Financial Report and Registration Document 2010 - Groupe Seb

4 NOTES
COMPANY FINANCIAL STATEMENTS
TO THE COMPANY FINANCIAL STATEMENTS
NOTE 6
MATURITIES OF RECEIVABLES AND PAYABLES
All receivables are due within one year, with the exception of an €8.8 million
subordinated loan to Groupe SEB Iberica and a €2.5 million long-term loan
to Groupe SEB Schweiz.
All payables are due within one year, with the exception of:
employee profit-sharing accounts of €2.8 million due in 2012, €5.4 million
due in 2013, €8.6 million due in 2014 and €6.9 million due in 2015;
the €10 million balance outstanding at 31 December 2010 on the Calyon
loan repayable in annual instalments of €10 million through to March 2012;
the Schuldschein in-fine loan, repayable in two instalments in August 2013
and August 2015 for €113.5 million and €47.5 million, respectively.
Due
(in € millions) 2009 2010 within 1 year in 1 to 5 years beyond 5 years
Bank borrowings 389.9 226 55 171
Commercial paper 100 100 100
Intra-group borrowings 291.5 371.2 371.2
Other borrowings 0.3 0.3 0.3
Non-discretionary profit sharing liability 25.9 28.6 3.2 25.4
TOTAL 807.6 726.1 529.4 196.4 0.3
A key source of fi nancing for the Group is its €600 million commercial
paper programme, which has enjoyed an A2 rating from Standard & Poor’s
for several years. Outstanding commercial paper under this programme
totalled €100 million at the year-end. All commercial paper is due in less
than three months.
At 31 December 2010, no borrowings were subject to acceleration clauses.
Only two medium-long-term loans were subject to a debt-to-EBITDA
ratio that could have an impact on the interest rate of the debt. Interest
paid in 2010 was determined in the highest tranche provided for in the
loan agreement. Shifting to a different tranche would enable the Group to
reduce its interest payments. The amount of the saving would be less than
€0.1 million.
NOTE 7
RELATED PARTY TRANSACTIONS
Certain balance sheet items contain amounts concerning related party transactions, as follows:
(in € millions) 2010 2009
Related parties Direct investments Related parties Direct investments
Non-current financial assets 407 360.9 342.5 447.9
Receivables 0.2 1.1 0.2 1.9
Payables 107.9 265.2 108.5 190.7
TOTAL 515.1 627.2 451.2 640.5
126 FINANCIAL REPORT AND REGISTRATION DOCUMENT 2010 GROUPE SEB