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 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
NOTE 23 TRADE PAYABLES AND OTHER LIABILITIES Financial Report and Registration Document 2011 5 Consolidated fi nancial statements Notes to the consolidated fi nancial statements (in € millions) 2011 2010 2009 TRADE PAYABLES 515.6 494.4 398.0 Accrued taxes and employee benefi ts expense 244.5 247.9 198.9 Due to suppliers of non-current assets 14.4 12.5 8.8 Other payables 6.6 14.1 11.7 OTHER LIABILITIES 265.5 274.5 219.4 At 31 December 2011, trade payables and other liabilities broke down as follows: Current Non-current Total TRADE PAYABLES 515.6 515.6 Accrued taxes and employee benefi ts expense 218.7 25.8 244.5 Due to suppliers of non-current assets 14.4 14.4 Other payables 5.6 1.0 6.6 OTHER LIABILITIES 238.7 26.8 265.5 Non-current accrued taxes and employee benefi ts expense correspond mainly to employee time savings accounts in France. NOTE 24 BORROWINGS Note 24.1. TOTAL BORROWINGS (in € millions) 2011 2010 2009 Bank borrowings 494.7 171.0 274.6 Finance lease liabilities 2.5 1.6 1.7 Other debt 4.1 1.9 2.3 Non-discretionary profi t sharing liability 32.8 25.4 22.5 LONG-TERM BORROWINGS 534.1 199.9 301.1 Bank borrowings 114.7 53.8 113.3 Commercial paper 173.3 100.0 100.0 Current portion of long-term borrowings 44.1 18.2 33.4 SHORT-TERM BORROWINGS 332.1 172.0 246.7 TOTAL BORROWINGS 866.2 371.9 547.8 At 31 December 2011, the Group’s borrowings were comprised of short-term and long-term borrowings. Bank borrowings consist of: � a €10.0 million short-term credit line set up in France; � a Schuldschein loan for €113.5 million due in 2013; � a Schuldschein loan for €47.5 million due in 2015; � €298.5 million bond debt maturing in 2016. At 31 December 2011, the weighted average interest rate on long-term borrowings denominated in euros was 4.58%, compared with 4.38% at 31 December 2010. A traditional source of fi nancing for the Group is its €600 million commercial paper programme, which is rated A2 by Standard & Poor’s. Outstanding commercial paper under this programme totalled €173.3 million at the year-end. GROUPE SEB 5 119
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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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3 Corporate, social and environment
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4Commentary on the fi nancial year
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Raw materials The Group’s busines
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Groupe SEB receives recognition As
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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
Page 109 and 110: Financial Report and Registration D
Page 111 and 112: NOTE 19 EQUITY Note 19.1. SHARE CAP
Page 113 and 114: Note 19.3. RESERVES AND RETAINED EA
Page 115 and 116: Note 21.1. PRODUCT WARRANTIES Provi
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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
Page 167 and 168: 7.3. FINANCIAL AUTHORISATIONS Finan
Page 169 and 170: 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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