Financial Report and Registration Document 2010 - Groupe Seb
Financial Report and Registration Document 2010 - Groupe Seb
Financial Report and Registration Document 2010 - Groupe Seb
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3<br />
CONSOLIDATED FINANCIAL STATEMENTS<br />
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br />
22.6. ANALYSIS OF PLAN ASSETS<br />
CHANGE IN PLAN ASSETS IN <strong>2010</strong><br />
(in € millions) France Other countries Total<br />
PLAN ASSETS AT 1 JANUARY <strong>2010</strong> 26.2 13.1 39.3<br />
Expected return on plan assets 3.1 0.5 3.6<br />
Contributions paid 3.5 1.3 4.8<br />
Benefits paid (0.3) (0.3)<br />
Actuarial gains <strong>and</strong> losses <strong>and</strong> other 1.7 1.7<br />
PLAN ASSETS AT 31 DECEMBER <strong>2010</strong> 32.8 16.3 49.1<br />
CHANGE IN PLAN ASSETS IN 2009<br />
(in € millions) France Other countries Total<br />
PLAN ASSETS AT 1 JANUARY 2009 24.4 11.4 35.8<br />
Expected return on plan assets 3.3 0.6 3.9<br />
Contributions paid 4.0 1.4 5.4<br />
Benefits paid (5.5) (0.3) (5.8)<br />
Actuarial gains <strong>and</strong> losses <strong>and</strong> other<br />
PLAN ASSETS AT 31 DECEMBER 2009 26.2 13.1 39.3<br />
CHANGE IN PLAN ASSETS IN 2008<br />
(in € millions) France Other countries Total<br />
PLAN ASSETS AT 1 JANUARY 2008 27.3 12.6 39.9<br />
Expected return on plan assets (4.7) 0.5 (4.2)<br />
Contributions paid 6.2 1.6 7.8<br />
Benefits paid (4.4) (0.3) (4.7)<br />
Actuarial gains <strong>and</strong> losses <strong>and</strong> other (3.0) (3.0)<br />
PLAN ASSETS AT 31 DECEMBER 2008 24.4 11.4 35.8<br />
3<br />
Plan assets in France are managed by an insurance company <strong>and</strong> are<br />
invested as follows:<br />
approximately 15% in the general assets of the insurance company,<br />
primarily composed of government bonds, corporate bonds mostly rated<br />
AAA or AA, shares in international blue-chip companies (managed directly)<br />
<strong>and</strong> high-yield office property;<br />
approximately 50% in corporate bond funds;<br />
the balance in equity funds.<br />
The actual return on plan assets for <strong>2010</strong> should be in line with the expected<br />
rate of 4%. Actuarial gains <strong>and</strong> losses generated in 2011 are not expected<br />
to be material.<br />
Plan assets in other countries primarily comprise funds invested with an<br />
insurer amounting to €11.6 million, relating to the obligations of <strong>Groupe</strong><br />
SEB Nederl<strong>and</strong>.<br />
22.7. EARLY RETIREMENT SCHEMES<br />
As part of the employee support measures implemented in connection with<br />
the industrial reorganisation carried out in France (see Note 6), in mid-2006<br />
<strong>Groupe</strong> SEB offered eligible employees the possibility of early retirement.<br />
The programme was in addition to the early retirement scheme for workers<br />
exposed to asbestos at the Fresnay site, which formed part of the assets<br />
acquired from Moulinex S.A. in 2001. A total of 149 employees benefited<br />
from the “asbestos scheme” as of 31 December <strong>2010</strong>.<br />
A provision was recorded at 31 December 2006 to cover the Group’s<br />
obligations under the programme, discounted at a rate of 3.75% as the<br />
amounts will be paid out in the medium term. At 31 December <strong>2010</strong>, the<br />
provision amounted to €9.6 million, versus €11.1 million at 31 December<br />
2009 <strong>and</strong> €14.5 million at 31 December 2008 (see Note 21.3).<br />
GROUPE SEB<br />
FINANCIAL REPORT AND REGISTRATION DOCUMENT <strong>2010</strong><br />
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