Purchase of treasury shares 0

Cumulated change in debt (8,119) (8,330) 211 (14,153)

Increase in debt 1,929 1,718 211 4,268

Decrease in debt (10,048) (10,048) 0 (18,421)

variation in conditional advance payments 0 (359)

variation in grants 0 831

NET CASH FLOw pROvIDED BY FINANCING ACTIvITIES ( C)

(8,119) (8,330) 211 (13,681)

4-Change in cash

Effects of changes in scope 0 66

Effects of exchange rate 238 198 40 769

Other flows 0

Others 75 75 0 43

CUmULATED mISCELLANEOUS CASH FLOwS (D) 313 273 40 878

Net current cash flow (8,491) 7,314 (15,806) 744

Effects of exchange rates 238 198 40 769

Net cash flow (8,253) 7,513 (15,766) 1,513


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Appendix to the 2010 consolidated accountsAppendix to the consolidated accounts for the financial year ending on 31 December 2010 whose balance sheet on that date showed a total of 356,257 K€. These conso-lidated accounts were drawn up on 31 March 2011 by the Board of Directors. They are presented in 000 of €. This appendix forms an integral part of the consolidated accounts for the financial year ending on 31 December 2010.

I. SIGNIFICANT ELEMENTS DURING THE FINANCIAL YEAR

1. Transfer of Montupet ChangzhouMontupet SA transferred its Chinese subsidiary Montupet Changzhou for the amount of 1,851 K€.The investments listed as assets in the balance sheet with a gross value of 4,128 K€ were therefore liquida-ted on 31 December 2010 resulting in the recording of capital loss of 2,276 K€.

The depreciation allowance for Montupet Changzhou investments amounting to 750 K€ was recovered on 31 December 2010.

The current account of this subsidiary which features under assets in the balance sheet as "Other receivables associated with holdings" for 1,113 K€ was abandoned.

The result relating to these transactions is presented as the gross result from discontinued or transferred transactions.

2. Transfer of Française de RouesMontupet SA transferred its subsidiary Française de Roues to the Indian group Deltronix on 30 June 2010. Its asset and liability items have therefore not featured in the consolidated balance sheet since 30 June 2010. Its result for the first half year is presented as the re-sult from transferred activities.

The deconsolidation of the subsidiary resulted in the recording of a capital loss of 1,966 K€.

Montupet SA granted a current account advance to Française de Roues. Out of this advance, 2,500 K€ were transferred to Deltronix for 1 euro resulting in a loss of 2,500 K€.

The residual advances stood at 1,537 K€ on 31 Decem-ber 2010.

Montupet SA granted the business corporation Fran-çaise de Roues a commercial subsidy for the res-tructuring and continued development of its activities amounting to 2,290 K€, paid over three years on a degressive basis with the 1st payment to be made on 30 June 2011. This subsidy was recorded in its entirety over the financial year.

The result relating to these transactions is presented as the gross result from discontinued or transferred transactions.

3. Entry of FDPAFollowing its entry in the structure on 31 December 2009, FDPA was consolidated for a full year during the financial year 2010.

4. Change in stock valuation method for Montupet SASince 1 January 2010, raw material stocks, supplies, consumables and packaging have been valued accor-ding to the PUMP method (weighted average unit price) as Montupet has changed its computer system and opted for an integrated information system, SAGE X3, in which the management of stocks at the PUMP is recommended.

Stocks were previously valued according to the FIFO method (first in - first out).

The effect on the 2010 accounts of this change in method corresponds to a 30 K€ increase in the stock value and is therefore not significant.


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II. CONSOLIDATION METHODS AND PRINCIPLES

The consolidated accounts are drawn up according to the IFRS standards.

II.A. CONSOLIDATION mETHODS AND pRINCIpLES

II.A.1. Accounting reference system

In accordance with regulation n°1606/2002 adopted on 19 July 2002 by the European Parliament and the European Council, these consolidated accounts have been drawn up according to the IFRS reference system adopted by the European Union on 31 December 2010.

II.A.2. Application of the new standards

The application of the revised standards IFRS 3 R and IAS 27 R relating respectively to "business combina-tions" and the "consolidated and individual financial statements" does not affect the consolidated accounts of Montupet.

II.A.3. Consolidation structure

The control percentages and the consolidation method applied remain unchanged compared with the financial year 2009 for the companies present in 2009 with the exception of Française de Roues.

The company Française de Roues was transferred on 30 June 2010. On 31 December 2009, it was wholly ow-ned by the group and fully consolidated.

