financial report and registration document 2011 - Groupe SEB

5 Notes
Consolidated fi nancial statements
to the consolidated fi nancial statements
Based on the closing share price on 31 December 2011 (€58.12), the fair
value of shares held in treasury at that date stood at €135.5 million. A
10% increase or decrease in the share price would therefore have led to a
€13.6 million change in the fair value of treasury stock.
ZJ Supor, which is now 71.31%-owned by Groupe SEB, is listed on the
Shenzen stock exchange. At 31 December 2011, ZJ Supor’s share price
was RMB 16.7, resulting in a valuation of Groupe SEB’s investment in the
company of €842.6 million at that date. Changes in the Supor share price
have no impact on Groupe SEB’s consolidated fi nancial statements, as ZJ
Supor is fully consolidated. Similarly, changes in the share price have no
impact on the Company accounts of SEB Internationale because its interest
in ZJ Supor is classifi ed as a long-term investment and is not marked to
market.
Note 26.3. LIQUIDITY RISK
To manage the liquidity risk that may arise due to fi nancial liabilities reaching
maturity or needing to be settled early, the Group implements a fi nancing
strategy based on:
� maintaining cash and cash equivalents at a certain level at all times
(€196.0 million at 31 December 2011);
Note 26.4. CREDIT RISK
At 31 December 2011, trade receivables broke down as follows based on their age:
(in € millions) Current
� a €600.0 million commercial paper programme, with €173.3 million
outstanding at 31 December 2011;
� other debt facilities, including:
� €10.0 million in medium-term loans, repayable in annual instalments
until 2012,
� a €560.0 million syndicated credit facility expiring in 2016,
� a €46.8 million syndicated credit facility expiring in 2014,
� a €30.0 million bilateral credit facility expiring in 2013,
� a Schuldschein loan, repayable in two instalments in 2013 and 2015
for €113.5 million and €47.5 million respectively,
� €298.5 million bond debt maturing in 2016.
Cash and cash equivalents and debt are discussed in Note 18 and Note 24,
respectively.
With currency swaps, the notional amounts are exchanged at maturity, while
with interest rate swaps, only the interest differential is paid or received.
Past due
0-90 days 91-180 days Over 181 days
Net trade receivables 738.5 84.0 3.8 2.1 828.4
To avoid default risks, Groupe SEB sets individual credit limits that are
regularly updated based on the customer’s fi nancial position and payment
history.
The Group’s main customers are well-known international retailers. In 2011,
no single customer accounted for more than 6% of total revenue.
NOTE 27 ENVIRONMENTAL EXPENDITURE
Environmental expenditure amounted to €6.1 million in 2011, compared with
€4.7 million in 2010 and €4.5 million in 2009. These amounts include routine
environmental management system costs, covering areas such as water and
waste management. They do not include taxes on packaging or the cost of
disposing of waste electrical and electronic equipment.
128 GROUPE SEB Financial Report and Registration Document 2011
Total
For more than fi ve years, customer credit risk has been covered by credit
insurance taken out with Coface. At 31 December 2011, 80% of net trade
receivables were covered by this insurance which would apply in the event
of non-recovery.
The main costs are presented below, including the breakdown between
amounts recognised as expenses and as capital expenditure.