Financial Report and Registration Document 2010 - Groupe Seb

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COMPANY FINANCIAL STATEMENTS
NOTES TO THE COMPANY FINANCIAL STATEMENTS
NOTE 12
INCOME TAX ANALYSIS
Income tax for 2010 can be analysed as follows:
(in € millions) Before tax Tax expense/(benefit) After tax
Profit from ordinary activities 70.5 (4.9) 65.6
Net other income/(expense) (10) 0.1 (9.9)
Tax loss carryforwards generated (utilised) (4.8) (4.8)
Group relief (14.8) (14.8)
TOTAL 60.5 (14.8) 45.7
The €14.8 million expense comprises the tax group’s income tax benefit of €14 million less a €28.8 million expense arising from a correction to prior year results.
NOTE 13
OFF-BALANCE SHEET COMMITMENTS
(in € millions)
MARKET CONTRACTS
31 December 2010 31 December 2009
Notional amount Market value Notional amount Market value
Currency swaps (foreign currency borrower) 261.5 4.5 203.2 (3.4)
Currency swaps (foreign currency lender) 0 0 13.6 0
Forward sales of foreign currencies 111.2 3.8 186.0 (0.9)
Forward purchases of foreign currencies 66.9 (1.6) 20.5 0.7
Interest rate swaps 20 (0.2) 30.0 (0.6)
Aluminium derivatives 34,000 1,800 45.0 (6.5)
Nickel derivatives 3,800 900 3.6 0.8
CONTRACTS WITH SUBSIDIARIES
Currency swaps (foreign currency lender) 6.9 0.1 9.7 0
Forward purchases of foreign currencies 7.5 0.1 19.8 (0.1)
Aluminium derivatives 34,000 1,800 45.0 6.5
Nickel derivatives 3,800 900 3.6 (0.8)
The use and accounting treatment of financial instruments are discussed
in Note 1.5.
The market value of financial instruments represents the gain or loss
that would be recognised if the contracts were settled on the market on
31 December 2010. It is estimated based on the exchange rate and interest
rate on 31 December 2010 or obtained from the counterparty banks.
Notional amounts represent the notional amounts of the contracts.
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GROUPE SEB
FINANCIAL REPORT AND REGISTRATION DOCUMENT 2010
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