Financial Report and Registration Document 2010 - Groupe Seb

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3 NOTES CONSOLIDATED FINANCIAL STATEMENTS TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTE 17 OTHER RECEIVABLES (in € millions) 2010 2009 2008 OTHER NON-CURRENT RECEIVABLES 4.2 5.0 2.9 Prepaid expenses 10.0 8.9 8.5 Prepaid and recoverable taxes and other receivables 49.4 39.2 46.4 OTHER RECEIVABLES 59.4 48.1 54.9 The fair value of prepaid and recoverable taxes and other receivables is equivalent to their carrying amount. At 31 December 2010, other receivables broke down as follows: (in € millions) Current Non-current Total Prepaid expenses 10.0 1.1 11.1 Prepaid and recoverable taxes and other receivables 49.3 3.2 52.5 TOTAL 59.3 4.3 63.6 NOTE 18 CASH AND CASH EQUIVALENTS (in € millions) 2010 2009 2008 Cash 181.9 227.9 224.3 Marketable securities 54.7 79.9 0.3 TOTAL 236.6 307.8 224.6 Cash equivalents at 31 December 2010 consist mainly of very short-term investments, such as SICAV money market funds, measured at market value at the balance sheet date. NOTE 19 EQUITY 19.1. SHARE CAPITAL At 31 December 2010, the share capital was made up of 49,951,826 shares with a par value of €1. At 31 December 2009, the share capital was made up of 49,951,826 shares with a par value of €1. In accordance with the Board of Directors’ decision of 27 February 2009, SEB S.A. cancelled 1,000,000 of the shares held in treasury by the Group at 31 March 2009. At 31 December 2008, the share capital was made up of 50,912,138 ordinary shares with a par value of €1, following the three-for-one stock-split approved by the General Meeting of 13 May 2008. One class of shares carries double voting rights and the right to a supplementary dividend. After deduction of treasury shares, the weighted average number of shares outstanding for the year was 47,414,375 (46,476,548 in 2009 and 47,325,540 in 2008). At 31 December 2010, the family group owned 43.68% of the capital (of which 23.68% by FÉDÉRACTIVE and 20.00% by VENELLE INVESTISSEMENT) and 57.47% of the voting rights. 90 FINANCIAL REPORT AND REGISTRATION DOCUMENT 2010 GROUPE SEB
3 CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 19.2. STOCK OPTIONS AND PERFORMANCE SHARES 19.2.1. Stock options Information about stock option plans at 31 December 2010 is provided below: STOCK OPTIONS At 31 December 2010 Date Number of options** Type of option Option grant date*** Option exercise date Option expiry date Granted Exercised Cancelled Outstanding Exercise price** (in €) To purchase existing shares 19/04/2002 19/04/2006 19/04/2010 417,450 396,000 21,450 0 27.88 To purchase existing shares 17/10/2002 17/10/2006 17/10/2010 598,125 488,895 109,230 0 25.15 To purchase existing shares 18/06/2003 18/06/2007 18/06/2011 612,150 544,824 27,730 39,596 24.24 To purchase existing shares 18/06/2004 18/06/2008 18/06/2012 539,100 308,104 17,400 213,596 31.67 To purchase existing shares 08/04/2005 08/04/2009 08/04/2013 554,700 376,267 20,100 158,333 28.00 To purchase existing shares 16/06/2006 16/06/2010 16/06/2014 589,798 294,594 14,707 280,497 29.33 To purchase existing shares 20/04/2007 20/04/2011 20/04/2015 579,150 0 8,100 571,050 44.00 To purchase existing shares 13/05/2008 13/05/2012 13/05/2016 1,005,900 0 17,700 988,200 38.35 To purchase existing shares 12/06/2009 12/06/2013 12/06/2017 371,300 0 1,050 370,250 28.05 To purchase existing shares 18/06/2010 18/06/2014 18/06/2018 412,592 0 0 412,592 53.86 TOTAL* 5,680,265 2,408,684 237,467 3,034,114 * Of which, movements in 2010 412,592 1,153,549 36,452 (777,409) Total options to purchase existing shares 5,680,265 2,408,684 237,467 3,034,114 Total options to purchase new shares 0 0 0 0 3 ** The number of options and the exercise price for plans prior to 16 June 2008 were adjusted following the three-for-one stock split that took place on 16 June 2008. *** The grant date corresponds to the date of the Board Meeting when the option grants were decided. In accordance with IFRS 2 – Share-Based Payment, stock options are measured at the grant date. The valuation method used is based on the Black & Scholes option pricing model. The initial valuation is not adjusted for any subsequent changes in value after the grant date. The value is recognised in employee benefits expense on a straight-line basis over the option vesting period by adjusting equity. IFRS 2 has been applied only to stock options granted after 7 November 2002 that had not yet vested at 1 January 2005. As allowed under IFRS 2, options granted before 7 November 2002 have not been measured or recognised in the accounts. The amount recognised in employee benefits expense in 2010 in respect of stock options was €5.0 million, versus €5.8 million in 2009 and €4.7 million in 2008. The assumptions used to value options under the Black & Scholes model are as follows: 2010 plan 2009 plan 2008 plan 2007 plan 2006 plan INITIAL VALUE (IN € MILLIONS) 4.5 2.1 8.7 6.8 2.5 AMOUNT RECOGNISED IN EMPLOYEE BENEFITS EXPENSE (IN € MILLIONS) 0.7 0.6 2.0 1.5 0.2 ASSUMPTIONS Share price at the option grant date (in €) 53.9 29.7 37.6 44.0 29.3 Volatility 25.0% 26.0% 25.0% 30.0% 20.0% Risk-free interest rate 3.40% 3.50% 4.50% 4.42% 3.80% Exercise price (in €) 53.86 28.05 38.35 44.00 29.33 Life of the options (in years) (a) 5 5 5 5 5 Dividend rate 2.8% 3.0% 2.5% 2.0% 3.0% (a) Corresponding to the average exercise period. GROUPE SEB FINANCIAL REPORT AND REGISTRATION DOCUMENT 2010 91
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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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2 CORPORATE GOVERNANCE BOARD OF DIR
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Page 137 and 138: ANNUAL GENERAL MEETING 5 ANNUAL GEN
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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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