The consolidation structure includes:

• Montupet SA (consolidating company);• Montupet LIMITEE (100%) (Canada) : aluminium

foundry, vehicle equipment manufacturer;• Montupet UK (100%) (Northern Ireland) : aluminium

foundry, vehicle equipment manufacturer and subsi-diaries (Northern Ireland), Willace UK Ltd, BS Tooling LTD and Gesfitec UK Ltd;

• Alumalsa (99.67%) (Spain) : aluminium foundry, vehi-cle equipment manufacturer;

• MFT-Montupet Snc (100%) (Belgium) : provision of services to the group;

• Montiac SA de CV (100%) (Mexico) : aluminium foundry;

• Calcast Ltd (100%) (Northern Ireland) : aluminium foundry;

• MFT Sarl (100%) (France) : metal trading and service provision;

• Montupet EOOD (100%) (Bulgaria) : aluminium foundry;

• FDPA (100%) (France) : aluminium foundry.

All these companies, which are exclusively controlled by Montupet SA, are fully consolidated.

Montupet Inc (USA) and Montupet GmbH wholly owned by Montupet SA, are not consolidated due to their rela-tively insignificant nature. • Minority interests The minority interests correspond essentially to a partners' holding in a company within the sub-group Montupet UK.

Additional information on the above-mentioned com-panies is provided below in the table relating to subsi-diaries and holdings.

II.A.4. Consolidation principles

All transactions between the consolidated companies have been eliminated. Minority holdings have been ac-knowledged on the basis of their share in stockholders' equity and the result.

The accounts of all the consolidated companies (apart from Française de Roues) were closed on 31 December 2010 and cover a financial year of 12 months.

The initial consolidation difference represents the dif-ference between the acquisition price of a company's securities and the share in its stockholders' equity on the acquisition date. The goodwill had been de-preciated in full prior to the financial year ending on 31 December 2010.

The financial statements of foreign companies have been converted as follows:

• the balance sheet items are converted at the closing rate;

• the profit and loss account items are converted at the average rate during the financial year;

• The translation adjustments stemming from the dif-ference between the closing rate for the previous financial year and the rates for the current financial year for balance sheet items and those stemming from the difference between the average exchange rates and the closing exchange rates for result items have been entered under the "translation adjust-ments" item included with consolidated stockhol-ders' equity.

Details on the development of the main exchange rates

The Pound Sterling: 31.12.2009 : 1 £ = 1.1351 € 31.12.2010 : 1 £ = 1.1618 €

The Canadian Dollar: 31.12.2009 : 1 CAD = 0.6610 € 31.12.2010 : 1 CAD = 0.7506 €


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II.B. ACCOUNTING pRINCIpLES AND EvALUATION mETHODS

II.B.1. Accounting principles and evaluation methods relating to asset items

II.B.1.1. Intangible assetsIntangible assets feature in the consolidated balance sheet at their acquisition cost. Preliminary expenses are depreciated in full during the financial year. Research and development costs are entered as expenses for the financial year during which they were incurred. Costs incurred in the development of new parts up to the launch of preliminary batches are capitalised and depre-ciated over four years.

II.B.1.2. Tangible assetsTangible assets are entered at their acquisition cost plus the costs incurred in rendering them suitable for use or at their production cost.

They are grouped together in cash flow generating units and divided into structures and components according to the IAS16 standard and are depreciated according to their economic lifespan.

Major spare parts which are intended for use over more than one year and which fulfil the acceptance criteria of IAS 16 are capitalised.

The useful lives of the different asset categories are as follows:

• tangible assets:Buildings .................................................. 20 to 25 yearsFixtures and fittings ................................ 10 to 20 yearsEquipment and tools ................................. 3 to 10 yearsOffice furniture ................................................. 10 yearsComputer hardware .................................... 3 to 5 years

• intangible assets:Patents ................................................................ 5 yearsDevelopment costs ...................................... 4 to 8 yearsSoftware ....................................................... 1 to 5 years

II.B.1.3. GrantsGrants are entered in the accounts as a deduction from the assets which they finance. They are entered in the profit and loss account in proportion to the depreciation of the assets with which they are associated.

II.B.1.4. Rental and leasing contractsFinancial rental contracts are reprocessed when they fulfil the criteria of the IAS 17 standard. A fixed asset as entered under assets and deprecia-ted according to the terms defined at Group level. The corresponding debts are reclassified as "other financial debts".

II.B.1.5. Other non-current financial assetsThe securities of non-consolidated companies are ente-red at their historical acquisition cost. They may be subject to depreciation in view of the future prospects of the subsidiary.

The other financial assets are evaluated at their entry value. They may be associated with provisions if there is a risk of non-collection.

II.B.1.6. Stocks and work in progressStocks and work in progress are evaluated at their acquisition or production cost and are depreciated, if applicable, to bring them back to their probable reali-sable value. No financial expenses are included in the costs. The internal stock margins, which are fairly insi-gnificant, have not been reprocessed.

The closing stocks are evaluated using the weighted average unit cost method.

II.B.1.7. Receivables and debtsReceivables and debts are evaluated at their nominal value. Receivables and debts denominated in foreign currencies are evaluated on the basis of the exchange rate in force on the closing date or at the cover rate on that date.

The translation adjustments have been entered directly in the result for the financial year (exchange loss or gain).

Commercial receivables may, if applicable, be asso-ciated with a depreciation allowance.

