Financial Report and Registration Document 2010 - Groupe Seb

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3 NOTES CONSOLIDATED FINANCIAL STATEMENTS TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTE 12 LEASES Finance leases can be analysed as follows: (in € millions) 2010 2009 2008 Land Buildings 0.8 0.3 0.2 Machinery and equipment 2.2 2.5 2.9 Other 0.1 0.1 0.1 CARRYING AMOUNT 3.1 2.9 3.2 These amounts are included in Note 11 – Property, plant and equipment. Groupe SEB does not have any finance leases related to intangible assets or investment property. Commitments under finance leases and non-cancellable operating leases are as follows: 2010 (in € millions) Finance leases Operating leases LEASE COMMITMENTS Due within one year 1.1 35.7 Due in one to five years 1.6 68.0 Due beyond five years 11.4 TOTAL MINIMUM FUTURE LEASE PAYMENTS 2.7 115.1 Future interest costs DISCOUNTED PRESENT VALUE OF LEASE COMMITMENTS 2.7 115.1 Lease costs recorded in expenses for the year are as follows: (in € millions) 2010 2009 2008 Lease costs 40.1 32.8 33.4 NOTE 13 INVESTMENTS IN ASSOCIATES, OTHER INVESTMENTS AND OTHER NON-CURRENT FINANCIAL ASSETS 13.1. INVESTMENTS 13.1.1. Investments in associates (in € millions) 2010 2009 2008 COMPANY Groupe SEB Retailing 0.1 ZJ Supor 0.1 At 31 December 2008, investments in associates corresponded to Groupe SEB Retailing, a wholly-owned French company that has been fully consolidated as from 1 January 2009. 13.1.2. Other investments 13.2. OTHER NON-CURRENT FINANCIAL ASSETS These assets mainly comprise guarantee deposits, mainly for property leases. There have been no material changes in Groupe SEB’s other investments since 2007. 88 FINANCIAL REPORT AND REGISTRATION DOCUMENT 2010 GROUPE SEB
3 CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTE 14 PRODUCT DEVELOPMENT COSTS (in € millions) 2010 2009 2008 RESEARCH AND DEVELOPMENT EXPENDITURE 68.1 59.0 58.1 as a % of revenue 1.9% 1.9% 1.8% CAPITALISED DEVELOPMENT COSTS (8.1) (9.0) (8.3) as a % of R&D costs 11.9% 15.3% 14.3% RESEARCH AND DEVELOPMENT COSTS RECOGNISED DIRECTLY IN THE INCOME STATEMENT (NOTE 4) (60.0) (50.0) (49.8) AMORTISATION FOR THE PERIOD RECOGNISED IN COST OF SALES (9.1) (8.1) (8.1) TOTAL COST RECOGNISED IN THE INCOME STATEMENT (69.1) (58.1) (57.9) as a % of revenue 1.9% 1.8% 1.8% In 2010, research and development expenditure totalled €68.1 million compared to €59.0 million in 2009, including industrial property costs reclassified from administrative costs. To facilitate year-on-year comparisons, the corresponding amounts for 2008 have also been reclassified. The research tax credit deducted from the amounts above stood at €5.2 million in 2010, €5.4 million in 2009 and €5.9 million in 2008. Capitalised development costs amounted to €8.1 million, versus €9.0 million in 2009 and €8.3 million in 2008. In all, research and development costs recognised in the income statement came to €69.1 million, versus €58.1 million in 2009 and €57.9 million in 2008. NOTE 15 INVENTORIES 2010 2009 2008 (in € millions) Cost Provisions Carrying amount Cost Provisions Carrying amount Cost Provisions Carrying amount Raw materials 180.2 (12.5) 167.7 137.4 (12.2) 125.2 119.4 (11.1) 108.3 Work in progress 12.6 (1.0) 11.6 13.7 (0.6) 13.1 40.6 (0.4) 40.2 Finished products 469.2 (13.0) 456.2 350.7 (22.7) 328.0 490.4 (24.3) 466.1 3 TOTAL 662.0 (26.5) 635.5 501.8 (35.5) 466.3 650.4 (35.8) 614.6 NOTE 16 TRADE RECEIVABLES (in € millions) 2010 2009 2008 Trade receivables (including discounted bills) 749.4 650.0 656.4 Provisions for doubtful debts (15.5) (22.9) (10.8) TOTAL 733.9 627.1 645.6 The fair value of trade receivables is equivalent to their carrying amount, in view of their short maturities. A receivables aging analysis is presented in Note 26.4. GROUPE SEB FINANCIAL REPORT AND REGISTRATION DOCUMENT 2010 89
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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 ENVIRONMENT PE
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CORPORATE GOVERNANCE 2 CORPORATE GO
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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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