financial report and registration document 2011 - Groupe SEB

Note 2.3. NON-CURRENT FINANCIAL ASSETS
Financial Report and Registration Document 2011
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Company fi nancial statements
Notes to the Company fi nancial statements
(in € millions) 2010 Additions Disposals 2011
Shares in subsidiaries and affi liates 815.5 7.5 0.0 823.0
Loans to subsidiaries and affi liates 767.9 517.9 0.0 1,285.8
Own shares 0.3 0.1 0.0 0.4
Other long-term investments 0.1 0.0 0.0 0.1
TOTAL COST
Provisions for impairment of shares in subsidiaries
1,583.8 525.5 0.0 2,109.3
and affi liates
Provisions for impairment of other long-term
(36.6) (26.0) (0.5) (62.1)
investments 0.0 0.0 0.0 0.0
TOTAL PROVISIONS (36.6) (26.0) (0.5) (62.1)
TOTAL CARRYING AMOUNT 1,547.2 499.5 (0.5) 2,047.2
(in € millions) 2009 Additions Disposals 2010
Shares in subsidiaries and affi liates 755.8 59.7 815.5
Loans to subsidiaries and affi liates 790.3 0.5 22.9 767.9
Own shares 0.0 0.3 0.0 0.3
Other long-term investments 0.4 0.0 0.3 0.1
TOTAL COST
Provisions for impairment of shares in subsidiaries
1,546.5 60.5 23.2 1,583.8
and affi liates
Provisions for impairment of other long-term
(71.4) (34.8) (36.6)
investments 0.0 0.0 0.0 0.0
TOTAL PROVISIONS (71.4) 0.0 0.0 (36.6)
TOTAL CARRYING AMOUNT 1,475.1 60.5 58.0 1,547.2
In 2011 SEB S.A. took up €29.9 million worth of new shares issued by SEB
Alliance as part of a capital increase. At the year-end a quarter of the amount
had been paid up, representing €7.5 million, and the remaining €22.4 million
was included in “Shares in subsidiaries and affi liates”.
Loans to subsidiaries and affi liates include advances by SEB S.A. to its
subsidiaries in accordance with the Group’s fi nancial policy (see Note 1.5).
The €517.9 million increase in this item in 2011 was due to a rise in
intercompany current account advances, particularly for SEB Internationale
which carried out the Group’s main equity acquisitions during the year.
At 31 December 2011, the Company held 2,331,797 SEB S.A. shares
acquired at an average price of €39.99 per share. The shares are being held
mainly for allocation on exercise of stock options (178,657 under the 2004
plan, 154,953 under the 2005 plan, 207,944 under the 2006 plan, 441,584
under the 2007 plan, 984,600 under the 2008 plan, 367,700 under the 2009
plan and 411,842 under the 2010 plan). No stock options were awarded
in 2011.
In 2011, SEB S.A. bought back 991,520 shares on the market at a weighted
average price of €64.76 and sold 640,421 shares on the market at an average
price of €46.55.
GROUPE SEB
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