II.B.1.8. Cash assetsCash assets are made up essentially of the balances of bank accounts and short-term deposits.


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II.B.2. Accounting principles and evaluation methods relating to liability items

II.B.2.1. Pension commitmentsMontupet and FDPA have opted for internally managed systems with defined benefits and therefore pay an in-demnity when an employee retires. The other companies within the group have opted for a system with defined contributions which do not generate any commitment apart from the payment of contributions. Montupet UK assumes a proportion of the risk of the pension fund of a limited number of senior managers.

These commitments are associated with a provision for pension commitments in the balance sheet.

More detailed information is provided in the second part of the appendix.

II.B.2.2. Deferred taxThe temporary differences between the taxable income and the accounting income of consolidated companies and the reprocessing of certain elements in the corpo-rate financial statements in order to bring them into line with the accounting principles of consolidation give rise to the recording of deferred tax in the consolidated accounts.

Deferred tax relating to deficits which can be carried forward are only entered in the accounts if the provi-sional profits are sufficient to absorb them.

Deferred taxes are calculated according to the liability method at a rate of:

• 33.33% for French companies,

• 30% for Spanish companies,

• 28% for British companies (subsidiaries of Nor-thern Ireland),

• 30.90% for the Canadian company,

• 10% for the Bulgarian company.

II.B.3. Accounting principles and evaluation methods relating to profit and loss account items

II.B.3.1. Income from ordinary activitiesIncome from ordinary activities consists of the turnover, stored production, self-constructed capital assets, sub-sidies received, transfers of expenses and other income.

Turnover essentially includes sales of finished products and all income relating to tools. For sales of products and tools, the date on which the group transferred to the purchaser most of the risks and advantages asso-ciated with ownership and was no longer involved in the management or actual control of the transferred goods is recorded.

Due to the uncertainties surrounding the allowances for compensation which may be paid by the manufac-turers, the latter are entered progressively as they are collected.

II.B.3.2. Other operating income and expensesOther operating income and expenses present the major elements (note III.B.1.) of not being linked to standard operations, not being recurrent and being of a particu-larly significant amount allowing for a better analysis of the latter according to the recommendations of the national accounting council 2004 R02.

The "other income and expenses" represent:

• purchases and sales to customers of capital goods (excluding tools) used by Montupet but which,

• remain in their control,

• income and expenses from previous financial years.

II.B.4. Sector-based informationSector-based information is broken down by geogra-phical production areas (Europe and North America).

This subdivision corresponds to the management super-vision carried out by operational unit within the Group.

The group also presents data by product type (engine parts, wheel rims, other cast parts, tools).

II.B.5. Related partiesWith the exception of the managers, there are no related parties according to the IAS 24 standard. The intra-group transactions, subcontracting operations, ser-vices and funding are carried out under normal market conditions.

The total amount of remuneration allocated to the ma-nagers is presented in section III.D.2.2. of this appendix.


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II.C. ACTIvITIES DISCONTINUED OR TO BE TRANSFERRED

This category consisted of the following in the 2009 accounts:

• the land and disused factory at Nogent-sur-Oise;

• the land and factory building of Calcast Ltd in Londonderry (UK);

• the building constructed for the Chinese subsi-diary Montupet Changzhou: this subsidiary was not consolidated as the Chinese project was a "still-born" project;

• the building and land of the Montupet Limitée fac-tory (Canada): The subsidiary's result (depreciation of equipment, maintenance of premises, residual staff fees and costs) were reclassified under results from discontinued activities;

• the "wheels" activity within the Française de Roues subsidiary.

• Continuity and alterations in 2010The land and buildings referred to above are still for sale (notably Nogent) since the property crisis delayed the fulfilment of these operations with the exception of those of the Chinese subsidiary which were transferred in October 2010.

The "wheels" activity within the Française de Roues (F2R) subsidiary was transferred for one symbolic euro and the current account credit of 2.5 million euros held by Montupet SA for F2R was also transferred for a sym-bolic amount.

The effects on the profit and loss account of companies transferred or to be transferred are described in III.C.5. Changes in fixed assets to be transferred are described in III.C.1.


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III. NOTES RELATING TO THE BALANCE SHEET

All figures are in thousand euros.

