Financial Report and Registration Document 2010 - Groupe Seb

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3 FINANCIAL CONSOLIDATED FINANCIAL STATEMENTS STATEMENTS CONTENTS NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 67 1.1. Basis and scope of consolidation 68 1.2. Foreign currency translation 68 1.3. Use of estimates 68 1.4. Accounting policies and valuation methods 69 1.5. Income statement presentation 72 NOTE 2 CHANGES IN THE SCOPE OF CONSOLIDATION 73 2.1. Changes in 2010 73 2.2. Changes in 2009 73 2.3. Changes in 2008 73 NOTE 3 SEGMENT INFORMATION 75 3.1. Geographical segment information (by location of assets) 75 3.2. Revenue by geographical location of the customer 77 NOTE 4 OPERATING EXPENSES 78 NOTE 5 EMPLOYEE BENEFITS EXPENSE 78 NOTE 6 OTHER OPERATING INCOME AND EXPENSE 79 6.1. Restructuring costs 79 6.2. Impairment losses 79 6.3. Gains and losses on asset disposals and other 80 NOTE 7 FINANCE COSTS AND OTHER FINANCIAL INCOME AND EXPENSE, NET 81 NOTE 8 INCOME TAXES 81 8.1. Income tax expense 81 8.2. Effective tax rate 81 8.3. Deferred tax assets and liabilities 82 8.4. Other information 82 NOTE 9 EARNINGS PER SHARE 83 NOTE 10 INTANGIBLE ASSETS 83 NOTE 11 PROPERTY, PLANT AND EQUIPMENT 86 NOTE 12 LEASES 88 NOTE 13 INVESTMENTS IN ASSOCIATES, OTHER INVESTMENTS AND OTHER NON-CURRENT FINANCIAL ASSETS 88 13.1. Investments 88 13.2. Other non-current fi nancial assets 88 NOTE 14 PRODUCT DEVELOPMENT COSTS 89 NOTE 20 NON-CONTROLLING INTERESTS 93 NOTE 21 PROVISIONS 93 21.1. Product warranties 94 21.2. Claims and litigation and other contingencies 94 21.3. Restructuring provisions 94 NOTE 22 EMPLOYEE BENEFITS 95 22.1. Assumptions 95 22.2. Analysis of pension and other post-employment benefi t obligations 96 22.3. Recognised cost 97 22.4. Movements in provisions 97 22.5. Movements in pension and other post-employment benefi t obligations 98 22.6. Analysis of plan assets 99 22.7. Early retirement schemes 99 NOTE 23 TRADE AND OTHER PAYABLES 100 NOTE 24 BORROWINGS 100 24.1. Total borrowings 100 24.2. Net debt 102 NOTE 25 FAIR VALUE OF FINANCIAL INSTRUMENTS 102 25.1. Financial instruments 102 25.2. Derivative instruments 104 25.3. Information on assets and fi nancial liabilities measured at fair value 105 NOTE 26 MARKET RISK MANAGEMENT 105 26.1. Risk management 105 26.2. Market risks 105 26.3. Liquidity risk 108 26.4. Credit risk 109 NOTE 27 ENVIRONMENTAL EXPENDITURE 109 NOTE 28 OFF-BALANCE SHEET COMMITMENTS 110 28.1. Specifi c commitments 110 28.2. Commitments arising in the ordinary course of business 110 NOTE 29 CONTINGENT ASSETS AND LIABILITIES 110 29.1. Contingent assets 110 29.2. Contingent liabilities 111 NOTE 30 RELATED PARTY TRANSACTIONS 111 30.1. Transactions with non-consolidated companies 111 30.2. Management remuneration and benefi ts 112 NOTE 31 SUBSEQUENT EVENTS 112 NOTE 15 INVENTORIES 89 NOTE 16 TRADE RECEIVABLES 89 NOTE 17 OTHER RECEIVABLES 90 NOTE 18 CASH AND CASH EQUIVALENTS 90 NOTE 32 LIST OF CONSOLIDATED COMPANIES AT 31 DECEMBER 2010 (SHOWING THE % INTEREST HELD BY THE GROUP) 113 32.1. Fully consolidated companies 113 32.2. Associates 115 32.3. Non-consolidated companies 115 NOTE 19 EQUITY 90 19.1. Share capital 90 19.2. Stock options and performance shares 91 19.3. Reserves and retained earnings (before appropriation of profi t) 92 19.4. Treasury stock 92 66 FINANCIAL REPORT AND REGISTRATION DOCUMENT 2010 GROUPE SEB
3 CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED 31 DECEMBER, IN MILLIONS OF EUROS SEB S.A. (“the Company”) and its subsidiaries (together “Groupe SEB” or “the Group”) are a world leader in the design, manufacture and marketing of cookware and small household appliances such as pressure cookers, irons and steam generators, kettles, coffee machines, deep fat fryers, toasters and food processors. SEB S.A.’s registered office is at Chemin du Petit Bois, Ecully (69130 Rhône, France). The Company is listed on Eurolist by Euronext Paris (ISIN FR0000121709). NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The consolidated financial statements were approved for publication by the Board of Directors on 25 February 2011. As a company listed in a European Union country and in compliance with European Commission regulation 