financial report and registration document 2011 - Groupe SEB

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1 2 3 4 5 CONTENTS GROUP PROFILE 2 PRESENTATION OF THE GROUP AFR 3 1.1. Key fi gures 4 1.2. Milestones in the history of the Group 5 1.3. Business sectors 7 1.4. Group strategy 9 1.5. Risk management 12 CORPORATE GOVERNANCE 19 2.1. Board of Directors 2.2. Organisation and operation of the Board 20 of Directors 26 2.3. Group management bodies 29 2.4. Remuneration and benefi ts 30 2.5. Chairman’s report on internal control 36 2.6. Statutory auditors’ report 41 CORPORATE, SOCIAL AND ENVIRONMENTAL RESPONSIBILITY 43 3.1. Challenges of Groupe SEB 44 3.2. Social performance indicators 46 3.3. Corporate citizenship indicators 54 3.4. Environmental performance indicators 3.5. Report based on the review by a Statutory auditor of the environmental and social 55 performance indicators selected 57 COMMENTARY ON THE FINANCIAL YEAR AFR 59 4.1. 2011 highlights 60 4.2. Commentary on 2011 consolidated sales 64 4.3. Commentary on the consolidated results 68 4.4. Outlook 72 4.5. Financial review of SEB S.A. 73 CONSOLIDATED FINANCIAL STATEMENTS AFR 75 5.1. Financial summary 76 5.2. Consolidated ratios 77 5.3. Financial statements 78 5.4. Notes to the consolidated fi nancial statements 83 5.5. Statutory auditors’ report on the consolidated fi nancial statements 136 6 7 8 9 Items in the Annual Financial Report are identified in the contents with the help of the AFR symbol AFR COMPANY FINANCIAL STATEMENTS AFR 139 6.1. Balance sheet and income statement 140 6.2. Notes to the Company fi nancial statements 143 6.3. Five-year fi nancial summary 6.4. Statutory auditors’ report on the fi nancial 154 statements 155 INFORMATION ON THE COMPANY AND ITS SHARE CAPITAL AFR 157 7.1. General information concerning SEB S.A. 158 7.2. General information on share capital 161 7.3. Financial authorisations 165 7.4. Employee shareholding 166 7.5. Stock market and dividend information 169 ANNUAL GENERAL MEETING 171 8.1. Report of the Board of Directors on the resolutions proposed to the Annual General Meeting of 10 May 2012 AFR 172 8.2. Statutory auditors’ special report on regulated agreements and commitments with third parties 175 8.3. Proposed resolutions 177 ADDITIONAL INFORMATION 187 9.1. Consultation of legal documents 9.2. Declaration by the person responsible for the Registration Document containing 188 the annual fi nancial report AFR 189 9.3. Statutory auditors and audit fees AFR 190 9.4. Annual information report 192 9.5. Cross-reference table for the Registration Document and management report 193 9.6. Registration Document cross- reference table 195 NOTES 198 FINANCIAL AGENDA 2012
This Registration Document was fi led with the French Financial Markets Authority (Autorité des Marchés Financiers or AMF) on 3 April 2012, in accordance with Article 212-13 of the AMF’s general regulations. It may be used as a basis for fi nancial transactions if it is accompanied by an AMF information memorandum. This document was drawn up by and is the responsibility of the issuer and the Chairman and CEO. This Registration Document is available on the Groupe SEB website, www. groupeseb.com and on the AMF website www.amf-france.org. FINANCIAL REPORT and REGISTRATION DOCUMENT 2011 Financial Report and Registration Document 2011 GROUPE SEB 1
Page 1: FINANCIAL REPORT and REGISTRATION D
Page 5 and 6: 1Presentation of the Group 1.1. KEY
Page 7 and 8: Financial Report and Registration D
Page 9 and 10: 1.3. BUSINESS SECTORS As a global l
Page 11 and 12: 1.4. GROUP STRATEGY A long-term str
Page 13 and 14: In 2011, with only a few rare excep
Page 15 and 16: for an amount of €465 million, mo
Page 17 and 18: policy (monitored by a Steering Com
Page 19 and 20: INTEREST-RATE RISK AND CURRENCY RIS
Page 21 and 22: 2Corporate governance 2.1. BOARD OF
Page 23 and 24: DAMARYS BRAIDA Member of the Founde
Page 25 and 26: JEAN-NOËL LABROUE Independent dire
Page 29 and 30: Attendance fees The maximum amount
Page 31 and 32: 2.3. GROUP MANAGEMENT BODIES Group
Page 33 and 34: BENEFITS IN KIND Thierry de La Tour
Page 35 and 36: TABLE 4 Stock option allocation for
Page 37 and 38: TABLE 10 General information about
Page 39 and 40: � respect for rules governing div
Page 41 and 42: THE INFORMATION SYSTEMS DEPARTMENT
Page 45 and 46: 3Corporate, social and environmenta
Page 49 and 50: Breakdown of changes in staffi ng (
Page 51 and 52: Persons with disabilities (Worldwid
Page 53 and 54:
Overtime (Worldwide) 2011: In Franc
Page 55 and 56:
Bonuses and profi t sharing (France
Page 57 and 58:
Financial Report and Registration D
