financial report and registration document 2011 - Groupe SEB
financial report and registration document 2011 - Groupe SEB
financial report and registration document 2011 - Groupe SEB
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Financial Report <strong>and</strong> Registration Document <strong>2011</strong><br />
5<br />
Consolidated fi nancial statements<br />
Notes to the consolidated fi nancial statements<br />
NOTE 13 INVESTMENTS IN ASSOCIATES, OTHER INVESTMENTS AND OTHER NON-<br />
CURRENT FINANCIAL ASSETS<br />
Note 13.1. INVESTMENTS<br />
13.1.1. Investments in associates<br />
The Group did not have any investments in associates at 31 December <strong>2011</strong>.<br />
13.1.2. Other investments<br />
At 31 December <strong>2011</strong> this line contained the Group’s investment in the<br />
Indian company Maharaja Whiteline, which was not yet consolidated at that<br />
date (see Note 2.1).<br />
NOTE 14 PRODUCT DEVELOPMENT COSTS<br />
Note 13.2. OTHER NON-CURRENT FINANCIAL<br />
ASSETS<br />
These assets mainly comprise guarantee deposits, chiefl y for property<br />
leases.<br />
(in € millions) <strong>2011</strong> 2010 2009<br />
RESEARCH AND DEVELOPMENT EXPENDITURE 68.7 68.1 59.0<br />
as a % of revenue 1.7% 1.9% 1.9%<br />
CAPITALISED DEVELOPMENT COSTS (5.2) (8.1) (9.0)<br />
as a % of R&D expenditure 7.6% 11.9% 15.3%<br />
RESEARCH AND DEVELOPMENT COSTS RECOGNISED DIRECTLY<br />
IN THE INCOME STATEMENT (NOTE 4) (63.5) (60.0) (50.0)<br />
AMORTISATION FOR THE PERIOD RECOGNISED IN COST OF SALES (6.6) (9.1) (8.1)<br />
TOTAL COST RECOGNISED IN THE INCOME STATEMENT (70.1) (69.1) (58.1)<br />
as a % of revenue 1.8% 1.9% 1.8%<br />
In <strong>2011</strong>, research <strong>and</strong> development expenditure totalled €68.7 million<br />
compared with €68.1 million in 2010.<br />
The research tax credit deducted from the amounts above stood at<br />
€5.6 million in <strong>2011</strong>, €5.2 million in 2010 <strong>and</strong> €5.4 million in 2009.<br />
NOTE 15 INVENTORIES<br />
(in € millions)<br />
Cost Depreciation<br />
Capitalised development costs amounted to €5.2 million, versus €8.1 million<br />
in 2010 <strong>and</strong> €9.0 million in 2009.<br />
In all, research <strong>and</strong> development costs recognised in the income statement<br />
came to €70.1 million, versus €69.1 million in 2010 <strong>and</strong> €58.1 million in 2009.<br />
<strong>2011</strong> 2010 2009<br />
Carrying<br />
amount Cost Depreciation<br />
Carrying<br />
amount Cost Depreciation<br />
Carrying<br />
amount<br />
Raw materials 199.2 (9.6) 189.6 180.2 (12.5) 167.7 137.4 (12.2) 125.2<br />
Work in progress<br />
Finished products <strong>and</strong> goods<br />
9.1 (0.1) 9.0 12.6 (1.0) 11.6 13.7 (0.6) 13.1<br />
purchased for resale 518.1 (14.5) 503.6 469.2 (13.0) 456.2 350.7 (22.7) 328.0<br />
TOTAL 726.4 (24.2) 702.2 662.0 (26.5) 635.5 501.8 (35.5) 466.3<br />
GROUPE <strong>SEB</strong><br />
5<br />
107
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