Financial Report and Registration Document 2010 - Groupe Seb

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3 NOTES CONSOLIDATED FINANCIAL STATEMENTS TO THE CONSOLIDATED FINANCIAL STATEMENTS 8.3. DEFERRED TAX ASSETS AND LIABILITIES (in € millions) 2010 2009 2008 Intangible assets (brands) (91.6) (80.2) (82.7) Capitalised development costs (5.8) (6.3) (6.5) Property, plant and equipment (24.4) (24.6) (27.6) Net tax loss carryforwards 19.6 11.8 24.8 Provisions for pensions and other employee-related liabilities 32.1 32.7 30.9 Elimination of intra-group gains 16.5 14.5 14.2 Other timing differences (net) 38.9 34.9 3.3 NET DEFERRED TAX ASSET/(LIABILITY) (14.7) (17.2) (43.6) Of which: Deferred tax assets 40.2 38.1 48.2 Deferred tax liabilities 54.9 55.3 91.8 Deferred taxes on other timing differences essentially include deferred taxes on the non-deductible portion of provisions. The following table shows changes in net deferred taxes recognised in the balance sheet: (in € millions) NET DEFERRED TAX LIABILITY AT 31 DECEMBER 2008 (43.6) Deferred tax charges and benefits for the period recognised in profit 15.1 Effect of deferred taxes recognised in equity 6.7 Effect of changes in foreign exchange rates 1.5 Effect of changes in the scope of consolidation 1.0 Other 2.1 NET DEFERRED TAX LIABILITY AT 31 DECEMBER 2009 (17.2) Deferred tax charges and benefits for the period recognised in profit 2.5 Effect of deferred taxes recognised in equity 1.1 Effect of changes in foreign exchange rates (2.8) Effect of changes in the scope of consolidation Other 1.7 NET DEFERRED TAX LIABILITY AT 31 DECEMBER 2010 (14.7) Deferred taxes recognised in equity essentially include deferred taxes on derivative hedging instruments and deferred taxes on gains and losses on treasury shares. 8.4. OTHER INFORMATION At 31 December 2010, the Group had unrecognised deductible temporary differences and tax losses expiring in the following periods: At 31 December 2010 (in € millions) Deductible temporary differences Tax losses Total 2011 0.6 0.6 2012 0.8 0.2 1.0 2013 0.8 0.8 2014 0.7 0.7 2015 and beyond 0.3 11.8 12.1 Available indefinitely 51.9 51.9 TOTAL 3.2 63.9 67.1 Unrecognised tax loss carryforwards fell from €72 million in 2009 to €63.9 million in 2010. As in prior years, they primarily concerned operations in Germany (€31 million in 2010, €39 million in 2009 and €42 million in 2008), Spain (€4 million in 2010, €11 million in 2009 and €13 million in 2008) and the United Kingdom (€9.6 million in 2010 and €9 million in both 2009 and 2008). 82 FINANCIAL REPORT AND REGISTRATION DOCUMENT 2010 GROUPE SEB
3 CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTE 9 EARNINGS PER SHARE (in € millions) 2010 2009 2008 Numerator Profit for the period 220.4 146.0 151.6 After tax effect of dilutive potential shares Profit used to calculate diluted earnings per share 220.4 146.0 151.6 Denominator Weighted average number of ordinary shares used to calculate basic earnings per share 47,414,375 46,476,548 47,325,540 Effect of dilutive potential shares 1,000,136 86,774 366,772 Weighted average number of ordinary shares used to calculate diluted earnings per share 48,414,511 46,563,322 47,692,312 BASIC EARNINGS PER SHARE (IN €) 4.65 3.14 3.20 DILUTED EARNINGS PER SHARE (IN €) 4.55 3.13 3.18 The potential dilution is mainly due to the various stock option plans (see Note 19.2). NOTE 10 INTANGIBLE ASSETS In accordance with IAS 38, intangible assets with an indefinite useful life – corresponding to trademarks and goodwill – are no longer amortised but are tested for impairment at each year-end. The impairment testing method is described in Note 1.4. Intangible assets with a finite useful life are amortised by the straight-line method over their estimated useful life. Amortisation expense is deducted from operating margin. The Group also holds certain trademarks – such as the Tefal international brand and the SEB and Calor regional brands – which are not recognised in the balance sheet. 3 2010 (in € millions) Cost Patents and licences Trademarks Goodwill Software Development costs Other Total At 1 January 19.1 304.0 406.4 55.8 43.0 59.3 887.6 Acquisitions and additions 0.4 1.6 2.7 15.5 20.2 Shares sold on the market (0.1) (20.4) (20.0) (1.7) (42.2) Other movements (a) 1.6 5.2 (7.1) (0.3) Translation adjustment 0.5 24.0 38.6 2.0 4.0 69.1 AT 31 DECEMBER 19.9 328.0 445.0 40.6 30.9 70.1 934.5 Depreciation and impairment losses At 1 January 16.4 6.6 19.8 43.5 31.8 10.7 128.8 Translation adjustment 0.2 0.5 1.4 1.4 0.7 4.2 Increases 0.3 6.0 7.9 5.0 19.2 Impairment losses 14.7 14.7 Depreciation and impairment losses written off on disposals (0.1) (20.4) (19.1) (39.6) Other movements (a) (0.6) (0.6) AT 31 DECEMBER 16.8 7.1 35.9 30.5 20.6 15.8 126.7 Carrying amount at 1 January 2.7 297.4 386.6 12.3 11.2 48.6 758.8 CARRYING AMOUNT AT 31 DECEMBER 3.1 320.9 409.1 10.1 10.3 54.3 807.8 (a) Including changes in scope of consolidation. GROUPE SEB FINANCIAL REPORT AND REGISTRATION DOCUMENT 2010 83
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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 RISK MANAGEMEN
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1 GROUPE SEB IN 2010 SOCIAL PERFORM
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1 GROUPE SEB IN 2010 SOCIAL PERFORM
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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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