Page 59 and 60:
3 Corporate, social and environment
Page 61 and 62:
4Commentary on the fi nancial year
Page 63 and 64:
Raw materials The Group’s busines
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Groupe SEB receives recognition As
Page 67 and 68:
Quarterly curve of 2010 organic gro
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In North America, 2011 was marked b
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in 2010 to €261 million in 2011)
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Cash fl ow and investment In €M 3
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4.5. FINANCIAL REVIEW OF SEB S.A. S
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5Consolidated fi nancial statements
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5.2. CONSOLIDATED RATIOS (in %) 201
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Consolidated balance sheet At 31 De
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Consolidated statement of changes i
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5.4. NOTES TO THE CONSOLIDATED FINA
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The assumptions used - which mainly
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Derivative instruments designated a
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C) RESTRUCTURING PROVISIONS The Gro
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The provisional value assigned to t
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(in € millions) France Financial
Page 97 and 98:
Note 3.2. REVENUE BY GEOGRAPHICAL L
Page 99 and 100:
� €1 million in compensation co
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NOTE 8 INCOME TAXES Note 8.1. INCOM
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NOTE 9 EARNINGS PER SHARE Financial
Page 105 and 106:
The discount rates used were determ
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2009 (in € millions) Land Buildin
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NOTE 19 EQUITY Note 19.1. SHARE CAP
Page 113 and 114:
Note 19.3. RESERVES AND RETAINED EA
Page 115 and 116:
Note 21.1. PRODUCT WARRANTIES Provi
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Page 119 and 120:
Page 121 and 122:
NOTE 23 TRADE PAYABLES AND OTHER LI
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Note 24.2. NET DEBT Financial Repor
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Non-current financial assets consis
Page 127 and 128:
currencies are partly hedged by mea
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The following table analyses fi nan
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(in € millions) Expenses Financia
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IFRIC interpretation no. 6 adopted
Page 135 and 136:
NOTE 32 LIST OF CONSOLIDATED COMPAN
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Specifi c verifi cation Financial R
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6Company fi nancial statements 6.1.
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Page 145 and 146:
Page 147 and 148:
Note 2.3. NON-CURRENT FINANCIAL ASS
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NOTE 4 OTHER RECEIVABLES Financial
Page 151 and 152:
NOTE 9 ACCRUALS ACCOUNTS Note 9.1.
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NOTE 13 OFF-BALANCE SHEET COMMITMEN
Page 155 and 156:
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6.4. STATUTORY AUDITORS’ REPORT O
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7Information on the Company and its
Page 161 and 162:
Page 163 and 164:
Page 165 and 166:
Page 167 and 168:
7.3. FINANCIAL AUTHORISATIONS Finan
Page 169 and 170:
HOLDING CONDITIONS APPLICABLE TO TH
Page 171 and 172:
7.5. STOCK MARKET AND DIVIDEND INFO
Page 173 and 174:
8Annual General Meeting 8.1. REPORT
Page 175 and 176:
Board of Directors Financial Report
Page 177 and 178:
Page 179 and 180:
8.3. PROPOSED RESOLUTIONS Proposed
Page 181 and 182:
AUTHORISATION TO TRADE IN THE COMPA
Page 183 and 184:
AUTHORISATION TO MAKE PERFORMANCE S
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� that the Board of Directors sha
Page 187 and 188:
SEVENTEENTH RESOLUTION: EMPLOYEE SH
Page 189 and 190:
9Additional information 9.1. CONSUL
Page 191 and 192:
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Fees paid to Statutory auditors The
Page 195 and 196:
Page 197 and 198:
9.6. REGISTRATION DOCUMENT CROSS- R
Page 199 and 200:
21 - ADDITIONAL INFORMATION Financi
Page 201 and 202:
NOTES Financial Report and Registra
Page 203 and 204:
FINANCIAL AGENDA 2012 26 APRIL AFTE
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