financial report and registration document 2011 - Groupe SEB

5 Notes
Consolidated fi nancial statements
to the consolidated fi nancial statements
Since 31 December 2008, non-controlling interests have primarily concerned
ZJ Supor and changes since that date have mainly refl ected changes in
ZJ Supor’s retained earnings, corresponding essentially to recognition of
profi t for the period and the effect of translating the company’s fi nancial
statements. However, changes may occur exceptionally as a result of
purchases, sales or any other voluntary adjustments to the Group’s interest
in ZJ Supor.
NOTE 21 PROVISIONS
The decrease in non-controlling interests in 2011 was directly attributable
to the Group’s acquisition of an additional 20% stake in ZJ Supor from
minority shareholders, for €406 million. The carrying amount of the noncontrolling
interests transferred to the Group as a result of this transaction
was €83.8 million.
At 31 December 2011, non-controlling interests also included the 35% stake
in Asia Fan held by minority shareholders following the Group’s acquisition
of 65% of this company’s capital. These non-controlling interests have been
provisionally valued at €1.3 million.
Provisions are classifi ed as short-term or long-term according to whether the obligation is expected to be settled within or beyond one year.
(in € millions)
2011 2010 2009
Long-term Short-term Long-term Short-term Long-term Short-term
Pension and other post-employment benefi t
obligations (Note 22) 82.5 7.3 78.0 6.0 76.4 7.6
Product warranties (Note 21.1)
Claims and litigation and other contingencies
3.5 25.8 3.0 31.8 3.4 35.6
(Note 21.2) 31.7 22.3 25.0 25.5 17.5 14.4
Restructuring provisions (Note 21.3) 9.9 6.7 14.0 15.0 14.0 29.3
TOTAL 127.6 62.1 120.0 78.3 111.3 86.9
Provision movements (other than provisions for pensions and other post-employment benefi ts) were as follows:
(in € millions) 1 January 2011 Increases Reversals Utilisations
Other
movements (a)
31 December
2011
Product warranties (Note 21.1) 34.9 17.0 4.0 18.0 (0.6) 29.3
Claims and litigation and other contingencies (Note 21.2) 50.4 21.1 9.6 11.1 3.2 54.0
Restructuring provisions (Note 21.3) 29.0 5.7 16.9 1.3 0.1 16.6
TOTAL 114.3 43.8 30.5 30.4 2.7 99.9
(a) “Other movements” include translation adjustments and the effect of changes in the scope of consolidation.
(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.
112 GROUPE SEB Financial Report and Registration Document 2011