financial report and registration document 2011 - Groupe SEB

6 Notes
Company fi nancial statements
to the Company fi nancial statements
� if average actual performance represents 50% to 100% of the targets,
between 75% and 100% of the termination benefi t will be paid;
� if average actual performance exceeds the targets, the termination benefi t
will be paid in full.
The Board of Directors may, at its discretion, reduce the termination benefi t
by as much as 50% if the Group reports a loss for the year preceding the
one in which Thierry de La Tour d’Artaise is removed from offi ce, provided
that the termination benefi t does not represent less than his salary and bonus
NOTE 15 UNRECOGNISED DEFERRED TAXES
for that year if his average actual performance is at least equal to 50% of
the applicable targets.
Thierry de la Tour d’Artaise’s suspended employment contract does not
contain any no-compete clause.
As Thierry de La Tour d’Artaise term of offi ce was renewed on 13 May 2008,
in accordance with the October 2008 AFEP-MEDEF Corporate Governance
Code, the Board of Directors decided to review the situation related to his
termination benefi t in 2012 when his current term of offi ce is due to expire.
At 31 December 2011, the Company had an unrecognised deferred tax asset of €12.7 million (€1.4 million at 31 December 2010), corresponding to nondeductible
provision charges and unrealised exchange gains deductible in the following year.
NOTE 16 STOCK OPTION PLANS
Information about stock option plans at 31 December 2011 is provided below:
At 31 December 2011 Date Number of options**
Type of option
Option grant
date***
Option
exercise date
Option
expiry date Granted Exercised Cancelled Outstanding
Exercise price**
(in €)
Purchase of existing shares 18/06/2003 18/06/2007 18/06/2011 612,150 580,128 32,022 - 24.24
Purchase of existing shares 18/06/2004 18/06/2008 18/06/2012 539,100 343,043 17,400 178,657 31.67
Purchase of existing shares 08/04/2005 08/04/2009 08/04/2013 554,700 379,647 20,100 154,953 28.00
Purchase of existing shares 16/06/2006 16/06/2010 16/06/2014 589,798 367,147 14,707 207,944 29.33
Purchase of existing shares 20/04/2007 20/04/2011 20/04/2015 579,150 129,466 8,100 441,584 44.00
Purchase of existing shares 13/05/2008 13/05/2012 13/05/2016 1,005,900 - 21,300 984,600 38.35
Purchase of existing shares 12/06/2009 12/06/2013 12/06/2017 371,300 - 3,600 367,700 28.05
Purchase of existing shares 18/06/2010 18/06/2014 18/06/2018 412,592 - 750 411,842 53.86
TOTAL* 4,664,690 1,799,431 117,979 2,747,280
* Of which, movements in 2011 0 275,642 11,192 (286,834)
** The number of options and the exercise price for plans set up prior to 16 June 2008 were adjusted following the three-for-one stock split that took place on 16 June 2008.
*** The grant date corresponds to the date of the Board Meeting when the option grants were decided.
NOTE 17 EQUITY
� Share capital
At 31 December 2011, the Company’s share capital amounted to €50 million, made up of 49,951,826 shares with a par value of €1 each, representing
71,229,471 voting rights (excluding own shares held).
� Changes in equity (in € millions)
EQUITY AT 31 DECEMBER 2010 BEFORE APPROPRIATION OF PROFIT 819.7
2010 dividend paid in 2011 (58.4)
Net profi t for the year 77.8
Changes in share capital – Shares issued on exercise of stock options and share cancellations
Corresponding issue premium
EQUITY AT 31 DECEMBER 2011 839.1
152 GROUPE SEB Financial Report and Registration Document 2011