financial report and registration document 2011 - Groupe SEB

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5 Notes Consolidated fi nancial statements to the consolidated fi nancial statements NOTE 16 TRADE RECEIVABLES (in € millions) 2011 2010 2009 Trade receivables (including discounted bills) 849.1 749.4 650.0 Provision for doubtful debt (20.7) (15.5) (22.9) CARRYING AMOUNT 828.4 733.9 627.1 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. NOTE 17 OTHER NON-CURRENT ASSETS AND OTHER RECEIVABLES (in € millions) 2011 2010 2009 OTHER NON-CURRENT ASSETS 7.7 4.2 5.0 Prepaid expenses 11.3 10.0 8.9 Prepaid and recoverable taxes and other 60.3 49.4 39.2 OTHER RECEIVABLES 71.6 59.4 48.1 The fair value of other non-current assets and other receivables is equivalent to their carrying amount. At 31 December 2011, other non-current assets and other receivables broke down as follows: (in € millions) Other receivables Other non-current assets Total Prepaid expenses 11.3 2.6 13.9 Prepaid and recoverable taxes and other 60.3 5.1 65.4 TOTAL 71.6 7.7 79.3 NOTE 18 CASH AND CASH EQUIVALENTS (in € millions) 2011 2010 2009 Cash 183.5 181.9 227.9 Marketable securities 12.5 54.7 79.9 TOTAL 196.0 236.6 307.8 Cash equivalents at 31 December 2011 consisted mainly of very short-term investments, such as SICAV money market funds, measured at market value at the balance sheet date. 108 GROUPE SEB Financial Report and Registration Document 2011
NOTE 19 EQUITY Note 19.1. SHARE CAPITAL At 31 December 2011, 2010 and 2009 the Company’s share capital was made up of 49,951,826 shares with a par value of €1 each. The most recent corporate action took place in 2009, when 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. Note 19.2. STOCK OPTIONS AND PERFORMANCE SHARES 19.2.1. Stock options Financial Report and Registration Document 2011 5 Consolidated fi nancial statements Notes to the consolidated fi nancial statements 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 in 2011 was 47,886,341 (47,414,375 in 2010 and 46,476,548 in 2009). At 31 December 2011, the family group owned 43.62% of the Company’s capital (breaking down as 23.58% held by FÉDÉRACTIVE and 20.04% by VENELLE INVESTISSEMENT) and 59.57% of the voting rights. No stock option plans were set up in 2011. Information about stock option plans at 31 December 2011 is provided below: STOCK OPTIONS At 31 December 2011 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 To purchase 18/06/2003 18/06/2007 18/06/2011 612,150 580,128 32,022 0 24.24 existing shares To purchase 18/06/2004 18/06/2008 18/06/2012 539,100 343,043 17,400 178,657 31.67 existing shares To purchase 08/04/2005 08/04/2009 08/04/2013 554,700 379,647 20,100 154,953 28.00 existing shares To purchase 16/06/2006 16/06/2010 16/06/2014 589,798 367,147 14,707 207,944 29.33 existing shares To purchase 20/04/2007 20/04/2011 20/04/2015 579,150 129,466 8,100 441,584 44.00 existing shares To purchase 13/05/2008 13/05/2012 13/05/2016 1,005,900 0 21,300 984,600 38.35 existing shares To purchase 12/06/2009 12/06/2013 12/06/2017 371,300 0 3,600 367,700 28.05 existing shares 18/06/2010 18/06/2014 18/06/2018 412,592 0 750 411,842 53.86 TOTAL* 4,664,690 1,799,431 117,979 2,747,280 * Of which, movements in 2011 0 275,642 11,192 (286,834) ** The number of options and the exercise price for plans set up 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 benefi ts 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. GROUPE SEB 5 109
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FINANCIAL REPORT and REGISTRATION D
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This Registration Document was fi l
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1Presentation of the Group 1.1. KEY
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Financial Report and Registration D
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1.3. BUSINESS SECTORS As a global l
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1.4. GROUP STRATEGY A long-term str
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In 2011, with only a few rare excep
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for an amount of €465 million, mo
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policy (monitored by a Steering Com
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INTEREST-RATE RISK AND CURRENCY RIS
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2Corporate governance 2.1. BOARD OF
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DAMARYS BRAIDA Member of the Founde
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JEAN-NOËL LABROUE Independent dire
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Attendance fees The maximum amount
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2.3. GROUP MANAGEMENT BODIES Group
