financial report and registration document 2011 - Groupe SEB

Note 19.3. RESERVES AND RETAINED
EARNINGS (BEFORE
APPROPRIATION OF PROFIT)
Reserves and retained earnings include the reserves recorded in the
balance sheet of SEB S.A. (including €766 million available for distribution
at 31 December 2011, €747 million at 31 December 2010 and €753 million at
31 December 2009), and SEB S.A.’s shares of the post-acquisition retained
earnings of consolidated subsidiaries.
SEB S.A.’s share of the retained earnings of foreign subsidiaries is considered
as being permanently reinvested and withholding taxes or additional taxes on
distributed income are recognised only when distribution of these amounts
is planned or considered probable.
Movements in 2011, 2010 and 2009 were as follows:
Financial Report and Registration Document 2011
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Consolidated fi nancial statements
Notes to the consolidated fi nancial statements
Note 19.4. TREASURY STOCK
The Group’s share buyback policy is to acquire shares:
� for cancellation in order to reduce the Company’s capital;
� for allocation to employees, managers or senior executives of the
Company or of related companies upon exercise of stock options;
� for delivery on redemption, conversion, exchange or exercise of share
equivalents.
Share buybacks are carried out based on market opportunities and only
when the Group has suffi cient cash to fund the transactions.
In 2011, the Group bought back 991,520 SEB shares on the market at a
weighted average price of €64.76 and sold 640,421 shares on the market
at an average price of €46.55. The after-tax loss on the sales, in the amount
of €1.9 million, was recognised directly in equity without affecting profi t for
the period.
At 31 December 2011, the Group held 2,331,797 shares in treasury, acquired
at an average price of €39.99.
(in number of shares) 2011 2010 2009
Shares held in treasury at 1 January
Purchases
1,980,698 3,149,443 4,376,100
Buyback plan 671,591 149,072
Liquidity contract
Sales
319,929 264,329 578,136
Shares sold on the market (315,208) (279,525) (570,601)
Shares allocated on exercise of stock options (325,213) (1,153,549) (383,264)
SHARES CANCELLED DURING THE PERIOD (1,000,000)
SHARES HELD IN TREASURY AT 31 DECEMBER 2,331,797 1,980,698 3,149,443
NOTE 20 NON-CONTROLLING INTERESTS
Changes in non-controlling interests were as follows:
(in € millions) 2011 2010 2009
AT 1 JANUARY 173.1 138.8 131.6
Non-controlling interests in profi t 26.4 23.2 16.8
Dividends paid
Exercise of stock options
Non-controlling interests in share issues by subsidiaries
Changes in scope of consolidation and acquisition by the Group
(8.4) (4.7) (4.8)
of non-controlling interests in subsidiaries (82.7)
Translation adjustment 15.0 15.8 (4.8)
AT 31 DECEMBER 123.4 173.1 138.8
GROUPE SEB
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