Financial Report and Registration Document 2010 - Groupe Seb

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3 NOTES CONSOLIDATED FINANCIAL STATEMENTS TO THE CONSOLIDATED FINANCIAL STATEMENTS ANALYSIS OF CURRENCY RISKS ON INTER-COMPANY TRANSACTIONS The Group’s net exposure to transactional currency risks primarily concerns the following currencies (excluding the functional currencies of Group companies): At 31 December 2010 (in € millions) USD HUF JPY RUB Other Total assets 24 8 22 38 Total liabilities (63) Future transactions NET POSITION BEFORE HEDGING (63) 24 8 22 38 Forward purchases of foreign currencies 111 Forward sales of foreign currencies (20) (27) (9) (28) NET POSITION AFTER HEDGING 48 4 (19) 13 10 At 31 December 2009 (in € millions) USD GBP HUF JPY Other Total assets 4 20 6 38 Total liabilities (48) Future transactions 64 NET POSITION BEFORE HEDGING (48) 4 20 70 38 Forward purchases of foreign currencies 20 Forward sales of foreign currencies (4) (15) (69) (32) NET POSITION AFTER HEDGING (28) 0 5 1 6 At 31 December 2008 (in € millions) USD GBP HUF JPY Other Total assets 5 14 15 51 Total liabilities (34) (1) Future transactions (29) 4 2 0 6 NET POSITION BEFORE HEDGING (63) 9 16 15 56 Forward purchases of foreign currencies 53 Forward sales of foreign currencies (8) (15) 0 (12) NET POSITION AFTER HEDGING (10) 1 1 15 44 At 31 December 2010, the euro was trading at USD 1.336, GBP 0.861, HUF 277.95 and JPY 108.65. The appreciation of these currencies, assuming all other variables remained the same, would have a positive impact on profit, except for the Japanese yen, whose appreciation would result in an expense. At 31 December 2010, the sensitivity analysis of the net position after hedging was as follows: (in € millions) USD HUF JPY RUB Other Hypothetical currency appreciation 1% 1% 1% 1% 1% IMPACT ON PROFIT 0.5 0.0 (0.2) 0.1 0.1 CURRENCY RISKS ON FINANCING SEB S.A. is the main provider of fi nancing for its subsidiaries. Current account advances are made in the subsidiaries’ functional currency. As SEB S.A. raises long-term financing in euros, it is exposed to currency risks on these advances. To hedge these risks, the Company borrows or lends funds in the subsidiary’s currency, according to whether the current account balance is a debit or a credit, or uses currency swaps to refinance its debt in the subsidiary’s local currency. Currency risks on financing are therefore systematically hedged. 106 FINANCIAL REPORT AND REGISTRATION DOCUMENT 2010 GROUPE SEB
3 CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS The Group does not however apply hedge accounting to these transactions. At 31 December 2010 (in € millions) USD Other Total assets 265 84 Total liabilities 30 14 NET POSITION BEFORE HEDGING 235 70 Hedging positions (225) (37) NET POSITION AFTER HEDGING 10 33 At 31 December 2009 (in € millions) USD GBP Other Total assets 290 8 25 Total liabilities 62 8 NET POSITION BEFORE HEDGING 228 8 17 Hedging positions (267) (9) (17) NET POSITION AFTER HEDGING (39) (1) 0 At 31 December 2008 (in € millions) USD GBP Other Total assets 340 15 53 Total liabilities 138 2 NET POSITION BEFORE HEDGING 202 15 51 Hedging positions (209) (15) (12) NET POSITION AFTER HEDGING (7) 0 39 The appreciation or depreciation of these currencies, assuming all other variables remained the same, would have an impact on profit. At 31 December 2010, the sensitivity analysis of the net position after hedging was as follows: (in € millions) USD Other Hypothetical currency appreciation 1% 1% 3 IMPACT ON PROFIT 0.1 0.3 CURRENCY RISKS ON NET INVESTMENTS IN FOREIGN OPERATIONS Groupe SEB is also exposed to currency risks on its net investment in foreign operations, corresponding to the impact of changes in exchange rates for the subsidiaries’ functional currencies on SEB S.A.’s share in their net assets. These risks are not hedged. 26.2.2 Interest rate risks Group policy consists of hedging interest rate risks based on trends in market interest rates and changes in the Group’s overall debt structure. These risks are not hedged systematically. The following table analyses financial assets and liabilities at 31 December 2010, based on interest rate re-set dates: Overnight to 1 year 1 to 5 years More than 5 years At 31 December 2010 (in € millions) Floating rate Fixed rate Fixed rate Fixed rate Total assets 236.6 Total liabilities (266.9) (10.0) (95.0) NET POSITION AFTER HEDGING (30.3) (10.0) (95.0) Interest payable between January 2007 and March 2012 is hedged by a floating/fixed rate swap. This swap qualifies for hedge accounting under IAS 39. At 31 December 2010 (in € millions) Expiring within one year 2010 Expiring in 1 to 5 years Expiring beyond 5 years Floating/fixed rate swap 10 10 0 GROUPE SEB FINANCIAL REPORT AND REGISTRATION DOCUMENT 2010 107
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FINANCIAL REPORT AND REGISTRATION D
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GROUP PROFILE AND KEY FIGURES 2010
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GROUPE SEB IN 2010 1 GROUPE SEB IN
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1 GROUPE SEB IN 2010 MILESTONES IN
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1 GROUPE SEB IN 2010 BUSINESS SECTO
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1 GROUPE SEB IN 2010 INDUSTRIAL STR
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1 GROUPE SEB IN 2010 MANAGEMENT REP
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1 GROUPE SEB IN 2010 RISK MANAGEMEN
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1 GROUPE SEB IN 2010 SOCIAL PERFORM
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1 GROUPE SEB IN 2010 ENVIRONMENT PE
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CORPORATE GOVERNANCE 2 CORPORATE GO
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2 CORPORATE GOVERNANCE BOARD OF DIR
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2 CORPORATE GOVERNANCE ORGANIZATION
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2 CORPORATE GOVERNANCE GROUP MANAGE
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2 CORPORATE GOVERNANCE CHAIRMAN’S
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2 CORPORATE GOVERNANCE CHAIRMAN’S
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Page 61 and 62: CONSOLIDATED FINANCIAL STATEMENTS 3
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Page 137 and 138: ANNUAL GENERAL MEETING 5 ANNUAL GEN
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Page 149 and 150: ADDITIONAL INFORMATION 6 ADDITIONAL
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6 ADDITIONAL INFORMATION EMPLOYEE S
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6 ADDITIONAL INFORMATION EMPLOYEE S
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6 ADDITIONAL INFORMATION STOCK MARK
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NOTES GROUPE SEB FINANCIAL REPORT A
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FINANCIAL AGENDA 2011 26 APRIL AFTE
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