financial report and registration document 2011 - Groupe SEB

Non-current financial assets consist mainly of investments in nonconsolidated
companies, certain receivables related to those investments
and operating receivables due beyond one year.
Financial assets that are not quoted in an active market are recognised in the
balance sheet at cost, which is representative of their fair value.
Note 25.2. DERIVATIVE INSTRUMENTS
The fair value of derivative instruments is as follows:
(in € millions)
Financial Report and Registration Document 2011
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Consolidated fi nancial statements
Notes to the consolidated fi nancial statements
Borrowings that are not quoted in an active market are measured by the
discounted cash fl ows method, applied separately to each individual facility,
based on market rates observed at the period-end for similar facilities and
the average spread obtained by the Group for its own issues.
Other fi nancial liabilities consist mainly of accrued taxes and employee
benefi ts expenses, which are due within one year.
2011 2010
Assets Liabilities Assets Liabilities
Nominal
Nominal
Nominal
Nominal
amount Fair value amount Fair value amount Fair value amount Fair value
FAIR VALUE HEDGES
Forward sales of foreign currencies 34.8 1.1 42.4 (0.9) 38.9 1.3 14.9 (0.3)
Forward purchases of foreign currencies 72.8 4.7 12.3 (0.5) 3.5 0.4 44.6 (1.3)
TOTAL
SUPERHEDGES AND TRADING TRANSACTIONS
Currency swaps
5.8 (1.4) 1.7 (1.6)
EUR 6.8 (0.2) 5.5 (0.1)
GBP 14.5 0.1 20.0 0.2
HUF 2.0 0.1 8.4 (0.1) 20.7 0.5
MXN 16.6 (0.3) 16.9 0.3
USD 217.7 (2.4) 244.3 4.9
Other hedges of debt 1.7 (3.0) 2.1 (0.5)
TOTAL
CASH FLOW HEDGES
1.9 (6.0) 8.0 (0.6)
Forward purchases and sales of foreign currencies 89.8 (4.2) 57.4 2.8 18.9 (0.7)
Floating/fi xed rate swaps 60.0 (0.1) 60.0 (0.3)
Aluminium derivatives 3.9 0.2 36.7 (5.3) 26.6 3.1 21.6 (2.9)
Nickel derivatives 1.1 0.1 3.3 (0.6) 4.3 1.0
TOTAL 0.3 (10.2) 6.9 (3.9)
TOTAL DERIVATIVE INSTRUMENTS 8.0 (17.6) 16.6 (6.1)
NET IMPACT ON EQUITY (INCLUDING
FAIR VALUE ADJUSTMENTS RECOGNISED
IN PROFIT) (9.6) 10.5
The only derivatives with maturities beyond one year are cash fl ow hedges. The non-current portion of the fair value of these hedges is as follows.
At 31 December 2011 Expiring in less than 1 year Expiring in 1 to 5 years Expiring in more than 5 years Total
Floating/fi xed rate swaps (0.1) (0.1)
Aluminium derivatives (3.8) (1.3) (5.1)
Nickel derivatives (0.5) (0.5)
TOTAL (4.4) (1.3) (5.7)
The fair value of derivative instruments was determined by the discounted cash fl ows method using forward exchange rates, market interest rates and
aluminium prices at 31 December 2011.
GROUPE SEB
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