Financial Report and Registration Document 2010 - Groupe Seb

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2 CHAIRMAN’S CORPORATE GOVERNANCE REPORT ON INTERNAL CONTROL Documentation for this system includes reference to all procedures, tools and methods relating to the Group’s key processes: management procedures, definition of Group policy, strategic planning, constant improvement in quality, and safeguarding the environment; operational processes including strategic marketing, R&D, sales and marketing, client order processing and production transfers; operational support functions, covering human resources, information systems, purchasing, finance, after-sales service and customer assistance. The Quality department uses monthly feedback reporting to fi ne-tune its action plans, which are then submitted to the Group Executive Committee. THE FINANCIAL COMMUNICATIONS DEPARTMENT Each year, this department draws up a schedule of the Group’s regular financial communications for financial markets and institutional investors. It identifies, in collaboration with the Legal department, legal and regulatory requirements for publication of Group financial notices. ACCOUNTING AND FINANCIAL INFORMATION PROCEDURES Internal control procedures for accounting and financial information aim to ensure the quality of the financial information provided by the consolidated subsidiaries, and the fairness and accuracy of the fi nancial information issued by the Group, while safeguarding against risks of error, inaccuracy or omission in the Group’s financial statements. Groupe SEB uses internal control guidelines based on AMF framework guidelines and accounting and financial audit principles. CENTRALIZED TREASURY AND FINANCE OPERATIONS Local regulations permitting, the Group Finance department ensures the financing of its subsidiaries via cash pooling, inter-company financing contracts and the use of currency flows for payments and receipts. This centralization of operations allows the Finance department to: control external debt and monitor its development; manage the risk rate inherent in the contracted debt; finance its subsidiaries in their local currency where regulations permit; anticipate and manage currency risk inherent in commercial and financial flows. Another important element of internal control is the Group’s centralized choice of working-partner banks and effective long-term management of these relations. This organization enables the Finance department to ensure overall control of the Group’s treasury operations. CONSOLIDATED ACCOUNTS MANAGEMENT AND CONTROL We have already described the role of Group Management Control in overseeing monthly consolidated financial management information. Budgetary control identifi es deviations from performance targets, on the basis of monthly consolidated data which is compared to an analysis of Group operational directives. This makes it possible to identify any changes or discrepancies in relation to financial budget data and previous years. This decentralized statutory consolidation includes all the companies in the Group that are directly or indirectly controlled by the Group’s holding company, SEB S.A. Each consolidated subsidiary prepares a set of accounts, restated to comply with the Group’s accounting procedures and based on accounting data from local information systems. All the Group’s entities apply IFR accounting standards. The Finance Managers of the subsidiaries prepare the restated accounts on the basis of the Group’s accounting procedures manual, which sets out rules for accounting entries and evaluation. This manual describes the principles used to draw up financial statements. The principles cover areas such as preparation of accounts on the assumption of operational continuity, compliance with accounting periods, and ensuring the integrity of the information in the fi nancial statements. It is regularly updated to integrate changes in legislation and regulations governing the preparation of consolidated accounts in France. The accounting procedures manual also gives a precise description of the principles used by the Group for accounting entries, and evaluation and presentation of the main items in the financial statements: descriptions of constituent items of the consolidated income statement with their defi nitions, as well as consistency tests for the purpose of taxation; rules governing balance sheet and off-balance sheet items and their presentation; regulations concerning the valuation of certain estimated items, such as: provisions for the impairment of receivables, provisions for the impairment of stocks of raw materials and finished products, provisions for the impairment of non-current assets, provisions relating to sales (e.g., warranties and unsold returns), other provisions for risks and charges and in particular, provisions for restructuring; accounting principles applied to reporting intra-Group transactions. 54 FINANCIAL REPORT AND REGISTRATION DOCUMENT 2010 GROUPE SEB
2 CORPORATE GOVERNANCE CHAIRMAN’S REPORT ON INTERNAL CONTROL Prior to each consolidation period, the Group Consolidation department issues a reminder of the reporting deadline and indicates any newly-applicable changes in standards, rules and principles. On receiving the sets of accounts for consolidation, the Group Consolidation department conducts the usual verifications before carrying out the actual consolidation. This review of the accounts submitted is an opportunity to verify the evaluation and accounting methods used for large, unusual or exceptional transactions. To ensure the integrity of the financial data received from the subsidiaries, the Group Consolidation department refers to the covering letter sent in by the management of each subsidiary (whether or not consolidated), at the time of closure of the half-yearly and annual accounts. In this covering letter, the official representative and the Finance Director of the entity concerned jointly certify the compliance of the financial statements with the Group’s accounting rules and principles, the effectiveness of the internal control procedures used to process and draw up the financial statements and the absence of irregularities involving personnel or management. In addition, they comment on any significant events occurring during the accounting period under review and describe all elements which, in themselves or in their overall effect, influence the comprehension and evaluation of the financial statements of the entity concerned. FINANCIAL COMMUNICATION The Group’s financial statements, accounts and notes to the accounts are drawn up on the basis of the fi nal data processed by the consolidation software. These are then integrated into the annual or half-year reports. The texts of all the Group’s fi nancial publications (annual and half-year reports, letters to shareholders, shareholder guide, etc.), are drawn up by reference to information gathered throughout the year and specific interviews conducted at least twice a year (or more frequently as dictated by current concerns or special issues) with the senior management of the SBAs, Continental Structures and Corporate Support Functions. They are validated by the latter and by the Group Executive Committee. 2 GROUPE SEB FINANCIAL REPORT AND REGISTRATION DOCUMENT 2010 55
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FINANCIAL REPORT AND REGISTRATION D
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GROUP PROFILE AND KEY FIGURES 2010
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3 CONSOLIDATED FINANCIAL STATEMENTS
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COMPANY FINANCIAL STATEMENTS 4 COMP
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4 COMPANY FINANCIAL STATEMENTS BALA
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4 COMPANY FINANCIAL STATEMENTS REPO
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4 COMPANY FINANCIAL STATEMENTS NOTE
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4 COMPANY FINANCIAL STATEMENTS AUDI
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ANNUAL GENERAL MEETING 5 ANNUAL GEN
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5 ANNUAL GENERAL MEETING REPORT OF
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5 ANNUAL GENERAL MEETING AUDITORS
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5 ANNUAL GENERAL MEETING PROPOSED R
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ADDITIONAL INFORMATION 6 ADDITIONAL
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6 ADDITIONAL INFORMATION GENERAL IN
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6 ADDITIONAL INFORMATION SHARE CAPI
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6 ADDITIONAL INFORMATION SHARE CAPI
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6 ADDITIONAL INFORMATION FINANCIAL
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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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Financial Report and Registration Document 2010 - Groupe Seb

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