III.A. NOTES RELATING TO THE BALANCE SHEET ExCLUDING ASSETS AND LIABILITIES TO BE TRANSFERRED

III.A.1. Non current assets

III.A.1.1. - non current assets-Gross value

ASSETSGross

Value Opening balance

Reclassifica-tion and assets

for saleIncreases Decreases ()

Other reclassi-fication

Exchange rate variations

Value 31.12.2010

Goodwill 1,620 1,620

Development costs 9,748 1,176 5,289 136 16,349

Other intangibles 2,147 1,176 853 (84) 4,092

Tangibles excluding assets for sale

377,909 30,639 (4,719) 3,612 407,441

- Including tangible assets on lease

26,717 2,510 29,227

Non current financial assets 218 1 110 1,328

sUb-TOTAl 391,642 2,352 37,891 (4,803) 0 3,748 430,830

Assets for sale 101,375 155 (69,134) 1,277 33,673

TOTAL 493,017 2,352 38,046 (73,937) 0 5,025 464,503


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III.A.1.2. non current assets-Depreciation

ASSETS Opening balance

Reclassification and assets for

saleIncreases Decreases ()

Other reclassification


Value 31.12.2010

Goodwill 1,620 1,620

Development costs 6,995 1,298 726 131 9,150

Other intangibles 1,110 1,176 867 (84) 3 069


233,784 21,122 (152) 2,576 257,330

- Including tangible assets on lease

20,541 2,090 22,631

Non current financial assets 0 0

sUb-TOTAl 243,509 2,474 22,715 (236) 2,707 271,169

Assets for sale 89,442 205 (62,091) 1,059 28,615

TOTAL 332,951 2,474 22,920 (62,327) 3,766 299,784

III.A.1.3. Grants on tangible assets






Value 31.12.2010

Grants 8,350 (496) 457 8,311

Of which on depreciations (7,476) 496 (425) (7,405)

TOTAL 874 0 32 0 0 906


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III.A.1.4. Assets and other non-current assets except deferred tax assets-net value






Value 31.12.2010

Goodwill 0 0 0 0 0 0 0

Development costs 2,753 (122) 4,563 0 0 5 7,200

Other intangibles 1,037 0 (14) 0 0 0 1,023 0 0 0 0 0


143,251 0 9,485 (4,567) 0 1,036 149,205

. Including tangible assets on lease

6,176 0 420 0 0 0 6,596

0 0 0 0 0 Non current financial assets 218 0 1,110 0 0 0 1,328

sUb-TOTAl 147,259 (122) 15,144 (4,567) 1,041 158,755

Assets for sale 11,933 0 (50) (7,043) 0 218 5,058

TOTAL 159,192 (122) 15,094 (11,610) 1,259 163,813

Grants are deducted from the net value of tangible assets and do not appear among liabilities.

III.A.1.4.1. Development costs and other intangibles: details and contribution of affiliated companies

Gross value 31.12.2010 Depreciation 31.12.2010 net value 31.12.2010

Development costs

Montupet SA 7,025 2,417 4,608

Montupet UK consolidated 7,265 5,879 1,386

Montupet EOOD 2,058 853 1,205

sUb-TOTAl 16,348 9,149 7,200

Other intangibles

Montupet SA 3,460 2,539 921

Montupet UK consolidated 433 431 2

Montupet EOOD 131 82 49

FDPA 64 13 51

sUb-TOTAl 4,088 3,065 1,023

TOTAL 20,436 12,214 8,223


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III.A.1.4.2. Details of financial assets-Equity interests

ASSETS % held within the group Equity Profit

Montupet Inc 100% 138 8

Montupet GmbH 100% 026 0

III.A.1.5. Details of non current financial assets


Reclassification on opening balance

of assets linked to activities stopped

in 2010

Increases Decreases ()

New company FDPA included

in the consolida-ted figures


Value 31.12.2010

TOTAL 185 1,184 (83) 8 1,294

III.A.1.6. Deferred tax debitTemporary diffe-rences opening

balanceVariation


Reclassification from deferred tax

liabilities

Temporary dif-ferences closing

balance

Montupet SA 13,660 2,036 15,696

Including Française de Roues 676

Alumalsa 2,110 959 3,069

Montupet Eood 572 (44) 528

Montiac 315 3 42 360

TOTAL 16,657 2,954 42 0 19,653

(1) The tax integration agreement concluded between Montupet and Française de Roues provided for the retention of the deficit of its subsidiary by Montupet.

The balance of the deferred taxes of each entity or tax group was reclassified under deferred tax debit or credit depending on whether the amount was positive or negative.

• Losses carried forwardIn addition to the deferred tax credit stemming from consolidation processing, the deferred tax balances consist of tax losses which the group decided to enter in their entirety on 31/12/2010.

These tax deficits consist mainly of:

Activated fiscal deficit in M€ Consolida-tion

Adjustment

ID at 31/12/2010

At 31/12/2009 Variation 2010 At 31/12/2010

Base Rate ID Base Rate ID Base Rate ID

Montupet SA 61.9 33.3% 20.6 3.0 33.3% 1.0 64.9 33.3% 21.6 (5.9) 15.7

Alumalsa 6.6 30% 2.0 3.1 30% 0.9 9.7 30% 2.9 0.2 3.1

Montupet Eood 5.7 10% 0.6 (0.40) 10% (0.04) 5.3 10% 0.5 (0.03) 0.5

In addition, as far as Française de Roues is concerned, which is treated as an activity intended for sale on 31/12/2009 and which was deconsolidated on 31/12/2010, the deferred tax debit of 0.6 M€ (relating to the loss of 1.7 M€ in the financial year 2009) was retained by Montupet SA according to the tax integration agreement.

