Financial Report and Registration Document 2010 - Groupe Seb

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3 NOTES CONSOLIDATED FINANCIAL STATEMENTS TO THE CONSOLIDATED FINANCIAL STATEMENTS mainly under the Supor brand. Supor employs roughly 6,600 people, of whom 80% are production workers based at the Company’s four plants in mainland China, in Yuhuan, Wuhan, Hangzhou and Dongguan. A significant portion of its revenue is generated internationally through sub-contracting agreements with major small household equipment manufacturers, including Groupe SEB. Supor reported revenue of €351 million in 2008 and €281 million in 2007. Supor’s contribution to consolidated operating margin was €30 million in 2008. Acquisition of control of Supor on 1 January 2008 Groupe SEB acquired 52.74% of the capital of Supor in two stages: on 28 August 2007, SEB acquired 30% of the voting rights in the group’s parent company Zhejiang Supor Co. Ltd. (ZJ Supor), listed on the Shenzhen stock exchange under code 002032.SZ, at a total cost of €115.8 million; on 21 December 2007, following a public tender offer for part of the remaining shares launched in November, SEB acquired a further 22.74% of the capital and voting rights for €228.8 million. For the preparation of the 2007 consolidated fi nancial statements, the Group considered that it exercised significant influence over ZJ Supor from 1 September 2007. ZJ Supor was therefore accounted for by the equity method in the last four months of 2007, based on the Group’s 30% interest. In January 2008, Groupe SEB acquired control of ZJ Supor following a General Meeting at which the Company’s shareholders elected the fi ve directors nominated by Groupe SEB (four Groupe SEB executives and one independent director) to the nine-member Board of Directors, thereby giving Groupe SEB the majority. ZJ Supor and its subsidiaries have therefore been fully consolidated from 1 January 2008. The following table analyses the fair value of the assets acquired and liabilities assumed and provides a reconciliation with the corresponding cash flows: Goodwill corresponds mainly to market shares and projected synergies, particularly in terms of manufacturing, supply chain operations and product development, which cannot be separately identified. Acquisition of minority interests in certain ZJ Supor subsidiaries During the second quarter of 2008, Groupe SEB acquired Hong Kong-based Grain Harvest Development Ltd., which holds signifi cant stakes in three ZJ Supor subsidiaries, as follows: 25% of Wuhan Supor Cookware; 25% of Zhejiang Supor Electrical Appliances; 30% of Dongguan Supor Electrical Appliances. This transaction, which enabled the Group to increase its share of ZJ Supor’s profi t, was accounted for based on the three companies’ fair values at 31 March 2008, leading to the recognition of additional goodwill of €35.7 million. Exercise of stock options by certain Supor Group executives Prior to the acquisition, certain Supor Group senior executives were granted options to purchase new ZJ Supor shares, which were exercisable upon the change of control of Supor. Following administrative processing by the Chinese authorities, the options were exercised at the end of June 2008 for a total of 12 million Supor shares, lowering Groupe SEB’s share in the Company to 51.31%. All the options were exercised, and there are no remaining stock options likely to have a dilutive impact on Groupe SEB’s stake in ZJ Supor. (in € millions) 1 January 2008 Non-current assets (a) 153.3 Inventories 38.5 Trade and other receivables 31.9 Net cash and cash equivalents 73.2 Trade and other payables (32.5) Other liabilities (including deferred taxes) (36.8) Minority interests (16.6) TOTAL NET ASSETS 211.0 PERCENT INTEREST 52.74% NET ASSETS ACQUIRED 111.3 COST OF THE BUSINESS COMBINATION 344.6 Goodwill 233.3 (a) Including the Supor brand, valued by independent experts at €75.1 million. 74 FINANCIAL REPORT AND REGISTRATION DOCUMENT 2010 GROUPE SEB
3 CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTE 3 SEGMENT INFORMATION In accordance with IFRS 8 – Operating Segments, fi nancial information is presented by geographical segment, which is the basis of the internal information reviewed and used by the chief operating decision makers, i.e. the members of the Executive Committee. 3.1. GEOGRAPHICAL SEGMENT INFORMATION (BY LOCATION OF ASSETS) (in € millions) France Other Western European countries (a) North America South America Asia/ Pacific Central Europe and other countries Intra-group transactions Total 2010 Revenue Inter-segment revenue 711.7 770.7 386.8 344.1 660.2 614.2 3,487.7 External revenue 635.9 46.5 0.8 12.1 756.2 6.4 (1,293.8) 164.1 TOTAL REVENUE 1,347.6 817.2 387.6 356.2 1,416.4 620.6 (1,293.8) 3,651.8 Profit/(loss) Operating margin 160.4 44.2 (8.8) 24.7 118.3 106.0 (6.9) 437.9 Operating profit 87.0 47.1 (26.3) 20.8 119.8 100.6 349.0 Finance costs and other financial income and expense, net (15.9) Share of profit of associates Income tax expense (89.5) NET PROFIT 243.6 Balance sheet Segment assets 637.9 469.1 339.4 303.6 961.1 241.3 (285.1) 2,667.3 Financial assets 261.7 Tax assets 67.0 3 TOTAL ASSETS 2,996.0 Segment liabilities 425.1 279.1 54.7 100.2 239.9 109.0 (240.8) 967.2 Borrowings 378.0 Tax liabilities 79.5 Equity 1,571.3 TOTAL EQUITY AND LIABILITIES 2,996.0 Other information Capital expenditure and purchases of intangible assets 59.4 7.4 5.0 19.1 47.2 2.7 140.8 Depreciation and amortisation expense 59.9 8.2 3.8 9.1 17.4 1.6 100.0 Impairment losses 3.6 14.7 18.3 (a) “Other Western European countries” correspond to the 15 other countries comprising the pre-enlargement European Union. The new EU countries are included in the “Central Europe and other countries” segment. GROUPE SEB FINANCIAL REPORT AND REGISTRATION DOCUMENT 2010 75
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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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4 COMPANY FINANCIAL STATEMENTS AUDI
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ANNUAL GENERAL MEETING 5 ANNUAL GEN
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ADDITIONAL INFORMATION 6 ADDITIONAL
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6 ADDITIONAL INFORMATION FINANCIAL
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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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