financial report and registration document 2011 - Groupe SEB

6 Notes
Company fi nancial statements
to the Company fi nancial statements
� employee profi t-sharing accounts of €5.6 million due in 2013, €8.6 million due in 2014, €6.6 million due in 2015 and €11.7 million due in 2016.
(in € millions) 2010 2011
Due within
1 year
Maturities at 31 December 2011
Due in 1 to
5 years
Due beyond
fi ve years
Bank borrowings 226.0 542.1 71.1 471.0
Commercial paper 100.2 173.3 173.3
Intra-group borrowings 371.2 414.8 414.8
Other borrowings 0.3 0.3 0.3
Non-discretionary profi t sharing liability 28.6 36.8 4.0 32.8
TOTAL 726.1 1,167.3 663.2 503.8 0.3
A key source of fi nancing for the Group is its €600 million commercial paper
programme, which has been rated A2 by Standard & Poor’s for several years.
NOTE 7 RELATED PARTY TRANSACTIONS
Certain balance sheet items contain amounts concerning related party transactions, as follows:
(in € millions)
Outstanding commercial paper under this programme totalled €173 million
at the year-end. All commercial paper is due in less than three months.
2011 2010
Related parties Direct investments Related parties Direct investments
Non-current fi nancial assets 460 826 407 360.9
Receivables 0.3 2.7 0.2 1.1
Payables 195.2 225.7 107.9 265.2
TOTAL 655.5 1,054.4 515.1 627.2
The main advances granted to related parties as at 31 December 2011 concerned Groupe SEB Holdings (€169 million) and All-Clad Metal Crafter (€122.4 million).
NOTE 8 INCOME AND EXPENSES CONCERNING RELATED PARTIES
(in € millions) 2011 2010
OPERATING EXPENSES
Trademark registration fees 0.2 0.2
Management fees 3.2 3.0
OPERATING INCOME
Royalties 0.2 0.2
FINANCIAL EXPENSES
Interest expense 1.9 0.9
FINANCIAL INCOME
Investment income 141.0 73.3
Income from receivables 6.3 4.7
148 GROUPE SEB Financial Report and Registration Document 2011