1606/2002/EC dated 19 July 2002, the 2010 consolidated financial statements and the 2009 and 2008 comparative information have been prepared in accordance with the International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs) adopted by the European Union as of 31 December 2010, including the interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) and its predecessor, the Standing Interpretations Committee (SIC). These documents can be downloaded from the European Commission’s website, http://ec.europa.eu/internal_market/ accounting/ias_en.htm. New IFRSs applicable in 2010 The following standards, amendments and interpretations applicable since 1 January 2010 have no material impact on the Group s financial statements. Revised IAS 27 and revised IFRS 3 will only be applied to transactions carried out since 1 January 2010. IFRS 3 (revised) – Business Combinations, applicable prospectively. The revised standard introduces a number of changes to the acquisition method of accounting for business combinations. These changes notably include the immediate recording of acquisition costs as expenses, the option of applying the full goodwill method and the potential recognition of more intangible assets; IAS 27 (revised) – Separate and Consolidated Financial Statements. The revised standard significantly revises the method of accounting for changes in ownership interests. Under the revised standard, in the case of a change in ownership interest that leads to the loss or acquisition of control, the previously held interest will be measured at the disposal or acquisition date fair value and the resulting gain or loss will be recognised in the income statement. Increases and decreases in ownership interest that do not affect control will be treated as a change in equity between the Group and non-controlling interests and no goodwill will arise on any increase and no gain or loss will be recognized on any decrease; amendment to IAS 39 – Exposures Qualifying for Hedge Accounting. This amendment describes the circumstances in which hedge accounting is permitted; amendments to IFRIC 9 and IAS 39 – Reassessment of Embedded Derivatives and Financial instruments. Entities that reclassified financial assets out of the trading portfolio under the October 2008 amendment to IAS 39 are now required to reassess and, if necessary, separately account for any embedded derivatives. This amendment does not affect the Group; IFRIC 16 – Hedges of a Net Investment in a Foreign Operation. This interpretation clarifies the method of hedging foreign currency exposure within a group; IFRIC 17 – Distributions of Non-Cash Assets to Owners (prospective application). This interpretation specifies the method of recognising this type of distribution; amendment to IFRS 2 – Share-based Payment: Group Cash-settled Share-based Payment Transactions. This amendment specifies the accounting treatment to be used in the subsidiary’s separate fi nancial statements; annual improvements to IFRSs (16 April 2009): mainly concern disclosures to be made in the notes under IFRS 5 and IFRS 8, the classification of land leases (IAS 17), and amendments to existing standards pursuant to the publication of IFRS 3R and IAS 27R. New standards not early adopted The following new standards, interpretations and amendments to existing standards that are applicable for annual periods beginning on or after 1 January 2011 were not early adopted in 2010. They are not expected to have any material impact on the consolidated financial statements. IAS 24 (revised) – Related Party Disclosures. The revised standard clarifies the definition of related party and extends the disclosure requirements to commitments as well as transactions; amendment to IAS 32 – Financial Instruments. The amendment mainly concerns the classification of rights issues in a currency other than the issuer’s functional currency; 3 GROUPE SEB FINANCIAL REPORT AND REGISTRATION DOCUMENT 2010 67
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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 MANAGEMENT REP
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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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