According to our Business Plan, the recuperation period should amount to around 5 years for France. It is expected to be less than 4 years for Spain and 1 year for Bulgaria.


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III.A.2. Current assets

III.A.2.1. Valuation allowance




in 2010

Increases Decreases ()Exchange rate

variationsValue

31.12.2010

provisions on inventories and in process-parts

Raw materials 725 462 (564) 623

In process and finished parts 405 1,174 (1,139) 440

Spare parts 1,429 262 1,691

Customer accounts 1,355 420 (657) 1,118

SUB-TOTAL 3,914 0 2,318 (2,360) 0 3,872

III.A.2.2. Status of receivables by reimbursement termThe term for all receivables is less than one year with the exception of those listed in the table below.

Trade receivables & miscellaneous receivables over one year

Montupet SA 5,153

Montupet UK 50

TOTAL 5,203

The customers of the Montupet group are essentially vehicle manufacturers. The default risk is low.

III.A.2.3. AccrualsThese consist essentially of prepaid expenses

III.A.3. Stockholders' equity and non-current liabilities

III.A.3.1. Capital managementThe capital of Montupet SA on 31 December 2010 was made up of 10,782,769 shares with a nominal value of 1.52 euros, representing 16,390 K€.

III.A.3.2. non current provisionsIII.A.3.2.1. Provisions for liabilities and charges

ASSETS Opening balance Increases Decreases ()

New company FDPA included in the consolidated

figures


Value 31.12.2010

Montupet SA 74 1,132 (1,173) 32

Montupet UK 1,249 (1,469) 220 0

FDPA 418 429 (531) 316

MFT SARL 6 6

TOTAL 1,741 1,567 (3,173) 0 220 354


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III.A.3.2.2. Provisions for retirement allowance

ASSETS Opening balance Increases Decreases ()

New company FDPA included in the consolidated

figures


Value 31.12.2010

Montupet SA 2,863 (109) 2,754

Montupet UK 1,156 (864) 47 338

FDPA 2,434 429 (196) 2,667

Montupet EOOD 67 67

TOTAL 6,453 496 (1,169) 0 47 5,826

(1) details of Montupet SA retirement allowance

Provision on 01.01.2010 2,863

variation 2010

At constant discounting rate (290)Effect of change in the discounting rate 181

provision on 31.12.2010 2,754

(2) details of Montupet UK retirement funds

Market value of held assets 3,263 Updated commitments value (4,419)Deficit 01.01.2010 (1,156)

Cost of services (326)Contributions 97 Other financial products 247 Payments to beneficiariesDiscounting effect 847 Exchange rate variations (47)

Deficit on 31.12.2010 (338)

III.A.3.2.3. Deferred tax liabilities

Temporary diffe-rences opening

balance



in 2010

Endowments (and recaptures)


Reclassification Value 31.12.2010

Montupet UK consolidated

245 712 8 965

TOTAL 245 0 712 8 0 965

The balance of the deferred taxes of each entity or tax group was reclassified under deferred tax debit or credit depending on whether the amount was positive or negative.

The calculation of this position is based upon the following assumptions:

• wages increase of 0,70% in 2010 (against 2,00% in 2009) for Montupet SA and FDPA, and 3,50% (against 4,35% in 2009) for Montupet UK,

• financial discount rate of 3,38% in 2010 (against 3,90% in 2009 for Montupet SA and FDPA), the same rate as the return on assets rate, and 5,40% (against 5,70% in 2009) for Montupet UK,

• retirement at 65.


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III.A.3.3. Other non current liabilities

Opening balance New grants Refunds Reclassifications Exchange rate variations Value 31.12.2010

Other liabilities 136 (136) 0

Conditional loans 441 30 471

TOTAL 577 30 (136) 0 0 471

Conditional advances consist of reimbursable financial aid from ANVAR. The ANVAR advances are aid for innovation.

III.A.3.4. Other Status of debts by reimbursement termThe term of all the debts is less than one year with the exception of the debt of Montupet SA with Française de Roues amounting to 1,132 K€.

III.A.4. Debt

III.A.4.1. Change in non current financial debt

Opening balance - amounts borrowed

Increases Reclassifica-tions Decreases () Exchange rate

variationsValue

31.12.2010

Loans to Montupet SA 74,385 (8,265) (8,265) 57,855

Other financial liabilities 539 2,468 (1,073) 1,934

Middle-term loans to subsidiaries

0 0

Leasing 1,194 (988) 206

TOTAL 76,118 2,468 (8,265) (10,326) 0 59,995

Montupet SA debt maturing within one year has been reclassified among current financial debt.