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BENEFITS IN KIND Thierry de La Tour
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TABLE 4 Stock option allocation for
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TABLE 10 General information about
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� respect for rules governing div
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THE INFORMATION SYSTEMS DEPARTMENT
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3Corporate, social and environmenta
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Breakdown of changes in staffi ng (
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Persons with disabilities (Worldwid
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Overtime (Worldwide) 2011: In Franc
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Bonuses and profi t sharing (France
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Page 59 and 60: 3 Corporate, social and environment
Page 61 and 62: 4Commentary on the fi nancial year
Page 63 and 64: Raw materials The Group’s busines
Page 65 and 66: Groupe SEB receives recognition As
Page 67 and 68: Quarterly curve of 2010 organic gro
Page 69 and 70: In North America, 2011 was marked b
Page 71 and 72: in 2010 to €261 million in 2011)
Page 73 and 74: Cash fl ow and investment In €M 3
Page 75 and 76: 4.5. FINANCIAL REVIEW OF SEB S.A. S
Page 77 and 78: 5Consolidated fi nancial statements
Page 79 and 80: 5.2. CONSOLIDATED RATIOS (in %) 201
Page 81 and 82: Consolidated balance sheet At 31 De
Page 83 and 84: Consolidated statement of changes i
Page 85 and 86: 5.4. NOTES TO THE CONSOLIDATED FINA
Page 87 and 88: The assumptions used - which mainly
Page 89 and 90: Derivative instruments designated a
Page 91 and 92: C) RESTRUCTURING PROVISIONS The Gro
Page 93 and 94: The provisional value assigned to t
Page 95 and 96: (in € millions) France Financial
Page 97 and 98: Note 3.2. REVENUE BY GEOGRAPHICAL L
Page 99 and 100: � €1 million in compensation co
Page 101 and 102: NOTE 8 INCOME TAXES Note 8.1. INCOM
Page 103 and 104: NOTE 9 EARNINGS PER SHARE Financial
Page 105 and 106: The discount rates used were determ
Page 107 and 108: 2009 (in € millions) Land Buildin
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Page 113 and 114: Note 19.3. RESERVES AND RETAINED EA
Page 115 and 116: Note 21.1. PRODUCT WARRANTIES Provi
Page 117 and 118: Financial Report and Registration D
Page 121 and 122: NOTE 23 TRADE PAYABLES AND OTHER LI
Page 123 and 124: Note 24.2. NET DEBT Financial Repor
Page 125 and 126: Non-current financial assets consis
Page 127 and 128: currencies are partly hedged by mea
Page 129 and 130: The following table analyses fi nan
Page 131 and 132: (in € millions) Expenses Financia
Page 133 and 134: IFRIC interpretation no. 6 adopted
Page 135 and 136: NOTE 32 LIST OF CONSOLIDATED COMPAN
Page 139 and 140: Specifi c verifi cation Financial R
Page 141 and 142: 6Company fi nancial statements 6.1.
Page 147 and 148: Note 2.3. NON-CURRENT FINANCIAL ASS
Page 149 and 150: NOTE 4 OTHER RECEIVABLES Financial
Page 151 and 152: NOTE 9 ACCRUALS ACCOUNTS Note 9.1.
Page 153 and 154: NOTE 13 OFF-BALANCE SHEET COMMITMEN
Page 157 and 158: 6.4. STATUTORY AUDITORS’ REPORT O
Page 159 and 160: 7Information on the Company and its
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7.3. FINANCIAL AUTHORISATIONS Finan
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HOLDING CONDITIONS APPLICABLE TO TH
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7.5. STOCK MARKET AND DIVIDEND INFO
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8Annual General Meeting 8.1. REPORT
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Board of Directors Financial Report
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8.3. PROPOSED RESOLUTIONS Proposed
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AUTHORISATION TO TRADE IN THE COMPA
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AUTHORISATION TO MAKE PERFORMANCE S
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� that the Board of Directors sha
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SEVENTEENTH RESOLUTION: EMPLOYEE SH
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9Additional information 9.1. CONSUL
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Fees paid to Statutory auditors The
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9.6. REGISTRATION DOCUMENT CROSS- R
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21 - ADDITIONAL INFORMATION Financi
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NOTES Financial Report and Registra
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FINANCIAL AGENDA 2012 26 APRIL AFTE
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