financial report and registration document 2011 - Groupe SEB

5 Notes
Consolidated fi nancial statements
to the consolidated fi nancial statements
Note 22.6. ANALYSIS OF PLAN ASSETS
CHANGE IN PLAN ASSETS IN 2011
(in € millions) France Other countries Total
PLAN ASSETS AT 1 JANUARY 2011 32.8 16.3 49.1
Expected return on plan assets (0.7) 0.7 0.0
Contributions paid 1.4 1.4
Benefi ts paid (0.6) (0.6)
Actuarial gains and losses and other (1.0) (1.0)
PLAN ASSETS AT 31 DECEMBER 2011 32.1 16.8 48.9
CHANGE IN PLAN ASSETS IN 2010
(in € millions) France Other countries Total
PLAN ASSETS AT 1 JANUARY 2010 26.2 13.1 39.3
Expected return on plan assets 3.1 0.5 3.6
Contributions paid 3.5 1.3 4.8
Benefi ts paid (0.3) (0.3)
Actuarial gains and losses and other 1.7 1.7
PLAN ASSETS AT 31 DECEMBER 2010 32.8 16.3 49.1
CHANGE IN PLAN ASSETS IN 2009
(in € millions) France Other countries Total
PLAN ASSETS AT 1 JANUARY 2009 24.4 11.4 35.8
Expected return on plan assets 3.3 0.6 3.9
Contributions paid 4.0 1.4 5.4
Benefi ts paid
Actuarial gains and losses and other
(5.5) (0.3) (5.8)
PLAN ASSETS AT 31 DECEMBER 2009 26.2 13.1 39.3
Plan assets in France are managed by an insurance company and are
invested as follows:
� approximately 15% in the general assets of the insurance company,
primarily composed of government bonds, corporate bonds mostly rated
AAA or AA, shares in international blue-chip companies (managed directly)
and high-yield offi ce property;
� approximately 50% in corporate bond funds;
� the balance in equity funds.
The actual return on plan assets for 2011 should be in line with the expected
rate. Actuarial gains and losses generated in 2012 are not expected to be
material.
Plan assets in other countries primarily comprise funds invested with an
insurer amounting to €11.7 million, relating to the obligations of Groupe
SEB Nederland.
Note 22.7. EARLY RETIREMENT SCHEMES
As part of the employee support measures implemented in connection with
the industrial reorganisation carried out in France (see Note 6), in mid-2006
Groupe SEB offered eligible employees the possibility of early retirement.
The programme was in addition to the early retirement scheme for workers
exposed to asbestos at the Fresnay site, which formed part of the assets
acquired from Moulinex S.A. in 2001. A total of 102 employees benefi ted
from the “asbestos scheme” as of 31 December 2011.
A provision was recorded at 31 December 2006 to cover the Group’s
obligations under the programme, discounted at a rate of 3.75% as the
amounts will be paid out in the medium term. At 31 December 2011, the
provision amounted to €5.8 million, versus €9.6 million at 31 December 2010
and €11.1 million at 31 December 2009 (see Note 21.3).
118 GROUPE SEB Financial Report and Registration Document 2011