III.A.4.2. Deadlines of current and non current financial debt

Gross amount closing balance

Current portionBetween 1 and

5 years (1) Over 5 years

Non current liabilities 59,789 59,789 0

Leasing contracts 206 206 0 0

Current liabilities 48,307 48,307 0 0

TOTAL 108,302 48,513 59,789 0


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III.A.4.3. Analysis of financial debts by reimbursement currencyThe financial debts on 31 December 2010 were contracted in euros. Moreover, all funding is at a variable rate accor-ding to the policy conducted by the company.

III.B. NOTES RELATING TO THE INCOmE STATEmENT ExCEpT DISCONTINUED OR FOR SALE ACTIvITIES

III.B.1. Other operating income & expenses

It concerns particularly significant non-recurring items. There was no such item in year 2009 or in year 2010.

III.B.2. Tax charge analysis

Consolidated result before tax 11,175

Parent-company tax rate 33%

Parent-company deferred tax rate 33%

Theoretical tax charge 3,725

Impact of tax rate differences of foreign subisdiaries (345)

Permanent differences (618)

Unactivated loss

Montupet SA research tax credit (2,897)

Other tax credits (298)

Financial discounting impact

Montupet UK tax relief (827)

Others (314)

RECORDED TAx CHARGE (1,574)

including Montupet SA research tax credit (2,897)

including due tax 246

including deferred tax 1,077


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III.C. NOTES RELATING TO ELEmENTS RECLASSIFIED ACCORDING TO IFRS 5

III.C.1. Breakdown of non-current assets intended for sale

Montupet SA Montupet LimitéeInactive compa-nies in northern

IrelandTotal

Other intangibles 0

Land 1,365 174 765 2,305

Buildings 182 1,500 1,682

Equipment and machines 1,026 1,026

Other fixed assets 105 105

Financial assets (without deferred taxes)

(60) (60)

Deferred taxes 0

TOTAL 2,573 1,779 705 5,058

The assets intended for sale are entered at their net book value which is lower than their estimated sale price. The assets of discontinued companies were not depreciated in 2010.

III.C.2. Current assets intended for sale

Gross value 31.12.2010 Depreciation 31.12.2010 net value 31.12.2010

Accounts of stopped activites 1,119 1,119

Cash 0 0

TOTAL 1,119 0 1,119

III.C.3. Liabilities of transferred activities

Gross value 31.12.2010

Conditional loans

Other financial liabilities 240

Deferred tax liabilities 525

Provision charges for risks and costs

TOTAl CUrrENT lIAbIlITIEs 765

Current liabilities (suppliers and others) 346

TOTAL 1,111


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III.C.4. Tax charge analysis of discontinued or transferred activities

Consolidated result before tax (8,201)

Parent-company tax rate 33%

Parent-company deferred tax rate 33%

Theoretical tax charge (2,734)

Impact of tax rate differences of foreign subisdiaries (15)

Permanent differences 250

Unactivated loss

Other tax credits

Financial discounting impact

Others 314

Recorded tax charge (2,185)

including due tax 362

including deferred tax (2,547)

III.C.5. Net result from discontinued or transferred activities

Fiscal year 2010

Activity for sale wheels

Inactive companies

Total

Sales 31,794 31,794

Changes in inventory and other income 2,161 2,161

TOTAl OPErATING INCOME 33,955 0 33,955

TOTAl OPErATING ExPENsEs (33,002) (446) (33,448) Other income & expenses (8,245) (8,245) CUrrENT OPErATING INCOME 953 (8,691) (7,738) fINANCIAl INCOME (lOss) (260) (203) (463) Gross result of activities stopped or for sale 693 (8,894) (8,201) Income tax (228) (134) (362)

Deferred tax (5) 2,552 2,547

NET INCOmE FOR THE pERIOD 460 (6,476) (6,016)


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The other income and expenses of discontinued companies include the following:

Discontinued activity of Montupet Changzhou

Capital loss and reversal of allowance for security depreciation

- 1,527 K€

Abandoned receivables - 1,113 K€

Customer equalisation payment 785 K€

TOTAL - 1,855 K€

Discontinued activity of Française de Roues (F2R)

Capital loss - 1,966 K€

Current account transfer - 2,500 K€

Commercial subsidy granted to F2R - 2,290 K€

TOTAL - 6,756 K€

Fiscal year 2009

Activity for sale wheels

Inactive companies

Total

Sales 54,488 1,685 56,173

Changes in inventory and other income (2,396) 190 (2,206)

TOTAl OPErATING INCOME 52,092 1,875 53,967 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 89 972 1,061

Deferred tax 685 0 685 NET INCOmE FOR THE pERIOD (1,328) (4,310) (5,638)


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III.D. OFF BALANCE SHEET COmmITmENTS AND mISCELLANEOUS INFORmATION

III.D.1. Loan commitments granted

III.D.1.1. Commitments granted

Value in foreign currency

Exchange value By For the benefit ofSubsidiary

involved

Guaranteeto the benefit of the governemental orga-nization "Invest Northern Ireland" covering the possible reimbursement of a previous grant

