Financial Report and Registration Document 2010 - Groupe Seb

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3 STATUTORY CONSOLIDATED FINANCIAL STATEMENTS AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2010 To the shareholders In compliance with the assignment entrusted to us by your Annual General Meeting, we hereby report to you, for the year ended 31 December 2010 on: the audit of the accompanying consolidated financial statements of Seb S.A.; the justification of our assessments; the specific verification required by law. These consolidated financial statements have been approved by the Board of Directors. Our role is to express an opinion on these consolidated financial statements based on our audit. OPINION ON THE CONSOLIDATED FINANCIAL STATEMENTS We conducted our audit in accordance with professional standards applicable in France; those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis or by selection, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting policies used and significant estimates made by management, as well as evaluating the overall financial statements presentation. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. In our opinion, the consolidated fi nancial statements give a true and fair view of the assets and liabilities and of the financial position of the Group as at 31 December 2010 and of the results of its operations for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union. JUSTIFICATION OF OUR ASSESSMENTS In accordance with the requirements of Article L. 823-9 of the French Commercial Code (Code de Commerce) relating to the justification of our assessments, we bring to your attention the following matters: At each balance sheet date, the Group assesses whether there is any indication that non-current assets belonging to various cash-generating units (CGUs) may be impaired and performs annual impairment tests on goodwill and assets with indefinite lives, as described in Notes 1.4.1 and 1.4.3 to the consolidated financial statements. We have examined the impairment testing methods as well as the cash flow forecasts and assumptions used and we have verified that Notes 6.2 and 10 contain the appropriate disclosures. Note 1.4.9 to the consolidated financial statements describes how deferred tax has been determined and Note 8.4 discloses the amount of deductible temporary differences and tax losses carried forward without any corresponding deferred tax assets. Our work has consisted in the assessment of the data and assumption retained by the Group for their estimations and in the verification of the pertinence of disclosures made in the notes to the consolidated financial statements. These assessments were made as part of our audit of the consolidated fi nancial statements taken as a whole, and therefore contributed to the opinion we formed which is expressed in the first part of this report. SPECIFIC VERIFICATION As required by law, we have also verified in accordance with professional standards applicable in France the information presented in the Group’s management report. We have no matters to report as to its fair presentation and its consistency with the consolidated financial statements. PricewaterhouseCoopers Audit Bernard RASCLE Lyon and Villeurbanne, 21 March 2011 The Statutory Auditors Deloitte & Associés Dominique VALETTE This is a free translation into English of the Statutory Auditors’ report issued in French and is provided solely for the convenience of English speaking users. The Statutory Auditors’ report includes information specifically required by French law in such reports, whether modified or not. This information is presented below the opinion on the consolidated financial statements and includes an explanatory paragraph discussing the auditors’ assessments of certain significant accounting and auditing matters. These assessments were considered for the purpose of issuing an audit opinion on the consolidated financial statements taken as a whole and not to provide separate assurance on individual account captions or on information taken outside of the consolidated financial statements. This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France. 116 FINANCIAL REPORT AND REGISTRATION DOCUMENT 2010 GROUPE SEB
COMPANY FINANCIAL STATEMENTS 4 COMPANY FINANCIAL STATEMENTS BALANCE SHEET – AT 31 DECEMBER 118 INCOME STATEMENT – YEARS ENDED 31 DECEMBER 120 REPORT OF THE BOARD OF DIRECTORS 121 Financial review 121 Significant events of the year 121 NOTES TO THE COMPANY FINANCIAL STATEMENTS 122 AUDITORS’ REPORT ON THE COMPANY FINANCIAL STATEMENTS 133 4 GROUPE SEB FINANCIAL REPORT AND REGISTRATION DOCUMENT 2010 117
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GROUP PROFILE AND KEY FIGURES 2010
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Financial Report and Registration Document 2010 - Groupe Seb

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