Financial Report and Registration Document 2010 - Groupe Seb

More documents

Recommendations

Info

3 NOTES CONSOLIDATED FINANCIAL STATEMENTS TO THE CONSOLIDATED FINANCIAL STATEMENTS (in € millions) 1 January 2010 Increases Reversals Utilisations Other movements (a) 31 December 2010 Product warranties (Note 21.1) 39.0 24.7 1.1 26.4 (1.3) 34.9 Claims and litigation and other contingencies (Note 21.2) 32.0 25.1 1.7 9.7 4.7 50.4 Restructuring provisions (Note 21.3) 43.3 8.4 4.5 18.8 (0.6) 29.0 TOTAL 114.3 58.2 7.3 54.9 (1.9) 114.3 (a) “Other movements” include translation adjustments and the effect of changes in the scope of consolidation. (in € millions) 1 January 2009 Increases Reversals Utilisations Other movements (a) 31 December 2009 Product warranties (Note 21.1) 39.4 32.5 1.7 31.2 39.0 Claims and litigation and other contingencies (Note 21.2) 29.7 24.1 6.1 15.4 (0.3) 32.0 Restructuring provisions (Note 21.3) 26.0 27.5 1.2 10.2 1.2 43.3 TOTAL 95.1 84.1 9.0 56.8 0.9 114.3 (a) “Other movements” include translation adjustments and the effect of changes in the scope of consolidation. (in € millions) 1 January 2008 Increases Reversals Utilisations Other movements (a) 31 December 2008 Product warranties (Note 21.1) 34.4 37.3 32.4 0.1 39.4 Claims and litigation and other contingencies (Note 21.2) 32.8 10.1 10.9 4.7 2.4 29.7 Restructuring provisions (Note 21.3) 43.6 11.0 2.9 24.9 (0.8) 26.0 TOTAL 110.8 58.4 13.8 62.0 1.7 95.1 (a) “Other movements” include translation adjustments and the effect of changes in the scope of consolidation. 21.1. PRODUCT WARRANTIES Provisions are recorded for the estimated cost of repairing or replacing products sold under warranty to customers and consumers. The warranty, which is either legal or contractual, is generally for a period of one or two years. Provisions for product recalls are recorded as soon as the recall is decided. 21.2. CLAIMS AND LITIGATION AND OTHER CONTINGENCIES Certain subsidiaries are involved in claims and litigation with third parties. The corresponding provisions are determined in accordance with the principle described in Note 1.4. At 31 December 2010, the main provisions were as follows: (in € millions) 2010 2009 2008 Supplier claims and litigation 1.9 2.6 1.5 Local government claims, litigation and contingencies 13.5 6.4 8.6 Commercial claims, litigation and contingencies 3.6 1.1 2.3 Employee claims, litigation and contingencies 14.2 15.1 11.3 Sales returns 1.0 3.2 5.7 Other claims, litigation and contingencies 16.2 3.5 0.3 TOTAL 50.4 31.9 29.7 21.3. RESTRUCTURING PROVISIONS Restructuring provisions break down as follows: (in € millions) 2010 2009 2008 Severance costs 22.8 36.8 17.0 Site closure costs 6.2 6.5 9.0 TOTAL 29.0 43.3 26.0 The short-term portion of the 2010 restructuring provision amounted to €15.0 million. The remaining €14.0 million concern costs expected to be incurred over the next one to five years, mainly for early retirement schemes and for rent on sites no longer being used. 94 FINANCIAL REPORT AND REGISTRATION DOCUMENT 2010 GROUPE SEB
3 CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTE 22 EMPLOYEE BENEFITS 22.1. ASSUMPTIONS Provisions for pension and other post-employment benefi t obligations, determined as explained in Note 1.4, mainly concern France and Germany. The obligations are estimated by qualified actuaries using a certain number of assumptions. These assumptions are revised once a year. Discount rates are determined based on the yields of investment grade corporate bonds with maturities that match the remaining life of the obligations at the measurement date. Assumptions France 2010 Germany 2010 Economic assumptions Rate of salary increases 3.00% 