2,282 M£ 2,651 K€ Montupet SAInvest-Northern

IrelandMontupet UK

Guarantee to the benefit of metal suppliers of Fran-çaise de Roues

0 6,000 K€ Montupet SAFournisseurs

de métalFrançaise de

Roues

Guarantee to the benefit of miscellaneous suppliers of Francaise de Roues

0 400 K€ Montupet SADivers

fournisseursFrançaise de

Roues

TOTAL 9,051 K€

III.D.1.2 Commitments made with a view to maintaining loans granted by credit establishments-concerns Montupet SA-Within the framework of the credit agreement signed with its banks, Montupet SA is committed to:

• transferring its customer receivables as a guarantee;

• ensuring that the total nominal amount of transferred receivables is equal to at least 60% of the total amount

• total advances in Tranche B, which amounted to 25,000,000 euros on 31 December 2010;

• respecting, on the basis of the consolidated accounts, the following ratios amended by the additional clause of 29 July 2010:

At 31.12.2010 At 30.06.2011 At 31.12.2011 At 30.06.2012

Equity at least equal to 125,000,000 125,000,000 135,000,000 135,000,000

Net financial debt at least equal to

130,000,000 110,000,000 90,000,000 90,000,000

Gearing ratio <0.95 <0.88 <0.66 <0.66

Net debt/ Cash flow <3.5 < or = to 3 < or = to 3 < or = to 3 On 31 December 2010, Montupet SA was fulfilling all the commitments of the credit agreement.In addition to compliance with the ratios, the credit establishments demand compliance with the laws and regula-tions, the limitation of granting of securities for a particular asset, the restriction of asset transfers, restructuring operations and acquisitions


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III.D.1.3. Commitments received Guarantees received from fixed asset suppliers .................................................................................................. 450 K€Guarantees received from suppliers of goods and services .................................................................................. 70 K€ Guarantee letter from the State Bank of India for the benefit of Montupet SA with a term of 30/06/2011 ... 3,000 K€

III.D.2. miscellaneous information

III.D.2.1. Average Workforce

2010 2009 2008

Executives 179 224 213

Non Executives 690 809 739

Workers 2,334 2,687 2,490

Total 3,202 3,720 3,442

III.D.2.2. Total amount of remuneration allocated to members of the administration bodiesThe remuneration and benefits allocated to the members of the administrative bodies of Montupet SA in the context of their duties within the controlled firms amount to a total of 1,859,434 €, excluding social security contributions for which the group is responsible.

No commitments have been made towards the company representatives apart from the managers' pension commit-ments which are not specific and which are included in the pension commitments under liabilities in the balance sheet.

Benefits in kind granted to the company representatives amounted to a total of 49,767 € (included in the total amount above).

III.D.2.3. Research and study costsThe research costs incurred by Montupet SA, FDPA, Montupet UK, ALUMALSA and MONTIAC amounted to 24.5 million euros.

Montupet SA received a research tax credit of 2,897 K€ for 2010 representing 30% of the eligible expenses incurred.

Research and development costs were activated on 31 December 2010:

Montupet SA .........................................................................................................................................................4,014 K€Montupet UK .........................................................................................................................................................1,172 K€Montupet EOOD .......................................................................................................................................................103 K€

III.D.2.4. Auditors' feesThe auditors' fees entered in the accounts in 2010 amounted to:- 241.5 K€ for Montupet SA,- 178.9 K€ for the Group subsidiaries.


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III.D.3. Balance-sheet and income statement per geographical area

III.D.3.1. Balance-sheet and income statement per geographical area- fiscal year 2010

Balance sheet 2010-Assets

Contribution to consolidated figures IFRS standards

Total Europe

Total northern America

Total

Research & Development costs 7,200 0 7,200

Other intangible assets 1,023 1,023

Tangible assets 134,158 15,047 149,205

Non current assets for sale 3,278 1,780 5,058

Other non current assets 20,620 361 20,981

TOTAl NON CUrrENT AssETs 166,278 17,188 183,466

Current assets for sale 346 773 1,119Other current assets 167,032 4,640 171,672

TOTAl CUrrENT AssETs 167,378 5,413 172,791

TOTAL ASSETS 333,656 22,601 356,257

Tangible investments 27,424 978 28,402

Increases in development costs 4,563 4,563

Other intangible assets increases 1,476 1,476


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Balance sheet 2010-Liabilities


