Financial Report and Registration Document 2010 - Groupe Seb

3 NOTES
CONSOLIDATED FINANCIAL STATEMENTS
TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 23
TRADE AND OTHER PAYABLES
(in € millions) 2010 2009 2008
TRADE PAYABLES 494.4 398.0 366.3
Accrued taxes and employee benefits expense 247.9 198.9 177.8
Due to suppliers of fixed assets 12.5 8.8 10.5
Other payables 14.1 11.7 6.8
OTHER PAYABLES 274.5 219.4 195.1
At 31 December 2010, trade and other payables broke down as follows:
Current Non-current Total
TRADE PAYABLES 494.4 494.4
Accrued taxes and employee benefits expense 225.0 22.9 247.9
Due to suppliers of fixed assets 12.5 12.5
Other payables 13.3 0.8 14.1
OTHER PAYABLES 250.8 23.7 274.5
Non-current accrued taxes and employee benefits expense correspond mainly to employee time savings accounts in France.
NOTE 24
BORROWINGS
24.1. TOTAL BORROWINGS
(in € millions) 2010 2009 2008
Bank borrowings 171.0 274.6 193.0
Finance lease liabilities 1.6 1.7 2.0
Other debt 1.9 2.3 1.9
Non-discretionary profit sharing liability 25.4 22.5 16.6
LONG-TERM BORROWINGS 199.9 301.1 213.5
Bank borrowings 53.8 113.3 246.0
Commercial paper 100.0 100.0 394.0
Current portion of long-term borrowings 18.2 33.4 21.5
SHORT-TERM BORROWINGS 172.0 246.7 661.5
TOTAL BORROWINGS 371.9 547.8 875.0
At 31 December 2010, the Group’s borrowings were comprised of short-term
and long-term borrowings.
Bank borrowings consist of:
a €20 million credit line set up in France, of which €10 million due beyond
one year;
a Schuldschein loan for €113.5 million due in 2013;
a Schuldschein loan for €47.5 million due in 2015.
At 31 December 2010, the weighted average interest rate on long-term
borrowings denominated in euros was 4.38%, compared with 3.4% at
31 December 2009.
A traditional source of financing for the Group is its €600 million commercial
paper programme, which has an A2 rating from Standard & Poor’s.
Outstanding commercial paper under this programme totalled €100 million
at the year-end.
100 FINANCIAL REPORT AND REGISTRATION DOCUMENT 2010 GROUPE SEB