2.50% Discount rate 4.25% 4.25% Expected return on plan assets 4.00% Average remaining service life of participating employees 7 to 9 years Demographic assumptions Retirement age 60 to 65 (a) RRG 2007 Staff turnover 0% to 11% Mortality tables INSEE TV 2006-2008 HEUBECK 2005 G (a) Depending on the age of employees and their category (management or other). Assumptions France 2009 Germany 2009 Economic assumptions Rate of salary increases 3% 2.50% Discount rate 5.25% 5.25% Expected return on plan assets 4.50% Average remaining service life of participating employees 7 to 10 years Demographic assumptions Retirement age 60 to 65 (a) RRG 2007 Staff turnover 0% to 11% (a) Mortality tables INSEE TV 2004-2006 HEUBECK 2005 G 3 (a) Depending on the age of employees and their category (management or other). Assumptions France 2008 Germany 2008 Economic assumptions Rate of salary increases 3.00% 2.00% Discount rate 5.60% 6.10% Expected return on plan assets 4.75% Average remaining service life of participating employees 8 to 10 years Demographic assumptions Retirement age 60 to 65 (a) RRG 2007 Staff turnover 0% to 7% (a) Mortality tables INSEE TV 2004-2006 HEUBECK 2005 G (a) Depending on the age of employees and their category (management or other). GROUPE SEB FINANCIAL REPORT AND REGISTRATION DOCUMENT 2010 95
Page 1 and 2:
FINANCIAL REPORT AND REGISTRATION D
Page 3 and 4:
GROUP PROFILE AND KEY FIGURES 2010
Page 5 and 6:
GROUPE SEB IN 2010 1 GROUPE SEB IN
Page 7 and 8:
1 GROUPE SEB IN 2010 MILESTONES IN
Page 9 and 10:
1 GROUPE SEB IN 2010 BUSINESS SECTO
Page 11 and 12:
1 GROUPE SEB IN 2010 INDUSTRIAL STR
Page 13 and 14:
1 GROUPE SEB IN 2010 MANAGEMENT REP
Page 15 and 16:
Page 17 and 18:
Page 19 and 20:
Page 21 and 22:
1 GROUPE SEB IN 2010 RISK MANAGEMEN
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
1 GROUPE SEB IN 2010 SOCIAL PERFORM
Page 31 and 32:
Page 33 and 34:
Page 35 and 36:
1 GROUPE SEB IN 2010 ENVIRONMENT PE
Page 37 and 38:
CORPORATE GOVERNANCE 2 CORPORATE GO
Page 39 and 40:
2 CORPORATE GOVERNANCE BOARD OF DIR
Page 41 and 42:
Page 43 and 44:
Page 45 and 46: 2 CORPORATE GOVERNANCE ORGANIZATION
Page 47 and 48: 2 CORPORATE GOVERNANCE GROUP MANAGE
Page 53 and 54: 2 CORPORATE GOVERNANCE CHAIRMAN’S
Page 59 and 60: 2 CORPORATE GOVERNANCE STATUTORY AU
Page 61 and 62: CONSOLIDATED FINANCIAL STATEMENTS 3
Page 63 and 64: 3 CONSOLIDATED FINANCIAL STATEMENTS
Page 95: 3 CONSOLIDATED FINANCIAL STATEMENTS
Page 119 and 120: COMPANY FINANCIAL STATEMENTS 4 COMP
Page 121 and 122: 4 COMPANY FINANCIAL STATEMENTS BALA
Page 123 and 124: 4 COMPANY FINANCIAL STATEMENTS REPO
Page 125 and 126: 4 COMPANY FINANCIAL STATEMENTS NOTE
Page 135 and 136: 4 COMPANY FINANCIAL STATEMENTS AUDI
Page 137 and 138: ANNUAL GENERAL MEETING 5 ANNUAL GEN
Page 139 and 140: 5 ANNUAL GENERAL MEETING REPORT OF
Page 141 and 142: 5 ANNUAL GENERAL MEETING AUDITORS
Page 143 and 144: 5 ANNUAL GENERAL MEETING PROPOSED R
Page 145 and 146: 5 ANNUAL GENERAL MEETING PROPOSED R
Page 147 and 148:
5 ANNUAL GENERAL MEETING PROPOSED R
Page 149 and 150:
ADDITIONAL INFORMATION 6 ADDITIONAL
Page 151 and 152:
6 ADDITIONAL INFORMATION GENERAL IN
Page 153 and 154:
6 ADDITIONAL INFORMATION SHARE CAPI
Page 155 and 156:
6 ADDITIONAL INFORMATION SHARE CAPI
Page 157 and 158:
6 ADDITIONAL INFORMATION FINANCIAL
Page 159 and 160:
6 ADDITIONAL INFORMATION EMPLOYEE S
Page 161 and 162:
6 ADDITIONAL INFORMATION EMPLOYEE S
Page 163 and 164:
6 ADDITIONAL INFORMATION STOCK MARK
Page 165 and 166:
NOTES GROUPE SEB FINANCIAL REPORT A
Page 167 and 168:
FINANCIAL AGENDA 2011 26 APRIL AFTE
show all

Financial Report and Registration Document 2010 - Groupe Seb

Create successful ePaper yourself

Delete template?

Save as template?