Total Europe


Total

Shareholders'equity 127,459 7,516 134,975

Minority interests 1,189 1,189

TOTAl shArEhOldErs' EqUITY 128,648 7,516 136,164

Non current liabilities for sale 765 765

Other non current liabilities 67,611 67,611

TOTAL NON CURRENT LIABILITES 68,376 0 68,376

Current liabilities for sale 1,258 -912 346

Other current liabilities 135,374 15,997 151,371

TOTAL CURRENT LIABILITIES 136,632 15,085 151,717

TOTAL LIABILITIES 333,656 22,601 356,257


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Income Statement 2010


Total Europe


Total

Sales outside Montupet 340,219 34,884 375,103

Other operating revenues 12,182 4,428 16,610

TOTAl OPErATING rEvENUEs 352,401 39,312 391,713

Depreciation charges -22,977 -2,373 -25,350

Other expenses -317,880 -32,286 -350,166

1. GROSS mARGIN 11,544 4,653 16,197

Other operating revenues and expenses 0 0

2. OpERATING pROFIT (LOSS) 11,544 4,653 16,197

3. FINANCIAL pROFIT (LOSS) -4,746 -278 -5,023

Income tax 2,651 2,651

Deferred tax -1,077 -1,077

4. NET RESULT (ExCEpT ACTIvITIES STOppED OR FOR SALE)

8,373 4,375 12,748

Gross result of activities stopped or for sale -7,818 -383 -8,201

Deferred tax on activities stopped or for sale -229 -133 -362

2,548 2,548

5. NET INCOmE FOR THE pERIOD 2,873 3,859 6,732

Minority interests 55 55

6. NET CONSOLIDATED pROFIT (ATTRIBUTABLE TO mONTUpET)

2,817 3,859 6,677


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III.D.3.2. Balance-sheet and income statement per geographical area-Fiscal year 2009

Balance sheet 2009-Assets


Total Europe


Total

Research & Development costs 2,753 0 2,753

Other intangible assets 1,037 0 1,037

Tangible assets 128,327 14,924 143,251

Non current assets for sale 10,367 1,566 11,933

Other non current assets 16,560 316 16,876

TOTAl NON CUrrENT AssETs 159,044 16,806 175,850

Current assets for sale 11,952 1,372 13,324

Other current assets 124,787 4,809 129,596

TOTAl CUrrENT AssETs 136,739 6,181 142,920

TOTAL ASSETS 295,783 22,987 318,770

Tangible investments 14,896 3,304 18,200

Increases in development costs 676 0 676

Other intangible assets increases 208 0 208


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Balance sheet 2009-Liabilities


Total Europe


Total

Shareholders'equity 108,497 16,210 124,707

Minority interests 1,135 0 1,135

TOTAl shArEhOldErs' EqUITY 109,632 16,210 125,842

Non current liabilities for sale 85,132 0 85,132

Other non current liabilities 1,747 0 1,747

TOTAl NON CUrrENT lIAbIlITEs 86,879 0 86,879

Current liabilities for sale 15,613 -9,170 6,443

Other current liabilities 83,658 15,948 99,606

TOTAl CUrrENT lIAbIlITIEs 99,271 6,778 106,049 TOTAL LIABILITIES 295,782 22,988 318,770


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Income Statement 2009


Total Europe


Total

Sales outside Montupet 204,429 0 204,429

External supports to production inside Montupet -20,440 20,440 0

Other operating revenues -7,581 1 -7,580

TOTAl OPErATING rEvENUEs 176,408 20,441 196,849

Depreciation charges -22,069 -2,151 -24,220

Other expenses -174,481 -17,720 -192,201

1. GROSS mARGIN -20,142 570 -19,572

Other operating revenues and expenses 0 0 0

2. OpERATING pROFIT (LOSS) -20,142 570 -19,572

3. FINANCIAL pROFIT (LOSS) -690 -366 -1,056

Income tax 1,761 0 1,761

Deferred tax 8,371 -49 8,322

4. 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

Deferred tax on activities stopped or for sale 88 972 1,060

685 0 685

5. NET INCOmE FOR THE pERIOD -12,771 -3,412 -16,183

Minority interests 17 0 17

6. NET CONSOLIDATED pROFIT ATTRIBUTABLE TO mONTUpET

-12,788 -3,412 -16,200


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III.D.4. Data by type of production

III.D.4.1. Data by type of production-Fiscal year 2010

Sales, tangible assets, development costsEngine parts

Wheels Other

foundry parts

Tooling Others Total

Sales 309,077 62,853 3,173 375,103 Development costs ( net value) 7,200 7,200 Tangible assets ( net value) 128,307 19,968 930 149,205 Non current assets intended for sale 5,058 5,058

(1)"Wheels" sales reclassified among transferred activities

31,794 31,794

III.D.4.2. Data by type of production-Fiscal year 2009

Sales, tangible assets, development costsEngine parts

Wheels Other

foundry parts

Tooling Others Total

Sales 156,156 0 44,876 2,867 530 204,429 Development costs ( net value) 2,753 0 0 0 0 2,753 Tangible assets ( net value) 109,366 0 22,046 1,266 10,573 143,251 Non current assets intended for sale 9,273 2,660 0 0 0 11,933 (1)"Wheels" sales reclassified among transferred activities

54,488 54,488

(2) Calcast sales reclassified among discontinued activities

1,685 1,685

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Documents

Montupet Annual Report 2010 · Annual report MONTUPET / 4 2 1 6 5 4 3 Table 1. ... Virax and Fonderie de Précision. After a decade marked by industrial and financial restructuring,